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Savings And Planning Ahead

If, after the final settlement, you have money that you do not need for a specific purpose, you could think about paying off debt – this is because the interest you pay on loans is higher than the interest you receive on savings accounts. But bear in mind that it's a good idea to have an emergency fund of money in case you lose your job or source of income.

Get into the habit of putting any spare money away regularly to build up an emergency fund that you can draw on if, for example, your car breaks down or you lose your job. Many experts suggest you aim for enough to cover three months' spending, but a smaller amount will still be useful. It is usually important to have ready access to this money, so an instant access account is usually suitable. You might want to consider a cash ISA (individual savings account), where you earn tax-free interest. Shop around for the best deals on savings accounts. See Savings and investments

You may have received a lump sum as part of your financial settlement, for example, from the sale of a property. How best to invest this will depend on your goals - do you need it to provide an income in the future or as a deposit for a new home, or some other purpose? For advice on choosing suitable investments, you may like to speak to an independent financial adviser (see Useful links).

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