How can I save more money? We sat down with the Money Advice Service to find out. Read more on Grazia.
1. How much can I afford to save?
‘If you’ve got money left over at the end of each week or month then great, y you’ve already got your starting point’ says Andrew, ‘But even if there’s usually nothing left, it doesn’t mean you can’t save. The first step to taking control of your finances is doing a budget. It will take a little effort, but it’s a great way to get a quick snapshot of the money you have coming in and going out.
‘If you’re spending more than you have coming in, you need to work out where you can cut back. This could be as easy as, or cancelling a gym membership you don’t use,’ he continued, ‘You could also keep a spending diary and keep a note of everything you buy in a month. Or, if you do most of your spending with a bank card, look at last month’s bank statement and work out where your money is going.
‘Step three is to set up a standing order, open a straightforward instant access savings account,’ he continued, ‘It might be easiest to do this with your own bank but make sure to shop around to find the best place for your savings. Comparison websites are a good starting point for anyone trying to find a savings account tailored to their needs. They won’t all give you the same results, so make sure you use more than one site before making a decision.
‘You can pay your whole allowance of £20,000 into a Stocks and shares ISA, or into a Cash ISA or any combination of these,’ he continued, ‘you pay no Income Tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.’‘Junior ISAs are a great way to save tax-efficiently for your children,’ says Andrew, ‘Family and friends can put up to £4,260 into the account on behalf of the child in the 2018-19 tax year.
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