Let’s be honest, no one has yet to figure out a way of staying alive so death will come to us all at some point or other. We hope though that most of us will live a long and healthy life that’s full of happy memories. For me, being self-employed means I need to deal with my own finances. As much as the self-employed life can be an enjoyable one as it certainly has its perks, I don’t get sick pay, holiday pay and I’m responsible for my own taxes and pension contributions. I’m only one year into self-employment but I feel like this next year or so is going to consist of me having to work hard to get myself sorted when it comes to saving money for my future. With that being said, here are four ways to save smartly for the future and how I intend to do it.
Image Source. This is a collaborative post.
Set Aside A Private Pension
So I currently have a pension with a specific provider who has a savings pot specifically for those who are self-employed. My plan is to put 10% of my earnings into that pot and that will end up building to a considerable amount no doubt. However, I do want to set up a private pension, even if it’s just in the form of a savings account with a bank. I don’t think you can have too many savings pots, especially with how uncertain times can be. I’m hoping to start this pension pot in 2022, when hopefully by this point we’d have had our wedding and moved into our next home.
Anyone who already has a pension plan with their work, that’s great but perhaps you could be putting more money aside in a different account to give you that extra boost of funds that are needed to see you through when you eventually retire.
Have That Conversation With Your Loved Ones
Ok so literally no one wants to have this conversation, I get it. However, it’s a conversation that needs to happen in order to express your wishes and requests when it comes to that point. And that’s the funeral arrangements. Even if it’s a casual conversation that’s brief, just let your family members and loved ones know what preferences you have over the funeral proceedings and it’s also worth looking at funeral care to ensure everything is covered in the event of your passing. It may feel like you’re jinxing it by discussing it right now but in light of this pandemic, no one is really safe. It’s worth looking at Heart Of England Funeral care to see what sort of costs this might mean and how you can go about making these plans.
Invest Your Money For It To Go Further
Investing your money is important and it’s something you want to be wise with when it comes to investments. However, investing is a great opportunity in making your money go further. Whether you invest in the stock market or the property market, there are tons of opportunities out there that are more viable than just leaving it in your bank account to accrue a ridiculously low amount of interest. With any investment, it’s important that you do your research and that whatever you invest in, you know exactly what you’re doing. Only invest the money that you can afford to lose as no investment is guaranteed to make you money or to pay you back the money you invested.
Always Be Saving
This is my absolute top advice that I’d recommend to anyone who is looking to make the most of their money. It’s important to always be saving. Regardless of whether you have £10 to contribute to your savings or £100, it all helps in providing you with a more comfortable future. I’ve been saving ever since I left university and I will continue to save no matter how financially comfortable I become. Saving is important because it helps to improve your relationship with money. Start saving what you can, even if it’s a small amount, it all counts.
What plans have you got set for your future? Let me know in the comments below.
*Disclaimer – This is a collaborative post with Heart Of England Funeral Care. All words are my own.
