The Money Saving Expert says that those with debts would be better doing this instead!
Martin Lewis has warned low-income households that they may well be better off not saving for the future – at least for the time being anyway. The Money Saving Expert – who is known for his financial advice for families – shared his top tips for low earners or those in debt, which includes NOT saving any spare cash they may have.
But having £1,000 in a savings account at 5% would only give you £50 extra interest per year, in contrast.'It’s that simple. Debts usually cost more than savings earn. Cancel them out and you’re better off.' 'If you're locked into the debt, so that paying it off incurs a penalty, as with some loans or mortgages, then leave the cash sitting in a savings account until the penalty's small enough that it doesn't matter.'
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