A blog about life in London

Saving London Style, How do Londoners Put Money Away for Something Special

Saving London Style, How do Londoners Put Money Away for Something Special

Nowadays, those who want to get the most out of life need the power of a healthy bank account behind them, but achieving this requires much more than will power alone. London has become synonymous with expense, but it is quickly emerging that the secret behind success could be the ISA.

Those who claim to be unsuccessful with money can’t help but feel jealous of those who mysteriously afford to go to numerous shows, gigs and restaurants throughout the year. London is expensive even for those living on a budget, however to make the most of the big city and experience everything available to you requires  deep pockets. But despite what some might think, it isn’t a matter of luck, unless you are fortunate enough enjoy a windfall. It is a matter of being money-savvy. Understand your outgoings and income, balance the two and invest in a sensible manner and you can make your money work for you instead of living hand to mouth and missing out on all that London has to offer you.

Making the most of your ISA isn’t a science, but it does require a little thought and research to get the best ISA around. There are a few things you need to consider before making your decision. Are you saving for something in particular, such as a wedding or a holiday? Or are you simply looking to make the most of your income and build up a security blanket of savings? Once you can picture your ultimate aim you need to workout what you can realistically afford to put aside. Find a balance between what you ideally would like to save and what you can afford while still living comfortably.

ISA’s vary between banks and it is easy to find one that is perfectly suited to your individual needs nowadays. While the temptation is to choose the one with the best interest rate, there are many other things to consider. Is the interest rate fixed for a certain period of time? Consider how much money you have to open the account with. There are options varying from £1 to £500 upwards and the interest rate will often vary based on this. Then there is the question of whether you want to set up a standing order to ensure a regular payment is made, or if you want to transfer money as and when you want.

Once you have worked out these details you will find that you have a feeling of control over your bank account and no longer have to live on the edge, wondering if you can make your money stretch that far. Today ISA’s are enabling people to reach their full potential and make the most of their situations.