Dealing with money down the generations

Dealing with money down the generations

We currently live in a world where it’s becoming increasingly difficult to save money. Mortgages are becoming impossible to afford in some areas of the country.   Millennials have been getting a hard time recently about spending and not saving for the future but is this really the case ?  In a recent survey from Swift Money the people least likely to be in debt are over 54s (36%), followed by 18-24s (24%), not what you would expect is it?

We were thinking about this and wondered “What have we learnt from the older generation about money we could pass on ?”  Here are some of our top tips that have been handed down through the generations.

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Rebuild your credit score this year

Rebuild your credit score this year

There can be times in everyone’s life when they get in a muddle with their finances.  Then the time comes when you apply for a new phone contract or energy supplier and are denied due to your credit score – arghh you think – where do I start ?  Well, there are two main things you need to know: what is your credit score and how can you rebuild your credit score.  It may sound daunting and all too scary but don’t worry it is more straightforward than you think.  If you have just been missing a lot of payments and are just scatty then you should be able to vastly improve your credit in a year or two if you do all the right things.

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The Savings Safety Net FSCS

The savings safety net

Did you know that all UK savers have a savings safety net for the first £85,000 of cash protected in the event of their bank or building society going bust ?  The limit is applied ‘per individual, per bank’. That means that if you have a joint account you both will get back £85,000; or up to £170,000 for both parties.

So if you’re bank or building society hits the buffers you are protected.

All UK-registered savings institutions have to sign up to the FSCS and agree that if one of them goes to the wall, the others step in and jointly repay depositors through the scheme. It’s the quintessential last line of defence for savers in banking crises.

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