Do you save?

Savings and investments Photo Credit: maclufus via Compfight cc

Savings. They can be tough to come by at the moment – there are so many other things that need your cash more urgently, right? Nursery bills, car tax, food shopping and clothes for the children who keep growing like beansprouts, not to mention the everyday mortgage, electricity, water juggle. But if you can manage to save some money, even if it is a few pounds a month, it means you have something to fall back on should the oiler breakdown, or you could even treat your family to a holiday or day out.

So, you have managed to squeeze a few pounds out the monthly budget – now where do you put it? Your banks savings plan? An ISA? Some sort of investment portfolio? Buy Virgin Galactic shares? The choices are endless, and it can be really confusing. We have always saved in a child trust fund for the children, and any other savings we have popped into an instant access ISA – just so it’s easy to get to in an emergency. However, I have always fancied the idea of an investment portfolio, but not being financially minded I didn’t really know where to start. I have recently been introduced to Nutmeg, which seems a really simple way to manage savings online. This is a huge draw for me – we do everything online, I just don’t have time to be going to the bank all the time. At Nutmeg, you simply fill in some information about your financial situation, how much you want to invest, the timeframe, and your attitude to risk. This will be used to create a personalised portfolio, diversifying your investments to avoid putting all your eggs in one basket. The investment team monitors your portfolio, adjusting allocation and rebalancing each month to make sure you are getting the most from your cash. You can even transfer savings from your current ISA’s or pension plans, so everything is managed in one place. 

Is this something you would go for? Do you like the idea of an investment option, or are you a traditional savings account lover? What works for you?

* This is a collaborative post. *


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