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Getting your priorities straight with your savings

by , 21 December 2015

Savings are an important part of your personal finances. It's important to build up savings over the years. The earlier you start, the quicker you'll achieve your savings goals.

You should have different purposes for different savings.

So how should you deal with your savings?

Read on to find out…

Different types of savings

As part of your financial planning for the future, you should set out short-term and long-term goals for your savings. Then you can save accordingly to help you achieve these goals.

For instance, you may want to start saving for the future education of your children. Or you want to start saving for a deposit to buy a property.

Whatever you end goal is, it’s important to know how much you want to save in the end and how much you can put away each month to achieve this.

How much to keep in emergency savings

You should also have emergency savings, which you don’t touch unless there is an ‘emergency’. This includes losing your job or unexpected large costs, such as expensive repairs to your car.

The idea is that your emergency savings will tide you over if such a thing happens and prevent you from having to borrow money. If you ever dip into your emergency savings, just be sure to start putting money back in to top it up.

For emergency savings, look to have enough money to last you between three to six months. This will give you a safety net if something unexpected should happen.

Ensure you keep your emergency savings in an instant access savings account.

So there you have it. How to get your priorities straight with your savings.

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Getting your priorities straight with your savings
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