In a time of rising inflation and costs, it’s important to consider ways to not only save money, but also how to get your savings to work harder for you.
Whether you have short- or long-term goals such as that dream holiday, a new car, or saving for a house deposit or retirement, regular savings can help you achieve your goals. A savings pot also provides a safety net for any unexpected expenses that can arise.
In support of UK Savings Week (18-24 September) which aims to raise awareness of the importance of saving, our financial advisers share here their favourite money saving tips!
From small changes in daily habits to long-term ways to save, these are 5 easy to apply, practical hints and uncomplicated tips that can help you save money.
Whether you are a regular saver or just getting started, we hope these tips help you to save better.
Our Top 5 Money Saving Tips
Tip #1: Shop Smart to Make Your Money Go Further
Often overlooked, money saving apps and comparison websites offer advice and discounts, that can result in significant savings on every-day items, renewals on utilities, or your more expensive purchases.
Tip #2: Set Your Savings Goals
Setting clear savings goal and working towards those with the help of a few tools and simple tips can help you avoid dipping into funds where you may not want to.
Tip #3: Make Your Savings Tax Efficient
If you are making regular savings into your pension or ISAs, take advantage of the tax reliefs available to ensure your savings are as tax efficient as possible.
Tip #4: Review Your Debts (Mortgages)
Rising interest rates can impact in many ways, including on your savings. A key area to review is your debt, which for many people will be their mortgages. There are actions you can take to start to lower your debt and save money.
Tip #5: Save With the Power of Compounding Interest
Could you really get rich by ditching your daily coffee? Not quite, but this tip shows the power of small changes in your daily habits that can build up to significant savings in the long-term.
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MHA Caves Wealth is authorised and regulated by the Financial Conduct Authority (FCA), Financial Services Register number 143715.
This a marketing communication, for general information only, and is not intended to be individual investment advice, a recommendation, tax, or legal advice. The views expressed in this article are those of MHA Caves Wealth or its staff and should not be considered as advice or a recommendation to buy, sell or hold a particular investment or product. In particular, the information provided will not address your personal circumstances, objectives, and attitude towards risk. Therefore, you are recommended to seek professional regulated advice before taking any action.
Key Risks: Capital at risk. Past performance is not a guide to future performance. The value of an investment and the income generated from it can go down as well as up, and is not guaranteed, therefore you may not get back the amount originally invested.
Investment markets and conditions can change rapidly. Investments should always be considered long term.
This Information represents our understanding of current law and HM Revenue & Customs practice as at September 2023. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change.