Interesting ways to maximise your savings
Would you like to maximise your savings ?
Do you save? How do you save? There are so many ways aren’t there?
Someone I know put all their savings into one great painting. I rather love that idea.
I have various means. I have a coin jar for pennies, a Terramundi for school summer holidays and various bank related easy access savings account.
It helps me feel secure to have a variety of savings account. I have been considering an ISA but I would also like to take a slightly bigger risk?
I think perhaps I need some advice?
Here are some interesting ideas I have found:
Using a trust can be a great way of securing and saving your money for its intended recipient.A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of another. So, for example, you could put some of your savings aside in a trust for your children. I am thinking of doing this form y children so that when they are 30 they will have a lump sum and if anything happens to me no tax will need to be paid on it and they will get it when they probably will need it most.
How about building a portfolio Nutmeg build and manage a portfolio for you to save you doing this yourself and having to pay large fees. They diversify your investments to spread the potential and rebalance and adust allocation monthly. You can even set your desired level of risk which is an interesting concept!
How about saving money by putting it into property. Over at Money Saving Expert, Martin Lewis discusses how you can save up to 30% on buying distressed or repossessed properties particularly at auctions and how to avoid the risks.
Do you have any interesting savings schemes or ideas? I would love to hear them if you do?
I hope you have found this post on ways to maximise your savings useful – you may also enjoy my post on How a Savings Fund Could Help to Secure Your Family’s Future