Savings and Independent Investment Advice from Dales
So why save money?
There are many reasons to save for the future - perhaps for something special? Or perhaps to be sure that when we really need something we have the funds to acquire it, without taking on debt? Whether you place your money in a piggy bank, or in a multinational investment house, our aims are broadly the same; to provide for our future needs, and to protect ourselves against unexpected causes of expenditure.
When planning your finances, it is important to distinguish the difference between savings and investments.
Independent Savings Advice
Savings are generally funds that you set aside, but can access relatively quickly. These savings are often for a specific need or purchase, like a holiday or a new car. The most common way of ‘saving’ is into a bank account (‘deposit’ account) where the money can be accessed in an emergency, and for every £1 you put in, you will get £1 back (short of a bank collapse!), and possibly some interest.
Independent Investment Advice
Investments are designed to be held for a longer term, usually at least 5 years. You need to be comfortable with tying up this money for a period of time, and should not consider investments unless you have some savings in place. Most investments are not guaranteed to return your money in full, although do offer the prospect of higher returns than deposit accounts. Returns, risk and volatility are the factors that will determine a suitable place for your savings.
PN Dales can discuss Independent Investment Advice with you, the benefits of each type of saving and offer the best solution for your needs / situation, whilst explaining in detail the associated returns, risk or volatility.
