What would you do with 15k, tax free? Buy a new car? Go on the holiday of a life time? Invest it in a tax free ISA?
Saving doesn’t always seem like the most exciting option but it could be said that there is no better comfort than knowing you’ve got something squirreled away for the future.
Although, let’s face it it can seem a bit of a pipe dream to get in more money each month than you need to spend. With the tax free saving limit for ISAs increased to £15,000 from £11,800 this month, there’s a great incentive to start creating a nest egg for the future. If you’re a basic-rate taxpayer with a spare £15,000 to put in a cash Nisa paying 2.5%, after a year you’d have accrued £375 on top of your original savings.
This all sounds great but if you’re not excited about the chance to top up your ISA, (chances are because you haven’t even started saving at all) how to do you begin the saving process when £15,000 in savings can seem like a mammoth task. The good news is to encourage young people to take advantage of the maximum interest available, Gocompare have created a quiz called ‘What Type of Saver are You?’, you can discover if you’re as tight fisted a Mr Burns or a risk it all on a horse type like Del Boy?
The best part of the quiz it also offer sound advice on how to improve your savings and start contributing to that Nisa and enjoy all those juicy, tax free, savings ASAP.
More info on NISAs available here: http://www.gocompare.com/covered/2014/06/a-nisa-way-to-save/