Newspaper article Evening Gazette (Middlesbrough, England)

A Good Clear- Spring Clean and Save; These Simple Steps Could Help You Boost Those All-Important Savings Pots and Budget More Effectively, Writes VICKY SHAW

Newspaper article Evening Gazette (Middlesbrough, England)

A Good Clear- Spring Clean and Save; These Simple Steps Could Help You Boost Those All-Important Savings Pots and Budget More Effectively, Writes VICKY SHAW

Article excerpt

AS WE hopefully start to turn a weather corner and with spring on the horizon, now may be a good time to start conversations about how to get the household finances in shape for the rest of 2018 - whether it's getting the kids into the savings habit, or setting up money goals for plans you've got later in the year.

Here are six ideas to help get those family finances sorted...

1. SET UP A RAINY DAY FUND THE average UK family could only sustain their lifestyle for less than two months - 46 days, to be exact - if they were to suddenly lose their main income, research from Post Office Insurance suggests.

It's wise to have a pot of cash you can easily access if you suddenly have to pay an unexpected bill, such as a new boiler or a household repair, or if you have to cope with a sudden dip in your income.

It's often suggested you should have money set aside that's enough to cover at least three months' worth of outgoings, and more if possible.

2. START SAVINGS GOALS FOR FUN STUFF IF you've got an emergency fund sorted, you could consider setting up a family savings pot for fun stuff which may otherwise have to go on credit, such as summer holidays, trips out, or even next Christmas.

Having a specific goal in mind when you're putting money away, for example if you're imagining the fun you'll be having on the beach this year, could make saving seem less 'painful' for everybody.

3. MAKE SURE WHAT'S IN YOUR HOME IS COVERED BY INSURANCE THE average household contains PS35,000-worth of possessions, which is more than the average annual salary, at PS27,000.

But an estimated PS266bn-worth of household possessions across the UK are not insured against risks such as theft, fire, flooding and accidental damage, according to the Association of British Insurers (ABI). A quarter (28%) of households do not have home contents insurance.

The ABI says the average cost of home contents insurance is PS141 a year - working out at less than PS3 a week. Combined buildings and contents policies cost under PS6 per week, typically.

4. KICK OFF A SAVINGS HABIT WITH THE KIDS IF you're looking to lock money away for your child for the longer term, a Junior Isa could be an option, or you could try a regular savings account. …

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