When we talk with clients about financial planning, one of the things we might discuss is the need for an emergency fund to cover unexpected expenses. It’s commonly known as a rainy day fund. However, in response to the reality of how hard it is to save money, The Independent has coined the phrase Drizzly Day Fund. A rainy day fund was traditionally the equivalent of three to six months salary. How much I hear many of you cry! New analysis from a bank has suggested that having just £500 tucked away could make a real difference.

Some younger people are being put off saving altogether because the three to six month target is so far out of reach. A more affordable target, like £500, is reachable and research suggests that £500 can be enough for most people to avoid a downward debt spiral. You can read a fully copy of The Independent article here.

You can speak to us about anything related to savings and investments. Call Mark Fryer at Fryer Glass on 01276 301103 or email [email protected]