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Savings Guide
A guide to saving money
In this guide:
- The cost of delay - The earlier you start to save the better, for a number of reasons.
- How safe is your cash? - What would happen If your provider went out of business?
- Which type of savings account is right for me? - Choosing the right type of account isn't always straightforward.
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From this guide:
The earlier you start to save the better, for a number of reasons
First and foremost, it will encourage a great savings habit.
A useful starting point is to plan a budget, identifying all the details of your expenditure each month, so you can work out just how much you can afford to set aside.
This exercise can be very revealing. Not only will it show you how much you are potentially wasting on unnecessary items, it will also indicate the amount you will be able to save on a regular basis. Once that amount is decided, setting up a standing order from your bank account, means that it will become just another bill – but one that will give you money back when you need it.
Starting earlier is also better for your pocket. It's staggering how important the early years of saving are; with the impact of compounded interest, you can build up a substantial savings pot for the future with an early start.
For long term savers, a delay of just 10 years could halve your savings pot.
Related content
A thorough guide to help support you in preparation for your retirement and provide an insight into investment.
It's important to understand the implications of a Defined Benefit pension transfer.
The pension landscape has changed significantly in the last 20 years or so, as the way in which people work has changed.
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Daniel Lea
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Daniel helps clients with their financial needs and advises on various aspects of financial, investment, and retirement planning. He adopts a friendly, straightforward approach towards his work, aiming to empower his clients with informed decision-making.
Abby Ivison
Financial Adviser - Chartered Financial Planner, APFS
As a Chartered Financial Planner, Abby offers insight to guide clients with their financial needs. She is passionate about providing friendly, sound, and honest advice in a way that’s easy to understand so that her clients can feel empowered to achieve their financial goals.
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