Saving for the 21st Century: Home | News Release| Tips on how to save | Where your money should go
Tips on how to save
- Set up a monthly standing order to take the money from your current account to your chosen savings account as soon as you get paid.
- Start saving today – even a small amount every month can add up.
- When choosing a savings account make sure you consider the following:
Attitude to risk – a regular savings account will give you a small, but definite amount of interest over a period of time. An equity account may be higher risk, but you could get a better return on your money.
Access to the money – Decide whether you want to put your money away for a long period of time (eg a three year bond with no access). Alternatively, if you want easy access to your savings, you can put it in a regular savings account.
- Avoid spending money on credit cards unless you can afford to clear the balance every month.