by Fazila Aspandi   

The joy of getting your paycheck is short-lived if you spend most of it on the first week of the month. Instead of spending it mindlessly or letting your cash sit idle in the bank, let’s look at a few ways to grow your savings with a few low to no-risk investment options. Bear in mind; it is best you do some prior research before investing and diversify your investments as you wouldn’t want to put all your eggs in one basket.  

Though you will not have access to your money up until maturity date, fixed deposit guarantees you a return with no risk of loss. So, if you are thinking of taking small steps in investing, fixed deposit is a good place to start.  

For the Bumiputera, it is time to open an ASB account if you haven’t already. As for the non-Bumiputera, do keep an eye out for ASM. Although the units are more limited and the returns are lesser than ASB, ASM is still worth the try and gives out pretty attractive returns. 

Gold is another good way of investing.  And the best part? You can make a minimum purchase of one gram to begin with. The price for each gram is dependent on the current commodity price. Hence, it is best to monitor the price and purchase more gold when the price drops. Once the price picks back up again, you can sell it to gain a profit.  

Compared to the other investment methods, a unit trust requires a longer period of time to show significant growth. To start, you are required to deposit a minimum of RM 1,000. But keep in mind, just like other investment schemes, there is always a risk of loss. 

Get a life insurance plan linked to an investment. That way, you can kill two birds with one stone; the premium that you pay every month will be invested and you will be able to cash out the returns.  

With Go+ you can start your deposit from as low as RM10. The returns are calculated daily and you can cash out to your bank account or to the TnG eWallet at any time. 

All in all, investing is an effective way to have your money work for you. However, the most important thing to do before investing is to do your own research and understand the risks that come with different investment schemes.  That being said, don’t let the risks scare you. As Mellody Hobson, President and Co-CEO of Ariel Investments, and the Chairwoman of Starbucks Corporation, once said, “The biggest risk of all is not taking one.”