Fool-proofing Your Finances for a Better Financial Future

Enjoy your youth, but plan for your retirement at the same time

10:52 04 March 2013

Learning to live in the moment can be an enriching experience, but without proper planning the remainder of your retirement years could be spent worrying over how to obtain your next meal. No one can predict the future and the results could end up being disastrous to you and your family. 

 

Here are steps to take to cement your financial future as much as possible so you can continue to live in the moment throughout your retirement. 

 

1.Take advantage of any pension programmes your employer offers when you qualify. This is practically free money, so find a way to maximize their contributions.

 

2.Regardless of your age, consider an ISA. You can choose among many options such ascash ISAs, stocks and shares ISAs. If you have money to invest, try a stocks and shares ISA. You may be able to receive a significant increase in your funds depending on market conditions and investments.

 

3.Set up at least one ISA and try to contribute up to the annual cap each year. Don’t worry, if something unexpected happens you should be able to gain access to this money without trouble. Check with your financial institution regarding their withdrawal policy for stocks and shares ISA.

 

4.If you can, try to establish a regular savings as well. These may require monthly deposits so shop around for the best account interest rates, and policies which meet your needs. 

 

If you start these savings procedures as soon as possible, assuming you are in your early twenties, you should be able to enjoy your retirement with relatively low stress. 

 

Saving in a variety of ways and using a little of your extra money to invest in a stocks and shares ISA with a higher rate of return can make a huge difference through life into retirement.