With the best wheel in the world, saving is hard,especially if you live in an expensive city like London. So, here are some useful tips for you to get the best out of your money. Depending on the lump sum you have to work with and your current circumstances,it might be a good idea to split your savings. 31 Genius Home decor ideas Think about locking some of your cash away in a fixed rate bond,preferably for one to five yearsas well as popping some into a high interest rate current account. Regulations are changing in 2016meaning that whereas before deposits of £85,000 were covered,now the amount being protected has reduced to £75,000.
So it’s even more important to spread your savings out and make sure that your entire pot is covered. Space – there’s only so much. And when you run out… That’s it. Or is it? What if you cou… Shop around and be wary of which bank you choose to bank with,as many of the providers belong to the same financial arm. Now, credit cards can be a major headache when used recklessly,but used sensibly, they can be a very simple way of giving yourself breathing spaceand saving on any unnecessary bills.
A good idea is to switch your funds into a balanced transfer credit cardthat charges more percent interest for an introductory term. That way you get the loan for free while you make a plan to settle full bill. And lastly, make sure you’re on top of things. It’s a given, but make sure you pay back at least the minimum repayment,sometimes more if you can get in front. With modern day technology easily accessible,there’s no excuse for not setting up an automatic savings plan. Set up a regular amount to be transferred from your accountto a savings account as soon as your paycheck comes in. It doesn’t have to be a big sum, but the key is to set up something onceso that you don’t have to think about it again.
It also probably helps if you’re savings account has some kind of access limitationsso that you can’t easily get to the funds once they’re deposited. By the end of the year, a tidy little sum will have built up,and you’ll be surprised at how easy it was to do.