Like a lot of parents at this time of year, I have been singing the praises of my daughter, who has just finished college. She has completed a Level 3 BTEC in Computing with brilliant grades and has secured a place on a university course. I know we are all biased towards our own children and I will be one of many writing similar posts, but I am so proud of everything she has achieved.
She is very committed and focussed, works so hard, and even went in on her days off. Last term, she worked seven days a week, because she has a weekend job too, just to make sure she secured the grades she needed. So, yep, pretty proud right now. She has always been interested in making a secure future for herself and is brilliant with money. She has saved most of the money from her job and loves watching it build. Recently she has been becoming increasingly frustrated with the small amount of interest she earns with her current account and has been wondering about ways to make her savings grow.
Coincidentally, I recently heard about a company who specialise in making savings simple. It has been so helpful in showing her how investment works. In order to work out how much you could earn on your savings, you just use sliders to illustrate how much you have to start with and how much you want to contribute. An easy to read chart shows what your investment could be worth over a predetermined time frame. You can even decide how much risk you want to take with your savings.
It's important to remember that no investment scheme is ever guaranteed, but the advantage here, is that it's all really clearly explained, so you can see exactly what's involved. In the same way, Nutmeg also offer pension solutions. Which is something I keep threatening to sort out at some point. I'm painfully aware that I don't have much of a plan and a straightforward website like this is a really good incentive to finally do something about it. It's not just for new pensions, you can transfer your existing pension, or amalgamate several small ones, if you've had several jobs over the years. It is set out exactly the same as the investment section. You just answer a few questions about your needs and it guides you through the process. Nutmeg's fees for its services are equally transparent and really reasonable. They take care of all the legwork and the complicated bits, which is so reassuring if you are not confident with financial matters. Like me!
Disclaimer: This is a collaborative post, in association with Nutmeg.