<img height="1" width="1" src="https://www.facebook.com/tr?id=584049588761194&amp;ev=PageView &amp;noscript=1">

Saving for future plans and your family’s financial security

Getting into good savings habits can help you achieve financial security and reach all sorts of life goals, from going on holiday (when restrictions are eased and you have more freedom to travel) to buying a home.

Policing is a uniquely demanding and challenging line of work, as you and anyone who has spent any amount of time doing the job will know.

Research shows that there are some big challenges for Police Officers as well as all the hard work, stress and long hours.

If one of the aims that helps you get through the difficulties of the job is achieving financial security, it's worth thinking about how you can reach this goal for yourself and your family by making use of savings accounts and plans on offer, and developing good savings habits.

Saving for your financial future

For many people, financial security will have moved up their list of priorities in recent times. COVID-19 has shown that it's always possible for unforeseen, uncontrollable events to come along and have an enormous impact on our lives.

One of the biggest benefits of regular saving is that you can limit your money worries at times like these by giving yourself a financial safety net.

And it goes without saying that saving can help you achieve your financial goals, which could be anything from buying a new car or going on holiday, to purchasing a home or preparing for retirement.

Having clear savings goals, whatever they happen to be, is one of the best steps you can take to make the most of your money, as Metfriendly's Kathy Byrne pointed out in a recent blog post.

Could you save more without noticing the difference?

The Metfriendly blog has also featured some words of wisdom from former police officer Nick Walter, who shared the things he wishes he could say to his younger self. One of Nick's pieces of advice was not to spend all of your annual pay rise.

Much of the financial security of being a police officer comes from the knowledge that your pay will normally go up every year. The latest change is a 2.5% increase in pay for 2020-21, which took effect in England and Wales on 1 September 2020.

If you can get by without spending the extra amount you receive in your pay packet when annual salary increases take effect, there's plenty to be gained from saving it.

This is the thinking behind the Metfriendly Escalator.

What is the Metfriendly Escalator?

It’s an add-on for our Monthly Savings ISA, Lifetime ISA and Junior ISA products. The Escalator is designed to help you increase the amount you save every year with minimum effort on your part.

You might not even notice the difference in terms of the gradual increases in your contributions, but you'll certainly see the benefits in how much you save over the years.

You set the Escalator at your chosen amount (from a minimum of £10) and your contributions will automatically go up by that amount at the start of each tax year, until you decide to stop. It's a way for you to make the most of your annual pay increases and prepare for your financial future with minimum effort.

Watch the video below, or you can find out more about the Metfriendly Escalator, how it works and how to add it your existing products on our website. Here you'll find some examples of how you can build up your savings quicker by applying the Escalator to your Metfriendly ISA.

 

Or if you’d like to talk it through with us, submit your details here and we’ll arrange for someone to call you back at a convenient time.

Topics: Savings & Investments, Making the Most of your Money

Back to guides and tips

Subscribe to Email Updates

Comparing rates and alternative investment options

Budget 2024: the biggest changes and what they mean for you

What Police Officers need to know about the Autumn 2023 Statement

How to make the most of Black Friday this year

How you can help your grandchildren reach their biggest goals in life

Investing in uncertain times (March 2022)

Benefits for ALL of the Police Family

Why it’s good to have a (10 year) plan - October 2020

Lessons from the Byrne Family financial cookbook! September 2020

ISA Flavours - August 2020

Five easy steps to make the most of your money - July 2020

Investment Insight - June 2020

The Eighth Wonder of the World - May 2020

Investment Insight - April 2020

COVID 19 – Money issues, guides and tips

Your Money Questions

Getting to know Metfriendly's Simon

Boost your savings with a 25% government bonus

Getting to know Metfriendly's Joey

What to consider when investing the lump sum from your police pension?

What future will your kids have?

8 Financial Planning Tips for Home Ownership

What is a Lifetime ISA?

How To Choose the Right ISA

Teaching your kids about money

​10 Steps to Better Budgeting at Christmas

How to help fund your child’s university education

How to calculate your monthly savings potential with the 50/30/20 budget

Financial Capability Week 2017: 6 Ways to Budget More Effectively

Meet our Members

Financial Concerns of London's Police Officers and Staff

Comparing rates and alternative investment options

Budget 2024: the biggest changes and what they mean for you

What Police Officers need to know about the Autumn 2023 Statement

How to make the most of Black Friday this year

2023 Spring Budget announced: how will it affect you?

2022 Autumn Statement: How the new changes affect your finances

How to feed the family for less and stretch your money further

How you can help your grandchildren reach their biggest goals in life

Mini-budget reversals: what's changed and what it means for you

Mini-budget confirms changes to NI, income tax and stamp duty

Choices in your Police career that can set you up for life

It’s not often you get free money from the Government

Spring Statement 2022: Cost of living to increase as inflation soars

Benefits for ALL of the Police Family

Talking money and planning your financial future

Autumn Budget 2021: Public sector pay freeze lifted

Over 10 years into retirement... my thoughts on saving and Metfriendly

Lessons from the Byrne Family financial cookbook! September 2020

Things I wish I could say to my younger self

Covid mini-budget: what does it mean for you?

COVID 19 – Money issues, guides and tips

Budget 2020: The talking points

Your Money Questions

Getting to know Metfriendly's Simon

Election result boosts markets

Boost your savings with a 25% government bonus

Getting to know Metfriendly's Joey

What future will your kids have?

The first-time buyer’s guide to finding a mortgage deal

How To Choose the Right ISA

Teaching your kids about money

Tips for buying a secondhand car

As a police officer, are you claiming your full tax relief?

Autumn Budget offers plenty of positives for police officers

​Don't let surprise bills eat into your police pay

16 Discounted Ways to Relax and Unwind

How to Improve your Credit Rating