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Useful information
Saving for tomorrow while paying for today
Important information: The value of investments can go down as well as up, so you may get back less than you invest.
Saving for your future in the current climate can feel especially tough. With inflation at a record high and a resulting cost-of-living crisis, few of us are going to avoid feeling a pinch somewhere in our finances.
Managing your outgoings right now can seem like a difficult task, and when you add in saving for the future it can seem impossible. It can be tempting to adjust how much you’re putting away for the future, or even to stop saving for the future completely. But remember cutting down on your savings, particularly your long-term savings like your retirement savings plan, should be a last resort.
Even if you’ve never had to work to a household budget before, it’s more important than ever to have one now. By tracking your spending across different parts of everyday life, it will enable you to see exactly where inflation is biting and help you work with or around it.
We've created a range of budgeting tips and tools to help, including our 50/15/5 rule and a downloadable budget planner.
Seeking help if you're struggling with debt is a difficult, but incredibly brave, thing to do.
It can feel overwhelming if you're struggling, and you can get to a point where it seems easier to ignore the mounting problems today and just deal with them tomorrow. This can lead to a cycle where the more you delay, the worse the problem gets.
It’s important to deal with debt immediately as delays can cost you money. Being proactive means you can benefit from things like payment plans and avoid accruing more interest.
By having a conversation, with an expert, friend or relative you can start that journey towards greater peace of mind, as well as solvency. Talk to someone about your options today.
If you’re making contributions into your retirement savings plan, pausing them, even temporarily, can make a big difference to how much you’ll have saved for retirement. Once you’ve stopped your contributions, it’s easy to become reliant on that extra money, and so contributing again can be very difficult.
To make the right decision for you, it’s important to weigh the short-term benefits of stopping against the long-term benefits of contributing. Remember, in addition to what you contribute towards your retirement savings, you may benefit from:
- Your employer paying in too. A key benefit of most plans is that your employer contributes into your retirement savings. Whether this is the case and the amount of contribution will depend on the terms that you agreed with your employer.
- Compound growth. Any money you make from investing your retirement savings for your future is then reinvested (with any additional contributions), which gives you the best chance of growing your retirement savings for your future. Growth is not guaranteed.
If you’ve seen the value of your retirement savings fluctuate due to market volatility, it’s natural to feel nervous. Although past performance is not a guide to future performance, markets can recover.
Like all investments, it’s important to remember that the value of your retirement savings can go down as well as up, so you may get back less than you invest. While it can be unnerving, it’s important to remember your retirement savings plan is a long-term investment and volatility is a normal part of long-term investing.
What next?
How can I start feeling financially well?
Talking about money with someone you trust can be a great place to start building better habits. Listen to Iona Bain and Ed Monk on breaking the taboo of talking money.
Download your free budget planner
Our simple budget planner can help give you an overview of how and where you're spending your money each month.
Keep your retirement savings in shape
Keeping regular track of how much you’re saving is a great way to stay in control. See how much you’ve already saved.