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There are so many reasons to plan for the future and have clearly defined long term goals, especially in today’s fast paced world and quickly changing circumstances due to the effects of the Covid-19 pandemic. Therefore, it’s now more important than ever to plan for the future by saving money on the side. Here are three easy ways to start looking at your finances to save for your future:
Open a savings account
Starting to save early is important; it doesn’t matter if you have not planned on how you will use your savings in the future, because the goal is to set aside a small amount of money each month. This will then add up and turn into a lump sum of money for you to spend when required or prepare for anything unexpected down the line. Many savings accounts now offer perks when you sign up, so it’s worth comparing different providers. The best thing of all is that opening a savings account is totally free and your money is safely stored away which can be accessed any time you need.
With investments becoming more and more popular amongst individuals, there’s a whole host of opportunities for you to invest a lump sum of your money in order to grow it even more. If you have the time and knowledge, investing in shares and funds can give you strong returns over a long period of time, however taking financial advice is important because the value of your investment can go up or down, so it is risky business. If you want to invest in an ISA, it’s worth shopping around so you find a suitable one. All ISAs are free from income tax and capital gains tax, and you can withdraw money without a penalty. Other investments that have been tried and tested for generations are bond investments as these are deemed to be low risk and provide you with a steady income.
Consider pre-paid funeral plans
There is no easy way to say it but death is an inevitable fact of life. It’s not a pleasant experience setting up your own funeral plans, but a pre-paid funeral plan will give you a piece of mind about being looked after even after death. The biggest advantage of paying towards a pre-paid funeral plan is that your loved ones will not be burdened with the task of raising the funds for your funeral. The funeral plans can be tailored to your budget and needs. Plus, a flexible payment plan is ideal to spread the cost over your lifetime. There is a huge market of funeral plan providers but it’s important that you choose a trusted funeral plan provider which is FPA registered such as Heart of England Funeral Care – this means that they have agreed to a code of conduct and they can be held accountable if something goes wrong.
On a final note, with the ongoing Covid crisis and raising inflation rates, planning your finances and saving for your future is now more important than ever.
Until next time.