Ridden with inaccuracies, half truths, and plain old news.
Posts tagged saving
40% of Britons Unable To Save
Sep 17th
A recent survey has shown that almost half of Britons are unable to save. Only 60 percent of those asked managed to put money into their savings account each month, saving on average £206. Back in January 34% said that they were unable to save. Of those who were able to top up their savings 65% used instant access savings accounts.
Another survey back in July found that a quarter of people had no savings put aside at all. With unemployment still rising those who are not saving must be concerned about what will happen if the are made redundant. We are lucky enough in this country to have support systems in place for those out of work but it is still not a good time to be job hunting.
Those unable to save should console themselves with the fact that ISA interest rates have hit an all time low. Its great to have saving to fall back on but those savings wont be growing by much until the economy recovers.
First Homes Becoming More Affordable
Jan 30th
It’s not all doom and gloom for young people in the UK, economically speaking at least. Petrol prices, rental costs and council tax may all be at an all time high but house prices are actually falling. This is either a very good or very bad thing depending on weather you have brought a house yet or not.
Average house prices have fallen an estimated 16 per cent in the past year.
Those of us who are renting are pleased to hear that first homes are becoming increasingly affordable. Some are suggesting that now is a good time to buy, before prices hit rock bottom and it’s too late.
In order to get a mortgage that wont completely strangle your finances you will need as much money as possible in your savings account. In fact, if you have enough of a deposit you could pay a lot less on a mortgage then on rent. Spending money on owning your property every month feels a lot more like making investments than paying a landlord.
So is now the best time to buy? It all depends on your financial situation, good luck!
Saving, however small the amount, makes us feel more secure.
Jan 27th
A recent study has shown that those of us who save some money every month feel more secure than those who do not. Even if we only save a small amount the act of putting away money makes us feel more positive and secure about our financial futures.
The study showed that when we reach a small saving goal it empowers us and makes us feel more positive about our ability to increase our savings. As the economy struggles it’s good to know that you have some money to fall back on should you experience difficulties. It is worth bearing in mind that the FSCS covers the first £50,000 per person per institution for standard bank account (the rules for investments are different).
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