Savings | Independent Financial Advice & Solutions | Money Matters

Savings

Money Matters FS Ltd believes that savings is more of a concept than an actual product and we probably all know that it makes sense to save for the future but it is hard to get into the habit, however, our experience as advisers has shown us that to begin with it takes an initial  commitment to get into the ‘habit’.

Our advice is to have two savings products, one for the long term and one for the short term, to start with set up a regular payment into a long term savings product that is not as easily accessible as your bank account for example, and then try to forget about it and just let it accumulate as it’s a bit like watching a kettle boil in that it seems to take longer if you are consciously waiting for it to do so. If you look at the long-term savings balance too often it will just seem to be not really building up much.

In conjunction with your long-term savings product we recommend that you should open up an easy access cash deposit type savings account for short term needs such as unexpected bills etc.

The reason for keeping your long-term savings completely separate to your normal financial arrangements and less visible is that you will be far less likely to dip into it in the short term before it has had a chance to build up to a reasonable level.

It is very important not to get over ambitious from the start and commit too high an amount, that you may later begrudge, which in turn will mean you may cancel the arrangement with the knock on effect of putting you off the whole idea, therefore have an initial lower budget for your savings and divide that between short and long term savings.

Sometimes having a target date or amount helps, or even a target benefit such as ‘I want to go to the Monte Carlo Grand Prix in 2025’ or ‘around the world cruise in 2029’ or save a deposit for my own home

Money Matters FS Ltd can provide independent advice on all aspects of saving; including reviewing your existing savings options, and recommending appropriate alternative solutions.

Money Matters Saving Tips

  • Try to make saving a habit
  • Set a savings budget
  • Have both short- and long-term savings products/accounts
  • Try to save somewhere separate to your current financial arrangements
  •  For long term savings use a separate product not easily accessible (but not tied up either)
  • Start with a manageable amount until it becomes a habit and then build on that
  • Think of a target date or target amount or target benefit/reward
Get in touch for an informal discussion about how we can help you with your savings

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