Savings help, advice and guide
Welcome to the financialAdvice.co.uk saving advice page. Here we will be able to provide you with all of the help and advice you need to make the most of your savings. We also offer a range of useful guides designed to give you more information about your savings, which can be found below. A saving is an income that is not spent, but is instead put aside, usually in a bank or a building society. Savings differ from investments in that they are kept as cash. This means there is an extremely low risk that you will lose value on your savings, as they are not directly invested in ‘risky’ markets. Everyone should try to save if possible, as you never know when you are going to need access to a lump sum in an emergency. There are various methods you can use to save money. You should however only consider saving after you have finished paying off any major debts. Saving is a simpler way of putting money aside than investing, but many people still have questions about where they should save money to deliver the highest possible returns, and we can provide useful help and advice to make sure your savings are in the right place. Here are some popular savings vehicles: If you’re looking to save money for something within the next five years, this will be considered a short term saving. There are many things that you may want to save for, such as a new car, a wedding, house repairs, a holiday or even your car insurance. Short term savings should be saved in cash, and should be easily accessible. Finding the right account and option for you can be difficult, and this is where we can deliver useful help and advice. Any money saved for longer than five years is considered medium to long term. Long term savings methods include Individual Savings Accounts and Pensions. To find out more information about Pensions please click here. Since their introduction, Individual Savings Accounts (ISAs) have been seen as a vital element to anyone looking to save for the long term because of the Tax-Exempt status of these plans. There are two types of ISA, the Cash ISA and the Stocks and Shares ISA. An ISA allows you to save up to a set amount each year with all growth on your savings being tax-free. The amount you can save each tax-year is decided by HM Revenue and Customs and usually changes each year. On July 1st 2014 the ISA became the ‘New ISA’ (NISA), which is a simpler and easier to understand version of the ISA. With the introduction of the New ISA, some major changes were also introduced: - The annual allowance for the 2014/15 tax-year increased by £3,120 to £15,000. The biggest annual increase since the introduction of the ISA. Further changes have recently been announced in the December 2014 Autumn Statement, which saw the annual allowance for New ISA for the 2015/2016 tax year, increase to £15,240. These new measures are applicable to any ISA plan. In addition to these new changes the New ISA it was also announced that when someone dies, their husband or wife will be able to inherit their New ISA completely tax free. If you are a parent you’ll know only too well how expensive it is to bring up a child these days. From birth right through to age 18 with college or university costs, a first car or other major outlays, you will find that you could be put under major financial stress. Saving for your children could be for the short or long term, depending on their age, but either way receiving a lump sum when they turn 18 can be invaluable, and a great surprise for them. Again there are plenty or options, in that you can choose to save or invest, and there are a wide variety of accounts available. Here are some options: The goal of anyone who is saving is to put aside as much as possible as often as possible, and to achieve the maximum amount of growth on their savings. However with so many choices out there, you are likely to have many questions that need answering in order to get your money in the right place. Speaking to someone who can give you advice on where to put your savings can make a real difference to how they perform, and can help you to understand the difference between investing and saving, helping to prevent any nasty shocks when you come to withdraw your money.
What is saving?
Ways to save money
- Cash ISA
- Current account
- Instant access account
- Notice accounts
Short term savings
Long term savings
- You can now split your total annual allowance between a Cash NISA and a Stocks and Shares NISA in anyway you wish..
- You can transfer savings from a Cash NISA to a Stocks and Shares NISA and vice versa without being penalised.
Saving for children
- Junior Isa
- Tax-free savings accounts (Friendly Society)
- Children’s savings plans
Saving help and advice for you
Share this..
Related stories
New pension freedoms for retired people suggested
05/01/2014 The pensions minister Steve Webb has announced that he would like to extend the pension freedoms announced in the Budget to existing pensioners, meaning retired people would be given the right to sell their pensions or annuities. The plans, which are being drawn up by the Department for Work and Pensions, would allow pensioners, if they wanted, to sell the annuities they had been...
Read MoreDid the government abuse its power in the banking sector?
While the banking sector has certainly fought back against the UK government and the various demands which have been made over the last eight months, some still believe this is payback time for the UK government, which is believed to have forced through the Lloyds bank and HBOS merger. Even though there is no hard evidence to suggest this is the case it is rumoured that Gordon Brown himself became...
Read MoreRecession Watch : Business confidence
A number of business confidence surveys over the last few weeks have shown that concerns for the short to medium term appear to be subduing although there is no sign of excess hope for the future. However, the fact that business confidence appears to have "bottomed out" is a significant move at a time when business leader after business leader was stepping forward with very depressing forecasts fo...
Read MorePremier League takes action against Ofcom BSkyB ruling
The Premier League has this weekend begun a feasibility study with regards to the recent Ofcom ruling which could see Sky TV reduce its wholesale prices charged to rival such as BT and Virgin Media. There is concern that the potential 23% reduction in wholesale subscriber prices would reduce the attractions of multimillion pound football deals in the future and could actually reduce the income rec...
Read MoreCould the UK government risk increasing UK base rates?
Despite the fact that the UK economy is said to be on the verge of a potential double-dip recession a number of prominent economists are calling for UK base rates to increase in the short to medium term. They fear that the reincarnation of inflation in the UK is going to cause a major problem in the medium to longer term and short term pain is required to address this issue sooner rather than late...
Read More