Short-term planning for a long-term future
Many people in the UK have long-term savings plans in place which include pensions, bonds and other such savings tools. The majority of these are long-term investments which will guarantee a relatively stable standard of living in the future and are seen by many as their "nest egg". However, a number of people appear to be avoiding short-term issues and continuing to plan for the longer term when possibly they need to refocus their thoughts, at least for a few months.
Whether or not you may benefit from cancelling your pension contribution for a few months, suspending your savings plan or even redeeming a savings instrument to help with short-term liquidity, is something which people will have to consider on an individual basis. To this end it is vital that financial advice is taken on a regular basis, whether this is annually, semi-annually or quarterly, to ensure that you and your finances are in the best shape possible.
There is no sense in saving for the longer term if redirecting your long-term savings into short-term cash flow would reduce interest charges and bring your debt down to a more manageable level. However, each of us is different and each of us has different requirements.
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