Stepping stone investing and other ways to get

Use Locally - Issue 83 March 2020 If you don’t have much money left for saving or investing once your essential bills have been paid, it’s important to make sure you get the most out of your money and make good use of compound interest. The stepping stone method can bring huge rewards even if you only have small amounts to invest each month, but there’s DZKROHUDQJHRIRWKHU¾QDQFLDO products and strategies you could also use to seriously LPSURYH\RXU¾QDQFLDOVLWXDWLRQ over time. Saving and investing using the stepping stone method The stepping stone method involves increasing the amount you save or invest by 10% each year. Whether you start off with £100 or £10, exponentially you could achieve a considerable increase in your return with minimal effect on your monthly ¾QDQFHV If you’re reluctant to invest, ¾QGLQJDJRRGVDYLQJVDFFRXQW or current account that pays credit interest can reap serious rewards, even for smaller amounts. This is what makes the stepping stone method so accessible, and one of the best ways to get the most from your money. If you do decide to invest, be aware that investments can go down as well as up and past performance is no guarantee of future growth, so you’d need to take professional advice before going ahead. Current accounts for credit interest If you pay a regular sum into your current account, such as your wages, you may be entitled to credit interest on your balance. Some current accounts offer higher rates of interest than savings accounts, but you’ll need to meet each bank’s eligibility criteria. &RQVLGHUORFNLQJLQD¾[HG rate If you’re sure you won’t need access to the funds, you can get more from your money by ORFNLQJLQD¾[HGUDWH)L[HG rate savings accounts and ISAs are typically available IURPRQHWR¾YH\HDUVDQG the longer your money is tied up the higher the rate you’ll get. Move your money around It doesn’t pay to be loyal to companies these days as the best deals are typically offered to new customers. )URPWKHEDQNVµSHUVSHFWLYH a higher interest rate does attract new business but, again, these offers are often time-limited. Tracker accounts Tracker accounts track the Bank of England base UDWHDQGRIIHUDVSHFL¾F SHUFHQWDJH¾JXUHDERYHWKLV UDWHIRUDGH¾QHGSHULRGRI time. They help to ensure \RXEHQH¾WIURPDQ\LQWHUHVW UDWHULVHVDVVRPH¾QDQFLDO institutions are slow to pass these on to their customers. What about a monthly saver? Regular savings accounts can be a good way to maximise your savings. You gain access to a higher LQWHUHVWUDWHIRUD¾[HG timescale, but there are limits on how much you can put away each month. )LQGLQJWKHULJKW¾QDQFLDO products takes a little time and effort but the rewards can be high as compound interest takes effect. Whether you try the stepping stone method or take advantage RIVSHFL¾FGHDOVPDNLQJWKH most of your money offers ¾QDQFLDOVWDELOLW\DQGSHDFH of mind for the future. By Ann Haldon Stepping stone investing and other ways to get more from your money

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