Saving for Life’s Big Moments: Where to Make Savings

There are a few prominent milestones in each of our lives that tend to cost a lot. Finding ways in which to make savings for these events can be a real struggle. Preparing for your future is something that we all need to do. There are ways in which you can make savings in your everyday life, which can go on to help you to pay for life’s big moments.

Further Education

Choosing to go into further education is one of the first milestones in a person’s life.
The first big decision is choosing what career path you want to take. Unfortunately, degrees don’t come cheap. Many students take on part-time jobs while they are at university to pay for their tuition fees and maintenance costs. There are organizations that can help fund your education such as Student Finance associations who can often offer grants as well as loans to eligible students. If you want to better prepare yourself for university, you may want to consider getting a job before you even start your course so that you can cope better with the immediate pressure that many students face at higher education.

Weddings

The happiest day of your life doesn’t come cheap. You have to pay for the venue, the dress/suit, flowers, music and meals for every single guest. Setting a budget and sticking to it is the easiest way to make sure that you don’t overspend and send yourself into debt before the marriage has even begun. Many people choose to take out a logbook loan, which is basically a loan that is secured on your vehicle. These are usually among the fastest ways in which you can receive enough cash to pay for your wedding. You can find out more information about this type of loan and how it can benefit you here.

Mortgage

Another big moment in a person’s life is the day that they move into their first real home. Whether you are renting a property or you have taken the mortgage route, it is a good idea to start saving as early as possible. Many first time buyers chose to open a ‘save to buy’ savings account. This type of account is ideal for homebuyers because it usually gives away cashback awards and provides a means in which people can keep their money specifically for a mortgage. According to www.moneyadviceservice.org.uk the average first-time buyer puts down a 20% deposit on their first home, which could be as much as £20,000 or more. Because of this reason, it is a good idea to look into your options such as possible loans or saving methods that could help you along.

Retirement

Young people tend to want to avoid the thought of growing older and thinking about retirement at such a young age but in actual fact, it is important to start saving early in order to ensure your financial security when you reach retirement. According to Money Supermarket the current State Pension is worth around £115.95 per week. According to the same site, the most popular and beneficial saving methods for retirement includes pension funds, particularly “tax efficient savings vehicles with which you can only access the money at 55 or above,” and Individual Savings Accounts (ISAs) are two of the most popular ways to save for retirement.

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