Deciding how to invest involves thinking about how much money you have saved, how much you need, how much you are earning, how much risk you are comfortable taking on and how long you plan to invest the money for.

Think about when you will need to withdraw your money. Are you saving for a car that you hope to purchase next month? A rainy day fund that you might have to access quickly? Or, are you saving for your children’s education or for your retirement, which means you will be investing over a much longer period.

There are many different types of investments designed for short-term, medium-term or long-term investing.

Be sure the investments you choose suit the time period that meets your needs.

If you are interested in investing for a shorter period of time (for example, if you are saving to make a major purchase within the year), you may want to consider a low-risk fund that is designed to preserve your capital. This type of fund will likely not increase or decrease as much or as quickly over time as a higher risk (more volatile) fund.

A financial advisor can help you determine the right investments to suit your needs.