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Best way to save money???

  • 08-07-2008 11:58am
    #1
    cj2007
    Registered Users, Registered Users 2 Posts: 91 ✭✭


    Hey guys,intending to put away 5 grand for a year.Whats the best way to save at the moment??

    Ive tried looking at all the bank and intrest rates and its all so confusing!!!:confused:And the credit union...is that a good place to save??

    Any help is appreciated
    Thanks :)


Comments

  • #2
    jester77
    Registered Users, Registered Users 2 Posts: 11,264 ✭✭✭✭jester77


    Best way to save is not spend ;)

    It depends on what sort of access you need to your cash and what sort of risk you are willing to expose yourself to, is it a lumpsum or regular savings that you will be doing. Have a look on askaboutmoney, lots of good info there. If you want to just stick 5k into a savings account for 12 months then have a look at this thread in particular for comparisons of offers.


  • #3
    Xoote
    Closed Accounts Posts: 3 ✭Xoote


    jester77 wrote: »
    Best way to save is not spend ;)

    Easier said then done. lol


  • #4
    Blackjack
    Registered Users, Registered Users 2 Posts: 3,628 ✭✭✭Blackjack


    cj2007 wrote: »
    Hey guys,intending to put away 5 grand for a year.Whats the best way to save at the moment??

    Ive tried looking at all the bank and intrest rates and its all so confusing!!!:confused:And the credit union...is that a good place to save??

    Any help is appreciated
    Thanks :)
    First Active are offering a good rate on an e-savings account.
    Presumably you have a lump sum, or are you looking to put away an amount each month?.
    Bank of Ireland and Anglo, as well as EBS (offering the best rate at the minute as far as I know) are offering good rates on regular savings. 416 a month will give you 5000 after a year. The odd pence will be covered by interest.

    If you are looking for ways of cutting your spending to save money, shop in LIDL and ALDI. No messing you'll save a fortune on your regular shopping (as long as you're already shopping for your own food shopping and not living at home etc etc).
    Make a budget of your currently monthly spending, and see where you can cut down. It helps to manage your money as well as it gives you a better picture of when your bills go out of your account and how much you need to have in your account at any particular time during a month.

    It's not easy to save money, but you just need to be conscious of your spending. It really depends on your current spending habits and where you can cut down on the unnecessary, or what you can live without.


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