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Put your savings on autopilot

AUTOMATIC or manual? In the motoring world, automatic is the popular winner, and it’s a theme worth following for investors.

Making saving and investing automatic is the simplest way to build wealth over the long term, experts say. Having to remind yourself to put money away every week or month is setting you up to forget, and fail.

Richard Livingston, founder on online financial advice service Eviser, says it is simple to set up automatic deposits into a savings account, or regular monthly contributions to managed funds or superannuation.

A key to being successful at saving and investing is getting a good routine going. Like fitness, he says.

If you dont make it routine, it is too easy to put it off until tomorrow, or next month.

Livingston says the impact of missing deposits can be extreme over long periods of time.

Heard Financial CEO Nicholas Heard said we are used to making regular repayments on loans, and investing should be no different.

You create a discipline for yourself and over time, this discipline should translate into a handy sum of money, he says.

If you set the direct debit up around the same time as your pay hits your account, it gets taken before youve had a chance to spend it on something else. So, if it is not seen, it is not missed.

Workers have money automatically going into their nest egg through compulsory super contributions from employers, but this is not usually enough to deliver the future lifestyle most people want. Heard says salary sacrificing extra money into super has great tax and savings advantages.

Your employer can automatically deduct the extra contribution from your gross wages and redirect it into your super fund on your behalf, he says.

Ideally, you should look to try and save or invest 10 to 15 per cent of your salary each year if possible.

Heard says if you can generate an investment return of around 7 per cent a year, you should double your money in about 10 years.

Given an initial deposit of $2000 with further contributions of $100 per month for 10 years, your invested capital will amount to $14,000, and you then might expect that the total investment should be worth approximately $21,300 at maturity.

Toyota recalls 179000 cars in australia with the potentially deadly takata airbag

TOYOTA has added 179,000 cars in Australia — including the popular Yaris and Corolla hatchbacks — to its recall for potentially deadly Takata airbags.

It brings the total number of cars affected in Australia to about 1.4 million the biggest recall in Australian automotive history and brings Toyotas tally to 437,000 vehicles locally, which means it has overtaken Honda, which previously had the most affected cars (421,000).

The Takata airbags which can spray shrapnel in a crash have so far been linked to 13 fatalities overseas but none in Australia.

Approximately 100 million cars are affected globally and the airbag industry is struggling to produce replacement parts, with some customers waiting more than a year to have their airbags replaced.

It means there are about 900,000 cars on Australian roads that have not had their airbags replaced.

The faulty airbags do not deploy randomly, but there is a chance they can spray shrapnel if activated in a crash.

Cars in humid climates such as Australia are worst affected.

Internal testing by airbag manufacturer Takata, which supplies approximately 20 per cent of the worlds airbags, found 265 of 30,000 recalled airbags had ruptured or slightly less than 1 per cent.

Based on these estimates, that means approximately 10,000 cars in Australia are driving around with a ticking time bomb if the airbag is activated in a crash.

A statement from Toyota Australia states that the new models affected by the Takata recall include the Avensis Verso, Corolla and Yaris models with build dates ranging between March 2007 and December 2011.

For further information, customers can contact the Toyota recall campaign helpline on 1800 987 366 or click on this link for more information.

Other affected car brands in Australia include BMW, Mercedes, Chrysler, Ferrari, Ford, Honda, Jeep, Lexus, Mazda, Mitsubishi, Nissan and Subaru.

Japanese auto-parts maker Takata is set to recall up to 40 million more air-bag inflaters, adding to the 28.8 million air bags already being recalled. Here's what you need to know, by the numbers.

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