Finances And Money Saving For The Future
*This is a collaborative post but all thoughts and words on saving for the future are my own
Having turned 30 earlier this year I’m starting to think more about the long-term future. While the thought of retirement and old age is far from my mind I want to be prepared. And have the later part of my life go as smoothly as possible. We’re starting to think of saving for the future for our own peace of mind. Here are some of the financial and money-saving ideas we’re doing to help future us.
Opening a stocks and shares ISA
One of the most recent things I have done is open a stocks and shares ISA. I haven’t committed to saving much every month but for us, this is going to be a long-term investment. This is why we’ve put down a medium risk as we’re putting it away for long enough for that to hopefully not lose us money. Of course, stocks and shares are always a risk.
But the one I opened with Scottish Friendly guarantees that I can at least withdraw what I have put in as long as it’s in over 10 years (I believe). So for our first risky investment, it’s not too bad. I want to do more investments over time to help us with our retirement as Luke currently doesn’t have a pension. Although a LISA for him may work better.
Saving for the future with life insurance
Saving for the future isn’t just about investments and putting money away. For us, it’s about protecting each other’s finances when one us eventually dies. I know that’s a pretty morbid thing to think about but we know the other couldn’t afford to live in our home comfortably paying a mortgage alone. So for us, life insurance was a bit of a no brainer. I get life insurance through work but I also took out an independent policy as well which covers for the price of the mortgage.
For Luke, it’s so important as his work is risker than my office-based job. While you don’t want to think about the worst happening I’d rather be prepared for it.
Funeral care
Another kind of morbid one but funeral care is so important. While it might not be something we’ve yet taken out it’s something on our list to think about further down the line. The death of a loved one is a horrible time and anything that can be done to make the process easier is a good idea in my books. Saving for the future may be just saving money for your loved ones during a time of need.
You can get a plan and pay towards the costs of your funeral in advance so there are no financial outgoings for your loved ones. Funerals are expensive and Heart of England quote that they’ve doubled in the last decade with the cost continuing to rise. And you can record any personal wishes in advance such as songs you may want to be played etc.
How are you saving for the future?
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20 responses to “Finances And Money Saving For The Future”
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Rhian Westbury
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When my Mum passed away in August 2018 it really opened my eyes up to the need to be a bit more savvy with money.
I was shocked by the cost of a funeral for a start. We were also very surprised to find out that My parents had life insurance that would pay out on either of them passing away. It came as a complete shock to us all.Mum had never mentioned it and Dad had forgotten about it.
My parents worked so hard when we were children and we often struggled financially, but the plans they put in place have left my Dad with a very comfortable retirement.
I am now looking at my own finances as I’d love to be in the same position as they were in retirement.
Great advice here x
That must have been one nice surprise in an otherwise horrible situation, just to know your dad would have a comfortable life after that. And that’s what I’d want, for whoever may still be here to at least be comfortable and cared for x
These are all the things we need to do. We’re not getting any younger, and it would be beneficial for my wife and I to have life insurance as a minimum. This is a great thought-provoking post.
Money saving and taking care of finances is so important and one we should all be aware about. I was actually thinking about getting a cash ISA the other day!
And the earlier you do it the better it can be x
Great post, lots of interesting info! I too turned 30 earlier this year and it has really made me thing about the future and money too. We are saving to buy our first home and I have been talking to my husband about the importance of life insurance too!
We did ours mainly because we bought a house together but we’re not married, so it makes things easier for the other one as we’re not automatic kin x
I have an ISA but I really need to think about funeral care, I would hate to burden my family with that kind of cost.
It’s not a nice thing to think about, but once it’s in place and arranged you don’t need to think about it again x
I’m probably a bit different to most people, having bought a house at age 22 and getting life insurance and a pension sorted. It’s so worthwhile planning and saving now. At nearly 40 I’m glad I did it so young.
A bit like you I got my first property early at 22 as well, but life insurance wasn’t really something I’d thought about yet so good on you x
Isa’s is something we are looking at but in reality things like Will’s and Funeral care is something that we have talked about recently, as we are getting older it plays on my mind a lot more.
Great post.
I do have ISAs but I’m hopeless at remembering to use the annual allowance when it comes to how much money you can put in them. At the moment I feel far safer having a cash ISA. The performance of stocks & shares ISAs has probably taken a huge tumble during COVID-19 and it will take time for them to recover. ISAs really are a long-term saving strategy.
You’re totally right a stocks and shares ISA is definitely a long-term saving option, but a general ISA is a great way to make a little money x
It is important o save for teh future. You never know what might come up. We have life insurance to help ease the burden if something happens.
Now more than ever it is important to think about making sure that you have savings. There are some great ideas here x
You’re so right, we’ve seen that anything can happen x
I’ve got a savings account, an ISA and life insurance but definitely need to look into some other options. It is so important to save for the future.
We opened help to buy ISA’s for the kids before they stopped them so we can help them save to get on the property ladder when they are ready
That’s a really good idea to have started them early to begin saving x