Saving a little bit every day

 

Saving a little bit every day

Saving a little bit every day

 

Whether you’re saving up for a holiday, a new car or just a rainy day, putting a bit of money aside on a regular basis is the best way to achieve your goals without putting a strain on your finances.

Though you may think that you don’t have any cash to spare, by taking a quick look at the fascinating infographic created by MYJAR, we can quite clearly see where the country’s money is going and where savings can be made.

For example, if you live in London, there’s a good chance you could save a significant amount every month by cutting down on your takeaways. On average residents in the capital spend a whopping £221.63 on takeaways, while their neighbours in nearby Chelmsford splash out just £43.19 a month.

However, as southerners spend around £200 less on their annual getaway than those in the north, you may well be saving already when it comes to your holidays.

Once you’ve put the work in and saved up, one way to avoid depleting your savings is to take out a short-term loan from MYJAR anytime your pay packet won’t stretch far enough.

That way you can take the pressure off your finances and keep your hard earned nest egg intact.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Saving Your Money: How to Make It a Reality

saves money. savin, savin your maoney

Saving Your Money

How many times have you wished for a big lottery win? If you are like most people, the thought will probably have crossed your mind at least once or twice. Whilst a plump jackpot would be a lovely addition to your bank account, there is really only a very small chance that a lottery dream could become a reality. Therefore it makes sense to look at realistic ways to increase your assets without crossing your fingers in front of the TV late in the evening.

That is where the concept of saving comes into play. Many of us are well-trained in the act of spending, even with money we do not have sitting within a savings account! Saving money is an entirely different kettle of fish; it is all about living comfortably within your means whilst your money accrues to become a worthwhile asset.

If you are keen to have a few (or a few hundred or thousand) more pounds to your name, here are a few tips for making saving a reality:

Resist temptation
The very first recommendation for you as a new saver is to make it a bit easier on yourself by resisting retail temptation. Window shopping often sounds like a great idea when you want to avoid splashing the cash, but it is really easy to convince yourself that you need the pair of trainers you see in a window, or even a car on a showroom floor. By removing yourself from this situation for a reasonable amount of time, you may be able to learn to resist spending where it is not strictly necessary.

Find the right investments
One of the next things to consider is how you will actually go about saving your money. There are many different ways such as general savings accounts, ISAs and shares. It is worth checking the most recent rules and regulations regarding savings products as there may be something new that you don’t already know about. One example of this is peer to peer lending becoming included within ISAs.

Think long term
Of course, many types of investment require you to think about your income and your financial obligations. Many forms of investment have the chance to generate you more interest and assets if you are able to commit to a longer term product. That is why the rates for ISAs and shares differs – some will allow you to access your cash fast, whilst in others it is held for a pre-agreed period of time.

Keep up the good work
Once you are on your way to a more comfortable financial future, you will want to continue what you are doing. This can be difficult to achieve alone, which is why many financially savvy savers recruit the assistance of an impartial advisor. Financial advisors are a good bet if you want to find out about new products and ways to invest; and the best part is that your advisor will have your interests and specific situation in mind.

Saving For Your Children Future

Saving For Your Children Future

Saving For Your Children

Saving for your Children future is a major undertaking that no parent should overlook. Luckily, there are so many options on how to save for your beloved children and most parents find themselves overwhelmed by all these choices while trying to choose the best and most favorable option. There are many and different reasons why you would save for your kid’s future ranging from education to assisting your kids in raising some deposit when acquiring their first home. There is also long term saving where you save for the pension of your children and regardless of which option you opt to go by, saving for your Children is one of the best things you can do to secure their future.

Most people in UK opt to save for their children through savings account. If you wish, you can direct the bank to put the money in your adult saving account. However, you will also realize that children savings accounts offered by banks and building societies provide better deals and rates on the savings. You can set a saving account on behalf of the children when in their young ages and they can operate the accounts later when they are of age. This is actually the best way of teaching your children on how to save and it is also one of the lowest investments you can make. However, you will also have to appreciate the fact that interests paid into the account comes with tax deductions although you can still reclaim the deducted tax by filling a form.

Child Trust Funds are also a suitable option of saving for your Children future. In fact, this option is tax free and most children are eligible for this saving plan. A child Trust Fund account is opened by the parents on behalf of the children and family members and friends can deposit money in the fund every year. However, these accounts also come with some limitations at times especially on the maximum amount of money that can be deposited. When the child is about 16 years of age, he or she can operate the account and by 18 years, they are authorized to access the saved money.

A pension plan is great way for long term savings for your children and the child can have more than twenty years pension worth before the kids get to contribute into the pension plan themselves. Just like in the Child Trust Fund, other family members and friends can also contribute into the savings once the account is set up. Sadly, funds in the pension saving plan might not be accessed in younger years and the child might only access the money when he or she hits 55 years of age. So with a pension saving plan, the option is largely limiting although tax relief is applied now and then.

You can also save for your children’s future through shares although this is always a more risky option. There are also a number of investment plans tailored for children in UK which you should also think about. When you are saving for your Children future you will have to make a decision between short term and long term savings and then choose the most appropriate option for you and your child.

Importance of Health Savings Accounts

Health Savings Accounts

Health Savings Accounts

Many banks are now offering people to save money in their respective accounts so that they can always use this money to make good investments. People who have no idea about saving money for future have been seen to live in a misery as saving money is now like earning money. Since money is important in all aspects of life one needs to know that health savings accounts have also been introduced which can benefit people greatly and which can help people use the money in time of need. These accounts have been introduced by many large corporations for the health and safety of their employees.

Since many people can face physical injury during any time of the year and since this kind of health care is always needed by employees and families, this account helps a person deposit money from which some amount of tax would be deducted and at the same time, the expenses that would be incurred on medical bills would be deducted to. But one will see that with the help of health savings accounts, the medical bills would fall greatly and a person would never have to worry about having no finance at the time of immediate need.

Since this account is generally offered by companies and corporations, many people would never even think about touching the funds that would keep on accumulating in this account. Sometimes what employees do is that they save the funds for greater future needs and sometimes if a person can pay the expenses out of his/her own pocket, there would be a great sum of money left with the person to take out at the time of retirement. These funds are actually cushion funds that can benefit a person greatly during employment phase and after employment phase.

This account is highly important as it can be opened up by people who retire early from their jobs. But for such people, they need to buy high deductable health insurance policy. This means that you can always use the money in the account and at the same time you can also use the money in from your pocket for medical expenses. What a lot of people do even with health savings accounts holders is that they keep on paying money from their pockets and reimburse the money later in the years to come. This way they have a stream of finds to come into their account when they need.

People who do not know the importance of health savings account can read the above information and gather some knowledge about health savings accounts. These accounts can benefit all those people who have families and children and even if they do not have a large family, the funds in this account can be used greatly for future once the person leaves the company. These accounts require a person to keep good medical records at all times so that when a person needs to reimburse the records can help the person receive the funds that were previously spent on health.

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