4th August 2022
Cost of 'Saver Inaction' Final 2 Tips
Today we are looking at the final two of the three tips that Woodward Markwell suggest to help get the most from your savings.
TIP 2: GET THE BEST INTEREST RATE YOU CAN ON YOUR SAVINGS
Make certain that any cash savings you have are earning the highest possible interest rate. Savings accounts and ISAs can now be switched relatively easily. If you do find a higher rate, keep in mind that it can change quickly. Cash ISAs, for example, are frequently offered at high rates for the first year. After the first year, these rates can drop dramatically. Set a reminder to keep an eye out for any new savings rates you come across.
TIP 3: THINK ABOUT INVESTING YOUR MONEY OR TOPPING UP YOUR PENSION TO BEAT INFLATION
It’s critical to consider the long-term impact on pension contributions, as well as the compounding effects of investing. Consider increasing your pension or investing in a Stocks and Shares ISA. It’s understandable that you’re concerned about the future at this point, but the important thing to remember is that investing is for the long term.
You can balance out the ups and downs of market volatility and economic uncertainty with time on your side. And, once you’ve established an emergency fund, investing your money is one of the best ways to beat inflation. You can increase your wealth while preserving the value of your money by investing it.
Contact Woodward Markwell if you have any questions you would like answered.