Do you have any money put away for a rainy day? Savings rates are currently lower than they have been historically, but this doesn’t mean it’s a bad idea to build a buffer. Many people can struggle to save with other pressures on their salary, so setting up a standing order for when you’ve just been paid into a savings account is a good idea for maintaining discipline.

Questions you can ask to get in control of your savings

  1. How much do you already have in savings?
  2. Are there any events coming up where you will need access to your savings?
  • How much will you need?
  • When do you need this amount?

There are tax-efficient products to help you build your savings, like Individual Savings Accounts (ISAs) where you do not need to pay tax on withdrawals. If you’d like to discuss any of these products and whether they could be right for you, get in touch.

A young couple looking at their financial plans

Find out how an independent financial adviser can simplify your long term goals with a bespoke financial plan, please arrange an initial appointment.

Related posts