Few of us will deny that putting money away regularly is a good idea, but how many of us are actively saving for the future?

Regardless of the current economic climate, chances are you will have some expectation of future events – a new car or holiday, a house move or home improvements, university fees, perhaps a well-earned retirement is on the horizon.

Having a cash lump sum available can help you achieve your expectations

Even if you are not planning to save for anything specific, there’s never a bad time to receive a cash lump sum.

What's stopping you?

'I can’t afford to save now, I always get a personal loan for my big purchases.'

A £5,000 personal loan will cost you £102.50 per month (APR 8.8%) for 5 years. Your total repayment will be £6,150 - that's an additional £1,150 on top of the amount borrowed. (source: Moneysupermarket.com Sainsburys personal loan 19/3/10)

If you can't afford to save now, how will you afford the repayments then?

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'I would love to start some savings but just don't have any spare cash to put away.'

It’s never too late to start saving, but the sooner you get into the discipline of saving – the better. Taking a close look at your income and expenditure could help you identify where you could save some money, sometimes the smallest changes can make a great difference…

Spending just £2.70 per weekday on a daily newspaper and a coffee equates to over £50 per month.

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'I like the idea of saving, but don't feel comfortable in these volatile times - I don't want to lose my money and I think I'm best keeping it under the bed for the time being.'

Bank interest rates are currently significantly lower than a few years ago - which can be good if you are a borrower, but can reduce the value of your savings. All the more reason for you to ensure that your hard earned money is working hard for you.

You need to consider the effect of inflation. Even at 3.5%*, over a 5-year term, it would erode the value of £1,000 kept under your bed to £842.
(*Consumer Price Index as at January 2010)

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Time to start saving?

The Guaranteed Savings Plan from Teachers Assurance enables you to save from as little as £50 a month to build up a guaranteed lump sum...

• You can choose to save between £50 and £500 per month for 10 to 25 years.
• To help you get started, we'll even match your early contributions into the plan.
• As well as the potential for growth on your savings, we guarantee that, at the end of the plan term, you will get back at least what you paid in (plus our matched contribution)
• The plan encourages a regular savings discipline. If you are tempted to cash in early you could get back less than you paid in.
• We'll also send you £60 of Marks & Spencer vouchers when you apply online, or £50 when you buy over the phone or by post
• As this savings plan can invest in stocks and shares, its value can go down as well as up.

If you want to make sure you have a lump sum to fund your future purchases then apply for a Guaranteed Savings Plan now!

>> More on our Guaranteed Savings Plan