Top Tips for Sensible Saving
Tuesday, February 17, 2009 19:05
Saving money is not as easy as most people have expected. One need to be have plans and be disciplined. Saving during the time of recession could be even harder. Here are some top tips for sensible saving:
1. Never invest money in the stock market that you might need in the short-term. If share prices fall, you could get back less than you invested. However, there are products which let you invest in the stock market while guaranteeing you get all of your original investment back, whatever happens.
2. Couples can lessen their tax liability by keeping savings in the name of the partner who pays tax at the lower rate. Financial advice should be sought before making any changes.
3. Private pensions may be essential if you want to enjoy secure retirement. The good news about saving into a pension is that your contributions attract tax relief. That means when a basic rate taxpayer puts, say, 80 pound into a pension, it’s currently topped up to 100 pound by tax relef. That’s 20 pound extra from the taxman!
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