When our twins were born we made a big effort to put money away every month for them so that when they’re older they can have a little behind them for whatever we need.
We also recognise the importance of having savings just in case something goes wrong. For example, very recently we ha to move house because our landlord decided to sell up. If we didn’t have any savings it would been impossible for us to fund the cost of moving. Thankfully though we have some savings which meant there was a little stress to be had when we did find somewhere new to live.
The way in which we manage our savings is very important to us as well. When was growing up I used to save my money in a building society account. I had a little book which showed me how much money I had put in and taken out. The only way to access the account was to physically go into the building society with your book and hand it over the counter to the teller.
Although this is still a popular for people to manage their savings, there are much simpler, quicker ways in which managing your savings can be done. Online money management platforms such as Nutmeg.com provide a simple way for people to manage their savings online. It can help people to make the most of their savings in a way traditional ISA’s don’t necessarily allow.
Nutmeg use the information you provide them with to build and manage a portfolio for you. This lets you to diversify your investments to avoid putting all your eggs in one basket as the saying goes! They aim to produce their best return, at low cost, for the risk level you choose.
To get started you simply need to sign up which should only take around 10 minutes. Simply tell Nutmeg about your financial situation, how much you want to invest, your timeframe and your attitude to risk.
With Nutmeg you can open a Nutmeg ISA, start a Nutmeg personal pension and transfer your ISAs and personal pensions from other providers.
There is a minimum investment of £1,000 per fund and if you’re investing below £5,000 you will need to set up a reccuring contribution of at least £50 per month to grow your account.
One of the great things about Nutmeg is that you can withdraw money whenever you like and there’s no minimum investment period.
Whether you’re saving for your children’s future or just putting money away for a rainy day, it’s may be worth looking into various platforms such as Nutmeg.
This is a sponsored post.