Saving for the things that matter: The power of lifelong saving
Tuesday, May 24, 2016
Anne and Nigel from the West Midlands have been saving all their lives. Now in
their retirement, aged 64 and 68 respectively, they’re reaping the rewards of their careful financial planning and enjoying life to the full. They tell us more…
“We first became aware of Foresters in 2004, when our friendly society Tunstall Assurance merged with Foresters Friendly Society. We’ve always been careful savers, and have had savings accounts all our lives, so when our Tunstall plans matured it was natural for us to renew them with Foresters.
“We both have Tax Exempt Savings Plans, which we took out in 2010 and 2013. They are tax free savings accounts, which will mature after 10 years and we each pay in £25 per month. The amount saved is easily manageable for us, we have a number of savings accounts, so we’re well used to carefully managing our money.
“When our plans mature we will aim to carry on saving.
“As Foresters members, we also take advantage of the social side of things and greatly enjoy the local meetings and events that are put on. For us, that’s always been the real draw of a friendly society; the member benefits available.”
More than just a rainy day fund
“When it comes to saving, what really worked for us was having a set financial goal. When you’re starting out you need to have more than just a rainy day fund, or you might be tempted to cash your plan in.
“Initially, we wanted to save for a car, then it was a holiday and also so that we could help out our relatives who live in France. We’re also aware that as we get older we might need some cash put aside to help us with medical care or other unexpected costs. All of these goals have meant that we’re now in a position where we’re retired but we’re still able to carry on saving.
“Our advice would be to just start saving now and carry on. You might have to amend the amount you’re putting aside, but just don’t stop. Take on something manageable that you can see building up and then keep striving towards your goals.”
Find out how you could save tax free for your future with the Foresters Tax Exempt Savings Plan >
- This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. If you want financial advice you should contact a financial adviser, who may charge a fee.
- Tax rules may change in the future and depend on individual circumstances.
- The membership benefits we provide aren't regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are regularly reviewed by us to ensure they are relevant to our members.