Start Organising Your Savings Online

One of the main benefits of online banking is the flexibility that comes with it; you have access to your accounts 24 hours a day, 365 days a year from absolutely anywhere where internet connection is possible.

Having access to your savings with such speed and convenience means you can avoid queuing at your local branch or spending too much time with telephone banking. Most major banks in the UK now offer online banking to customers, with many choosing to carry out their banking via the World Wide Web.

Many transactions can be carried out online, from simply checking your balance to making payments. As you can instantly view transactions and statements online, it becomes much easier to control your savings when compared to the traditional monthly paper statement. It is also very easy to move money between accounts, so if you chose to set up both an online current account and savings account, you could transfer funds between the two with just a few clicks of the button.

Due to the savings that banks can generate from carrying out transactions online, preferential interest rates are becoming available for e-bankers, which is particularly good news for savers. The higher the interest rate you can secure for your savings the better; opting to bank online can help you in doing so.

Preferential rates and benefits aside, the different types of savings account available online are similar to those offered on the high street. Most savings accounts pay interest on an annual basis; however you should also look out for savings accounts that offer introductory rates or bonuses as this can be an easy way to secure even better terms. Therefore, spend a little time researching the different types of account and make sure you pick the best one for your requirements.

But if you're worried you might not be able to stick to your savings plan then why not set up a standing order? That way, your savings account is topped up every month without fail. In fact, it might be possible to arrange this online, especially if you already have a current and/or savings account with the same provider.

Making the Most Out of Your Savings

For many partners or married couples saving is a fundamental part of living as they look to get themselves on the property ladder, save up for a new car or go on a dream holiday. A number of banks and building societies offer a good range of savings products that with the right investment can give the investor a great return and additional source of income.

As well as selecting the right savings product to maximise savings income, partners or married couples should take full advantage of tax allowances. Tax allowances enable every person to have income earning assets up to a certain value that are income tax free. The figure is currently around £5,000 and by spreading out assets couples can ensure that either no tax or as little as possible tax will be claimed from their savings income.

For example, a man with £10,000 invested can avoid paying income tax on his assets by having half of the money invested in his spouses name so that the investment does not apply for income tax. Another great way to maximise potential income from savings is to go for a product with the least payment dates. Savings products usually give an option of having interest paid monthly, quarterly or annually with the highest interest rate being offered for the product with the lowest payment dates. So for any saver who can afford to live without their saving income for a whole year, this can be a great way to earn extra from their savings.

Setting Aside Your Money For When You Need it Most

According to new research, many people are now relying on their savings accounts as a place to keep their extra money safe. Indeed, households are choosing to put away their extra money instead of spending it - a sign that many see the current economic downturn as a cue to save, rather than spend, their money.

A surge in attempts to save more money has led the cash value of savings of households in the UK to rise to £11.7 billion in the last quarter of 2008. The rise comes as consumers choose to change their former spending habits. In the same quarter, the sales of food and drink fell by the largest percentage in five years. Instead of spending lots of money on holidays, restaurants and electronics, many are choosing to put that money away in order to let it grow without spending it on non-essential goods.

Experts have noted that many are choosing to save because they are expecting to see a drop in their household income. Though the interest rates surrounding mortgages has decreased in recent times, this has not led many households to increase their spending on other goods.

In the final quarter of 2008, Britons alone saved £7.6bn of their incomes in savings accounts. It has also been noted that the proportion of what is saved in accounts across the nation has grown radically, and is at its highest since 2006. In addition, each household is now saving an extra £3 per month compared to what was being saved a year ago. As people borrow less money and reign in their spending, savings accounts are surfacing as a reliable option for people to save the money they might need for later.

What's more, it has been noted that the number of people choosing to save money hasn't risen, but those who do choose to save are putting away more each month. In addition to saving money, household spending also fell by close to 1 per cent, as families continue to cut down on unnecessary costs. Many experts are cheering the move, as it implies that families dealing with debt are beginning to tighten their spending habits in order to pay it off.

How to Survive the Depression

Many people today are asking how to survive the depression. Although, only a recession has been officially declared, some believe a full blown depression is looming and they want to be fully prepared.

The best way to survive the depression is by keeping a hold of your job if at all possible. One of the worst signs of a depression is high and chronic unemployment. Many companies may be considering making redundancies in response to the depression. Try your best not be among those that are axed. A high level of conscientiousness at work is advisable. If you are one of the employees with the highest productivity, your employer will be less inclined to put your name at the top of the layoff list.

During a depression there is usually less money to spend and goods and services become more expensive. You can survive the depression by being much more frugal with your expenditure. Cut down on household bills by making use of low energy alternatives in lighting, for example. You can cook many meals in one go and store in the freezer. Try to make calls only during off peak hours and make the most of free talk time offers. Look after your clothes properly so that less needs to be spent on your wardrobe. You can also try shopping in bulk at the supermarket to make use of cost saving multi-buys.

You can survive the depression without having to forgo on leisure and entertainment. You may just need to make some adjustments in this area of your life. A depression is a good time to spend time together with friends. Instead of going to the cinema, why not all gather around someone's home to watch a DVD? Substitutes to expensive restaurants can be cook-offs at home. Take it in turns to host a meal. You can also use this as a game similar to those on reality TV shows where points are awarded for the best meal.

You can survive the depression by applying equal amounts of careful planning, expenditure reduction and creativity.

Three Opportunities During a Recession

Of course there are opportunities during a recession, including those listed below. In fact, many "lucky people" will prosper in these tough economic times. If you want to be one of them, you have to start to think like them.

To begin with, you might want to turn off the stream of bad news on the television. You get the picture, and there isn't actually that much "usable" information that you can get from these sources. Believe me, you'll hear about any really "big" news anyhow.

Once you have stopped feeding yourself a diet of negativity, start developing new habits and perspectives. See problems as opportunities, for example. See every setback as a valuable lesson (and many of them will be more valuable and less expensive than the ones you got in college). Start choosing to be in the right places at the right times.

With the habits and thinking patterns of a lucky person, you'll find ways to make the coming years some of your best. Here are some examples of the opportunities that are out there in the midst of this recession.

1. Buy Stocks On Sale!

If you have been hesitating for years to invest in stocks, hoping for a "half price" sale, this may be your chance. I won't try to guess where the market is headed next, but it sure has to be better to invest when it is lower than back when it was at record highs.

2. Pay Less For Your Home

If you don't yet own a home, you'll be happy to know that they cost less now. In fact, even if you own one, the drop in prices offers the opportunity to get your property taxes and possibly your insurance lowered. Record low interest rates (this is being written in early 2009) mean you might be able to refinance and pay less each month on your mortgage loan.

Many people are only seeing the negative in the real estate slump. Those who create their own luck look to see how there may be opportunity in these problems. Paying less for a loan, insurance and taxes means paying less for a home - regardless of where the current value may be. Incidentally, you might make back everything you lost in home value if you buy a few rental homes while they are cheap, and interest rates are low.

3. Learn Valuable Lessons

The idea of learning lessons the "hard way" is not too inspiring, but why not? Many people have come back from bankruptcy to become wealthy. Others have lost jobs only to discover what they really want to do with their lives. The hard times come in any case, so why not make them into turning points on the path to a better life?