Most people don’t put the effort into managing their money, at great cost in interest payments, higher than necessary tax payments and potential lost income. And with inflation far outstripping both interest rates and wages – making untouched money lose value every day – there has never been a better time to take control of your finances.
Make 2016 the year you put your money to work.
Use your ISA allowance
ISAs are like a gift from the government. Every tax year you can pay up to £11,520 into ISAs, split evenly between cash and stocks & shares, and receive the interest and/or profits tax-free.
Seeing as the allowance increases each year with inflation, and ISAs can be topped up every year by the full allowance, you can build up a significant cash pile through ISAs alone. They may be limited in number, but ISA millionaires do exist. Continue reading