Market Highlights: A Record-Setting Day on Wall Street
November 12, 2024
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· It helps you avoid relying on debt when emergencies arise.
· Fewer than half of working-age UK households have three months of income saved.
· A good target is 3–6 months of essential expenses in a separate account.
· Start by “paying yourself first” each payday.
· Save even small amounts consistently – they add up.
· Use tools like standing orders to automate your savings.
· Consider using ISAs for tax-free interest (we don’t offer tax advice – speak to a specialist if unsure).
· Tracking where your money is going.
· Avoiding overspending and debt.
· Reaching savings goals more efficiently.
· Write down your income and all expenses, or use budgeting apps.
· Review spending regularly – even little costs can add up quickly.
· Try the 50/30/20 rule as a starting point:
50% for needs
30% for wants
20% for savings or debt repayments
· Savings accounts may not keep up with inflation over time.
· Investing in stocks, funds, and pensions gives potential for better growth.
· Investments can go down as well as up – your capital is at risk.
· Start only once you’ve paid off high-interest debt.
· Use tax-efficient wrappers like Stocks & Shares ISAs or pensions.
· Diversify your investments – do not put all your eggs in one basket.
· Good: Student loans, mortgages (when affordable).
· Bad: High-interest borrowing like credit cards or payday loans.
· Make a full list of what you owe, including interest rates.
· Prioritise paying off the highest-interest debts first.
· Always make minimum payments to avoid penalties.
· Consider consolidation carefully if it lowers your overall cost.
· Do not ignore debt – reach out for support from free services like StepChange or Citizens Advice.
· Emergency fund – your first line of defence.
· Life insurance – especially if you have dependants.
· Income protection or critical illness cover – to replace lost income due to illness or injury.
· General insurance – home, contents, car, and health where applicable.
· Check what your employer already provides (such as death in service).
· Consider your savings: would they last if you couldn’t work for 3–6 months?
· Shop around for the right cover – balance what you need with what you can afford.
· Save early and build a buffer
· Create and follow a budget
· Invest wisely and understand the risks
· Borrow carefully and manage debt
· Protect your finances with insurance and planning
…are essential for every stage of life.
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