Why Should I Save?

Saving makes you fitter and thinner and more popular.

Okay maybe not completely, but it's sort of true.

Saving money puts you in charge of some simple things. The secret that we have learned over time is that having that money saved really does make you feel more in control of your one part of your life.  It saves you worry and time because when something unexpected happens, you're ready for it.

Save money

Here's how it works…

You decide to save the £15 a month that you can easily afford.
Nothing really happens at first.  Except you might just feel you're doing the right thing.
10 months later, the car needs a new tyre.
But you don't need to panic. 
You've got the money.
New car tyre sorted.

Let's just take that again a bit more slowly with some questions.

How do I "decide" to save anything?

  • Have a look at what you spend over a month or so to see if you can squeeze out a bit of spare money. 
  • We have a budgeting guide to help you get right into the corners of your spending. Shoot an email to mica.mcdonald@parsonagefinancial.co.uk
  • Most of my clients who use this tell me that they manage to save a little just from looking over their bank statements. 
  • Yes, just turning the spotlight on your spending will probably help you spend less!
  • Now you can work out how much you can spare each month.  Whatever it is, it's worth doing.

Where do I put it?
Ah yes, this is important. 

  • Move it. Out of your current account.
  • We call our current account "the seive".  Money runs through it pretty quickly so it's important to put the savings to one side.
  • If you do online banking, it's easy to add an extra bank account.
  • You can divert a little into that whenever you get chance.
  • Then you can see your savings grow.

I've already got a pot for emergencies.  What next? 

You have already made a great start.

Now you can start to save for the things you actually WANT.

  •  A holiday, paid for with savings instead of credit feels better.  Honestly.
  •  Spread out the cost of the deposit for your new car before you buy it (instead of letting your credit card take the strain afterwards)
  •  Buying a house is easier and cheaper with a bigger deposit.

So back to that tyre…

You've done your sums and decided to save the £15 a month you can easily afford.
You've set up your 2nd bank account and you see it get bigger each month.
It does actually feel good!
10 months later: car - tyre - sorted
Savings begin again.  This time with a bit more because you've learned the secret.

Because you're ready for emergencies, you don't need to worry - you won't need to lose sleep so you'll have more energy and have more time to eat better and have time to spend with your friends.

So you see, saving money DOES make you fitter, thinner and more popular!

Everybody starts somewhere, it might be a tyre, it might be a wedding, it might be a holiday. It might just change your life.

Time to give it a go? Send us an email, we’ll send you our guide, and we’ll get you started.

The Financial Conduct Authority does not regulate bank/deposit accounts

 

 

Here's a little more information about our team:

Q: Qualifications Include

A: My degree in modern languages included a module on economics and personal finance, and that's how I got into financial planning.

Since then, I've become dual qualified as both a Certified Financial Planner and a Chartered Financial Planner, including the specialist qualifications in Tax & Trusts (G10) and Pensions (AF3/G60).

The full list is:

AF3 - Pensions (CII) (I did that to totally update my pension knowledge, as I had done G60 in 1994.)
K10 - Retirement Options (CII)
K20 - Pensions Investment Options (CII)
G20 - Personal Investment Planning (CII)
Chartered Financial Planner (CII)
ER1 - Equity Release (CII)
HR1 - Home Reversion Plans (CII)
G10 - Taxation and Trusts (CII)
CFP - Certified Financial Planner Licence (IFP)
H15 - Supervision and Sales (CII) 

In November 2016 I added the STEP (Society of Trust and Estate Practicioners) Certificate for Financial Services.

Q: Do your clients have anything in common with each other?

A: They are all lovely and there are a few similarities in their aims that I've noticed. 

Many of my clients want to do more than just meet their own needs. They also see themselves as custodians of their money for the next generation or for other beneficiaries. 

In other cases, their aim is to manage their wealth efficiently during their lifetime, with the aim of spending it all… but minimising tax on the way there.

Q: What type of work do you enjoy most?

A: I do get a real sense of satisfaction from the work with those clients who engage me to manage the needs of two generations of the same time. That can be 'just' a long-term and balanced investment strategy or it can be trust planning and estate planning to avoid paying too much Inheritance Tax.

Q: Where would you be right now if you weren't at work?

A: In the Lakes

Q: In the film of your life, who would play you?

A: In my head, it's Uma Thurman, but I expect they would approach 'Nursey' from Blackadder II.

Q: Curry or Hot Pot?

A: Agh, too difficult. Curry.

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Infuriate my colleagues by opening conversations then cutting off their reply when my call is answered.