Boost Your Savings Rate and Make Your Life Savings Work
Boost Your Savings Rate and Make Your Life Savings Work For You
Saving money isnt an often occurrence anymore and UK residents back this up by spending a much more than they put away. People seem to forget the importance of saving because accidents happen all the time and things happen that you may not expect what would happen if you didnt have the funds available to pay? What would you do if the heater or refrigerator within your home just decided to give up one day? Imagine a situation where an emergency occurred and you had to travel immediately for some reason, what would you do?
Storing money in a savings accounts is sensible since you will be covered for a rainy day. It makes a great deal of sense to simply put away money into an interest bearing account for these types of events, instead of having to take out a loan or bill a credit card for them. If you do either of these things will result in more debt and higher interest payments.
Many experts believe that you need to set your priorities in the right direction and you should attempt to, over time, save an equal to your salary over a three month period.
Many people may find this a lot of money to put back when bills need to be paid, that is fine, consider saving as much as you possibly can without setting yourself into a deeper hole. Have a look around at different types of savings accounts before making your decision some may yield better savings rates
If you have a UK account and are living in the UK then you are taxed on your savings before you receive it either at 20% or 40% depending on which band you fall in to. If you are not eligible to pay tax in the UK then be sure to tell the bank or try to claim it back. [For those who are non-taxpayers, you will be required to fill out a R85 form, this will allow you to avoid the taxes and receive the total interest accrued on the account.
ISAs encourage UK residents to save money and they do this by allowing you to invest in an ISA tax free. 3600 or less can be invested per year in an ISA so it is advisable to find one with great interest rates and take advantage of this tax free saving account.
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