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Saving for the future – here are 7 reasons why it can help

27 June 2024

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1. Who doesn't need a financial safety blanket?

Benjamin Franklin once said, "Nothing in life is certain except death and taxes". This statement holds true for many aspects of life, especially after the COVID-19 pandemic which has made it more evident than ever before that our finances can change unexpectedly, leaving us with tough decisions to make. Investing in your future and the future of your loved ones can help avoid the stress caused by these unexpected events.

It's alarming that up to 34% of adults in the UK have either no savings or less than £1,000, which we think is a concerning trend. Raising awareness about this issue and changing the saving habits of adults globally can help release the burden for generations to come.

2. Accelerate your wealth

As another famous saying goes, "the sooner, the better!" and we couldn’t agree more. The sooner you start saving, the more money you could have to enjoy in your later years.

For example, if you have a savings target of USD 250,000 and you saved over 25 years at an investment growth rate of 6% per year, to reach your goal you would have to invest USD 492 per month. Whereas if you had the same target value and growth rate but delayed for 10 years before starting to save, you would have to invest USD 1,020 per month. So, investing over the 25 years compared to 15 years would save you USD 36,000.*

* Investing in a Regular Savings Plan as of April 2024.

3. Build a legacy for future generations

Legacy, noun - "The long-lasting impact of particular events, actions, etc. that took place in the past, or of a person's life." – Oxford Dictionary

One of the easiest ways of building financial wealth for the future is to invest and save your money regularly; we know that’s easier said than done when faced with the rising cost of living. However, we say start small - if you invested USD 280 each month for 25 years, it may be worth USD 193,902 after 40 years*.

*using an RL360 Regular Savings Plan.

4. Flourish in your later years

Enjoy yourself in retirement! There is no better time to enjoy life than when you retire, the world is your oyster. We want to help you get there. Whether that’s full retirement or some form of semi-retirement, investing in a Regular Savings Plan from RL360 today can help you enjoy yourself when the time comes to take your foot of the gas.

5. Give your loved ones a helping hand

You may have children, grandchildren, or other loved ones who may require your financial assistance in the future. We excel at helping you establish a 'rainy day' fund. Whether you would like to contribute to the cost of your loved ones' aspirations, such as going to university, buying a home, or even getting married, these are just a few examples of things they may need financial assistance with. These are all fantastic ideas, but they require commitment and structure if they are to be successful. We want to assist you in supporting them!

6. Set a good example for family members

Show them how it’s done. Saving and sticking to a budget creates a great example for the next generation. It’s all about creating behavioural habits - as we said before start small but most importantly start! Our application process is quick and simple and we are here to help you every step of the way.

7. Giving you financial security to fulfil your ambitions

Having the ability to save money not only allows you to meet your current financial needs but also ensures a secure and stable financial future. Furthermore, investing your money for more than five years can open doors to personal aspirations such as travel or exploring new hobbies. By prioritising financial savings, you can take advantage of opportunities that may not have been feasible otherwise, providing a solid foundation for long-term financial success.

The Regular Savings Plan at RL360 offers you the ability to accumulate wealth for your future, while embarking on a journey towards financial freedom and new experiences. The Regular Savings Plan can benefit you by being able to: