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How does our attitude to money change as we get older?

Posted in: Finance Last updated: 22 Mar 2012

In our younger days, living for the moment was easy and often we didn't give a second thought to spending our hard-earned cash on the latest fashion and technology. But as we get older, our priorities change and other things become more important. Rather than looking for ways to spend our money, we're thinking about the different ways to save it.

It's never too late to start saving…

If you're at that stage in life when saving for a rainy day comes before spending on pay day, the first step is working out how much cash you can realistically save each month without leaving yourself short. Then you can look for a savings plan that's right for you, to help you save easily and consistently.

Need a few tips to get you into the savings habit? Here's a few starters:

Set saving goals - choose something you want to buy at a specific point in the future, like helping your children with a deposit for a house, a new car or contributing to a family wedding. Work out how much you'll need to save and how much you should put away each month so you can pay for it in a certain amount of time.  Bear in mind that inflation can impact on what your money will buy in the future so it's probably a good idea keep an eye on the progress of your savings so you can increase the amount you are putting aside if you need to.

Set up a direct debit or standing order - by moving money into your savings plan before you have a chance to see it, you won't miss it and you're more likely to stick it. Let your bank do the work and feel satisfied every time you remember your nest egg is steadily growing.

Re-assess - find a savings plan you're comfortable with and check it regularly. Different types of plans can be more or less beneficial depending on how much you're saving, how long you're saving for and if you want to make any withdrawals.

So how do you take the first step to find a savings plan that suits you?

There are plenty of websites that offer advice on the different types of savings plans available, including Money Saving Expert and MoneySuperMarket. Doing your research first is really important and will help you make a more informed decision.

Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.