School’s out for summer – and you’re no doubt looking forward to the well-earned break you’re about to embark on over the next six weeks. Not only could the summer holidays be the perfect time to relax, it could also be a great opportunity to finally organise your finances and future plans.
Money matters are probably the last thing you want to think about during your well-earned summer break. But organised finances could prove vital towards mental well-being. There’s also no need to worry about it taking up too much of your respite. In as little as 30 minutes you can take the first steps to making better financial decisions.
It’s as easy as ABC
A good place to start is by timetabling in a few minutes of your time to think about what it is you want to achieve with your money later down the line. Rather than visualising an actual bank balance it helps to envisage any future goals and ambitions you want to save towards.
Something that might spring to mind is retirement. Your summer will be filled with a whole host of things and activities you enjoy. You’ll want to make sure you have the right provisions to continue this on a regular basis once retired.
A 2019 study by Which? has calculated you’ll need an overall retirement pot of over £215,450 to achieve a comfortable lifestyle. For a luxurious lifestyle – hobbies, European holidays and occasional long-haul trips – you’ll need a total of £502,777>.
It might be there’s a once in a lifetime holiday you’ve always dreamed of. Whether that’s a five star all-inclusive two-week beach break, or an adventure packed mountaineering holiday. The earlier you start saving, the more you’ll have to put towards your dream trip.
Whatever goals you have in mind, having financial plans in place could prove important in helping you to reach them.
A sunnier way to save
It’s always important to have an everyday savings account for your short-term needs, such as hobbies or unexpected bills. However, for those goals which are five years away or more, you could benefit from investing your money.
This is because interest rates have been low for the last 10 years. In October 2008 the average instant-access savings account paid 2.46%, today it would pay just 0.44% (as of June 2019)*. What’s more, some experts are predicting that rates could be low for years to come. So – as long as you‘re comfortable with the risks involved – investing could offer a brighter path towards reaching your future objectives.
If you’ve already invested your money
Why not use some of the free time you have this summer to check-up on your investments? A review might highlight that any current investments you hold could be working harder. It may be that the level of risk you want to take with your money has changed. If you’ve recently become a head teacher, the extra pay might mean you’re more comfortable with increasing risk. Or if you’re drawing closer to retirement you may feel more comfortable if you were to reduce it.
We want to make the whole process as easy as possible for you. That’s why the NAHT has been in partnership with Skipton Building Society since 2005. They’re on a mission to help as many people as possible improve their finances, and this summer they want to help you too.
Through NAHT Personal Financial Services we can offer you trusted and expert financial advice. After all there’s no better feeling than heading into the start of a new term knowing you’ve achieved A* finances over your summer holiday.
Complimentary initial telephone consultation
Before you return to your summer holiday, the next step is to book your complimentary initial telephone consultation with our telephone team. Through this you’ll be able to find out more information about our services, and see how an appointment with one of our professional advisers may be able to help.
When it comes to booking your review we have a range of accessible appointments available. Even better, through our award-winning video link service you can speak to a qualified adviser from the comfort of your own home – or even your sun lounger if weather permits.
During your appointment your adviser will get to know your current situation and future goals. They’ll then provide recommendations that are suited to your personal needs. What better way to relax over summer, and head into a new term, than with peace of mind over your money.
Call us for your complimentary initial telephone consultation on 0300 30 30 333 (option two)
>Which? ‘How much will you need to retire?’ (2019)
*Building societies association – 2019
By investing with Skipton, the aim is to grow your money by a greater extent than is available through cash savings accounts to help you achieve your goals. Although funds are not like bank and building society savings accounts. It does mean placing your capital at risk, as its value can fall as well as rise and you may get back less than you originally invest.
If you’re interested in learning more about how Skipton Building Society and NAHT can help you, please visit: https://www.skipton-naht.co.uk/