Tuesday 24 March 2015

Saving for the Future Made Simple with Nutmeg

I spend so much time thinking about how I can spend less and save money that I am often at a loss as to what to do with those extra pennies I have put away. I want to get the best out of them but that's not always as easy as it seems. I have recently been introduced to Nutmeg, which is a simple way to get the most out of your money online.

I've got to admit that I used to think online investments were beyond me. I didn't think I had the time, knowledge or capital needed to do any more with my money than put in a savings out to earn a few pennies in interest.

Now I know about Nutmeg I know that that is just not the case. In just ten minutes and starting with just £1000 I can be on my way to a professional portfolio where I can invest money for my children's future.

My eldest son Ben will turn 18 in ten years time. I would love to be in a position to help support financially with his choices at that point, whether he wants to go to university, travel, or put a deposit down on his first home.

Nutmeg allows me to look at an overview of potential investments, showing my target return and how increasing the risk factor can affect the returns. Using a sliding scale you can adjust the risk factor from 1 to 10. Opions include; 'Avoiding loss is a priority', 'Slow and steady is acceptable', 'I'm willing to lose some to make some', 'I'm comfortable taking a chance', 'I'll risk large losses for higher gains'.

In the image above you can see projections for an initial investment of £1000 with monthly contributions of £50 and a risk factor of 4 over ten years.

What makes Nutmeg so accessible to an investment newbie like myself  is that you only need to invest a relatively small amount, with a lump sum starting from just £1000 and monthly payments from just £50 you can still reach significant goals over time.

One thing I have learnt over the last few years is that you can't always project your future financial situation which means that it is important to be able to have access to your money and with Nutmeg you can you can withdraw whenever you like and there's no minimum investment period.

So are you thinking that you would like to invest for your children's future?

Find out more in this video:

This is a collaborative post.

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