What is the best way to save as a family?

Following on from my post about teaching kids the value of money, how good are you with money?

It’s easy to sit down and say “save for a rainy day or a pension” but if your life is anything like ours rainy days come round more often than the sunny ones! Just this year alone we’ve had to pay over £700 to get our car back on the road, our fence has fallen down today in the strong wind so one side needs completely replacing and that’s before we cross the point of how much we have paid for our wedding…. its only the 1st of April tomorrow!

But we all know in reality we do need to have that little bit of savings building up, not only for retirements but for those days when you do just need that little bit of money for something such as car repairs or even boiler replacements.

Recently I had a discussion at work over the best ways to save your money from the bog standard saving accounts through to ISA’s and premium bonds but lets face it, we have so much information thrown at us it is sometimes a bit much to absorb.

Nutmeg are trying to make it a little more simple for us and give us a little bit more of an option on how you want your money to be invested. As well as ISA’s and pensions there is an option for general investment.

The first thing you would need to take note of though the general & ISA investments require a minimum of £1000 to open the account up however if you are saving for a deposit/extension etc and have save a little so far you can move this over to them when you open your account.

Nutmeg works in a way in which you invest your money and from this point you can set your goal and then analysis the risk. They then analyse the market and help you to invest your money into the market for you but you don’t need to invest in just one, you can split your investment over various industry sectors etc to split the risk out too.

Of course though this kind of investment isn’t for everyone and if you are on that just wants to put your money in an account and forget about it and know it will be there in 10 years time then maybe its not for you however with the interest rates being so low no, for me this kind of investment is something that we would consider.

You can find out more about Nutmeg on this short video:

As with any investments and savings make sure you look into all the details and if you are not sure talk to an independent advisor, after all you’ve worked hard for your money so you want to make sure it works hard for you whilst you save.

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