One recent financial expert has recently said that Brits who wish to think ahead for their future should think about boosting their savings by setting up a direct debit, eliminating the temptation to spend their money and instead deposit it into savings accounts for the future.
Online resource Candid Money owner, Justin Modray, stated that he feels direct debits are one of the best ways to provide a monetary safety net in the aftermath of the global economic downturn. Using direct debits can ensure a percentage of the cash foing into a Brit’s current account is used wisely, he added.
Mr Modray remarked that sticking to a monthly budgetary plan is one other way of effectively taking more complete control of the finances for your household. The money expert felt that for most people, the best option is to use a cash ISA for your direct debits, though there are a myriad of savings options open to those looking to put some cash away for the future.
The tax-free nature of any interest accrued by an ISA makes it an attractive choice when it comes down to growing your money, commented Mr Modray. Moreover as most such accounts grant you access to your money without a penalty, cash ISAs remain a very popular choice.
The financial expert also said that keeping a keen eye out for new offerings from banks and building societies. This is because many of these financial providers are looking to attract new customers by offering lucrative rates.
Mr Moray did take the time to urge savers to move the bulk of their cash into a new deal when it comes along, stating that as bonus rates expire after one year.