Advice for savers and borrowers – big and small.

Savers can afford to be individual and a little unusual in their approach.

Pennies honestly don’t add up to much unless you save many hundreds off them, but silver does. My dad used to save all his 50ps and at Christmas they would cover almost everything. So why not grab yourself a big bottle or jar and stash your silver.

I have two bank accounts 1 for daily use and one for saving where I pop tax money and save up holiday money and the like. I only add to this account and never draw on it except to pay for my tax or holidays. This is a neat and clear way to save and to avoid confusion.

Saving in a junior ISA isa nice regular tax free way to put aside money for your child’s future. The incentives are clear and it will bear fruit at just the time your child will need it.

My son has a piggy bank that he keeps his pocket money in and he goes for the 50 percent approach, he saves 50% each week ear marked for BIG STUFF and the rest he spends on sweets and comics,the daily stuff. A savvy savibg tip indeed. Physicallly separating your spending money is a great idea.

If you want to earn a higher rate of interest some times you can do this with a notice account whereby you have to give notice that you want to withdraw your money.

You might want to earn guaranteed amounts of interest for a set length of time. You probably won’t be allowed to access your savings during the fixed term, so invest money you can afford to lock away. These are called  fixed rate bonds.

A chap I met a few weeks ago aged 90 told me his mum used to save their money in a biscuit tine and got o the bank every few months. He said they kept it in their chicken shed in case anyone broke into the house looking for it.

So many ways to save. How to find out what is right for you? Well read around talk to your friends ask for an appointment at the bank, scour the web, try a few things.

 The same principles account for loans .You need to find what suits you and your needs. But you need far more caution. getting a loan wrong can cause huge problems.

 I would definitely advise shop around and see what is out there. If you are in the UK  this loans calculator is a useful tool to check you can afford your repayments and to work out exactly what you’ll owe.

There are never one size fit all solutions in regard to money BUT some tools are are a good idea for everyone particularly when borrowing money. Loans calculators, regular calculators, big pad and pen, listening ears and an appointment with your bank as well as time to peruse the web are all useful when borrowing. You have to be CERTAIN you can afford to borrow (and safetly)

So my advice…save in a a way that suits you and BORROW in a way that is safe.

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