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

A quirk of Metfriendly being a Friendly Society is that some of the products it offers are unique to friendly Societies, like the Ten Year Savings plan.

Like many families this year, we are making an extra effort to support each other and stay in touch on a weekly basis using video conferencing. As my family is spread out across the globe this was something we had only done once a year at Christmas due to time differences and some of the Byrne clan being a little technically challenged! Following lockdown, all are now converts to the technology and the global Byrne family call is definitely a highlight of my week.

Earlier this month we virtually celebrated my sister’s 50th birthday rather than having a big family gathering as we would normally do, we don’t need much of an excuse to have a big party. We were reminiscing about previous gatherings, some of which have been very memorable, and wondering when will be able to next have another one. Some of the gatherings, like my Mum’s party just before lockdown, can be expensive as the family tradition is for the birthday host to choose the location and pay for the party.

A solution to paying for the party or funding the trip if it is in a far flung location (my sister lives in Australia) is to use a Ten Year Savings plan. One of the quirks of Metfriendly being a Friendly Society is that some of the products it offers are unique to friendly Societies. The Ten Year Savings Plan is one of these quirky products. You can save up to £25 per month and if you hold it for the full 10 years there is no tax to pay on the proceeds. The Children’s Savings Plan allows you to save for a child’s future too which means that the plan I’ve funded for almost 10 years for my nephew’s 21st will pay out next year just in time to pay for that party!

I hear lots of stories from our members about how Ten Year Plans have helped fund annual family holidays that otherwise would not have happened. If you are generous like my Dad and tend to spend most of your income on your family, then it’s great to know you’ve got money set aside from regular monthly savings that will be paid out just when it’s needed. Having got used to that regular savings habit my Dad found he didn’t miss the money. If you continue your savings habit by starting a new plan straight away for the next big birthday then there is another celebration to look forward to.

During these challenging times I’ve personally found it useful to focus on things within my control, rather than external factors, and I know other members of my family have as well. Being able to save regularly for future family events (when restrictions are lifted) gives me hope and reassurance. As a family we are still planning for future family gatherings, including those gatherings that we’ve had to postpone, so I think we are going to be busier than ever over the coming years catching up with each other face to face. It’s something that we are all very much looking forward to and will help us to focus positively on over the coming months.

Stay safe,

Kathy

If you'd like to speak to us about our Ten Year Savings Plan or any other product, enter your details here and we'll arrange for someone to call you back at a convenient time.

Alternatively, if you'd like to talk to us in more detail about your financial circumstances, you can book a one-to-one consultation.

Topics: Savings & Investments, CEO blog

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