This article was published on Mon 17 Aug 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Earlier this month we wrote to you to request your involvement in some customer research about a new product we are launching soon. Thank you to everyone who participated; working with you has given us really good insight.

The context

Confidentially, we are planning to replace our Regular Savings Plan (RSP) and the Options ISA (OISA) with a new ISA product: the Police Mutual ISA, which offers exciting benefits and features.

To be clear, existing RSP and Options ISA policies are not affected by these product changes. The guarantee on existing RSP policies and the Options ISA protected growth option will remain in place. We will manage these policies until the end of their terms or until the customer closes the product.

Why are we making these changes?

We have seen a proportion of customers surrendering their RSPs before the maturity date, and a lower take-up of RSPs from new recruits, compared to previous years. This suggests a new product would be beneficial, which is why we are launching the Police Mutual ISA. In addition, due to the tax benefits they provide, ISAs are one of the most common ways of saving in the UK. However, the Police Mutual ISA will not provide (or charge for) guarantees.

As you know, we have a proud heritage of providing regular savings products to enhance the financial wellbeing of our customers and with our flagship new product, we will continue to do this.

Customer needs have evolved over the years, as has the market, and we want to modernise and create what we hope will be a more contemporary proposition.

When are the changes happening?

We continued to promote the RSP and Options ISA while we developed the launch plan for the new Police Mutual ISA. We stopped accepting new Options ISA applications on 17 August. Options ISA applications in the pipeline will continue to be processed and policies will be issued up to and including 30 September. We will stop promoting the RSP and accepting applications via face to face, outbound telephone and paper channels at the end of August. We will stop accepting applications via web and inbound telephone on 14 September, and will stop issuing new RSP policies at the end of September.

We will start to promote the Police Mutual ISA from early September, and formally launch it on 1st October.

Introducing our new Police Mutual ISA

• Our Police Mutual ISA will be the way you save with Police Mutual
• It will bring lots of exciting benefits and features:
  • Just like the Regular Savings Plan, the Police Mutual ISA helps you save money for your future
  • In the current tax year, you can save up to £20,000 in your Police Mutual ISA – either by saving regularly, or by making lump sum investments, or both
  • If you want to save regularly, you can set up a Direct Debit for as little as £30 a month, the equivalent of just £1 a day. Once you’ve set it up, you can forget it, knowing that each month you’re topping up your ISA and investing in your future
  • Making lump sum investments is easy too. You can start saving with a lump sum of just £100, then choose how often you top up your ISA
  • There’s also the option to do both: save regularly and top up with a lump sum
  • You can add money and start, change or stop a monthly amount at any time
  • The Police Mutual ISA is a stocks and shares ISA, which makes it a good choice if you’re looking to save for at least five years, but there’s no fixed term
  • You can withdraw some or all of your money at any time (subject to a minimum withdrawal of £50), without charge, and there is no tax to pay if you do. Following a withdrawal, a minimum amount of £100 must be left in your Police Mutual ISA
  • In the unfortunate event that you die, if you have a Police Mutual ISA we’ll pay a lump sum of 101% of the current value of your ISA, normally to your estate
  • We will be offering an incentive of a £25 gift voucher for each new Police Mutual ISA taken out

• Other points to consider:
  • The minimum regular savings premium for the Police Mutual ISA will be £30 per month, which is very slightly lower than the RSP (£30.33) and lower than the Options ISA (£40)
  • The Police Mutual ISA will enable customers to save regularly via Direct Debit. There will be no option to save via salary deduction in the short term, as the product will be built on an existing system that does not support this option currently. We do recognise that paying by salary deduction is important to our customers and will look to offer this in the future
  • The Police Mutual ISA doesn’t provide a guaranteed minimum pay-out like the Regular Savings Plan did, although this also means Police Mutual ISA policyholders do not have to pay for that guarantee. This makes the product cheaper and means our charges won’t erode investment returns as much as they do for the Regular Savings Plan. Ultimately, that means the policyholder should get better returns, subject to fund performance
  • Any growth in the value of your Police Mutual ISA is dependent on the performance of the fund that your money is invested in. This means its value can go down as well as up and, as with any investment, there is a chance you will get back less than you originally invested

The launch

As well as your feedback, we also surveyed the Committee of Management, our Relationship Managers and Financial Wellbeing Consultants as part of our research. Thank you again to those of you who have been involved in the research process – your input is invaluable.

As mentioned, we will begin promoting our new ISA to customers and prospective customers from early September, when it will be available for customers to register interest. The product goes live on 1^st October, which is when the first policies will be written.

All of our products constantly evolve, and this change is another example of this evolution. Throughout our long history, we’ve looked for new ways to refine the products we offer – to ensure we’re always offering good value. This new way to save regularly will continue that tradition.

This article was published on Monday 6 April 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Top tips for first-time investors.

Whatever your savings goals may be, it’s important that your money works as hard as possible for you. If you are saving for the medium to long term, you might want to consider investing some of your money. You should invest in a way that’s right for you without taking unacceptable risks. See our guide below for some top tips for first-time investors:

What are investments?
There are many different types of investments available including stocks and shares and property and bonds. You invest money in these types of assets to get a profitable return, however by investing you can also incur losses. Contrary to common belief you do not have to have a large lump sum to start investing, some products offer a regular saving option allowing you to invest smaller amounts on a monthly basis.

Why should I think about investing?
We all have different savings goals and these can change depending on what life stage you are at. If you are saving for the longer term and don’t need access to your money, investing in stocks and shares or property and bonds could be an alternative to a cash savings account.

When should I start investing?
Nobody can predict the perfect time in the market for you to invest your money, however you should make sure that you have enough money which you can access easily to cover your everyday expenses and ensure you have an emergency fund that can easily be accessible before you consider investing. Before you invest make sure that you are happy that, in exchange for potentially better returns, you understand any associated risks.

What about the risks?
Whenever you invest money you will always be exposed to some element of risk. It’s very important to think about how much risk you feel comfortable with and that you can afford to take risks before making your investment. The more risk you take generally the bigger the potential return on your investment, this is because more risky investments are generally more volatile which means their value can rise and fall rapidly.

Think about your personal circumstances
It is important to understand your personal circumstances. If you lose money on your investment, consider how this would affect your standard of living. If a potential loss could affect your lifestyle you may want to think about a more cautious investment where exposure to losses can be managed more effectively.

Do your homework
When you find an investment product you may be interested in, make sure that you do your research. Check out independent financial websites and press for information. Ensure that you are happy with where and how your money will be invested and check the risk level of the investment to make sure you are comfortable with it. If you have any doubts consider contacting a qualified Financial Adviser.

Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount our products could help meet your needs. To find out more about our range click here or call the team on 01543 441 630

Police Mutual Assurance Society Limited is an incorporated friendly society. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

This article was published on Mon 06 Apr 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Are you looking to invest? Check out these important things to consider.

If you have made the decision to start investing, it’s important that you take the time to do some research on the market and find the right product for you. Below are 5 golden rules to follow to help you through the process.

1. Higher returns = higher risks
If you don’t want to or can’t take any risks with your money then investing may not be the right option for you. The basic rule is that to improve your chances of better returns you will have to accept more risk, but with higher risk can lead to bigger losses. When you are selecting your investment product always consider the level of risk you are willing to take.

2. Be diversified
Putting all of your money in one type of investment can be risky. You can reduce this risk by choosing a product that spreads your money across a mix of investment types and sectors. This is called diversifying and works on the basis that when prices in one investment area may be falling they could be rising in another area. This can help to balance out the risk and return on your investment.

3. Think long term
If your money is invested for a longer period, the better chance it has to produce a potentially better return. There are of course no guarantees but keeping your investment for at least 5 years, or ideally 10 or more years, increases the potential for better returns. This is because there’s more time for your investment to recover from any short-term drops in value. If you think you may want access to your money in the short term you might want to consider a cash savings product instead.

4. Let the expert’s help
Investing does not need to be complex or time consuming. You can of course choose to manage your investments yourself but this does take time and takes a certain level of expertise. If you are new to investing why not consider looking for an investment product where the fund and your money is managed for you by experts. If you’re unsure about which type of investment is right for you, think about contacting a financial adviser for advice.

5. Keep an eye on your investments
You should take time to review your investments on an annual basis to make sure they are on track and that you are happy with your investment. This will allow you to monitor how they are performing over the years and to make any necessary changes to help you reach your savings goals. Remember the value of investments can vary all the time as the markets fall and rise, investing over the long term can help minimise the impact of this. If you are worried about how your investments are performing then it might be time to review your options and consider whether this level of risk is right for you.

Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount our products could help meet your needs. To find out more about our range click here or call the team on 01543 441 630.

Police Mutual Assurance Society Limited is an incorporated friendly society. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

This article was published on Fri 05 Apr 2019. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Looking to invest? Check out these important things to consider.

If you have made the decision to start investing, it’s important to take the time to research the market and find the right product for you. Below are some golden rules to follow to help you through the process.

1. Higher returns = higher risks
If you don’t want to or can’t take any risks with your money then investing may not be right for you. The basic rule is that to improve your chances of better returns you will have to accept more risk. When you are selecting your investment product always consider the level of risk you are willing or able to take. Try looking for investment products that can help you manage risks by offering some guarantees to protect your growth.

2. Be diversified
Putting all of your money in one type of investment can be risky, a bit like putting all of your eggs in one basket. You can reduce this risk by choosing a product that spreads your money across a mix of investment types and sectors. This is called diversifying and works on the basis that when prices in one investment area may be falling they could be rising in another. This can help to balance out the risk and return on your investment.

3. Think long term
The longer your money is invested the better chance it has to grow in value and produce a favourable return. There are of course no guarantees but keeping your investment for at least 5 years, or ideally 10 or more years, increases the potential for better returns. This is because there’s more time for your investment to recover from any short-term drops in value. If you think you may want access to your money in the short term you might want to consider a cash savings product instead.

4. Let the experts help
Investing does not need to be complex or time consuming. You can of course choose to manage your investments yourself but this does take time and takes a certain level of expertise. If you are new to investing or short on time, consider looking for an investment product where the fund and your money is managed for you by experts. If you’re unsure about which type of investment is right for you, think about contacting a financial adviser for help and support.

5. Keep an eye on your investments
You should take time to review your investments on an annual basis to make sure they are on track. This will allow you to monitor how they are performing and make any necessary adjustments to help you reach your savings goals. Remember the value of investments can vary all the time as the markets fall and rise, investing over the long term can help minimise the impact of this. If you are constantly worrying about how your investments are performing then it might be time to review whether this level of risk is right for you.

Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount our products could help meet your needs. To find out more about our range click here or call the team on 0345 88 22 999.

Police Mutual Assurance Society Limited is an incorporated friendly society. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Looking for ways to improve your credit worthiness can increase your chances of success, below are some do’s and don’ts which could help:

Do – check your credit file: you can check your credit file at all of the three main credit agencies – Equifax, Trans Union & Experian. You have the right to access your report for a small charge of £2. It’s a good idea to check your report with all three agencies, because one might be giving different information to lenders. If you spot any mistakes, contact the relevant agency as soon as possible and ask for them to be corrected.

Do – Get yourself on the electoral role: this is the one of the easiest ways for lenders to identify you, if you’re not on the electoral role, you could find it difficult to get credit. You can register online at any time through the Register to Vote website.

Do – close old credit card accounts: if you have credit cards which you no longer use, contact the providers and close them. If an account is still open, lenders may think you already have access to more credit than you need.

Do – build a positive credit history: to help you get credit in the future, you can start to build a good credit history now. Showing that you can repay your credit on time and stay within your credit limit will help show lenders that you are financially responsible. If you have never borrowed money before and have no credit history, you will have limited access to loans and credit cards. Try approaching your own bank in the first instance and ensure that you make repayments on time and in full.

Don’t – make multiple applications for credit: making an application for credit leaves a ‘footprint’ on your credit file that other lenders will be able to see. If you’re refused credit, don’t be tempted to make multiple applications at once as this may be seen as a sign you are in financial difficulty. This could make lenders reluctant to lend to you, instead, work to improve your credit rating before you apply again.

Don’t – let other people’s score affect yours: if you have previously held joint financial products with someone you no longer have a relationship with, write to the credit reference agencies and ask for a notice of disassociation. This will prevent their credit history affecting yours in the future. However, you can’t do this if the account is still open, so it will need to be closed or transferred into one name first.

Don’t – be late on any credit repayment: doing this even once or twice may affect your ability to get credit for a number of years. If it is a simple case of not being organised and forgetting the payment due dates, the easiest way to tackle this is to pay everything by direct debit to ensure you are never late.

Personal loans

If you are in financial difficulties contact your lender and ask for help to discuss your options as soon as possible, do not wait until you have started to miss your repayments.

If you’re already in debt and struggling to make ends meet it can have an impact on your mental and physical health as well as work and relationships. There’s no need to suffer alone! We’ve teamed up with PayPlan – an independent, FREE, debt management company – to offer you the support you need to regain control of your finances. Just call 0800 197 8433.

If you owe money on more than one credit card or loan then a debt consolidation loan could come in handy. You can access our debt calculator to add up how much you owe and see if a personal loan could reduce your monthly outgoings.

This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

It can be all too easy to think that budgeting is a bore. And if you’ve heard the same ‘top tips’ time and time again then we feel your pain. But don’t underestimate the power of a considered budget – if you’re able to stick to it, it can help you save for life goals and make you feel a little bit smugger for being at one with your finances.

That’s why Police Mutual has written our quick guide to budgeting. Call us financial feng shui masters, if you like…

What budgeting achieves

When done properly, a budget tells you what money you’ll have left at the end of each month and what you can afford to spend. If you currently spend more than your income a budget will flag this, so it could also act as a financial warning system to stop you from getting into the trap of spiralling debt.

Budgeting 101

Financial feng shui lessons:
1. Take a deep breath in, then exhale. Clear your mind of everything other than your finances. Ignore the mountain of clothes in the washing basket. Kiss that binge-watching-Netflix session goodbye for now.

2. You’re ready to start drafting your budget. Create a budget sheet, including a monthly forecast of your spending for the year, using bills and receipts from 2017 to help you. Use Excel or a similar table format as this can make things easier.

Remember to include amounts for any upcoming family events you know about (like weddings or birthdays) or any special occasions, and how much you think they’ll cost. It’s also good to include a contingency fund each month to help you cover any unexpected emergencies like a boiler repair.

If you’re self-employed, don’t forget to save amounts ready to cover your NI, VAT and other tax commitments for the year.

3. Don’t use simple categories like Shopping or Home.
Do break them down into specifics. For example, under Shopping you might have: ‘groceries’, ‘clothes’, ‘presents’. Under Home you could have ‘electricity bill’, ‘water bill’, ‘phone bill’ and ‘TV licence’ etc. This will help you get a real understanding of where your money goes.

4. If you spend different amounts each month on something – like your grocery shopping – take an average over three months to get a more accurate view. Just add up three months’ receipts and divide by three then use that amount for each month.

5. Spend a few hours adding costs to your budget, making sure it’s realistic. Put it to one side, sleep on it (not literally!), and then read through it a few days later to see if you’ve thought of anything to add. Alternatively, if you’re so inclined, try meditating while thinking it through, to see if you get further inspiration. It can’t hurt and we won’t judge.

6. When you can see how much you’re likely to spend each month, you can compare that figure to your income. Will you be in the red? Will you have to tighten the purse strings a bit? Or will you be sipping champagne in the Seychelles?

If the outlook isn’t great, there are steps you can take. Is your electricity bill looking a bit steep? Think about changing provider and getting a better deal. The same applies for your internet, phone contracts and, well, the list is endless. Not watching films as part of your TV package? Cancel or reduce parts of it to pocket some more money.

It can also be helpful to concentrate on budget categories for ‘Needs’ and ‘Wants’, to focus on your priorities and think differently. Could you walk to work or use public transport that would be cheaper than having a car? Are you getting a good deal on your mortgage or could you get a better deal?

Even if your budget looks comfortable, it’s never a bad idea to save money if you can. Then you can invest for the long-term or save it as a financial safety net.

7. Finally, most budgets don’t work! Controversial but true. To give your budget the best possible chance of being accurate you need to be honest. Do you buy a coffee every other day but don’t think it’s worth counting? Each of those coffees adds up. Do you get through yoga mats like there’s no tomorrow (while meditating about your budget perhaps)? Put it in. Only then can you see what you’re able to live without.

Dealing with debts

If after doing your budget you’re lucky enough to have money left at the end of every month then it’s worthwhile considering any debts you may have and create a plan to pay them off or put a little extra aside into your savings.

If you still owe money on more than one credit card or loan then a debt consolidation loan could come in handy. You can access our debt calculator to add up how much you owe and see if a personal loan could reduce your monthly outgoings.

If you’re already in debt and struggling to make ends meet it can have an impact on your mental and physical health as well as work and relationships. There’s no need to suffer alone! We’ve teamed up with PayPlan – an independent, FREE, debt management company – to offer you the support you need to regain control of your finances. Just call 0800 197 8433.

Maintaining financial peace of mind

Start January 2018 as you mean to go on! Don’t ‘budge’ the budget – become a financial feng shui pro by:

• Staying on top of your budget – stick to what you’ve calculated and keep an emergency fund

• Managing any debts you may have

• Reviewing your budget and updating your plan accordingly if your circumstances change (like a job move, new house, or a new addition to the family)

This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

The truth is, those everyday essentials aren’t getting any cheaper and you may need to do more to stretch your cash to cover rising costs.

Taking a little time to manage your money more effectively can really pay off. Well if you shop smarter, you can. Here’s how…

Cashback websites 

Register for free with one of the big cashback websites like TopCashback and Quidco, and you can earn between 2% and 12% cashback on all kinds of online purchases – from trainers to takeaways. And if you’re searching for a new TV and broadband deal, or a mobile phone contract, you could earn over £100. Here’s how it works…

You’re on a retailer’s website and you’ve about to “buy now”. Don’t. Sign in to your cashback account and click through to the retailer’s website from here. The cashback website gets paid commission by the retailer for directing you to their site, and you earn a share.

You can also search for special deals within the cashback site. But before you get carried away by the size of the offers, just make sure the item you’re buying isn’t available elsewhere at a lower price. To make sure you’re getting a good deal, search retail price comparison websites like Kelkoo and Pricerunner.

Cashback credit cards

With a cashback credit card, you earn money every time you use it. Most cards offer cashback rates of either 0.5% or 1%, which may not sound a great deal, but if you use it regularly, the pennies and pounds will soon add up.

Some cards offer higher cashback rates in return for a monthly fee, which may sound tempting, but if you don’t use the card regularly you could find yourself out of pocket. So if you’re considering a card with a fee, work out how much cashback you’ll earn on your typical monthly spend and see if it’s more than the monthly fee.

If you want to boost your cashback, switch your regular debit card spend to your cashback credit card. But make sure you pay off the bill in full every month. Because interest rates on cashback cards are usually quite high, and one month’s interest could wipe out your cashback for the entire year.

Voucher sites

Search online for voucher websites and you’ll find a whole list of companies offering money-off coupons and discount vouchers for just about anything you could ever want. Groupon and VoucherCodes are the two biggest operators, with offers of up to 70% off standard prices.

But be careful not to get wowed by the size of the savings. Stay focused on what you came looking for, and don’t be dazzled into buying something you don’t really need. Because a 70% saving on something you never use, is really just a 100% waste of money.

This article was published on Tue 31 Oct 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Nearly all investments have some form of risk – whilst you can’t completely remove this, you can manage it. Understanding risk and the levels you are willing to accept is a key concept of successful investing. Below is an overview of the things you need to know to get you started.

Investment risk – the basics

Put simply, investment risk is the possibility of losing some or even all of the money you have invested. Most investments carry an element of risk, the general rule is that the more risk that you take, the greater the potential return – but also the greater the potential losses. When you are thinking about investing, you should fully research where your money is going and the associated risks before making your final decision.

Types of risk

When investing, there are different types of risk that you need to consider, these include:

• Market risk: This is where stock markets fall causing losses which can negatively impact your investment. In order to give your investment the maximum chance to recover from market losses you should consider investing over at least a 5-year period.

• Capital risk: High investment gains are possible but these are usually linked with higher volatility, which in turn means you may not get back the capital you invest. Make sure you do not choose your investment purely on the level of possible returns and forget to balance this against the risk you are taking. Remember that the past performance of any investment is no guarantee of how it will perform in the future.

• Performance risk: The performance of funds will vary depending on the assets within them. Even if funds have similar objectives, there is no guarantee that they will produce the same results.

How to measure your attitude to risk

Everyone has their own attitude to risk and the limits they are willing to accept. There are a number of factors that can affect your ability to accept risk such as your income levels, age, health and your overall investment goals. To help assess your attitude to risk you should ask yourself some key questions:

1) Could you manage if your investments fell in value?
2) How would you feel if you did not meet your investment goals?
3) Are you happy to accept that your investment will fluctuate with the value going up and down over a period of time?

Remember it’s your money and you need to feel comfortable with any investment decision you take. You should re-assess your attitude to risk over time as your personal circumstances alter; what may not be acceptable when you have young children to support, you may be happier with once they have left home and are no longer dependent on you.

Easy steps to balance your investment risk

Diversification: One way of balancing the potential returns from your investment against the level of risk is to select an investment where your money is spread across different types of markets, sectors and assets. This is called diversification and means you are avoiding putting all of your investment eggs in one basket.

Invest regularly: You could consider an investment that allows regular savings. Most investments fall or rise over time so investing a regular amount over this period can reduce the overall risk by spreading the purchase of assets out over the ups and downs of the market.

Get professional help: If you are unsure how best to balance your risk levels against your investment goals think about contacting a financial adviser for help and support.

Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount, our products could help meet your needs.

This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

It’s important to get into the habit of saving but very few of us have the motivation to save regularly just because we know it’s the right thing to do.

Whether you’re looking to buy a new car or build a nest egg for your retirement, you’re more likely to succeed if you have an end goal in mind.

Take a look at the simple steps below to help you start your savings journey:

Step one: What’s your goal? 

Ask yourself ‘what do I want to save for?’ Your goals might be short term, like taking a dream holiday; long term, like saving a deposit for a new home; or somewhere in between, such as paying off a loan. Remember it’s next to impossible to save successfully for something if you’re not clear on the end goal.

Step two: Create a timeline

The next step is to decide how much time you have to reach your goal. If there’s no set date, make sure that you pick one. It’s much easier to reach your savings goals if you break them down into smaller milestones.

Step three: Assess your finances

Once you have a goal and a timeframe in which to achieve it, you need to decide how much you can save in order to successfully reach your target. It’s easier to work this out as a monthly figure and a budget calculator can help with this. Remember, honesty is the best policy – be realistic with yourself about the amount you can afford to save. Also set aside some money for emergencies, otherwise your savings plan can suffer a major setback if something unexpected comes up.

Step four: Every bit counts

Have a look at your regular monthly spending – re-evaluating some of your expenses such as gym membership, paid TV services and mobile phone plans could free up some extra money for your savings pot. Ask yourself if you’re paying for a monthly subscription that you no longer use? Or could you negotiate a better deal with your provider as a long-term customer? To give your savings the best chance to grow you need to spend some time finding the right home for them

Step five: Do your homework

To give your savings the best chance to grow you need to spend some time finding the right home for them. This will depend on how long you have to reach your goal and how much risk you want to take. Over the short term you could consider a savings account or cash ISA which will allow you easy access to your money. For the medium and longer term think about a fixed-term savings product or an investment product which could provide protection from inflation over the longer term.

Step six: Track your progress

Tracking your progress is a great way to stay on top of your savings goals. Set aside some time each month to review your income and expenses and see how much you have saved so far. If your savings aren’t quite where you want them to be, don’t be discouraged, have another look at your budget and adjust your targets accordingly.

Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount, our products could help meet your needs. To find out more about our range click here or call the team on 0345 88 22 999.

Police Mutual Assurance Society Limited is an incorporated friendly society. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.