I have to be honest, I have never been very good at saving money. When I was growing up I had a post office savings account which I would pay my birthday and Christmas money into, and then during my gap year before starting university I added my wages to help me with my student life.
However, since I have been an adult I have not saved regularly mainly because I never earned enough money because once I had paid all of my bills and living expenses, I never had any spare money left. However, now as a Mummy I want to make sure the boys have a little nest egg tucked away, for that all important rainy day that they might incur as they get older. There are so many different saving schemes to choose from, it can all be a bit confusing for a tired 40 year old Mummy such as I!! Luckily for me, I recently discovered Nutmeg, an easy way to manage savings online, by assisting people to make the most of their savings in a way traditional ISAs don’t always do.
The platform is simple to follow and there is plenty of guidance to show you around and help you sort out your finances and choose the right investment for you. So based on the information I inputed, Nutmeg builds and manages a portfolio especially created for me, which allows my investment to diversify so as to avoid placing all of my savings in one ‘piggy bank’. Their experienced investment team will analyse and watch over my portfolio, ensuring that my savings are not affected by any dips and addressing any issues that arise which could affcet my investment.
I decided to set up a ‘Fund for the Future’ hoping to save £5,000 in 15 years time, which I thought could buy each of the boys a first car or money towards a deposit for thier first house or flat. I thiought this was a realistic amount based on the fact that I do not earn very mucb money at the moment. All I need is £1000 to open and begin my investment account, and my monthly payment would be just £50 which is only £12.50 a week which I think is do-able.
The clever bit is, that depending on the risk factor that I select, my monetary contributions and the timeframe I decide upon, I can receive a review of how my investment could grow year by year.
As you can see, it demontrates my target return, and when I will reach it and how it could be affected by my risk factor which could, therefore, affect my return. The great things is I can play around with the sliders until I am happy with the portfolio in front of me. Seriously, if I sussed this out then anyone can!!!
Here is some further information about Nutmeg and how you can save with confidence using it