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There can be many reasons why people don’t save enough for a financially secure future. There simply might not be enough money left over at the end of the month or servicing debt may make it difficult to start saving. Many people have never developed a culture of saving and may not even really know how to save. However, having a savings pot and investing for the future is essential in order to fund major purchases like a house or new car and to provide an income in retirement. Saving is an essential part of life and is something we should all do.
For most people, good financial planning and awareness is fundamental to saving money. Having a clear idea of your income and outgoings allows you to identify how much it is possible to save.
Modern consumer society has created a culture of spending to or above income levels, which is the antithesis of good saving practice.
If there is not enough money left at the end of the month to invest in the future, it is important to budget in order to spend less and save more. Cutting down on spending may not be easy, but by identifying unnecessary expenses, it is possible to build a clearer picture of where money is actually going. Once all expenses have been successfully detailed it becomes much easier to create a savings plan.
Keep a record of expenditure and note where savings can be made. Shop around for better deals on insurance, utilities and other regular expenses. Take a look at your lifestyle, decide if you are actually living within your means and make adjustments where possible.
It all sounds very puritanical, but the fact is that without building up a savings reserve and investing in the future, people are running a very real risk of having no money at the end of their working life. Taking action to balance current lifestyle needs and the requirements for your future financial security is just good sense. If debts are eating into potential savings, it is essential to manage debt more efficiently. Removing or significantly reducing debt is one of the best ways to free up cash to invest in savings.
Starting to save late in life can be a challenge, but not impossible. Saving from an early age is the most efficient way to give our money the opportunity to work hard for us and take advantage of compound growth.
One way to create a saving culture is setting a series of goals. Short term goals may encourage you to put items aside for some luxury lifestyle items like the latest iPad or a new set of golf clubs. Saving for medium term goals may allow you to afford to buy a new car or put together the deposit to buy a property. Long term goals will mean a financially secure retirement. Having goals will not just reinforce the fact that there is reward for good savings practice, it will also help you realise your life aspirations.
At Infinity, we believe that good financial planning makes life better; not just for the wealthy but for everyone. Our advisers can help anyone get their finances on track, regardless of personal circumstances. We do not charge for consultations and our advisers are friendly, approachable and professional. Don’t just take our word for it look at the testimonials from our clients and if you think we can help you why not get in touch.
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