Cash ISA's and Bank Savings Account
I thought the best photo to start this article off with is the above because I notice the family of piggies and then the bank manager piggy laughing in the middle! This is true to life because when you are trying to protect your savings you shouldn't expect any favours from anyone, don't believe all of the bank adverts designed to 'hook' you into their best savings account. The bank manager's main job is to look out for the banks main interests, if he has you banking with them then the bank has your money which they can invest and in today's economic situation interest rates aren't staggering! But in today's world you need a bank account and at least it's somewhere it where you won't be tempted to spend it.
Also another thing I've learnt about having an ISA besides the small interest you accrue is that although you get a cashline card with it, you can't spend it unless you choose to transfer it across to your current account online. Most saving accounts these days you can monitor online and transfer money from your ISA straight to your current account in seconds, so if your in an emergency where you desperately need money for something important like petrol or to pay a bill you need not to worry.
I thought the second image was also very symbolic of looking out for your money too, I find that looking for my images first helps me to flow with my writing because as they say 'an image is worth a thousand words'. I think the 'key image' sums up savings bank accounts rather well because the key to gaining wealth lies with the banks, they keep the economy flowing by providing people with loans and handling peoples bill payments. They definitely have the power, the banks are owned by the moderately rich and the 'key' to your progression is to save your money and spend wisely.
Don't be a baby and sit wishing of things you would like out of life but don't have the money, work hard and put a small amount aside, you will soon reach your destination as long as you have discipline and a plan. Even if your not saving up for anything in particular, you maybe wise to save for that all important 'safety net', this is another kind of progress, one which will ensure that you don't encounter any problems further down the line, for example you never know if something is going to go wrong on your car which could leave you searching for extra money which you just don't have. Even if you can't find a high interest savings account, you will get peace of mind from just knowing that you money in a safe place where you are unlikely to spend it unnecessarily, for example, I was having a moment of weakness this morning and I went to buy something online but discovered i could because my savings card is a maestro and most websites don't accept cards which aren't VISA or Mastercard, but I was glad later on because it probably would of been a waste of money.
This could be what your piggy bank looks like if your not 100% on top of your savings ALL of the time! Many of your friends and associates will try and persuade you to spend where your better nature tells you not to, for example it is always the case that when you are trying to save, everybody wants to hit the nightclubs or go to the movies, two prime examples of overspending on drinks or movie snacks. Many people will tell you, go on you need to relax yourself sometimes, or another one I heard was 'money's there to be spent', but usually it is these people who over indulge and find themselves in trouble, only you know when you entitled a treat without going too astray. Remember the best savings accounts are ones by people who have set aside a large amount each week, lets say between 50-100 pounds and stuck to their plan rigorously, this way you will reach your goals in a shorter space of time and will become less frustrated, therefore less likely to give-up.
Sometimes it can be a daunting task to save your money, you will wish you had a map like the one above! But don't panic, you will get used to the route once you have travelled it several times, you may even find shortcuts to get to your destination, and you will always arrive on time at your savings bank accounts! By shortcuts, I mean, you may be following a set pattern where you deposit a certain amount every payday, but you may come into some unexpected small amounts, lets say if your young it could be a gift or if older you may recieve a tax rebate, which you can use to top up your savings.
Now you don't need Mr T to tell you to get some nuts and start saving for your future and I don't want to go over topics I've covered in other hubs such as my one which deals with banks and students. Basically I just mentioned certain ways banks can even hold you back from progressing by talking you into benefits plans that charge you for services you aren't likely to use or by telling you a credit card is a good idea as long as you don't use it, most cashline cards are Visa Debit which is accepted online and over the phone these days anyway.
The bank may try and talk you into an instant access savings account if you are new to the savings game, this is because they think your don't have a lot of money and they'd rather be spending their time on the next 'big fish'. One cocky young bank sales man tried to tell me he couldn't set me up a ISA because their systems were down and told me to apply online, which I knew he was fobbing me off because I went to their other branch down the road and was greeted by an older more respectful bank manager. The difference between a regular savings account and an ISA is that the government takes the interest accrued on the regular, where as you keep it all with an ISA.
Like I illustrated just now with the London underground 'map money box', as long as you stay on track that is the main thing, your main concern is to keep looking ahead and thinking to your self, 'don't worry, only a few more days until payday and I will have achieved this.....amount'! And it doesn't matter how you get there, just try and avoid wasting money on those luxuries such as 'premade sandwiches and can you go without that bar of chocolate or can of coca-cola?', you will appreciate these things more if you keep them to 'every now and then'.
In this article I have mainly talked about Cash ISA best savings accounts and ways you can avoid being coaxed out of your money, I will end the in the same manner, high-lighting a major tactic retailers will try to tempt you into parting with you money, the old ' massive savings' sales-pitch. This can be used to attract not only customers who are looking for a better deal but also customers who who weren't even looking for that particular item but choose to participate because they think it could be useful in the long run.
When saving, you always want to be in the frame of mind that tells you, 'do I really need this now? or can it wait until next week?', this way you will find that you look back and think, I'm glad I didn't pay out on that. Most items that marketer's will try and sell you are the pursuit of trivia anyway, a wise proverb tells us 'one man is poor but dresses as though he is rich, another is rich but dresses as though he is poor'. i will leave you with that as the ending to the hub because proverb's are very thought provoking, and I hope my advice has been of value also!