2023 Money Challenge

day 8

To build wealth should you save, invest or pay back debt? Perhaps a bit of all three.

This week you’ll build your toolbox of investing knowledge as we introduce you to wealth building and investing concepts and strategies. But first, it’s time to answer one of the most common questions we get asked: “should I save, invest, or pay back debt to build wealth?”

Most Australians have debt (ranging from credit card debt to home loans and HECS debt), but many of us also have savings and investments. Today we’ll be helping you think through how to allocate to these different buckets each month based on your goals and circumstances. 

Remember, this is general advice only and we recommend seeking professional advice that takes into account your personal situation before making any big, bold financial moves.


— Zoe


  1. Check out this Verve Money article on how to prioritise saving, investing or paying back debt. Including the kinds of investment and savings opportunities that could suit differing goals. 
  2. Want to ensure that you’re ready to take the step into investing? Check out the Investor Ready Checklist in the Challenge Workbook

Today’s word of the day is: 


Ok, so, you’re doing this for yourself! But who doesn’t love a good PRIZE. Collect the word of the day each day for 21 days to spell a powerful affirmation. Get the affirmation right, and you’ll be in the draw to win $500 towards your most important financial goal.*
*T&Cs apply – this is only open to participants using the Verve Money app to invest.

Join our Facebook Group to ask questions or connect with like-minds and share your progress by tagging @verve.money and #VMxChallenge

About Verve Money

Verve Money is an investing app that makes it easy to start ethically investing towards your goals. Best of all, we want you to feel proud of your money knowing that we seek to invest 20% of our funds in climate solutions.