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Monday 7th January 2008
Six month's worth of salary makes the ideal emergency fund and everyone should have at least that amount saved up for a "rainy day", it has been claimed.
According to Hargreaves Lansdown, it is important to save some money so as to ensure you can cope with any surprise outlays, or a loss of earnings caused by any reason.
Ben Yearsley, investment manager with Hargreaves Lansdown, suggests that six months' salary should be enough to help cover such incidents and also advises that the money could be saved in a cash Isa to make the most of it.
He explained: "After April you can transfer cash Isas into stocks and shares Isas."
This will mean that people could be able to see significant gains in their savings and this would help them to get through any difficult financial period without going into debt.
Commenting on the potential for cash Isas to boost savings through converting them into stocks and shares Isas, Mr Yearsley added: "When you get big winners you can make big tax free gains in the Isa."
From April this year, the limit for stocks and shares Isas is set to go up by three per cent, from £7,000 to £7,200.
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