The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Spectator.co.uk (blog)House prices, spending, staycations and mortgagesSpectator.co.uk (blog)A shift in house price momentum is underway in the UK, as southern cities start to slow down with the north taking their place at the top of the leaderboard. The Telegraph reports that Glasgow has emerged as the city with the fastest growing quarterly ...
The NationalMoney-saving back to school offers in the UAEThe NationalBenefits: Pay your child's school fees with your Emirates Islamic credit card and receive 10 per cent cash back. To register, SMS "EDU" to 4451. Customers ... The deal applies to flights to the UK, Europe or North America. Beware of: Valid student or ...
This is MoneyA truly unforgettable holiday: One in ten Britons could take 23 years to pay for their trip - doubling the cost in ...This is MoneyMore than half Britons pay for their holiday on credit cards, but while the majority does so to get extra protection in the event of things going wrong, almost a quarter said they resorted to a credit card because they don't have the money upfront. And ...
The Japan TimesApple plans iPhone tap-to-pay system for Japan's trains, busesThe Japan TimesLast year, there were 1.3 million NFC terminals in the U.S. and 320,000 in the U.K., according to research from Let's Talk Payments and the U.K. Cards Association. Apple intends to work with multiple transit card providers, one person said. ... In ...and more »
Business Insider13 money-saving tricks I used when I moved to New York City for graduate schoolBusiness InsiderThat is, until your credit card bill shows up. I moved to New York in August 2015 to start my Master's degree at NYU's journalism school. I left behind a legal career in New Zealand after a short stint in law made me realize that I wasn't suited for it ...and more »
Have you met...
Latest Members:


hannamarin


nermine


ahmed


planckster


0552037117


devdeep


minhthu2608

 

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.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks