You can save PS500 a monthly on your ISA by making and saving PS500 per month For the 2022 financial years, the tax-free allowance is PS20,000. Instead of letting your savings sit in an ordinary account, take advantage of the tax benefits that ISAs offer. It is crucial to take full advantage of your tax-free allowance in today’s low interest environment.
Are you not able to save enough money to fully take advantage of your tax-free allowance Don’t worry. We have some great tips to help you save enough money to create a cash ISA that looks healthy in a year, even if your finances are already stretched beyond their limits. It’s possible for anyone to do it, so keep reading for all the details.
How to save PS500 a Month on your ISACut your living expensesShop smartMake money onlineMake more money in your spare hours
The best ISAs available
Want to know the best way to save taxes but don’t know where? Our guide to the best ISAs will help you choose.
We recommend this ISA for easy access and no penalties for withdrawals from your account:
Shawbrook Bank – Fixed Rate Cash ISA at 0.98% Shawbrook Bank’s ISA offers one of the most competitive rates on the market at 0.98% AER. You will need to deposit PS1,000. This account allows you to withdraw and pay in money as often as you wish. Online application is possible.
We recommend the following:
Hodge Bank – Fixed Rate Cash ISA 1.25% for 2 Years It is not one year, but it is 2 years. The PS1,000 deposit is required. However, withdrawals made before this time are subject to a penalty. You can only deposit money to this account when it is opened.
How to save PS500 a Month for your ISA
The government raised the maximum amount you can wrap in an ISA to PS20,000 per year starting 6 April 2021. This can be split between a cash ISA or a stocks-and-shares ISA.
You’ll see that in order to meet your annual allowance of PS20,000 per year, you would need to reserve PS1,667 per month. This may seem like a lot. You could save PS500 per month to have a cash-ISA of PS6,000. You should save any extra money and put it into a stocks or shares ISA.
Saving PS500 is not as difficult as you might think. How can you get to that magical number? Here are some suggestions.
Cut your living costs
It is easier to reduce non-essential spending like buying clothes and new technology than it is to cut back on essentials like food and bills. If you’re savvy, you can reduce your insurance, utility bills and broadband costs.
MoneyMagpie’s mission is to help you save money wherever possible.
Let’s begin with one of the most common costs that we all have to pay on a regular basis. Although mobile phones can drain your bank account, there are ways to cut down on your phone bills. Here are our top 10 tips for saving money on your phone bill. These tips include switching providers, recycling old phones, and many other things!
Landline phones are rapidly disappearing. While once households couldn’t live without them, technology has made it easier to find one. It may be worth selling a landline you don’t use. Most likely, you are being charged monthly for line rentals.
A great article on how to reduce the cost of your smartphone is also available. You can find it here.
We have the answers to your questions when it comes time to save money on your bills. Jasmine Birtles, our founder, is a personal finance expert who hosted a webinar in October about how to save money on heating bills. Watch the webinar, read the summary and watch the video below. Expert guests shared great tips and tricks for saving money on bills. They are easy to do and won’t cost you anything.
It may be worth spending a small amount on insulation for your home if you have the funds. It is possible that you are unsure if your insulation is working. If there’s snow or frost in your area, you can stand outside your home and inspect your roof. Your insulation might need to be updated if all of the snow or ice has melted or is melting quicker than your neighbors. It will cost you upfront, but it will save you a lot of money over the long-term. Read our guide on how to get insulation.
Also, we recommend reading our article on smart meters and how they can help you save money on your monthly bills. Summer is as crucial as winter for saving energy. There are chances that you’re using energy in your house that you don’t use or even know you’re using. Find out how to save electricity in summer by reading our guide.
Be wise when shopping
The most important bill is food shopping. Food shopping is essential for your family. There should never be a choice between heating or eating. You want to ensure you get the best deal when shopping. These 8 Supermarket Secrets will help you save even more money every time you shop.
A Boxset Newsletter was also published recently. It is all about food, and how to save money. You can find it here. Don’t forget to subscribe to our newsletter to receive future money-saving tips directly to your inbox.
A 7-step guide to saving money on food without sacrificing quality is also available. We have everything you need in one guide, from bulk buying to online shopping, loyalty cards to avoiding pre-prepared foods.
There are many apps that make it possible to get food absolutely free. Olio and Too Good To Go, are two examples of companies that are leading the fight against food waste. You can also find delicious food that supermarkets cannot sell. You can check it out right now.
You don’t have to be a vegan or think about cutting down on your animal products and meat consumption if you don’t know how to budget. You’ll find plenty of low-cost, delicious vegan recipes.
Cashback websites are worth looking into if you shop online. You get money back on any products you purchase through them. This can help you save a lot of money. However, it is important to ensure that the product you are purchasing via a cashback website is not cheaper elsewhere. For example, if the TV is part of a 50% off sale somewhere else, it is not a good idea to purchase a TV from a site offering 10% cashback. TopCashback and Quidco are our favourite flashback websites.
For 2022, get your money organized!
A webinar was also held recently – How to organize your money for 2022! The summary of key points can be found here or you can watch it below. There was much discussion about how to save money when you shop for food. It’s definitely worth watching!
Online business opportunity
MoneyMagpie readers will know how much we love paying surveys to make extra money. You can make a lot of money while you watch TV, take a bath, or wait in line at the grocery store.
Register on an online survey site to get paid to complete questionnaires. The normal pay rate for completing a survey is anywhere from 20p to 10p. Typically, the longer the survey, then the greater the reward. Surveys are usually short and easy to complete.
We recommend these sites:
Toluna (iPhone, Android, Desktop)Opinion OutpostQmeeLifePointsOpinimumInbox Pounds
You can also make money online in more traditional ways. Why not sell unwanted household items (from clothes and electronics) on eBay? Did you know that CDs and cassette tapes are in great demand right now? You’re likely to still have books and old games. You can even go online to see what you can do.
Earn money while you are at work
It’s easier than you might think to make money in your spare hours. You might be thinking “But I don’t have the time!” Some of our tips and techniques can be used while you’re watching your favorite film, or even without you actually trying.
Start with these 22 ways to make and save money in 2022. There are 11 ways you can make money, and 11 ways you can save it. You will find a way to cash in or out that fits your needs.
There are many other ways you can make and save money to increase your ISA. These articles may be of interest to you:
There are 66 ways you can get free stuff, save money and live free21 lazy ways of saving money on everything44 ways that you can save PS100 this WeekTop 10 ways you can grow your money10 easy ways for making money doing nothing10 ways that you make quick cash52 money-saving tips for families
Save PS500 per month on your ISA MoneyMagpie.
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