| Many
people save by simply putting their change in a jar or
by keeping money in an old purse in their own homes. The obvious
problem is losing your money if you are burgled. However, sometimes
saving your pennies is a useful way of getting into the savings
habit. This method should not be seen as a replacement for a proper
interest bearing savings account, but can be useful for 'rainy
day' saving.
There are a bewildering number of options
for saving and investing money. It is important to recognise
that
there is usually some sort of risk involved. The degree of
risk varies between investments. Many organisations offer you
ways to save and invest, and there are many ways of doing this.
These include:
A key factor in choosing an account is the
amount of interest that each option pays. In the Useful
tools section you will find an interest calculator which you
may find useful. Interest rates change so you should check what
your savings are earning.
We recommend that you seek the advice of
an Independent Financial Adviser in order to make the most of
your savings and investments. To find an IFA (Independent Financial
Adviser) in your area, visit the IFA
Promotion web site
For more help on savings and investments
see Where
money comes from and Risk
and return.
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