Saving Money!?

Question

I've never been one to save money, and have pretty much always lived for the moment. My motto has always been that I can always earn more money!

I'm now (getting older I think!) getting the urge to save some money! Any tips on being a good saver? The best place to put it? ISA etc? any advice would be much appreciated!

Answer 1

Well I'm no expert but I have found Internet banking brilliant for saving with 5% interest on your savings account, I try and put as much money into this and transfer small amounts back when I need to pay off my credit card bill (in full, never pay off minimum balance, live within your means!). I have found this a useful way of saving and making my money work for me. ISA's are also useful for money you want to lock away. Building Societies can offer good terms, it pays to shop around, use the internet to get comparisons of rates ( not sure if I can mention any websites but I'm sure if you put key words in a search engine it will work!).

On being a good saver in general, I have found that it is often a simple question of do I want it or do I need it? If it is a mere want it is less of a priority than necessities! There is no need to starve yourself or deprive yourself of pleasures but it just makes you think a bit more before reaching for your wallet! Also if you keep receipts for 1 week and look at how much you spend; if you buy lunch everyday rather than making sarnies (what you spend in a day would more than make a weeks worth, if you aren't a morning person, make them the night before!). See what is frivolous vs what is essential. It's the little things that all stack up that make the difference one way or the other! I try to limit my spending to a certain value per week (the value depends on your income!). Hope this is of some help to you!

Answer 2

Always practice "PYF!!" That means "pay yourself first." Whenever you receive a paycheck, take a certain, fixed amount, and put it in a savings place where you cannot get it without some kind of penalty. If your employer has a 401K for you, GET IN IT!! If you have to start with a bank savings account, then do so. Look at it this way, . . . if you can save $2000 a year (that is $40 a week) and do that for 40 years, from age 25 until 65, and earn 7% average per year, you will wind up with about $650,000 when you are ready to retire. That isnt huge, but it is pretty darn good!!

Answer 3

First of all look at your disposable income ie that left after all outgoings, including a monthly sum for holidays. Take 50% of that figure and thats what you should look at saving on a regular basis.
Try to build a sum equal to three months outgoings and use a Cash ISA as its tax free and you can get at it quickly. Once you have done this you need to consider Protection, Investment and Pensions.
The only way to do this is to talk to a qualified financial adviser who will complete a Fact Find on you to find out as much about you as possible. He will then explain what he feels you need to consider, why and the implications of not following his advice. All you need to do then is agree a plan of action and follow it, making sure you review it on at least an annual basis or when your circumstances change.
Good luck and remember, its never too late to start planning.

Answer 4

positioned funds right into a controlled fund, $4 hundred funds a month. They await the charge, so which you're forced to maintain it. each time is a good time to start reason that's an prolonged term investment (so oftentimes over the years you are able to double it each and every say around 7 years) and it compounds. so which you ought to get a 30% return in say 4-6 months, if u %. a good one. $a hundred each and every week=$4 hundred a month =$4800 a year =$24000 over 5 years and double this by potential of compound following the rule of thumb =$40 8,000 no longer undesirable for a hundred greenbacks each and every week. Theres consistently an excuse it rather is going to go down or won't paintings yet a minimum of youll have 24 grand. information superhighway debts are good additionally 5% interest and cant get at on weekends, till finally Monday morning. merely dont ask for a card. Get a timer on your oil heater- i replaced into residing in a chilly climate (Orange) final year and the timer decreased the bill by potential of like $500 greenbacks for the quarter. From 900 to 3 hundred and it replaced into nonetheless snowing in November. Dont purchase books on investment, you have gotten invested the money. If u do sell it on ebay while complete. sell something u dont want on ebay. Its inexpensive to sell and somebody else reward from something you dont want. in case you have funds pay you credit card off, this is the worst debt you may have.

Answer 5

ISA's are OK!,but only Offer a Fixed APR Rate!(OK, they are TAX Free in the UK).
If you have a Modest amount of Cash why not lock it away for a Fixed term(i.e. 5,10 or 15 Years).It will realize a Lot more!!

The Best and only realistic advice I can offer is 'Real Estate', go get on the Buy-to-let ladder!
It's the ONLY way to Invest for Your Future!

Hope this Helps!.

Answer 6

go to the independent money websites where they give the best rates for ISAS etc.

www.thisismoney.co.uk
www.moneyfacts.co.uuk