Month: April 2023

Financial planning for life events

25th April 2023

Life is full of surprises and milestones, and some of them come with a price tag. Whether it’s getting married, starting a family, buying a car, going on holiday, or retiring, these life events can have a significant impact on your finances. Therefore, it’s important to plan ahead and be financially prepared for them. In this blog post, we’ll explore some financial planning tips for various life events.

Getting married

Getting married is one of the most exciting events in life, but it can also be expensive. From the wedding dress to the venue, catering, and more, the costs can quickly add up. Therefore, it’s essential to create a wedding budget and stick to it. You can also consider opening a joint account with your partner to save for the big day and other expenses you might have as a couple.

Starting a family

Starting a family is a big decision that comes with added responsibilities and expenses. The costs of having a child can vary, but it’s estimated that it can cost between £160,000 to £190,000 to raise a child from birth to age 18. Therefore, it’s important to start saving early and creating a budget to cover expenses such as diapers, clothing, education, and childcare. Hertsavers Credit Union offers a Junior Savings Account specifically for children, which can be a great way to start saving for their future.

Buying a Car

Buying a car is a big purchase that requires careful planning and research. You need to consider the type of car you want, your budget, and the financing options available. We offer a transport loan at a competitive rate to help you get started. Additionally, creating a budget for car-related expenses such as insurance, maintenance, and fuel can help you manage your finances more effectively.

Going on Holiday

Going on holiday is a great way to relax and unwind, but it can also be expensive. It’s important to create a budget for your trip and research the costs of flights, accommodation, and activities. You can also consider using a credit card that offers travel rewards or cash back to help offset some of the expenses. However, it’s important to pay off your credit card balance in full to avoid interest charges. We offer a Holiday Savings Account to help you save for your dream holiday.

Retirement

Retirement is a significant life event that requires careful planning and preparation. You need to consider how much money you’ll need to retire comfortably and create a savings plan to achieve that goal. You can open a savings accounts that can help you save for the future, and it’s important to take advantage of any employer-sponsored retirement plans as well. Additionally, you can consider working with a financial advisor to help you create a retirement plan that meets your specific needs.

In conclusion, life events can have a significant impact on your finances, but with careful planning and preparation, you can be financially prepared for anything that comes your way. By working with a credit union, you can take advantage of their products and services to help you achieve your financial goals. Whether it’s getting married, starting a family, buying a car, going on holiday, or retiring, it’s never too early or too late to start planning for your financial future.

Money saving tips for planning your bank holidays

Bank holidays are a great opportunity to take a break from our hectic schedules and spend quality time with family and friends. However, they can also take a toll on our wallets if we’re not careful.

Here are some money-saving tips to help you make the most of your bank holidays without breaking the bank.

Plan Ahead: Start planning for the upcoming bank holidays as early as possible. Create a budget for the activities you plan to do, including travel, food, and entertainment. Having a plan in place will help you avoid overspending.

Compare Prices: Before making any purchases, compare prices from different retailers. Look for deals and discounts that can help you save money. You can also check with your credit union to see if they offer any special offers or discounts for members.

Use Cash: Consider using cash instead of credit cards for your bank holiday expenses. This will help you avoid overspending and accumulating high-interest credit card debt. If you don’t have enough cash on hand, consider taking out a small loan from your credit union to cover your expenses.

Opt for more affordable activities
Instead of going out to eat at a fancy restaurant, you could have a picnic or a barbecue at home. You could also visit local parks and attractions instead of going on expensive vacations.

Remember that if you need extra cash to cover your bank holiday expenses, Hertsavers Credit Union is here to help. You can apply for a small loan to help you cover your expenses without breaking the bank.