Work programme is saying it needs more funds

Savings accounts might help you over some financial hurdles, but starting is the key to success.

10:14 23 June 2013

The Work Programme is reportedly coming under a bit of criticism over asking for additional funds to help people find employment. As far as the programme is concerned, there are times people may need more than what the programme provides in order to sustain themselves.

 

Some people may have been unemployed for a number of years, and trying to set aside savings, or establishing a savings account,may not be an option

 

Many of us may be a good deal more fortunate, but even if our finances are tight it is imperative to set up a savings account.

 

We never know what the future may hold, but sometimes even a little bit of savings can help us over financial hurdles. Here is some generic information to help you with your savings. 

 

• Types of savings—one of the first things to do is select the type of savings account you want to open first. To make the most of your interest rate, you’ll probably want to begin with something like a Cash ISA (Independent Savings Account). If you are not able to open one of those accounts due to minimum amount requirements, check on requirements to open a Stocks and Shares ISA or even a regular savings account.

 

• Find a little extra—sometimes, finding a little extra in the budget to put into a savings account seems impossible. When the economy is difficult and budgets are already tight, it is not a lot of fun to try and find a way to squeeze a bit more money out for savings.

There may be a great deal more that you could spend the money on, but consider the risks of having no savings account versus what you thought you would spend the money on. You might find that you do not really need that specialty drink or dinner at a restaurant.

• Persistence—many times persistence pays off so keep trying to add to your savings account.