Age up to 30

Although you have just began to earn a full wage, there are major costs that may lie ahead: a new car, your first house, marriage, children, etc.

You could perhaps consider a savings plan that would benefit your future.

Although retirement is some time away, the sooner you start saving into a pension the more comfortable you could be in your old age.

Buying your first house by taking out a loan meaning that you would have to consider your first mortgage. This can be provided to you by either a bank or a building society.

At Campbell Thomson, we can discuss the types of mortgages available and put you in touch with an independent mortgage adviser.

Your home may be repossessed if you do not keep up repayments on your mortgage.

It is important to cater for all of your child’s needs. There are some financial matters that should be kept in mind:

• Family Protection offers security to a child if one or both of their parents falls ill or dies.
• It is important to save for the material things your child needs as they grow
• It is a good idea to starting thinking about school fees if you want your child to have a private education.

If you want your child to attend a private school or if you want them to go to university, you will need to set aside provision because education fees can be extremely expensive.

There are a few ways that can help you cope with the costs of college or university fees:

• A School Fees Scheme
• A savings plan
• If you have not chosen the above two options, you may have to extend your mortgage (Important note: your home may be repossessed if you do not keep up repayments on your mortgage)