Finance remains an integral part of most of our lives – let’s be honest, neither you nor I can actually live without it. For the large majority the bulk of the day is spent working in an attempt to make enough money to…well get by I suppose.
But it’s the getting by that most are struggling with at the moment, with the economic situation as bad as it is, is there any way of actually making a saving and successfully putting a penny or two away for the proverbial rainy day? Now this article doesn’t make any claims to be able to solve all your financial issues, but there is certainly a method in juggling your finances to make sure that you can make the most of it.
Let us begin with short term savings accounts; these are a brilliant way of taking your money as far as it can go and making it actually work for you. Most of us are paid on a weekly/ monthly basis and if these types of products are utilised in a frugal manner, then your savings accounts can actually earn a reasonable amount of interest. There are various types of accounts out there, one needs to be sure that the account that they have chosen is actually right for them. A few things to consider are the potential penalties involved in early withdrawals from some accounts; so ensure that you choose an account that allows you to deposit and withdraw. Also, with the advent of mobile banking you can transfer within account almost instantaneously. In all honesty, you’re not likely to reap huge financial benefits however every penny counts, right?
Long term savings accounts are also an excellent way to ensure that you’re able to put something away each month. The best way to achieve this is to have a full and thorough understanding of what your income and outcomes are. Ideally you want to break down your costs and see where your outgoings lie, once you’ve done this you should be able to ascertain what disposable income you have left over each month. The next step is to spilt that disposable income and allocate it them into a short term and long term savings account. Remember, long term savings are exactly as it says on the tin – long term. Most of these come with an early withdrawal penalty so be sure to choose the right one that suits all your needs. Also, most of these accounts come with an introductory offer, be sure to remember when these begin and when these end.