UK uncertain about trident alternatives
It’s imperative to consider alternatives and standbys for proper progress, even in savings and investments.
10:26 05 July 2013
The UK is examining available choices for the replacement of its nuclear programme Trident. There are conflicting viewpoints regarding the subject. Some want to renew the project as is, while others feel that this is a new era which should have a different solution.
In our own lives, we have to constantly decide whether or not to keep the status quo or try alternatives. Investing is one of those financial areas that prompt us to make these decisions. Here are a few ideas for using a savings account as a sort of investment.
- Set savings goal—first of all, you’ll want to determine if you’re saving for anything in particular, or just being wise with your finances. If you’re looking at a long-term goal such as retirement you’ll have different needs, than if you’re trying to establish emergency funds in a savings account.
- Analyze options—this is one of the most important parts when you’re thinking of an investment. You might typically consider investing in a start-up business, or working with someone to develop a portfolio, but you can also gain a return through the use of a savings account. Make sure to check all options though before choosing one.
- Types of accounts—there is a regular savings account as well as Independent Savings Accounts. You might want one of each, or you might just decide to choose a Cash ISA or a Stocks and Shares ISA which both usually have better rates of return when managed properly. The added benefit to the ISAs (both Junior and normal ISAs) is that the interest earned is tax-free, but there is an annual contribution cap.
- Clear benefits—when you’re considering investment alternatives make sure that you’re choosing something with a clear benefit. You might decide that a savings account won’t do what you’re trying to with investment money, but you might use it for a short-term goal.