Page 56 • The HERALD • 5th October 2023 v THE HERALD - Proud to be part of your communityv ASK A PROFESSIONAL HOW TO SPEND AND SAVE AT THE SAME TIME Advice from money.co.uk While reaching old age is viewed as somewhat of a milestone by many, it is o en associated with a combination of deterioration and health problems. No one likes to think about losing the ability to manage their own a airs, but a staggering 820,000 people in the UK have some form of dementia. e truth is, there are a multitude of factors that can impact someone’s ability to make coherent decisions, regardless of age or physical health. So, what happens if you lose mental capacity? is is where a Lasting Power of Attorney (LPA) comes in to play. In choosing to have an LPA in place, the nominated attorneys can then make decisions on your behalf. is should be someone you trust and feel con dent they will act in your best interest. e process of putting an LPA in place can only be done whilst you have mental capacity. It is o en thought that, if an LPA has not been created, a family member or partner can make decisions on your behalf – but this is not the case. If you would like your loved ones to be able to make decisions in the event of you losing mental capacity, you need an LPA in place or an Enduring Power of Attorney (EPA). Anyone who is over the age of 18 and has the mental capacity to do so, can put an LPA in place. Although it can only be used a er the documents have been registered with the O ce of the Public Guardian. If you no longer have the capacity to complete an LPA, the Court of Protection then appoints a Deputy to manage your a airs. is is o en a costly process, and the Deputy may not always be made aware of your preferences or wishes, and may not even be a family member. Here at HeritageWillWriting, we o er a no-obligation service, within which we can discuss your needs and requirements. Call us today on 023 8087 9243 or email: info@heritagewillwriting.co.uk Why You Should Not Underestimate the Importance of an LPA by Heritage Will Writing Retail sales increased by 4.1% in August compared to the same month a year ago as consumers “splurged on self care”, according to latest gures. e British Retail Consortium (BRC) and KPMG say the surge was partly down to higher spending on health and beauty. is follows recent research frommoney.co.uk savings accounts showing a quarter of Brits spend most of their money on material goods such as beauty products - second only to the nation’s average expenditure on holidays and travelling. According to the experts, it’s healthy (and o en important) to spend some money on self care, as long as it’s not at the expense of long-term savings goals or essentials. Lucinda O’Brien, expert at money.co.uk savings accounts, said: “Spending on self care isn’t always a luxury; it can represent an important investment in your wellbeing. The risk of neglecting self care is that it can have a detrimental effect on your health - and ultimately your financial stability. Balancing self care and personal expenditures alongside long-term savings goals is a fundamental aspect of financial wellbeing. While it’s crucial to set aside money for now, we should never lose sight of our long-term goals. This means committing to a disciplined savings plan, whether it’s for a house, retirement or emergencies. Having a predetermined savings goal is one of the best ways to motivate yourself to start your savings journey. With any savings goal, you need to work out how much spare income you can put towards your target amount each month. That way, you can calculate how long it is going to take you to reach your goal. Say you want to save up to pay for a holiday that is going to cost £1,200. If you can save £100 a month towards this goal each month, you’ll be able to pay for your trip in one year’s time. An instant access or easy access savings account is one of the most flexible ways of putting money away. These accounts allow you to withdraw and deposit cash, so you’ll still earn interest on your savings and you can dip into them whenever you need to. Rates on some instant or easy access accounts are now above 5% - providing you with valuable savings potential. Any time you want to dip into your savings to fund other purchases - such as self care, you’re going to take away from your goal. So it’s important to understand the longer term impacts of spending on luxuries, even if it’s something you feel you need. Through sensible saving and savvy financial planning like this, most people can afford a healthy balance of spending and saving. Doing so enables you to allocate resources efficiently, ensuring that you meet both your immediate needs and long-term financial ambitions. Remember that self care doesn’t have to be expensive and can usually be afforded alongside your long-term savings goals and essential expenditures like bills and food shopping.” For more information and guidance, visit: www. money.co.uk/saving-accounts
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