Planning for the Future

Planning for the Future

Planning for the Future

Any cuts to public spending are a cause for concern, but there are a number of options which can help safeguard one's future financial security, on an individual level in any case. Whether one is saving for old age or for the next generation, it can be a challenge to make the commitment of putting money aside on a regular basis, especially for those on a low-income.

One of the first initiatives which faced the governmental axe was the Child Trust Fund (CTF) scheme, set up by the previous Labour government. The scheme was devised in order to give parents 250 or 500 for lower income families - towards the opening of a savings account for their child[ren]. As of August 1st 2010 however, this fund is to be drastically reduced as Chancellor of the Exchequer George Osbourne has outlined. Rather than 250 and 500 vouchers, parents will be given 50 and 100 respectively.

The CTF has been, and remains a helpful initiative for parents, giving them the opportunity to build from the initial governmental contributions, and to save for the future of their children. The fund is tax-free, and is eligible for conversion into an ISA when the account holder turns 18. As a means of saving money over an extended period of time, ISA's are a very good option for those looking to make the most of their earnings.

As we grow older, it is natural to ponder the financial stresses we may leave behind, with thoughts of funeral costs, inheritance and personal debts providing cause for concern. As a solution, life insurance can help with the financial worries of an already distressing time.

By deciding to commit to a means of saving now, you are taking your finances into your own hands. In volatile times like these, planning for the future is more important than ever; it is a long term prospect which should not be sidelined in favour of short term prosperity.

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