saving ££

xirokx

Hi

Im 26 and not till recently have I ever thought about saving...

Im not looking to purchase anything specific, i think its just good to have some backup funds...

I get paid 1220 a month of which 500 goes towards, rent, bills, lunch, petrol, cigs etc...

How much should I be saving? To put things into perspective how should I begin to save? Should I get an ISA? I dont know where or how to begin...

Im after some tips?

Please please please help

Thanks in advance..

Cheers

ManAtHome

Cash ISAs are a good place to start - some reasonable rates around and interest is tax-free. Dunno if you aleady use inetrnet banking (makes life much easier), but if you also set up an internet ISA, you can move "spare" cash at the end of each month with an on-line transfer.

Be warned though - this saving malarky can get a bit competitve (saved £200 last month, aiming for £210 this... etc). Good habit to get into though - stuff is a lot cheaper when you're not paying interest on loans. Good luck with it.

xirokx

thanks for your help...

im currently with natwest, which banks offer the best cash ISA's? is there such a thing as the "best" cash ISA?

please help

thanks in advance..

ManAtHome

Have a look at these 2 articles on the main site - plenty of pointers...
ISAs http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1077487692,12362,
Savings in general http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103213261,45760,

I still like the NS&I one - close to 6% and 'clean' (no gimmicks).