savings

It is important that you see savings as part of your financial planning. Take advice. Look at your situation.

- Do you have enough ready cash to meet emergencies?

- Do you have sufficient Life Insurance cover?

- Do you have a pension and retirement plan?

- Do you have a disability pension, critical illness cover, health insurance?

- Do you have enough cash to repaying your debts?

If you have taken care of these areas, then it’s time to consider saving!

- savings for children

- savings for students

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Saving for your children or grandchildren has never been so important. How will they pay for their University Fees, How will you pay for that wedding, how will they ever afford their first home?

You need to start saving as soon as possible and remember something is better than nothing! There are a number of ways to plan for their future. Plans are available that provide a guarenteed amount at maturity, usually available through Friendly societies, or you could consider saving regularly onto an ISA. Under current taxation rules, both of these plans are available tax-free.

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Build capital to help pay for University tuition fees and student maintenance costs.

In the past, plans were usually in the form of profit endowment assurance policies which matured at yearly intervals to coincide with when cash was needed, however with the problems surrounding endowments and with profits, most life companies have pulled out of this market, and the preferred route is regular premium ISA's.

Contributions into this sort of contract usually start from £50pm and can be stopped and started as and when you like.

The FSA do not regulate some forms of school fees planning

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