Having a rainy day fund

We think it’s important to have savings, whether you’re saving for something in particular or for unexpected expenses. Your savings could help with the costs of family holidays, unexpected costs, or even school uniforms. The costs that come with family life are endless, so the more prepared you can be, the more your future self will thank you.

We always recommend trying to save every month as it makes it easier to build up your savings pot, you could even make payday save day! It’s also important to ensure you pay all your bills/debts/necessities etc first, luxuries should only come out of left over funds.

Bank of mum and dad

According to Zoopla, in 2021 the average parental contribution to help children get onto the property ladder was £32,440 (up by over £8,340 compared to 2019). Whilst we aren’t suggesting parents should or must help their children get onto the property ladder, starting to save for them whilst they’re young could be a good idea. This may not only help them financially later on but also teach them good habits.

Saving for a child or teenager could help them to fund their future driving lessons or their first car. These things might be what helps them to get their first job and this could lead to them starting to save for their first house. These positive money management tips could help your child be self-sufficient, helping you save in later life!

Short, medium and long term planning

If you have a mortgage or are going to get on the property ladder soon it’s worthwhile sitting down and thinking about your near future to see which mortgage product might suit you. Finding the cheapest mortgage deal available might be of great importance to you, but if you’re planning on having children in the near future you may need to consider moving into a bigger house, depending on your needs. Therefore a shorter fixed rate deal might be the right option for you as you could possibly tie in a house move with a re-mortgage.

If you’re settled and know you won’t be moving for a while you might want to be reassured that your mortgage will be affordable for as long as possible, therefore a 5-10 year fixed rate mortgage might be better suited. If you find yourself wanting to move in the middle of a fixed rate on your current mortgage you could consider porting your mortgage. This is where you take your existing mortgage from one property over to another, you can only do this if you are purchasing a new property at the same time as you are selling your old one.

It’s okay to budget… we promise

We’re going to state the obvious here. Budgeting is ok. You’re not being too careful, in fact, it’s very sensible. This rule is relevant to many things; Christmas, birthdays, holidays, even food shopping.

Don’t feel like every Christmas/holiday/birthday needs to be bigger, better, and more expensive than the last.  Only spend what you can afford from your budget and find ways to celebrate those important occasions by getting creative with presents, You may even want to consider reducing the number of people you buy for.