Together we stay stronger October is Barratt's health and wellbeing month - Financial health This week our newsletter focuses on looking after our financial wellbeing. Research consistently shows that financial worries are inherently linked to many mental health problems. We recognise that many of you may be concerned about your finances during these uncertain times, so we have put together some key information that may help you manage your finances.
Saving now The easiest way to get your savings working for you is to set things up so that you automatically add a little bit each week or month to your savings, that way you will not have to remember to make the payment and you will not be tempted to skip a month. Before you know it, you will have built up a solid chunk of savings. The best time to put a bit of money aside is just after you have been paid, so set up your standing order to go out on, or just after payday. Click here to Visit the Money Saving Expert site for other great savings advice and tips. 1p savings challenge Many people take part in the 1p Savings Challenge every year, and the idea is straightforward. Each day you save what you saved the day before, plus a penny more. Therefore, you start by saving 1p, then 2p, then 3p a day – right the way up to £3.66 by the end of December. If you start on 1 January, then by the end of the year, you will have saved over £650 but you can of course start part way through the year. Click here to visit My Money Cottage to download the free savings chart.
Pensions : Saving for your future A great way to save for the future is to put away a little of your income into a pension scheme during your working life so you can have an income in later life, when you want to work less or retire. What is a pension scheme? Pensions might seem complicated, but the basic idea is a simple one, see it as a long term savings plan with tax relief. Your contributions along with the Company contributions are then invested and grow throughout your career. Click here to watch this short video from the Close Brothers called 'What's so good about pensions?' At Barratt we offer membership to; our workplace pension with The Peoples Pension or our voluntary Company scheme, The Barratt Group Pension & Life Assurance Scheme.
Workplace pension : Auto-enrolment scheme Auto-enrolment is a Government initiative to help more people save for later life through a pension scheme at work. To be eligible for automatic enrolment, you must be At least 22 years old; Not yet at State Pension age; Earning a salary of at least £10,000 p.a. (under current rules); Normally working in the UK under a contract of employment As soon as you are eligible, you will be auto-enrolled in to the scheme. This scheme offers 3% employer contribution for a 5 % employee contribution based on qualifying earnings. If you don’t want to be a member of The Peoples Pension you don’t have to be, you can choose to opt-out. You can however, re-join at any time that suits you. For further information regarding our auto enrolment pension scheme please click here For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website