Snakes & Ladders Personal Finance

SAVINGS 8t SNAKES LADDERSO Make your way around the board to learn how to make good savings decisions and avoid common pitfalls FINISH 9. 10 You open an ISA in your 20s when you receive your first paycheck to start saving towards a deposit for a home 田田 田 You set up a separate savings account for your grandchild to take advantage of the tax benefits 田田 You keep £3,000 stashed away in an easy access savings account for future home or car repairs Your car dealer persuades you to take out a car finance loan at an uncompetitive rate 6. You skip the pre-purchase property inspection and end up paying a fortune to replace faulty electrical wiring you didn't spot You don't claim the childcare tax credits you're entitled to You leave retirement planning until your 50s and have to start saving a third of your income to boost your pension pot 5 4 You have enough emergency savings to cover six months of living expenses Every payday you deposit a set amount into a 'rainy day savings account that's not linked to your debit card You change your holiday money at the airport and get a poor exchange rate START Britain's Top 10 Savings Goals A recent YouGov survey showed that British people have an unhealthy attitude towards personal savings, which could steer the country towards a retirement crisis. The 2,000 UK adults who took part in the survey prioritised saving for their next holiday over saving for retirement, buying a property or other long-term goals. The results are below. Holidays 36% 2 Rainy day 32% Emergency fund (Repairs or sudden job loss) 31% Retirement 26% Children ii!!! 14% Buying a property 13% New car 12% 8 Sinking funds (Future repairs) 11% Grandchildren 9% 10 iiiii 8% 田田 田 Down payment for a house Sources: http://www.forbes.com/sites/financialfinesse/2012/08/29/10-common-money-management-mistakes-that-youre-probably-making/ Z-pa TM http://www.moneysavingexpert.com/family/family-money-saving http://www.which.co.uk/cars/choosing-a-car/buying-a-car/car-depreciation/money-saving-car-buying-tips/ http://money.msn.com/home-loans/your-first-home-save-for-repairs-weston.aspx www.zopa.com 4.