No parking charges, no profits!

There are always plenty of ways to be separated from your money, but here are a few tips to help you hold onto it.

08:51 05 August 2013

The parking charges for London councils are being investigated after suggestion that the parking charges might be priced with the idea of making a profit, though that is not allowed under law. Changes to the parking charges are already underway, but it’s just one example of how easy it is for our money to slip away.

Hopefully you don’t need to pay parking charges, but if you do, you know just how much money can be siphoned out of your savings account due to pesky fees. Interest won’t always be enough to keep your money growing at a helpful rate, so here are a few ideas to help you improve the status of your savings account.

• If you have invested in a savings account such as a Stocks and Shares Independent Savings Account you can use some of the money you have earned to re-invest in the account. When you do that, you maximize your money since the interest earned on an ISA is tax-free.

 

• Always try to invest in an Independent Savings Account first before choosing a regular savings account. The interest you earn off an ISA will be better than what you would earn on a regular savings account. It could mean the difference between earning very little on your investment, or a substantial amount.

 

• There are a lot of different types of fees that can deplete your finances so be sure to keep up with any news regarding fees. If you make it a priority, you’ll be able to avoid those fees. That means more money stays in your savings account earning interest. This includes banking fees that could charge each month if the proper balance isn’t maintained.

 

• Use multiple avenues to improve your financial status, not just a savings account. Investing in companies and property will usually give you a better return than a savings account alone.