Want to know how to use your savings in order to improve your financial position?
What do you want from your savings?
What you want to achieve is the foundation of your savings strategy. Some of the most common reasons people have for saving are:
- having a ‘rainy-day fund’ in case you need to make essential household purchases or replacements
- holidays and other fairly large and one-off purchases
- financial protection
- future spending on property, weddings and things of a similar nature
- increasing retirement income.
There are a large variety of strategies open to those who want to increase their savings, from finding a decent rate of interest to getting on the next plane to Las Vegas with a suitcase bulging with cash. Here are some of the most popular options:
- Tax on savings interest
- Fixed rate savings accounts