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Saving tips for 2012
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How much savings should we ideally have?


How much savings should we ideally have?

> Short term
Personal finance expert, John Lawson from Standard Life says we need enough to cover unexpected events and on average that's about three months' worth of expenditure but ideally six months' worth in instant access savings.

Work out how much you spend each month and times it by three and you'll have the figure you need to have in instant access savings.

"I’d advise people to aim to save 20-30% of their wages every month." says Frederic Nze, CEO of Oakam. "Enough to cover any unexpected costs without having to take out a loan."

> Long term
"For longer term savings, you should think about specific events such as paying for university fees, for a wedding, for your children's future school fees or for your retirement." advises Lawson,

"You should think about how much money you will need for each of these events and then work back to see how much you should be saving today."

In addition to your emergency three-month fund which you should have in a high interest instant access account, Jane Heyman, chartered financial planner from McCarthy Taylor says we should also have short to medium term savings for planned expenditure such as holidays or a new car.


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