Experts have recently recommended that people who are currently saving their money in order to put a deposit down on a house should consider using a cash ISA to do so.
Online resource Candid Money spokesman, Justin Modray, remarked recently that these ISA savings products are one of the more sensible ways of building a prospective home buyer’s savings pot. Mr Modray stated that as ISAs are both tax-free and low risk, they are one of the most ideal savings accounts currently available for gradually but noticeably making your nest egg grow.
The savings expert however did mention that savers need to ensure that they have a solid plan in regards to how long and how much money they will be setting aside. Mr Modray advised that savers should work a monthly budget out that gives them the opportunity to save the proper amount.
Savers may need to be strict with themselves by scaling back on some luxuries such as clothes shopping and eating out, added Mr Modray. Moreover the savings expert was quick to note that any targets set to mark important milestones on the road to the right amount of cash should be upheld.
Mr Modray’s remarks come on the heels of the newest UK housing market survey from the Royal Institution of Chartered Surveyors revealing that property sellers have been returning this spring to test the housing market.
Meanwhile new findings from Scottish Widows show that 17 million people in the UK freely admitted to letting their financial wellbeing become burdened. The source of the burden is the large debts accrued throughout the worldwide economic recession.