Jester
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-- I understood your question that you CAN save the £50 per month, you just want to know the best place to put it?? --.
The ISA is a tax free savings account. The limits have changed as well its now £3600 per year since April 2008 in the cash side. (Your actual ISA limit is £7200 per year, as you can have £3600 in a instant access savings account and an additional £3600 in another area like stocks and share, bonds etc.)
Most banks do some type of regular savings program, (this includes the extra ISA limit so its tax free) were the money is taken out but put into an account you can't access. It can be over a number of years until you get it back, kind of like its being invested in instalments, you will more then likely get a better rate or return then in a standard savings account.
Most savings accounts or any investments have tax deducted on the interest. Depending on what your situation is ( if you don't work / earn less then £104 per week / are a student etc ) you can complete an R85 form not be tax (basically you have to "opt out").
Ask the bank about regular saving and the 15 years+ situation also the tax side. You will most likely have to see some one regulated and qualified to talk to you about this, but that's just the process the FSA sets out for bank so don't worry that it sounds complicated - its not- |
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sup
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try the isa |
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Caitlin M
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Don't spend your money on dumb stuff at your local new agents because things are much dearer there. Buy all your food from a super market and don't eat out. Try not to waste food and you will save your self alot of money. Don't go out as much, stay in and watch a DVD!! You should open up a saving account with Bank of Scotland ( if you live in Scotland) there are great !! |
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Fabbymummy
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you can buy savings tins that you can't open unless you have a tin opener, you could put money notes in there and when it gets full, stick it in an account. Either that or get an ISA account, its tax free and you can put up to £3000 every year, just set up a standing order with your bank for £50 every month! |
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elkab
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no matter what account you put it in, if your savings are over the tax limit you will be charged tax. |
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mamaroach
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stop getting take aways! |
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dick19532003
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as your not a tax payer the post office is about the best as it pays the interest as gross ie without any tax deducted.
at a later date when you are older you could maybe transfer to an isa which allows tax free benefits.
try www.moneysupermarket.com and see what they say. |
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Wish Fairy
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Halifax have a high interest savings account offer right now. 10% pa. if you deposit between £25 an £500 per month. The rate is ony fixed for 1 year and they will have the right to move you to another HFX account after that time, but you'll get 10% on whatevr you've saved. Of course, you'll be taxed on interest, but if you withdraw your money at the end of the year you'll have a free £60 and then you can put it all in an ISA. |
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The Joker
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um, you asked 2 questions
Q #1- What's the best way to save 50$ a month?
A-Don't buy meaningless things at the store you really don't need (ex: candy, Magazine), and walk to places more (Gas O_O)
Q #2- Where's the best place to save this money?
A- It may sound old fashioned, but how about a secret place in your attic or basement? |
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Harry
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I am in the USA so I can't answer the tax issue or be specific as to the other part of your question, but there are many ways to invest safely. What you need to do is to research how you can have money transfered monthly from your checking account to whatever safe investment that you choose. By doing that it acts like a bill that you have to plan to pay each month. The difference is that you are paying yourself. It also takes determination not to dip into the savings until you reach your goal. |
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SCHUMIGIRL1956
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save your pocket money and any tips you may collect then when you have collected enough put it in the bank. |
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weaver268
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Either get a safe deposit box, or open a Swiss bank account. Doe's your country have savings bonds, or ask a banker or someone in a financial Institution about, non tax accounts until you remove, or close the account. |
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Mr. Literal
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just switch to American money =) |
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rosechearts25
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open a bank account in another bank other than the one you have get direct deposit and set up to deposit 25. each week into that account never carry the card they send you hide in your house until you really really need it the money will just keep growing just forget about that account |
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underage_yo
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Buy a big piggy bank and put it somewhere ordinary.
Then start SAVING!!! |
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Charles J
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Buy something gold 22crts ,and gold climbs sky high day to day |
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Shelllllyyyy Cashhyyy!!
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http://shellcash.com/members/register.php?ref=dafranchise0309 is a great way to make extra money. The site will ask you to complete surveys and offers and those companies will then pay you. Unlike most work at home jobs this is one is really legit and actually sends real checks to you at the end of the month. I have already made over $2500+ from this website and keep it mind that everything is free.I will love to answer any questions that you might have regarding this just contact me:
My email is ShellCashFrancis@gmail.com
My AIM ShellCashFrancis
Please remember to join our forums too and get a chance to win a 4Gb Apple iPod!!
http://shellforums.com/index.php?topic=19.0 |
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Douglas
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No, look at page 10 and 11 0f this:
http://www.moneyme.co.uk/success_2008.pdf
Then watch the video:
http://www.moneyme.co.uk
Then this:
http://www.moneyme.co.uk/taken_seriously.html
and you will discover why the financial swing is shifting.
We are in the UK and can answer all questions.
info@moneyme.co.uk
Always look forward to questions. |
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illusion_of_power08
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don't spend it on dumb stuff like cigarettes or alcohol |
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Juicy G
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idk just dont spend the $$$ |
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silly
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dont spend it, save it all up. :] |
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Flynn T
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get a safe in your bedroom or dig it in the garden! |
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