Boost your savings
It is general knowledge that residents of the United Kingdom are typically not savers.
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It is general knowledge that residents of the United Kingdom are typically not savers. They tend to spend
much more than they save; according to studies, saving money is not as popular as it once was. Saving is
extremely important to the quality of life you expect to live in the future. Think about it, what would happen
if your car suddenly quit working? What would you do if the heater or refrigerator within your home just
decided to give up one day? Imagine a situation where an emergency occurred and you had to travel
immediately for some reason, what would you do?
Saving your money within an account can be an excellent source of immediate funds for an unexpected
emergency. It makes a great deal of sense to simply put away money into an interest bearing account for
these types of events, instead of having to take out a loan or bill a credit card for them. If you do either of
these things will result in more debt and higher interest payments. Many experts believe that you need to set
your priorities in the right direction and you should attempt to, over time, save an equal to your salary over a
three month period.
Many people may find this a lot of money to put back when bills need to be paid, that is fine, consider
saving as much as you possibly can without setting yourself into a deeper hole. If you simply saved £100 a
week over a three-month period you would have saved £1,200 (not including any interest accrued), that
would likely pay for a broke refrigerator or a significant amount on a new or repaired heater. There are
many different types of savings accounts that you can consider, some of which do not require substantial
Typically, a banking institution will access a tax on the interest prior to adding it into your savings account,
for example a taxpayer at the basic rate level will be accessed twenty (20) percent, while a taxpayer at a
higher rate will be accessed forty (40) percent. For those who do not pay taxes, no taxes are deducted from
the interest. For those who are non-taxpayers, you will be required to fill out a R85 form, this will allow you
to avoid the taxes and receive the total interest accrued on the account.
One thing people should definitely consider is an ISA (Individual Savings Account), the government of the
United Kingdom, created these types of accounts in efforts to encourage residents to save their money. In
this account, they allow you to save your money in an amount of £3,000 or less yearly, that will be
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