I don't pay tax, how can I start saving?

Cat179
Cat179 Posts: 7 Forumite
in Savings & investments
I am a stay at home mum. The only income I get is child benefit so I don't pay tax.

What is the best way for me to start saving?
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Comments

  • bengalknights
    bengalknights Posts: 5,021 Forumite
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    Put some of the income away for a rainy day. Only you know how much you can save.
  • ColdIron
    ColdIron Posts: 9,016 Forumite
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    You could make a start with the How to Start Saving link at the top of the page
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    Depends what you want to save for - a rainy day? Retirement? Christmas? Unless you have some sort of goal in mind, however vague, it's impossible to give any meaningful guidance.
  • Cat179
    Cat179 Posts: 7 Forumite
    My goal is to get good interest on whatever I save, so I can get more money. And of course to get friendly and helpful advice from the forum, which I just joined about 10 minutes ago. Googling and looking up links are great, but rather impersonal.
  • RG2015
    RG2015 Posts: 5,901 Forumite
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    Savings advice will be different depending on how much you can save. How much do you think you will be able to save each month?

    If you don't know exactly then a budget planner may help you to see how much you have left at the end of each month.

    The link below is to an excellent online budget planning tool on the Money Advice Service website.

    https://www.moneyadviceservice.org.uk/en/tools/budget-planner
  • xylophone
    xylophone Posts: 44,348 Forumite
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    only income I get is child benefit

    Where do you bank?
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    Cat179 wrote: »
    My goal is to get good interest on whatever I save, so I can get more money. And of course to get friendly and helpful advice from the forum, which I just joined about 10 minutes ago. Googling and looking up links are great, but rather impersonal.

    ...but in the absence of 'personal' knowledge, good quality links are probably your best way forwards. Everyone wants decent interest rates and the links will show you current 'best buys'. It's unrealistic to expect people on this forum or anywhere else to type them out for you when they are readily available at the click of a mouse - and the links are updated regularly, whereas posts here aren't.
  • Cat179
    Cat179 Posts: 7 Forumite
    edited 19 March 2018 at 6:17PM
    "Where do you bank?"

    TSB, by default really as I was a Lloyds customer, which merged with TSB, then divorced again, and I ended up with TSB :undecided
  • jimjames
    jimjames Posts: 17,596 Forumite
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    The advantage you have is that with only child benefit as your income you are likely to be able to get the best rates as they tend to be on small sums. Only issue might be eligibility for some accounts but it depends if you joint accounts and which banks you are currently with. You should be able to get at least 5% if you try.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Cat179
    Cat179 Posts: 7 Forumite
    jimjames wrote: »
    The advantage you have is that with only child benefit as your income you are likely to be able to get the best rates as they tend to be on small sums. Only issue might be eligibility for some accounts but it depends if you joint accounts and which banks you are currently with. You should be able to get at least 5% if you try.

    Now that DOES sound interesting!
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