The 3 A's of successful saving
David Byrne, Savings and Investments Proposition Lead, Aviva Life & Pensions Ireland DAC
4-minute read
Whether you're dreaming of a comfortable retirement, planning for your child's education, or saving for your first home, the principles of successful saving remain the same. In Ireland, where the cost of living and long-term financial needs are rising, saving smartly is more important than ever. Aviva Ireland offers a range of solutions to help you reach your goals. At Aviva, we want to simplify saving, so we've broken it down into three factors for you to consider.
Let's explore the 3 A's of Successful Saving: Amount, Account, and Asset Mix.
1. Amount: how much should you save?
The amount you save depends on your goal:
Retirement: Aim to save 15% of your gross income annually. The earlier you start, the more compound growth you will enjoy.
Education: Estimate future education costs and work backwards. For example, saving €100–€250 per month from birth can build a solid fund by college age.
Home Deposit: A 10% deposit is typically required for a first-time buyer. Based on your timeline and property price range, set a monthly savings target.
Aviva's regular savings plans allow you to start from as little as €100 per month, making it easier to build a habit of saving.
2. Account: choose the right savings vehicle
Different goals call for different types of accounts:
For Retirement
PRSA or Personal Pension: Tax-efficient savings with potential employer contributions.
AVCs: Boost your existing pension with Additional Voluntary Contributions.
For Education:
Aviva Savings Plan: A flexible investment account that you can tailor to your timeline and risk profile. Start saving from €100 per month.
Aviva Investment Bond: Suitable for lump-sum investments with medium- to long-term horizons. Lump sums from €10,000.
For a Home:
Savings Account or Investment Plan: You might choose a low-risk savings account or a higher-growth investment plan, depending on your timeline.
Help to Buy Scheme: Consider government support like the Help to Buy incentive for first-time buyers.
All Aviva plans come with online access, flexibility, and expert financial advice through brokers.
3. Asset Mix: Invest to reflect your attitude and situation
Your investment strategy should reflect your goals, timeframe, and risk tolerance:
- Short-term goals (1–3 years): Focus on capital preservation—low-risk funds or savings accounts.
- Medium-term goals (3–7 years): Consider balanced or multi-asset funds.
- Long-term goals (7+ years): Growth-oriented funds, including equities and diversified portfolios.
Aviva offers a wide range of funds, including:
- Multi-asset portfolios
- Aviva Select Range for tailored investing.
- Lifestyle strategies that automatically reduce risk as your goal approaches
Start saving with purpose
Whatever your goal, the key is to start early, save consistently, and choose the right tools. Aviva Ireland provides the flexibility, expertise, and investment options to help you succeed.
Get expert advice
Visit aviva.ie or speak to a financial broker today to get started.
This article is not intended to give advice or a personal recommendation. If you'd like a personalised recommendation based on your circumstances, you should speak with a financial broker. You can find a financial broker on brokersireland.ie.
Revenue rules and terms and conditions apply. Remember that tax laws can change over time, so it is important to check revenue.ie for the latest information.