We have been told so many times to save, save, save and sometimes it is so much easier said than done. But why do we save? For that once in a lifetime trip maybe, or a car you have been lusting after for years or a timeless piece of jewellery. It could be anything but do many of us think about saving for when we’re older? The health and social care sector is almost at its tipping point with budgets being cut left right and centre fewer and fewer people receiving any form of financial aid where needed.
The rise in social care costs is creeping up all the time and the lack of funds is having a strain on the people requiring their care. So we have to start considering our own future and think about our potential cost of care in the future.
First thing’s first is calculating how much your care costs will be and the BBC website have devised a calculator to do just this. You can find this at: https://www.bbc.co.uk/news/health-30990913. In most cases your local council will pay for some of the care but the rest will have to be paid directly from your own pocket.
Once you understand what your cost of care could potentially be you can start to think about how you will save. Martin Lewis’ website, www.MoneySavingExpert.com offers a range of advice from the best savings accounts to how to save money on your bills.
Another service that can help is the Money Advice Service: https://www.moneyadviceservice.org.uk. Set up by the government it provides a wealth of information and guidance on improving finances and helping you to save for the future.
Thinking about saving for the future will not just help you but also take the burden off loved ones so they know you will be well looked after if you require care. Speaking to financial advisers and researching the best plan for your future finances will be the first step to ensure your care is covered if or when you may need it.