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Daily MailWhat can a first-time buyer afford around the UK? We reveal what the average £165k budget buys - from a boat in ...Daily MailWith house prices continuing to rise this year, getting on to the property ladder has become even more of a struggle in most parts of the country. But how far your money will go varies wildly across the UK. We've looked at what the average first-time ...
The SunWhat to do if you bought Peter Kay 2018 UK tour tickets? Refunds, rights and returns explainedThe SunCredit cards: If you bought your tickets using a credit card, and spent between £100 and £30,000, you can claim a refund under Section 75 of the Consumer Credit Act. Debit cards: If you paid using a debit card, you may be able to get a refund through ...and more »
Why I am not buying my child Christmas presentsiNewsHow many presents should a child be bought at Christmas? What about for those too young to even understand why they are receiving them? The pressure to bestow children with coveted gadgets and the latest toys on Christmas Day can cost families dearly ...and more »
ReutersUse balance transfers to start 2018 with path to pay off debtReutersThat is because annual percentage rates on credit cards are currently averaging over 16 percent, and outstanding credit card debt is about to hit $1 trillion, said Jill Gonzalez, senior analyst for Wallethub.com, a personal finance site. The average U ...and more »
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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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