If there’s one thing that 2017 has brought people, it’s stressful money issues. So many people are finding that living from paycheck to paycheck is becoming a regular occurrence. But with living costs on the rise, it’s easy to see why this is happening. People with children are more susceptible to financial issues, as having to provide for more than just yourself is hard in this economy. But there are so many different ways you can change your financial outcome. This article will explore how you can be make changes for the better, right from a young age, up until parenthood or middle age.
From a young age, a surprising thing that no teenager will care to think of is paying into a pension pot. In the UK, the law states a full time employee, over the age of 21, should have the opportunity to set up a pension pot. Those under that age are opted out. But some people over 21 choose to keep the money and not put any money towards their future. So when it comes to retirement the money may not be as good as it could have been.
As you enter the mid 20’s, usually people have learnt how to control their money better, but it’s important to realise how your job can aid your future. Most companies use service such as salary benchmarking services from Croner. This is where they’ll benchmark a salary for specific role higher than their competitor to look like the better job. Make sure whatever career path you choose, you look for the roles that have the higher pay, as it’s most likely they’ll also have incentives such as bonuses and yearly pay rises.
Another way of changing your future, is to be careful of what you’re spending if you have children. It’s easy to get carried away spending, but it’s important to remember if your financial future is bad, your children may follow suit. When searching for days out, or holidays, look around to get the best deal possible. Where you can save money on one part, you can use as spending money for the actual event. Buying your children saving jars to help them learn the importance of money from a young age is an effective way of helping their futures.
This may be an obvious one, but cash ISA’s are excellent for saving money. The interests rates differ from different bank accounts, so take a look at your options before jumping straight into a deal. There are saving ISA’s and house government ISA’s that even make buying a house easier. The government gives young buyers a certain amount of money towards your house payment. You can either get one’s where money can be withdrawn daily, or not withdrawn for years, the latter obviously being the most effective. So in a few years time you could have a lump sum of money waiting to be withdrawn!
Those were just three active ways you can change your financial situation. With prices of everything on the rise, it’s important to be actively watching and saving your money, so you can have a bright financial future.
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