Looking after your money
Online shopping
Shopping online is a great convenience, and puts us in touch with a wide variety of goods from around the world.
However, it can be risky.
Make sure that the seller you are dealing with is reputable by searching for reviews of their products and services on the web.
These can be useful in working out whether they are trustworthy or dependable.
Personal loans
Taking out a personal loan can be useful if you need to make a significant purchase, but don鈥檛 have the money to hand.
They are often used to fund car purchases, home improvements or overseas trips. Be careful though. The money must be repaid.
Be honest with yourself about how badly you need to make the purchase and how you will make the repayments.
Some lenders have very high interest rates and falling behind can cause big financial problems down the track.
Internet banking
Internet banking is a great way of keeping in touch with your finances, provided that you keep your passwords closely guarded.
Be aware of emails and text messages claiming to be from your bank. No bank will request your personal details over the phone, in a text, or in an email.
Current accounts
A current account is your everyday banking account.
It usually receives your pay and is linked to a debit card for spending.
Not all current accounts are equal. Some may offer higher interest, or good deals on savings accounts and loans.
Savings
Not all savings accounts are equal either.
Banks offer a range of different savings accounts that offer different interest rates and benefits.
Not all savings accounts allow you to withdraw money at will. Those that do may not pay a good interest rate. Other institutions, such as credit unions, may offer better deals.
Individual savings accounts (ISAs)
Individual savings accounts have become popular in recent years because they allow ordinary people to invest their money in the stock market.
Official interest rates are low, so savings accounts may not earn much interest. ISAs base their returns on the performance of the economy as a whole, and can therefore outperform regular savings accounts.
Like other savings accounts ISAs may not allow you to withdraw your money easily, so make sure you research your preferred ISA carefully.
Additionally, there is a limit to how much you can invest in an ISA each year. This amount changes annually. Be sure to check this limit if you want to save a large amount.