Personal
Business
close
Products
About us
Resources
Call us: +44 1632 960212

Myths and Facts: Savings Explained

As the UK economy slowly emerges from a near three month COVID-19 lockdown, many throughout the country will be concerned about their financial wellbeing. From pensions, family income and inheritance planning to insurances – getting the right information is more important now than ever before.

Having a pot of savings provides not only longer-term financial security but also piece of mind – Our team of experts have listed some of the main myths and facts around savings which we hope you find useful.

Myth 1 – I need a Large ‘Rainy Day Fund’

Whilst many will agree that having a minimum of three months savings for essentials is crucial – every little helps with unexpectedly large bill and can make life that little bit easier.

Myth 2 – You Need a Large Income to Save

This is false – even if you can save a small percentage of your monthly income you can build a useful fund. Even if it means trimming a limited income you can still save – little and often quickly add up.

Myth 3 – You Should be Debt Free Before you Start Saving

Saving isn’t binary – you can both save (as much as you can afford) and reduce debts, a little planning at the beginning of each month will ensure you can save and get your debts down.

Myth 4 – I need to Save 10% of my Monthly Income

Well firstly you can save as much or as little as you can afford – there are no set levels of savings to consider but setting up an automated payment to a separate account will help.

Myth 5 – You need to Save Electronically to be Secured

Digital transactions are certainly easier and allows you to keep a record but so long as you set a monthly, affordable level of savings you can always bank a lump sum when required. It is worth noting also that many bank and savings accounts offer cash back and other incentives.

Myth 6 – If I cut Expenses I can Afford to Save

Saving is a strategy – you can cut expenses which may well free up funds to invest  but you should stick to your plan – if it means cutting expenses then you can save.

In the current climate it is important to have additional funds to mitigate any unexpected or planned expenditures – the key, however, is having the right strategy that is both affordable and sustainable.

We are here to help you
Your first consultation is completely free-of-charge. All you need to do is select a convenient time & date and outline how we can assist you.
virtual advisor
Try out our new Virtual advisor!
Get all benefits of Regular Advice via AI and ML algorythms
Related articles
Other
Privacy Policy
09 Feb 2021 · admin

This privacy policy explains how we use any personal information we collect about you. This policy applies to your use…

Featured media
General
Other
Calling All Industry Partners – Fintuity Is Looking To Partner With You!
04 Feb 2021 · Nic Cobb

The UK’s only digital IFA wants to work with you! As clients increasingly look for financial advisory online, Fintuity is…

Featured media
General
Other
What is an IFA and How Can They Help You?
28 Jan 2021 · Nic Cobb

Simply put, an Independent Financial Adviser (IFA) is a state regulated adviser that provides impartial and independent financial advice to…