5 tips to help you be more confident about your financial future
1 Always have some money that you can access easily and quickly for emergencies, before looking to invest for the longer term. It’s reassuring to know you’ve got money set aside to cover your rent, mortgage, food and utilities for a number of months.
2 Avoid the risk of your savings losing real value. Regularly check the interest rate you’re getting to see if you can do better and beat inflation.
3 Once you’ve built up enough cash, consider investing to build up savings for the longer term. One tax-savvy option is a Stocks & Shares New Individual Savings Account (NISA). From 1 July, the annual NISA limit increased to £15,000, providing even greater opportunity to start to build your wealth. In the UK, hundreds of people are reported to have amassed NISA funds in excess of the magic million by squirrelling away the full limit each tax year since the early 1990s.
4 Don’t delay. The earlier you start investing for your future, the more chance your money has to grow.
5 Don’t miss out on free money. If you’re employed, chances are you’ve been auto-enrolled in a company pension, with employer contributions and generous tax benefits from the Government, so take advantage of this. If not, take advantage of a personal pension – don’t leave it to chance.
Do you need to do something about it today?
To afford the lifestyle you want, you need to do something about it today. It’s never too early to start saving and investing in order to protect your future. To find out more about how we can help you plan, please contact us for a full review of your particular situation.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT
TO CHANGE.
PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.
A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.
