Help save money: Savings opportunity for everyone

We all have unique desires and financial circumstances, but we should all find a way to set aside money.

11:25 21 March 2014

There are many ways to save your money, and while there may not be any “right” way since everyone is different, each of us needs to have some sort of savings. Even if you have no interest in having your own home, you should still have enough money to cover emergencies such as vehicle repairs, or small appliances that need to replaced. 

 

Here are just a few of the options to help you save your money: 

 

• Bonds—there are a variety of options that allow you to purchase into a company or the government in return for a better payout upon a certain amount of time. Some bonds may be able to pay out a little bit even if you cash them in before the allotted timeframe.

 

• Traditional savings account—these don’t always provide the best type of interest rates for the money you have saved, but you do earn a little bit and it’s a good way to maintain easy access to your funds while preventing yourself from accidentally spending them.

 

• Independent savings accounts—these are commonly referred to as ISAs and there are a few different options. If you were getting one for yourself you would be able to get either a Cash ISA or a Stocks and Shares ISA. The latter tends to offer a better return rate over a long period of time. These do have restrictions on the amount of money, which can be invested in these types of accounts per year. If you want to invest more, you will have to get some additional investment options such as bonds or a regular savings account.

 

• Property—property provides the opportunity for monthly income in the form of rental income. Property typically appreciates in value, especially if you take care of the property so you can sell outright.