When possible, we all like to put some money aside for a rainy day. We took a look at the most common things to save for.
Common Things To Save For – A Home
While being excellent news for homeowners who have experienced an increase in the value of their asset, house prices have skyrocketed in recent years. This makes it extremely difficult to buy a home. Those not on the ladder often give up. After all, what is the point?
Several metrics currently place the average house price at over £200,000. Though, this depends on whether or not you include the exorbitant London market. And also whether you look at actual sales data or forecasted values.
It goes without saying that saving for a 10% deposit will take some time. This is why the government has launched a series of programmes. They come under the name Help to Buy to give people a head start.
Wedding
One of the happiest days of your life may be your wedding day, but it costs a lot of money.
While you may plan a special occasion for less, they usually cost a bomb. One survey indicated that the typical UK wedding now costs more than £25,000 when everything is considered. It is obvious that this is an expense that you need to save for when choosing a date for the big day.
Common Things To Save For – Holidays
An average family vacation now costs over £1,200. So, if you want to get some sun, sea, and sand, you’ll need to put up a sizable quantity of money.
Although it offers more safety and enables for the balance to be paid off gradually to make it more accessible, many individuals opt to pay for it with a credit card. Although it pays to avoid too much interest or extra charges.
Raising A Family
When a child is born, it’s crucial to have the assurance that you can raise them in a loving, secure atmosphere. One where you can meet all of their potential needs.
It’s estimated that raising a child actually costs more than £230,000. please note that the sum includes expenses from birth to age 21. Nonetheless, it implies that if you don’t want to be struggling, there should be a financial component to your family planning.
Pensions
To be able to live comfortably in retirement, it’s crucial to set aside adequate money during your working years. Few people consider their retirement until it’s too late.
Consider the amount of income you’d like to receive in retirement and then determine how much you’ll need to save to achieve that. This will be simpler the earlier you begin.
