Posts Tagged ‘Savings’

2 savings accounts you must have

Financial Articles | Posted by Jacob ONeill
Jan 19 2012

If you have decided that 2012 is the year youre finally going to kick your finances into shape, then getting into the savings habit will be a big part of the process. Dont think that sorting out your money needs to be too daunting a task though, Sians got some great tips on how to get organised bit-by-bit.

And now, the saving. This neednt be complicated either. Aside from a current account to use for day-to-day spending, there are only two other places you absolutely must have some money saved up.

1. An emergency fund

With the number of unemployed in the UK at 2.64 million the highest its been since 1994 redundancy is still a big worry for plenty of us. But if you did lose you job, how long would you be able to support yourself and your family?

Thats why if you save for anything this year, it should be an emergency fund. Yes, you could get some form of insurance, but ASU accident, sickness and unemployment insurance  is often expensive and has a lot of exclusions, meaning you could end up with much less cover than you thought.

By creating your own emergency fund, you are effectively insuring yourself. You dont have to rely on hoping a policy pays out if you find yourself in trouble, you know you have the money.

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Tags: Savings, Savings Accounts
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The Simple Secret to Successful Savings

Financial Articles | Posted by admin
Feb 07 2010

There isn’t a money manager of financial adviser in the world worth their salt which doesn’t know and understand the greatest secret to successful savings in the world, which ultimately leads to discipline from the habit developed over a period of years.

One of the reasons this strategy isn’t employed by that many people is we wrongly apply a teaching that is correct in other areas of life but doesn’t work work when we apply it in the financial management area of our lives, as it’s one of the reasons we have problems in the first place.

Now the exception to that rule is when we have a debt addiction problem, and we have spending habits or emotional moods or swings which drive us to buy something time and time again which leads to a debt load which is crushing and ends up affecting all aspects of our lives until we deal with it. That’s a different problem though, and that must be handled first before anything else. If it isn’t, no matter what you do in cutting back on expenses and building up your savings, it’ll backfire, as you will be one mood or swing away from undoing several months of hard work, putting yourself in that endless cycle and maze you can’t get out until you take a stand – basically against yourself.

So what is that one thing that we’ve been taught all of our lives, and which is correct in almost every circumstance, but in the case of savings it’s not? It’s focusing on yourself first. In other words, it’s empl

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Tags: Savings, Successful Savings
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Inflation, Job Market and Adjusting Your Savings

Financial Articles | Posted by admin
Jan 16 2010

With the coming of the new year, the recession is expected to continue – no matter what government reports say – and so you should consider a couple of things concerning your savings account you set aside to protect you in times of emergencies.

There are a couple of things to consider in our economic times that will help better prepare you for the near future, that promises to be about the same as it has been for the last couple of years.

Keep in mind that many companies continue to lay off, reports continue to come in that the jobs lost over the last couple years may never return, and the so-called recovery will be a jobless one.

In other words, be sure to keep your emergency fund built up, and during 2010, I would advise you build it up for another several months at least, and if you can, up to a year. If the worst happens and you’re laid off, in these economic conditions you’ll have to assume it’ll take at least a couple months more than normal to get yourself another job. I would think in terms of at least several months more than normal to find a job if you’re laid off or fired; so building an emergency fund to reflect those realities should be part of your financial strategy for 2010.

The second element to take into account is the inflation rate. Already commodities are starting to rise in price for 2010, and the commodities rising in price directly have an effect on regular consumers. For example

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