Getting into good savings habits can help you achieve financial security and reach all sorts of life goals, from going on holiday (when restrictions are eased and you have more freedom to travel) to buying a home.
Policing is a uniquely demanding and challenging line of work, as you and anyone who has spent any amount of time doing the job will know.
Research shows that there are some big challenges for Police Officers as well as all the hard work, stress and long hours.
If one of the aims that helps you get through the difficulties of the job is achieving financial security, it’s worth thinking about how you can reach this goal for yourself and your family by making use of savings accounts and plans on offer, and developing good savings habits.
Saving for your financial future
For many people, financial security will have moved up their list of priorities in recent times. COVID-19 has shown that it’s always possible for unforeseen, uncontrollable events to come along and have an enormous impact on our lives.
One of the biggest benefits of regular saving is that you can limit your money worries at times like these by giving yourself a financial safety net.
And it goes without saying that saving can help you achieve your financial goals, which could be anything from buying a new car or going on holiday, to purchasing a home or preparing for retirement.
Having clear savings goals, whatever they happen to be, is one of the best steps you can take to make the most of your money, as Metfriendly’s Kathy Byrne pointed out in a recent blog post.
Could you save more without noticing the difference?
The Metfriendly blog has also featured some words of wisdom from former police officer Nick Walter, who shared the things he wishes he could say to his younger self. One of Nick’s pieces of advice was not to spend all of your annual pay rise.
Much of the financial security of being a police officer comes from the knowledge that your pay will normally go up every year. The latest change is a 2.5% increase in pay for 2020-21, which took effect in England and Wales on 1 September 2020.
If you can get by without spending the extra amount you receive in your pay packet when annual salary increases take effect, there’s plenty to be gained from saving it.
This is the thinking behind the Metfriendly Escalator.
What is the Metfriendly Escalator?
It’s an add-on for our Monthly Savings ISA, Lifetime ISA and Junior ISA products. The Escalator is designed to help you increase the amount you save every year with minimum effort on your part.
You might not even notice the difference in terms of the gradual increases in your contributions, but you’ll certainly see the benefits in how much you save over the years.
You set the Escalator at your chosen amount (from a minimum of £10) and your contributions will automatically go up by that amount at the start of each tax year, until you decide to stop. It’s a way for you to make the most of your annual pay increases and prepare for your financial future with minimum effort.
Watch the video below, or you can find out more about the Metfriendly Escalator, how it works and how to add it your existing products on our website. Here you’ll find some examples of how you can build up your savings quicker by applying the Escalator to your Metfriendly ISA.
Or if you’d like to talk it through with us, submit your details here and we’ll arrange for someone to call you back at a convenient time.
