Saving money

A regular savings habit can help you prepare for the future. The money you accumulate could take the sting out of high university fees. Or help you
purchase a car or secure a mortgage. Many experts advise saving at least 10% of any money you receive.

You can open a savings account in your own name from age 7.

Shop around for the highest rate of interest. The simplest type of account allows you to save as much or as little as you like and instantly access your
money. You can often start with as little as £1. For a better return look for accounts that involve saving a fixed amount regularly. Withdrawals are limited so use this type of account for long-term savings.

Once you have a reasonable sum saved you may want to move it into another investment with higher returns. There are a number of options available but be cautious. Do your homework and seek advice.