Set your goals and timescales

It’s important to identify your financial goals – both current and future.

Like many people, different portions of your money may be earmarked for different types of goals that will be achieved over different timescales.

One useful exercise is to consider the way you store your food at home:

Pantry

Easy-to-get to cash for things like emergencies, hobbies and home repairs.

It’s important to have some money in an easy access account – to help prepare you for any unforeseen circumstances. In a deposit-based account the risk is very low, however, the returns are limited to the relatively low interest rates they offer.

Fridge

Short-to-medium term savings for things like travelling, weddings and new cars.

For financial needs up to five years away, savings products like a fixed rate bond could offer a higher interest rate than an easy access account. As they involve tying your money up for a certain period, you need to be confident you won’t need access to it in the meantime.

Freezer

Long-term saving for things like retirement, inheritance and second homes.

This is typically for anything that is at least five years away. With long term investments linked to the stock market, you’ll need to accept the risk that your money can go down as well as up in value and you could get back less than you invested. There are no guarantees, but investments linked to the stock market offer you the potential to achieve greater long-term returns than both easy-access and short-term accounts, based on current interest rates.

We’ll take the time to understand what you want from your money, review your existing arrangements – and work with you to devise a suitable financial strategy for you. This involves identifying appropriate places for different portions of your money.

Skipton financial adviser, Illa Pujara

Here to help

For more information on our service and to find out whether you could benefit from financial advice, call our specialist team today for a free consultation over the phone on
0800 731 5342 or request a call back.

Why invest with advice from Skipton?

We’re proud to have offered a financial advice service for 30 years and have helped thousands of customers make plans. We're right here to do the same for you.

Why choose Skipton

Our recommendations are likely to include stock market-based investments. These are not like bank and building society savings accounts as your capital is at risk and you may get back less than you invested. The value of your investments and any income from them may fall as well as rise.

Understand your attitude to risk

Before you invest, it’s important to understand your personal risk and reward appetite.

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Don’t put all your eggs into one basket

Spreading your investments over a range of assets can help create a balanced portfolio.

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Take advantage of tax efficiency

Making use of the tax allowances available to you could make a big difference to your future.

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