To save means to put a portion of your money stashed away for a rainy day or to go towards a purchase you’ve been craving for.
The main aim is to keep your savings safe and over time increase in value. However it’s very easy to dip into it regularly without giving it a chance to grow or even place it into an account, which isn’t even giving us a good return.
Questions to ask
So where would be the best place to save? There are many options but the first thing to ask yourself is:
a) Are you content to put your money away safely and earn minimal interest? (continue reading)
b) Are you happy to take on the risk that you may lose some of your monetary value to potentially earn more than with traditional savings?
Traditional Savings in the marketplace are not as attractive as they used to be with interest rates starting really low at just over 0%. The rates offered can vary depending the type of account used for your savings. These are not mutually exclusive, so you could have a combination of more than one type.