Many savers believe that inflation will have no impact on their savings or even leave them better off. In this episode Tony spells out the real effect that inflation can have on your savings and what to do about it.
KEY TAKEAWAYS
- The total cost of saver inaction, if inflation continues over the next five years, could amount to 18 billion pounds.
- Work out how much of your savings you need to put aside for easy access emergency funds.
- Get the best interest rate you can on your savings. Remember, though, that those rates offered can drop dramatically over time, so always keep an eye and be prepared to switch when necessary.
- Think about investing your money or topping up your pension to beat inflation.
BEST MOMENTS
‘More than half of all cash savers don’t understand what impact inflation will have on the real value of their cash savings over time.’
‘As a rule of thumb, aim to cover your essential expenses for between three to six months.’
‘The key thing to remember is that investing is for the long term.’
VALUABLE RESOURCES
Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth
Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth
ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
CONTACT
Tony’s official website: https://ttwealth.co.uk/
Facebook: https://www.facebook.com/TonyThomas.IFA/
LinkedIn: https://www.linkedin.com/in/tonythomas2/
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