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New research from MoneySuperMarket reveals that, amongst younger age groups, saving for a house is a far higher priority than saving for retirement.

Homes are by far the most important savings point for millennials, with 23% of 18 – 34 year olds saying that they are saving for a house above anything else. Those saving for houses are more prevalent among the younger side of the age group – as the figure saving money towards their home rises to 39% among 18-24 year olds.

Only 4%, however, say their primary savings concern is retirement, and 33% of millennials don’t have a pension pot in place. Even those who do aren’t keeping an eye on it, as a further 53% don’t know how much is in their pot.

Many people in the UK haven’t even started thinking about saving for when they stop working. Most have no idea how much they need to save to live a comfortable life in the future, underestimating the cost of retirement by £169,000 on average. However, whilst home ownership can seem like a pipe dream for many young people in the UK, the fact that a house was by far the most prioritised aspect to save for amongst the younger age groups shows that many are still hopeful they can get their foot on the housing ladder.

Using consumer research, MoneySuperMarket has built an interactive tool that people can use to see how prepared they are compared to their peers, with results tailored by the user’s age and gender.

(Source: MoneySuperMarket)

Although the UK can be an expensive place to travel, there are many ways you can reduce costs and save money on your road trip. If you want to avoid overspending, consider all the expenses, set up a budget and get yourselves clued up beforehand with our top tips for saving.

  1. Create a budget

Total the number of days and miles of your trip and then create your budget for fuel, vehicle costings, food, drinks and sightseeing.

If your budget is tight, you need to prioritise. Figure out what’s more important for you: the best food or staying in a nice hotel? Maybe you want to visit numerous attractions and don’t care if you’re camping and cooking out of the back of your car for a week. Do what works best for you.

Share out your money accordingly, applying the bulk of it towards those prioritised activities. This way you won’t overspend or have to limit yourself from doing things you want to.

  1. Automatically transfer to savings

If you’re serious about your efforts to fund your travels, once you’ve worked out how much you can realistically save, set up a standing order to automatically transfer certain amounts of money to your savings every month or two weeks. Try to avoid using this money in the run up to your road trip.

  1. Your car

Having your own car is a huge advantage when it comes to road trips because this enables you to reach idyllic spots that are impossible to get to via public transport.

If you’re a young driver or have recently passed your test, you're probably now on the hunt for a car. There are many options for you online, from eBay to Auto trader as well as local car garages close to home. But don’t panic if you’re worried about affording your trip and car insurance at once. Insurance with a black box could help you save a lot of money. Black box insurance works when your car is fitted with a black box device which records speed and the time of day or night that you are on the road. The device will also assess your driving style by monitoring braking and accelerating to build up a comprehensive profile of you as a driver. This could stop you facing an eye-watering insurance quote and allow you to put more money towards your road trip.

  1. Track your spending

Money doesn’t have to be stressful and neither does effective money management. The stress begins when you’re too afraid to check your balance and have lost track of what your money is doing.

Tracking your expenses is important and is vital towards helping you save for your trip. Put aside a day on the weekend and go through your accounts, find out what your finances look like and see what you can cut back on each month. Write down everything from how much you spend on food a week, to entertainment and so on.

Money doesn’t have to be stressful and neither does effective money management. The stress begins when you’re too afraid to check your balance and have lost track of what your money is doing.

  1. Set up shop

Do you have a house full of stuff you don’t use? Clothes you’ve never worn, old CDs and DVDs? Sell them. You’ll be surprised at how nice a declutter too. Even if you don’t make a fortune from what you sell, you will still be able to add some extra money to your road trip fund.

We hope you manage to get your trip together! For now, enjoy the holidays and have a Merry Christmas.

Saving and investing money are two completely different things. They each have a different purpose and play different roles in your life. You should make sure that you are clear on the concept before deciding which step to take on your financial journey to avoid stress and help towards meeting your financial goals.

It may seem like a simple question, but wondering whether you should save or invest will completely depend on your financial situation and what you want in life. So perhaps the best way to start is to work out the difference between saving and investing for, defining both concepts.

Saving

Saving involves you putting money into an account and adding to it regularly. Your capital will not be at risk and you have the chance to grow your money by earning interest on it. But there is a risk that the rate of interest paid on your money may not be higher than the rate of inflation and your money may not increase in value.

Savings are great to have as they are always available to access and can be used for many things such as emergencies or a down payment on a house. You can also set up savings accounts for major life events such as retirement and death. With the rising costs of funerals, for example, saving money for it now will help loved ones find a funeral director and pay for it without any stress or worry.

Pros: A savings account is easily accessible when you need money you can go to your bank and withdraw what you want. When you set aside money into a savings account, you’re not putting your funds at risk - a savings account is stable.

Cons: With low risk, comes low returns. Interest rates on savings accounts are lower than any other account. If you are planning on leaving the money in there for a long period of times, you may want to consider a different type of account with a higher interest rate.

Investing

Investing involves you allocating money for a long period of time into an investment, in the hope of making more money on it. When it comes to investing, there is no guarantee you’ll get your initial capital back, or make a profit. But you could end up growing your money, depending on how your investment performs.

Pros: When buying stock or another investment, you do so hoping that your investment will appreciate over time and earn you some money back. Stocks typically have the highest average return. However, they come higher risks. When looking to invest your money you have lots of choices too, from a classic car to a house.

Cons: Investing involves you allocating money for a long period of time into something that should gain in value, in the hope of making money on it. When it comes to investing there is no guarantee you’ll get your initial capital back, or make a profit. But you could end up growing your money, depending on how your investment performs.

Taking money from an investment is not as easy as withdrawing it from a savings account. While it’s best to invest for the long term, if you need the money and want to sell what you’ve invested in you need to wait for the funds to become available.

So whether you put the bulk of your money into a savings account or into an investment, it will depend on various factors and what suits your situation best. Both of them are important for overall financial security.

In a new white paper, Vodafone – supported by Bernard Vrijens, Professor in public health at the University of Liege, Belgium – claims that new connected solutions based around the Internet of Things (IoT) will help people to follow their medical treatment programmes more closely. This latest development could improve millions of lives and save billions of dollars.

The World Health Organisation has said that adherence – the action of complying with a medical treatment regime – for long term conditions such as hypertension, cancer and HIV stands at only around 50%, meaning half of patients do not follow their doctor’s instructions.  As a result, patients’ chances of recovery and relief are reduced.  Better approaches to adherence have been estimated to bring 50% of the non-adherent population onside1.

Bringing together smart devices, connectivity and the cloud, the Internet of Things (IoT) can lead to more effective healthcare, according to the white paper. It will encourage patients to follow their treatment programme more accurately by providing them with individualised information on their therapy.  By encouraging them to continue with their full course of treatment, this approach could potentially save up to an estimated $290 billion in otherwise avoidable medical spending, in the US alone each year[i].

The data-driven and IoT enabled adherence management outlined in the white paper would offer benefits to patients, clinicians, medical device companies and those that pay for the provision of medical services.  It could lead to more independence for patients, better treatment, more effective drug development and ultimately lower healthcare costs.

University of Liege Professor of public health Bernard Vrijens said, “Healthcare providers currently monitor four main vital signs: body temperature, pulse rate, respiration rate and blood pressure.  The IoT means they’ll soon be able to accurately measure a fifth – adherence.  I believe that that the importance of connectivity in the both medical devices and in patient engagement cannot be under estimated. This is a pivotal moment on the road to more individualised healthcare.”

Vodafone IoT Director Erik Brenneis added, “This is a great example of how the internet of things has the potential to help people live healthier lives and access more effective medical treatment. We hope that the vision and creativity of people like Professor Vrijens will quickly become a reality with the IoT.  We believe that we are on the threshold of a significant change in the way chronic diseases are managed.”

(Source: Vodafone)

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