It can be difficult to prioritise saving money given the various costs associated simply with surviving from one day to the next. With retirement little more than a dim and hazy dot on the horizon for many, setting aside money for a somewhat hypothetical future can, for some, seem like something to be tackled at a later date.
However, it’s a well-known fact that the sooner one starts saving and planning for their financial future, the better off they will be in the long run. By getting into the habit of saving, investing wisely and spending only on that which is necessary, it can be possible to accrue significant funds over a period of time.
A failure to act astutely can, of course, be financially calamitous.
A worrying trend
According to a recent study carried out by Aegon, nine out of 10 (92 per cent) people are falling behind on their retirement savings targets. A survey of more than 4,000 UK adults found that nearly every respondent was failing to set aside the money they will require for post-work life, while close to a quarter (22 per cent) admit they have absolutely no idea how much money they have in their pension pots.
These results are, quite obviously, worrying.
Take action today
There is always more you can do to enhance your financial situation. Whether it’s making investments, putting money into a better savings account or simply spending more carefully, it’s essential to get into the habit of making your money work that bit harder.
While it may seem that buying that extra latte or pair of shoes will make very little difference in the long-term, that’s an attitude that simply isn’t accurate. The average takeaway latte costs approximately £3, for example. If you currently purchase one latte every work day, you could easily save £15 each week by refraining from doing so. That’s around £780 a year, which is a significant sum of money.
If you want to find out more about investing and saving more efficiently, there’s no better time to start than now. Get in touch with one of our financial experts to see how to sort out your financial situation and make it more beneficial to you. It’s your money, so make the most of it.
We look forward to hearing from you.