Making Business Travels As Productive As Possible

by Magical Penny on November 13, 2018

Business travel can be great providing it is done correctly.

If you’re due to go on a business trip and you want to make sure it is as productive and worthwhile as possible, you’ve come to the right place. Using the tips and ideas here you’ll ensure that no time is wasted and that you complete your objectives.

Read on to learn more:

Plan Everything

Planning everything will help you to feel more at ease before your trip, so start by putting a list together of what you need to bring. You might also like to bring a few comforts from home so that you can settle in easier.

Get Familiar With Your Destination

Find out where you’ll be staying and what’s nearby well in advance of your arrival. Find out what amenities are nearby, the transport links, and where you’ll go if you want to grab a quick snack. When you do this you’ll be able to feel more relaxed as soon as you arrive which will enable you to get straight to work. Downloading apps in advance can potentially make your travels easier too, such as Uber, to make sure you always get a lift.

Find Your Focus

How can you optimize your time and comfort? Think of this as soon as you have landed and checked in. Will unpacking right away help you to feel better? Make every effort to settle in as early on as you can. If you’re going to be working from your apartment, consider creating a workspace reminiscent of what you have back home. Connect to the wi-fi right away, arrange supplies you may need, and so on. This will be a big help if you want to get any work done remotely in between meetings, conferences, or something else that you might be traveling for. Staying in a place like Manchester Apartments is a good call as you’ll be in the middle of the city, enjoy a room with plenty of space and comfort, and find work and travel far easier because of it.

It’s also a good idea to make sure you stay focused by setting yourself a few goals and intentions before you arrive, keeping them clearly in mind.

Make The Most Of Your Down Time

You’ll probably have some empty time to fill at times. For example, a flight with no internet, a dead device, a gap between a meeting. Use this time creatively if you can. Read a book, or do some creative thinking exercises. Don’t be afraid to catch up on sleep or take some time for self care, either. It can actually be far more productive to focus on yourself by doing this during down time, rather than trying and failing to send that email with a poor connection. You’ll only stress yourself out!

Hopefully, the pointers here have enabled you to make your next business trip as productive as possible. Plan everything, get familiar with your destination in advance, find your focus, and make the most of your downtime.

Thanks for reading!

 

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Is It Time To Try Something New With Your Job? Let’s Discuss

by Magical Penny on November 4, 2018

save early, save oftenLet’s take a moment to look back on the past.

Taking the time to go back to those school days.

Life may not have felt so pressured back then.

You will have only had your schooling and homework to think about, and the odd chore list around the home, and that was it. Life was for living. But, at that stage, during your later school years life, you are expected to have some sort of idea about what you want to do for the rest of it. Deciding on a career and job direction right then, so that you can make the right decisions about further education and job experience.

In all honesty, some people were fortunate enough to know exactly what they wanted to do with their life, other people simply wouldn’t have had a clue and probably took a stab in the dark. If you were one of the people that wasn’t sure, you wont have been alone. Many people have no idea on what they want to do when it comes to their career and often don’t even realise where their strengths are or what infuses their passions until later on life. If you are that person then rest assured, there is always a chance to make a change.

In fact, I made a career change, moving from a career in market research into financial planning, after being inspired by you, the readers of this personal finance blog!

I wanted to share with you some of the things you can consider when it comes to trying something new with your job and career. I hope it gi

ves you the motivation and inspiration you need to make the change yourself.

Decide what you really want to do

First of all, it is time to start thinking about what you actually want to do. Your job may have highlighted some of the skills you have, it may have helped you see where you can work better on what your passion is. Or it could be that life experience has brought you to decide a career change in a different direction is on the cards. Think long and hard about it, you don’t want to be in a position in a few years time again wanting to make some changes.

What’s important?

If you are unsure about what direction you want to take then ask yourself a simple questions, what is important? Is it the fact that you want to come home everyday feeling satisfied with the work you have done or feeling you have made a difference. Or is it to do with your income. Wanting to make more money so that in turn you can have a better quality of life during the down time that you have. Perhaps goon more holidays or treat yourself. Knowing what is important to you can help you make good decisions about the direction to take.

Work on your CV / resume

It is important for you to understand that you need to think about your resume when it comes to trying to obtain a new job. You need to think about how your CV / resume is going to stand out from other potential applicants applying for the same job. When was the last time you updated yours? Could you add anything to it to make it appear more desirable? There are plenty of articles online that can help you create the ideal resume.

Is it time to study for extra qualifications?

If your new job or career direction is in a different direction, or perhaps requires you to take on more responsibility, then maybe you need to think about what qualification you have and whether studying for additional ones or to gain new skills could be worthwhile. Many people study in their own time and take on varying degrees from home. You could look into the online business school from Aston University if it is those kind of skills you require, or look at more focused areas like marketing or digital methods to help you secure the new job. The options are endless and studying extra could help you achieve your dreams.

Maybe you need a full on change

Sometimes we just need a completely new direction when it comes to working and there are many things that you could consider that could be the right choice for you. Perhaps now is the time to relocate, work in a different city or even move abroad and try gaining some experience in a different country. Maybe now is the time to take some time out, so you can really focus on what you want to do. There are options out there.

Could volunteering give you valuable work experience?

Maybe volunteering is the way forward when it comes to trying something new with your career. There are so many good causes out there that will perhaps need your services that this could give you some valuable work experience and change your perspective in one go. You might also want to think about volunteering abroad, perhaps working with a charity or taking on a challenge. It could be the best step you take.

Time to make a decent first impression at the interview stage

It is all well good and having the tenacity to look for new opportunities and to think about what you want to do, but you also need to be able to impress when it comes to the interviews. Otherwise you won’t even get out of the starting block. This is when taking careful consideration with what you wear and also how you present yourself in the interviews can make a massive difference to how well you will do. It’s time to take charge.

Seeking out work opportunities and being proactive

Finally, it is worth taking the time to think about where you can seek out the opportunities. It might be worth looking at potential employers and making contact directly. This could help you seek out new opportunities before other people, or even be put on lists so that you can be made aware of work opportunities before people.

So there you have it,  some of the ways you can try something new and take a different direction with your job and your career.

 

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Top Tips To Help You Secure A New Job In The Health Sector

by Magical Penny on November 1, 2018

In order to save money and invest, you need to have income – and it’s best if you enjoy the way you earn that income.

Working in the healthcare industry can be a fascinating and rewarding job role to have.

In most jobs, you will get to help people each and everyday. Be that with their physical care, mental well-being or simply getting them back on their feet. There are so many roles within this industry, too many to list in this article, but whether you are physical therapy, counseling, nursing or becoming a doctor, just a few examples for you, then here are the top tips you need to be considering to get the health profession job you want.

Get the right qualifications for the job role you desire

One of the first and most important things you need to consider is your qualifications for the job role you have in mind. For example, training to become a doctor or surgeon will require years of study and qualifications achieved. There are other areas you could consider that might be a little quicker. It could be taking a fnp online so you can become a nurse. Or training to be a midwife. It might even be that you focus on a specific area like mental health and then gain qualifications that way. Research online to discover what you may need to do, and then make the right choices in regards to where and how you study to achieve it.

Ensure you encompass all experience you have in your resume

Having the qualifications and experience is one thing, not passing that information down to your resume to be seen can be a big mistake. Your resume is your first impression with any recruiter for the job role you want. If you don’t outline why you are experienced for the job and the qualifications you have achieved you won’t get a look in for the job role you have applied for. Consider how you come across and make sure you spend time advertising your best qualities on your resume.

Would you consider relocating?

One of the best things you could think about doing is relocating somewhere different for your job. Sometimes the perfect role may be in the next town or even at the opposite side of the country. Would you be willing to do this and if so make sure you make the potential employers aware.

Get some valuable working experience through internships and volunteering

It can be a little thankless, but job experience through workplace placements and internships are a great way to gain valuable experience for your resume and role in the future. Especially while you are studying. It can even give you an edge in coursework and essay submissions. Again this is valuable information for your resume.

Consider your own personal development

Finally, consider your personal development as well as your qualifications. Working in the healthcare industry requires a positive attitude in some of the most difficult situations. Ensure that you focus on positivity and reducing your negative thoughts. While it can be hard to ensure that have a positive attitude, and if you struggle with a negative thought process, take some time to develop new habits in positive thinking. It can make a world of difference to your day and your job role. Not just for you, but the people around you.

 

I hope this helps you secure the job you want.

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How Your Savings and Investments Can Help People Through An Innovative Finance ISA

by Magical Penny on October 31, 2018

If you’re a resident of the UK, an ISA should be one of the first places you should be putting your savings.

For many, a simple cash ISA comes to mind but the interest rates are very low and your savings, whilst safe, are not likely to grow very much. Even some of the best ISAs do not pay enough to keep up with inflation, so in real terms, what the money can buy, savers can lose money.

The solution to growing your savings faster is to invest in a different kind of an ISA, such as a Stocks and Shares ISA or, one of the newest kinds of ISAs, an Innovative Finance ISA.

Both Stocks and Shares ISAs and Innovative Finance ISAs allow savers to invest in things that have the potential to grow their money faster than cash though it does mean taking on additional risk. There is a risk because the investment value is not guaranteed to go up all the time, in fact it might go down in value for a time. If you are very unlucky, you may even lose it all depending on the how the underlying investment performs. However, there is also the potential for your investments to grow very strongly, certainly more than what is available with cash savings.

In order to manage risk it is best practice to diversify, meaning to invest in a number of different things, so if one investment goes bad, you haven’t lost everything. Diversification is an important concept to understand, meaning to spread the risk so you are not putting all your eggs in one basket.

investingInnovative Finance ISAs

To introduce even more options for investors and savers the UK Government introduced the Innovative Finance ISA (IFISA) in April 2016. This newer ISA allowed savers to invest in new forms of investments that promise strong returns without having to rely on more traditional stocks and shares, and offers an opportunity to investors to do some ‘good’ with the money.

One example of this new breed of investment is called Peer-to-Peer (P2P) lending.

It works like this: Those looking to borrow money used to be limited to the banks but technology now makes it easier for savers looking for a return to become mini-banks themselves. Through a peer to peer platform, investors can lend out their money to others and receive the interest paid on the loan. Those looking to borrow money now have more options than just relying on a bank,, and savers can get a better return than cash. Win Win. Best of all, the interest is received tax-free if the money is invested through an Innovative Finance ISA.

Of course there is still risk, the person making the loan might miss their payments, but for some savers, the return is worth the risk and they make lots of little loans to diversify.

Doing More With Your ISA

Another form of investing offered by an Innovative Finance ISA, takes the peer-to-peer lending concept even further. Rather than helping individuals through loans, the money invested in the ISA goes into a pool to help fund legal cases for those who cannot afford to go to court to get justice. When the case is won, the legal fees are paid by the losing party and the investor gets their money back, plus interest. In the event that the court case is lost, there is insurance in place that offers some return. For investors this is a way for their money to do some good and earn a return too.

For more information about this offering within an Innovative Finance ISA click here.

With all investing, there is risk, but the potential reward could be worthwhile if you are looking to diversify your savings and investments.

It’s also important to note that, unlike cash ISAs, money invested in investments is not always covered by the Financial Services Compensation Scheme.

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Get Closer To Your Dream Job

by Magical Penny on October 26, 2018

While right now you’re happy working in your mundane job to merely pass the time and earn some money while you’re at it, there will eventually become a point in your life when doing that isn’t enough anymore.

You begin to want more and create a purpose in life.

This is where you will start dreaming big of a career that makes you truly happy. You see, that is one of the most important things in life. Of course, we work become we want money so that we then have the financial freedom to do whatever we want, when we want, as well as buying the things that make us happy without having to feel guilty about it. But if you have that doing a job that you hate, then you’re always going to be miserable. You will wake up to an alarm every day and just want to fall back asleep again, and doing that week after week will eventually take its toll and leave you resenting everything and everyone. They say that if you find a career that you truly love, then you never have to work a day in your life, and this is so true.

If you work hard enough, there is no reason that you can’t have the job you have always dreamed of having. – Here’s how to get you that one step closer.

Be perfect on paper

Before anyone considers having you in for an interview and seeing what an awesome person you are, they will be reviewing your resume first. Even if you think it’s great, you need to remember that they will be reading through hundreds of other candidates resumes too, so the more impressive it is – the better. Businesses will be looking for someone with the right amount of experience, knowledge, and skill, so if you’re lacking in a couple of departments, make sure you get what you need. With technology being what it is today, you can get your mba online no gmat without all the stress of school and exams, plus it’s a lot quicker this way too.

Be memorable in person

If you are lucky enough to get an interview, again, you are just a candidate to them – a number if that, so your job is to make them remember you and stick in their brain, no matter how many other people they have to see after you. There are many ways that you can do this, right down to the clothes that you wear. You always need to dress smart, but no one said you can’t add a bright colour to the mix to stand out. Then it’s all about winning them over with your personality. Smile, be confident with your body language, make eye contact, and answer their questions honestly. – Don’t tell them what they want to hear – that’s what everyone does and quite frankly it gets rather boring after a while.

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How Long Does it Take to Build A Good Credit Rating?

by Magical Penny on October 17, 2018

Building a good credit rating is important because it affects your ability to borrow money. The good news is that not only can you check your credit score for free, but you can also improve it. In this post, we’ll look at how long it will take to improve your credit score and some steps you can take.

How Long Will it Take to Improve My Credit Score?

According to the Money Advice Service, your credit score will slowly improve over time as you continue to make on-time payments.

However, there is no ‘hard and fast rule’ on how long it will take to reach the level you would like it to. For example, if you’ve had large debts or a bankruptcy, then it will take longer to rebuild your score than it would for someone who has only missed a handful of payments.

In addition, it’s worth noting that it often takes 3-6 months to calculate your first credit score. You’ll need to make a small payment on your credit card each month and then pay it immediately to prove that you can be responsible with the money you’re borrowing. Then your score will gradually build.  

But, by keeping a close eye on your credit score and checking it regularly, you’ll also be able to spot issues affecting your credit score and rectify them. Checking for mistakes and getting on the electoral roll are just a couple of examples of ways you can start to improve your score.

Larger issues may take longer to resolve. If you have negative marks on your credit file, then they will usually remain on your file for 6 years. After this, they will be deleted.

Factors that Improve Your Credit Score

Although the period of time that it will take your credit score to improve will vary based on your specific circumstances, the factors that will improve your score over time remain constant.

You should:

 

  • Deal with any late payments

 

Catching up on late payments is important for improving your credit score. If you can catch up with your payments and then continue to make them on time for an extended period, then your credit score will improve.

 

  • Reduce credit balances

 

A factor called ‘utilisation’ is also important. This is the balance-to-limit ratio of your credit. Ideally you should pay your credit card balances in full each month, or come as close to them as possible.

 

  • Avoid your overdraft

 

If you go into your overdraft or miss a payment, then there will be a negative impact on your credit score. As a result, you should only take out loans for important events. Only ever borrow what you can afford to pay back, and don’t overspend.

Although there’s no set rule on how quickly your credit rating will improve, if you follow these tips, you’ll start taking steps in the right direction.

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How Not to Let Your New Car Ruin Your Financial Future

by Magical Penny on September 11, 2018

So you have decided to get a new car, but don’t want to end up in debt if things don’t work out as you expect. There are so many things you will have to consider before you sign the dotted line and drive your new wheels away. If you don’t want your car to cause you more trouble than joy, you might want to consider the below tips.

Check the Credit Agreement

Before you would take out a loan or a hire purchase agreement, you will have to check what’s included and whether there are any restrictions. You need to be realistic to decide whether or not you can afford the final payment at the end of the term. If you have to pay off thousands to finally own the car after making installment payments every month, you’d better make sure that you will have the money when the time comes.

Get a Warranty

If you are buying a new car, you will have to check what the warranty covers. This can differ from one dealership to another, so you have to compare Offers on New Vauxhall Cars and find out which one gives you more value for your money and additional security that you will not end up with a huge repair bill should anything go wrong.  

Make Sure Parts are Available

If you would like to become more financially savvy, you will need to start thinking ahead. This means that you check the part availability for the car you purchase. Talk to the dealership and check how much it costs to import the original parts, or get remanufactured ones. If you are buying an Italian or Japanese car, chances are that your repairs will cost you much more than having a local and popular model.

My first ever car

Get a Comprehensive Insurance

If you take out credit or pay in cash for your car, you need to get an insurance that covers every event. From accidental damage to arson and theft, you ant to be protected, or you will end up losing your car and your money at the same time. Pay attention to the small print of the insurance documents, especially the exclusions.

Consider a GAP Insurance

Some people say that you don’t need a GAP insurance, and it is a waste of money if nothing happens to your car. However, new cars lose their value much quicker than you would be able to pay off the balance, not to mention the interest you owe the finance company, You have to check the depreciation rate of your new car, and make sure that you can replace it in case you lose without getting into financial trouble.

Choosing a new car is something you shouldn’t take lightly. You will need to build your wealth and assets, instead of simply paying to use the car. It is a good idea to compare the different offers and the cost of insurance, part availability, and depreciation rate before you make your choice.

 

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Is A Vacation Home Really The Investment It’s Cracked up To Be?

by Magical Penny on September 7, 2018

When it comes to choosing where to put your money to gain a return on your investment, there are few options as attractive as purchasing a holiday home. After all, not only do you get to see your money grow, but you and your loved ones get the benefit of using such a home as well. However, before you sink all your saving into this type of deal, it is wise to ask whether it is the best type of investment for you? Something that the post below can help you decide.

Could a vacation home be your next investment?

Yes – You get to have your cake and eat it.

The key selling point of a vacation home as an investment is all about living the good life while being sensible with your money at the same time. In fact, it’s a have your cake and eat it situation!

What this means is that you are not only investing, but you also get to enjoy the thing you are investing in while your money grows. In fact, depending on your availability and the rest of your finances you could head out to your vacation property at any given opportunity and still come out with a tidy sum when you sell. Something that makes it’s a rare and seductive type of investment indeed.

No – Its dependent on the locations you choose.

Of course, no financial choice only has positives to consider, and when it comes to holiday home investments that are always risks of which you need to be aware. One, in particular, is that largely depending on the location of your chosen property the value of it can go down as well as up.

Now, this does depend on location, and the type of property you buy as well. With attractive homes in major cities like this Meriton Apartment being likely to retain and increase their value in a much better way than an older property that is a small town. The only exception to this rule being period homes that are in beauty spots such as log cabin by a lake or beach, which are also consistently in demand.  

Yes – You can sell at any time, or wait until price appreciates.

Lastly, when it comes to investing in a vacation property, a significant advantage is that you have control over how long to keep it and when to let it go. What this means is that if it no longer becomes viable economically or practically to hold on to your investment you can sell it and cash in.

Although, it is worth noting that being able to sell a property quickly isn’t always guaranteed. Also, to make a decent return on you invest, it’s wise to wait until the sale price is significantly higher than what you purchased it for.

Conclusion

In conclusion, holiday property investing can be a particularly smart move for people that plan using the home themselves, and that want a simple way to increase their assets.

Although, if you have no interesting in staying in your vacation home regularly, it is prudent to check out the other investment options that are available to you as well.

 

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The Financial Risks Of Starting A Business

by Magical Penny on September 5, 2018

investingThere is one primary reason why many people start their own business, and it’s this one: To make more money!

And why not? Starting a business could be the best thing you do today. It can boost your income, give you extra spending power, and give you the ability to give up your day job. What’s not to love? Well, there are all the expected risks for starters. Your business might thrive, but then again, it might fail, especially when you consider the statistics. And why do businesses fail? It’s largely because of financial issues. Still, it is possible to minimise these risks when you know what they are in the first place. We have listed some of them below. Consider each one carefully, especially if you are on the verge of starting your own business.

Risk #1: Giving up your day job

With a regular 9 to 5 job, you have a steady income. It doesn’t matter how large or small your pay packet is, you still have the assurance that there will be money in your bank account at the end of each month. Not so when starting a business. You are in charge of sourcing clients and customers, and the money you make will be variable. You are also responsible for paying your taxes, so budgeting is key.

Tip: Consider starting your business while still having the security of a paid job. By going slow with your business venture, you will gain valuable experience, without having to lose financial security. When you know the ropes, and when you have sources of income to help to grow your business, then consider taking it full time. You should also speak to an accountant, as he/she will help you to manage your finances (including your taxes), and help you to minimise financial risk.

Risk #2: Your financial mindset

You do have to adjust your financial mindset to give your business a chance. If you are too frugal with money, then you may never invest in what you really need to grow your business. If you are prone to wasting money, then you will never have the savings you need when an emergency arises.

Tip: It’s about knowing yourself and your personal habits with money. If you let any bad habits impinge on your business, then calamity won’t be too far away. Therefore, speak to an accountant for advice on saving and budgeting. Research the areas where you need to spend money and weigh up the risks of spending. And learn from experience where mistakes may have been made in the past. Ultimately, you are responsible for your finances, so be wise and sensible, rather than too frugal or too squanderous.

Risk #3: Losing customers

If you lose customers, you lose your profits; it’s as simple as that. They are the lifeblood of your business, and you won’t get very far without them. And if you upset them in any way – rudeness over the phone, lose their data, break promises – they will spread negative word about your business and damage your reputation.

Tip: Customer service is key, so research ways to keep your customers happy. Ensure you don’t fall foul of them and legal matters by adhering to regulatory compliance. Look at what your nearest rivals are doing, and vow to better them in order to keep your customers on your side. And put your efforts into marketing, to ensure you have a steady stream of customers using your service. By doing all of these things, you are minimising the risk of losing money because nobody trusts or uses your business.

Finally

Despite the risks, you may be in danger of restricting your financial future by deciding not to open a business at all. Still, be mindful of the advice in this article, and you will minimise any damage to yourself and your business. We wish you every success.

 



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Which ISA is Right For You?

by Magical Penny on September 3, 2018

Putting money into savings is a great first step if you want to grow your pennies and improve your financial situation.
If you’re a UK resident then it’s likely that opening an Individual Savings Account (ISA) is a good place to start because any interest, income, or growth, is tax-free.

But which ISA is right for you?

Basic Cash / Stocks and Shares ISA

An ISA is a simply a tax-free wrapper that protects your returns from tax.

The two main variants are ‘Cash’ ISAs and ‘Stocks and Shares’ ISAs. It is possible to have both a Cash ISA and a Stocks and Shares ISAs and funds within the two can be transferred between each other, though you have to be over 18 to have a Stocks and Shares ISA (or 16 for a cash ISA).

As the protection from tax is a valuable government benefit, there are limits to how much you can contribute into an ISA.

Every tax year — April 6 to April 5 — there is a fresh ISA allowance, currently £20,000 in 2017/18 for each individual.

flexibility in savingsGet Flexible

If you open a new ISA, you should check if it is a ‘Flexible’ ISA.

Rule changes mean that you can now withdraw money from an ISA and not lose the allowance if you return the monies in the same tax year. However, not all ISA administrators have adopted this functionality so it’s worth checking if that flexibility is available if it could be useful to you.

Cash ISA rates vary so it can be worth transferring for best rate but if you saving for the longer term consider a stocks and shares ISA for the potential for higher returns through equity-based investments.

Bonus ISA – Help To Buy

As well as the standard ISAs there are two ISAs that offer you a government bonus that will help you reach your savings goals if you’re saving for a house deposit.

The Help to Buy ISA came first, and is a type of cash ISA where up to £12,000 can be saved to qualify for the maximum 25% bonus (£3,000). You can open the account with an initial deposit of up to £1,000 and can then top up your savings by up to £200 each month. The bonus can be used to buy a a £250,000 home outside London or £450,000 if you aspire to be a Londoner. You can take money out of it for something other than a house deposit but the 25% bonus is lost.

Like a normal cash ISA you must be 16 to open one and have never owned a home here or abroad. If you are planning on saving using this type of ISA you should be aware that, perhaps annoyingly, the bonus cannot be used as part of the ‘exchange deposit’. Instead you get it after everything has completed. To be able to use the bonus as part of the deposit, you would be better getting the other bonus-paying ISA, the newer Lifetime ISA.

Bonus ISA – Lifetime ISA (LISA)

Available for those aged 18 to 39 when opened, a LISA can continue to receive contributions up to 50 years old.

It’s called a Lifetime ISA because the money can be withdrawn at any time to buy a house worth up to £450,000, or the balance can be left until age 60 when it can be withdrawn tax-free like a normal ISA.

Any money taken out earlier for reasons other than a house deposit will face charges of 5% on the whole amount so you should consider these monies to be for the long term. It is possible to have a Help to Buy ISA and a LISA, though the first-time buyers’ bonus is only awarded on one of them.

The contribution limit is higher than the Help To Buy ISA,  you can save up to £4,000 a year and get a 25% bonus from the Government (£1,000).

Most Lifetime ISAs are stocks and shares ISAs so you can invest in equities rather than being limited to cash. This provides more potential for growth depending on how the investments grow over time, although the values can also go down too.

Ultimately if you don’t have either you would be most likely be better opening up a Lifetime ISA as it has a bigger annual limit and can still be invested in cash if you wish. With a LISA a year needs to pass before a bonus is paid on a house so if your goal is to buy a house in the next 12 months a Help to Buy ISA might be better for speed.

Be Innovative

Another variant of the Stocks and Shares ISA is called the Innovative Finance ISA. This is an ISA that gives savers access to peer-to-peer lending platforms or invest in companies through crowdfunding websites. You could get a better return than available from a bank, but they are riskier. It’s also important to know the money is not covered by the Financial Services Compensation Scheme if the borrower defaults or the provider collapses.

What about Junior?

Those with children born after 3 January 2011 can save for their future using a Junior ISA where up to £4,128 tax-free each year for their child for the 2017/18 tax year. The account  becomes a basic ISA once they turn 18 meaning they access the money then, but children can get control of the money at 16. Interestingly, children aged 16 to 18 can have a Junior Isa as well as a standard ISA and they have separate allowances so lucky teens can maximise their savings if they have generous family memories or a well paid job!

How Many ISAs can you have?

You can open a new cash ISA or stocks and shares ISA each year , and contribute to any ISA each year as long as the total amount does not exceed the annual limit of £20,000. There are however, a few other points to consider so for more information on ISAs read this helpful ISA summary.

Happy Saving!

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