Making the right savings and investment choices for you and your family is a big decision. Circumstances can also change which is why it’s so important to review your financial situation on a regular basis to ensure you are on target to achieving your financial goals.
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Bob and Janet
A long term gain
A few years ago, Bob and Janet took out a 10 year savings bond. They both had good jobs, so they could afford to put some money away for their future. Unfortunately, Bob was made redundant so the couple had to look around to see where they could make some savings. Their first thoughts were to stop paying the premiums into the savings bond but before they made any decisions, they spoke to an independent financial adviser that Phoenix Customer Care had put them in touch with.
She told them that they could cash in the bond before the 10 year investment period had ended, but they might not get back all the money they’d already paid in. She told them that they would also lose the valuable life cover offered by the bond, that would pay out if either of them were to die. Their financial adviser also made Bob and Janet aware of the option of making the policy "paid up" but again, this might have meant that they would not have received the amount that they had planned for from this policy. Bob and Janet took her advice and made savings elsewhere, such as by changing their utility providers and looking for better credit card rates.
The financial adviser was right – not long afterwards, Bob got a new job and the investment bond matured into a very welcome lump sum. Bob and Janet used some of the lump sum to help put their son through university and the rest to pay for a well-earned holiday.
The case studies in this section of the website are fictional representations of people’s experiences. Everyone's circumstances are different and you should speak to a financial adviser before making any decisions.
Debbie and Elaine
Saving for Life
Debbie and Elaine had just bought their first home and were looking to start a family. They realised that having children can be an expensive business so they decided to build up a nest egg before the patter of tiny feet arrived.
Both of them had already bought an Individual Savings Account (ISA) to make the most of their tax free allowances and they’d shopped around to get the best deals on their utility bills, phone bills and insurance premiums.
This gave them a little extra money every month which they decided to put into a separate savings account. Looking at comparison websites, they went for an easy access account which offered a bonus. The account let them take money out up to four times a year without incurring a penalty and gave them a guaranteed reward after five years if they stuck to their withdrawal limit.
The account was the ideal choice as they would get a bonus for keeping their money invested for a longer time, but they could also take their money out without penalty if they needed it sooner than expected.
The case studies in this section of the website are fictional representations of people’s experiences. Everyone's circumstances are different and you should speak to a financial adviser before making any decisions.