How to have £17,000 in just 5 years
Where do you see yourself in 5 years time? Winning promotions? Leading departments? Being £17,000 better off? In this post we’re looking at how your money could perform in just 5 years if you make regular contributions to your Funding Circle account. Whether it’s a little or a lot, these monthly contributions can help you achieve financial goals, from pension planning to purchasing a property or even just topping up that rainy day fund.
In just 5 years you could have:
£4,312.57 if you transfer £20 a month
By bringing your lunch into work you could put aside £20 a month in no time.
£10,077.80 if you transfer £100 a month
£100 might sound like a lot but when you break it down to just £3.30 a day, that could be just one less expensive coffee or walking rather than taking the bus.
£17,284.33 if you transfer £200 a month
If you can put aside £46 a week, just think in 60 months you might be able to buy a new car in cash!
These figures are estimates based on lending an initial £2,000 deposit through the Balanced lending option, earning a return of 7.5% per year and regular transfers for 60 months.
By keeping lending active on your account over several years, you’ll see the increasing benefit of compound returns as your repayments are continually lent out again. If you add in a little extra each month it accelerates this process even more, helping to maximise your earning potential. To get started, follow these 3 simple steps to set up your standing order today.
We hope you have found this useful, and if you have any questions about your account please get in touch.
The Funding Circle team
Please note, forecasts are not a reliable indicator of future performance and your capital is at risk.
This blog is a general summary, and should not replace financial advice tailored to your specific circumstances. Funding Circle is not authorised to, and does not, provide investment, tax, legal or regulatory advice. If you have any questions, please speak to your professional advisor or seek independent specialist advice.