When you were a child, you probably had a piggy bank or a savings box. You may even have stopped by the bank each week to deposit a few pennies into an account. As adults, we don’t tend to save so routinely. Any piggy banks we have are probably ornaments on the mantel rather than full of coins for our future.
Saving is still so important to us, though. Without savings, it is very difficult to cover expenses as they crop up. Savings provide us with the funds to buy those little things we fancy. But savings can do far more than that. If you’re not saving a percentage of your salary every month, now is the time to start.
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Buying a home is probably the biggest purchase you’ll ever make. Maybe you’re waiting for a spouse and kids to come along before you make such a big commitment. Having a property of your own offers you a lot of benefits, though. You can earn money renting out a room, or even the whole house. And if you buy smart, your home will increase in value with very little input from you.
But buying a home isn’t possible without some cash behind you. Saving for a deposit on a home should be something you do from the day you start work. And if you’re looking at buying a new home like Avant Homes offer, then you may benefit from extra help for your savings efforts. When it’s time for you to buy, you may be eligible for a Help To Buy top up, so you don’t have to invest quite so much.
There are plenty of different savings accounts to choose from. You could put £200 per month into a Help To Buy ISA that will be topped up by 25% when you put down your deposit. Regular ISAs are handy, tax-free accounts to save for a rainy day. You might choose to put your savings into a pension plan instead. This secures you an income from the day you retire. After all, we can’t work to death!
Other savings plans called trusts can be set up in a secure way. This means the cash can’t be touched until a specific date in the future. The cash going in, like any other account, can be earning interest all the while. This makes sure your investments now are worth the same value to you in the future. While we don’t want to face the realities of old age, saving for this period in our lives is essential. You may have additional medical and personal care needs. Having the funds available to live well at this time of life is important.
Most of us want to live life fully now. That can be an expensive way to live. Worst still, it robs us of the comforts we may need later in life. Priorities change over time. If you have nothing to see you through, you may not have the lifestyle you aspire to. Get saving now, and protect your future.
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