Financial products worth considering this winter

Exploring the options for savings

11:48 07 November 2013

Just like the proverbial ant during winter, it is important that you focus on save money. The holiday season is a very tricky period. It is during this time that you need to exercise financial prudence before things get out of hand.

The following are some of the ways that you exercise discretion. From the myriad of financial products, you should focus on Cash ISAs and balance transfer credit cards.

Cash ISAs

Individual Savings Account shields your investment from taxation. This is a good way of making great gains.

While its effect is not as felt as much now as it was 14 years ago, you can rest assured of saving a bundle from the rates and tax burdens.

Interest rates vary from time to time. However, these changes are less when compared to stocks and shares.

Balance transfer cards

This will only work only if done right. You can save something in the region of hundreds of pounds.

It sounds complicated but it’s very easy. Have all the debts you have on your credit card transferred to a new card. The store and credit card company are repaid and you owe money to the new card only.

The fact that the rates are lower makes a lot of people gravitate to it, thus saving on extra fees.

There are several ways that you can take advantage of the balance card. For instance, you can get the life-time balance care where it is 0% to make the switch. However, you should pay it off before the 0% period ends.

The little that you put away will mitigate the financial situation you are facing. The long term benefits on the other hand will carry on even after winter has passed.

 

You should consider what plan best meets your needs and move on from there.