People need to think of the short, medium and long term when it comes to their finances – they need to begin looking after their money and thinking how they can benefit from saving, rather than spending.

The key is to look to the long term. Many people will be living longer and will need more to sustain them through old age. That means building a nest egg now, rather than struggling when you get to an age when you can’t work. An offset mortgage is a great way of doing this – it allows you to build that nest egg but at the same time it deals with the short term by reducing the amount you pay on your mortgage each month at the same time.

The Association of British Insurers has recently come out with a Savings Manifesto as it looks to put the message out there that saving is crucial. Stephen Haddrill, director general of the ABI, says: “Our research this year shows that over 40% of people are either saving far too little, or nothing at all, for their retirement, while the vast majority of the UK’s population has little or no protection in place to help them cope with unemployment or other unexpected financial shocks. We need a culture of personal responsibility based on savings habits established early on in people’s lives.”

Of course, it’s all well and good looking after your long-term needs by saving, but what’s looking after you and your money? Good insurance is key when planning your finances now, or for 20 years’ time.

Protecting against loss of earnings, illness, injury or even death can save you and your family a lot of money and a lot of heartache. For just a few pounds each month you can be sure that you, your family and your plans are safe.

All this, offset mortgages and protection, can be found through a good offset mortgage adviser. they can help you find the right offset flexible loan to fit your short-term and long-term needs and they can set you up with some affordable insurance so as you can protect your ability to work, your home, your money and your family’s well being.

SOURCE: ABI, 13/10/09

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