Why saving monthly into your Isa could cost you £3,857
Investors who deposit annual lump sums have seen better returns than those who pay in regularly
3 April 2021 • 5:00am
Most savers invest money into their Isas as and when they have it, but those who make regular monthly payments could find themselves thousands of pounds worse off than those who pay in the same amount as a lump sum.
Sooner tends to be better when it comes to investing. The earlier you invest, the longer money has to grow, as markets tend to rise more than they fall. Those who can afford to invest their money in one go benefit more. For example, someone who planned to save £9,331 a year, the average annual Isa investment, would be better off by investing that money as a lump sum on the first day of the tax year, April 6, rather than investing it in equal instalments of £778 every month.
CHICAGO (WLS) If you re struggling to pay your utility bills, then this tip is for you.
If you qualify, you may be able to cash in on a pot of $100 million in utility and energy assistance.
This is more important than ever with state moratoriums on utility shut-offs scheduled to expire at the end of the month. Other similar mandates in municipalities could also start winding down.
The consumer watchdog group Citizens Utility Board, also known as CUB, is getting the word out that this money is available.
The funding is through the state of Illinois and the Low Income Home Energy Assistance Program, which offers help those impacted most by COVID-19.
With over 50s close to, or entering, retirement, this could prove devastating for later life.
For those who still remain in employment, three quarters of over 50s said their work-life balance has become worse as a result of the pandemic.
Ian Atkinson, marketing director at SunLife, commented to Express.co.uk on the matter.
He said: “Our research shows that the pandemic has taken its toll on older people’s mental health, and women more than men.
Pension: Monthly sum needed for a £100k pot (Image: EXPRESS)
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“The disruption to jobs, worsening work/life balance and reduced incomes has almost certainly had an impact.
Plan ahead Meal planning may feel laborious at the start, but once you’re in the habit, you’ll reap the rewards, he said. Planning ahead removes the need to browse and impulse buy which obviously results in less money in your pocket each month. To help with inspiration, you can follow influencers like Miguel Barclay (@OnePoundMeals) who demonstrates how to cook delicious meals on a tight budget. Supermarket social media accounts have similar content – feed your family for a fiver, and the like.
Beware bulk-buying Remember that bulk-buying is not always the best deal, and in fact can end up being a false economy.