The economy, while recovering, is not exactly in the best of shape. Where five times only a few years ago they were measuring growth in nice massive full digits with no 0''s in sight, now they are singing & dance if they even get in to single integers. A 0.1% growth for a quarter is still laughable no matter which way you look at it.
The thing that got me however, about the whole financial crisis & recession, was not the millions & billions of dollars of money being thrown around, nor was it the humbling sight of massive financial institutions like Lehmann Brothers being brought crashing down, it was the fact that so plenty of people had been caught with their trousers down.
People were caught unawares. Money in that Icelandic bank for the past four years? You ought to check on that? Mortgage on your house suddenly looking a bit pricey? Well, time to dig in to the savings. Oh wait, what savings??
This is the thing that caught my attention. I have always been a saver, but the financial crisis highlighted how plenty of people went without having a savings account. When the trouble hit, I had over stashed away to bail me out. Plenty of people didn''t & faced the consequences of repossessed houses, lost jobs & no way to pay the bills.
Now, I am not saying this to be smug. But you need to have savings. There is absolutely no way of knowing what will happen anymore, with financial matters, so the best bet is to keep as much stowed away as you possibly can.
The figure that most economists give is that you ought to have around 12 months wages saved up somewhere. This will cover you in all circumstances until whatever emergency it was blows over & you can get back on your feet. 12 months, it may sound like a lot but you will thank yourself for it when things start to go wrong.
Plenty of people have started turning to savings accounts now the recession is over. Plenty of say that it is tiny late, but I think that is dumb as you can never start saving late. Sure, it would have helped you early on but it may yet bail you out in the future.
So, all you need to do is get out there & start looking. Your best bet at the moment is probably Alliance & Leicester who have a very well respected reputation in the industry & some very respectable savings rates on offer at the moment. Of work, shop around & you may find better. keep an eye out.
The thing that got me however, about the whole financial crisis & recession, was not the millions & billions of dollars of money being thrown around, nor was it the humbling sight of massive financial institutions like Lehmann Brothers being brought crashing down, it was the fact that so plenty of people had been caught with their trousers down.
People were caught unawares. Money in that Icelandic bank for the past four years? You ought to check on that? Mortgage on your house suddenly looking a bit pricey? Well, time to dig in to the savings. Oh wait, what savings??
This is the thing that caught my attention. I have always been a saver, but the financial crisis highlighted how plenty of people went without having a savings account. When the trouble hit, I had over stashed away to bail me out. Plenty of people didn''t & faced the consequences of repossessed houses, lost jobs & no way to pay the bills.
Now, I am not saying this to be smug. But you need to have savings. There is absolutely no way of knowing what will happen anymore, with financial matters, so the best bet is to keep as much stowed away as you possibly can.
The figure that most economists give is that you ought to have around 12 months wages saved up somewhere. This will cover you in all circumstances until whatever emergency it was blows over & you can get back on your feet. 12 months, it may sound like a lot but you will thank yourself for it when things start to go wrong.
Plenty of people have started turning to savings accounts now the recession is over. Plenty of say that it is tiny late, but I think that is dumb as you can never start saving late. Sure, it would have helped you early on but it may yet bail you out in the future.
So, all you need to do is get out there & start looking. Your best bet at the moment is probably Alliance & Leicester who have a very well respected reputation in the industry & some very respectable savings rates on offer at the moment. Of work, shop around & you may find better. keep an eye out.
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