Best way to save money for future?
I am 24 years old and interested in using an investment plan or fund to save some money for the future. I already have an ISA account, but that does not allow me to actually save money as I am still able to dip into it when I need to. I have heard of companies such as AXA and was just wondering what the best/ reliable company or investment plan to use is if I want to save money every month. I only want to save about £20 or £30 every month if I can. Please provide websites if possible. Thanks
Public Comments
- I save my change every day in a bottle and it soon mounts up ~ Good luck with your saving ~
- keep all ur spare change. amazing way to save money.
- Under the floor boards. You may not make any interest but there again you are not going to lose any either.
- If you want to save £20 or £30 a month and want to be sure that you can't access it in moment of weakness, You can consider a high interest regular saving account. Usually the rate is fixed for the term (usually 12 months) and the interest rate is substantially higher than an ordinary current or instant access saving account. Interest rate has plummeted even more now so you've got to act quick before the banks remove their good rate offers. Good luck
- A ROTH IRA would be ideal for you. It builds tax-free savings, withdrawals can be made starting at age 59 1/2, and you can borrow against the principal at any time. Also, if you elect to never take withdrawals, that money will simply continue to grow for whoever you leave it to. Good luck. http://en.wikipedia.org/wiki/Roth_IRA
- Think Zimbabwe. Know that your paper money is going to go the same way, perhaps not so spectacularly, but it won't be too long before a loaf of bread will cost £10 (or half a North Atlantic unit if the international monetarists get their way) There's a lot to be said for emptying your pockets into a big piggy box under the bed and keeping it there. In these days of deflation, negative economic growth can be interpreted as giving your cash a kind of interest growth. ie, if you have £100 to buy goods today, you pay your £100. If you keep your £100 for a year and deflation over that period is 5%, what you would have bought will then only cost £95. But you still have your £100 which is a bit more than you needed to buy the thing in the first place. Is that a perverse way of lokkink at Interest.? If you can afford to do it, buy yourself a small stash of pure gold bullion and keep that hidden away safely. (Google gold bullion sales) Silver will probably be just as good in the long term for increase in value, and the unit prices are much less. Most financial advisers would agree that a small part of every-one's savings should include a little physical gold as a LONG TERM deposit of your wealth The thing to remember with both precious metals is that they are a bit like stocks and shares in that the value can go down as well as up. However, the long term prospect for metals is a steady increase in value to parallel the devaluation of your paper money. So, if you say that a 20gram bar of gold costing about £500 today will buy you a suit, a shirt, tie and a pair of shoes. History shows that in a hundred years time, that 20gram bar of gold will still buy exactly the same goods. Try to imagine what they will cost in paper money. Think Zimbabwe!
