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How to invest - the 5 golden rules to making money on the stock marketMirror.co.ukWith a SIPP (which stands for self-invested personal pension) the Government pays in an extra 20% in pension tax relief. But - like any pension - you won't be able to get at the money until you're at least 55 - and you might be taxed on the cash you ...
The SunBorrowing cash for food and sleepless nights, how TSB customers are STILL suffering four weeks after banking meltdownThe SunSusie, who didn't want to use her real name, told The Sun: "All my money is gone and the customer services person told me to borrow money from friends or use my husband's credit card. "It's so embarrassing. We've had to borrow money from a friend to ...
Refinery29Money Diary: A Digital Editor In Bath On 71.5kRefinery29Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a ... a credit card. I don't really like using credit cards, but I got one last year to help with credit rating for when we buy ...
Telegraph.co.ukCan I use equity release to pay for care?Telegraph.co.ukMore commonly known as a lifetime mortgage, equity release allows borrowers to draw money from their home. The amount is usually capped at about 50pc of the property's value and there are usually no monthly repayments, with the interest rolling up at a ...
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To Save or To Clear the Debts?

You may have noticed that your savings aren’t doing a lot to pay their way these days. Pensioners are badly hit as many of them use the interest from their life savings to pad out the weekly amount they get from the state. Many mortgage payers are happy as their payments have come down, but just about everyone else with savings is in the situation where the real value of their money is falling because interest payments aren’t as high as inflation.

 The average rate for UK instant access accounts including current accounts was around 0.17% at the end of February and we’ve had another cut in the Bank base rate of half a percent since then. Despite that, with credit hard for many people to come by; credit limits being cut by the card companies and worries about job losses, if you can, it’s best to have some savings on hand for an emergency. And the latest figures show that people are saving more. There’s nearly £1,000 billion of savings in our banks and building societies and another £90 billion in National Savings.  

In terms of interest you may as well keep your money under the bed – but then that’s probably the first place a cash strapped burglar is going to look. Fixed rate bonds pay slightly higher rates than instant access accounts. National Savings and Investments products are increasingly popular because people want to know their money is safe whatever the interest rates and they have a 100% government deposit guarantee. It’s never been more important to shop around and don’t be slow to move your money to higher interest rate paying accounts. Keep a close check on any accounts you do have to see what interest you are being paid. The financial pages of the newspapers are good for advice on which accounts are paying the best rates but these change frequently. 

Once you’ve got your emergency fund in place if there’s any money left over think about clearing expensive debts. There’s no point in having a lot of money sitting in an account getting 2.5% interest if you’re paying off loans or credit card accounts at interest rates in the high teens and 20’s. Homeowners are paying off their mortgages too. Some who’ve seen their monthly payments fall are continuing to pay at the old rate so that they clear their mortgages more quickly.

If you have a lot of savings think about getting some financial advice. Your money may not be doing as well for you as it could and a good Independent Financial Adviser can be worth his or her weight in gold. Visit more than one and choose the advice you feel happiest with. Family, friends and colleagues may be able to recommend advisers they’ve used and found helpful.

If you’re lucky enough to have money to put aside it’s time to take stock and nurture it so that it can nurture you back in the future.

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