See What You Can Do With Just £100 A Month

See What You Can Do With Just £100 A Month

By aiming to have £100 a month left over once you’ve paid all your bills, consider some of the below ideas of what to do with it.


Open A Cash ISA

There are some decent deals around at the moment and for this current tax year you can invest up to £15,000 tax free. Most can be opened with just £100.


Make Regular Savings

Set up a savings account – many can be opened with a small balance and regular payments. You can also have a 12 month term where you can’t access the savings meaning in return you get a better rate. Opening a saving account at the same bank as your current account can also offer better rates.


Use Your Current Account

Some current accounts have decent interest rates already so don’t overlook these as places to keep your £100 extra.


Earn Cashback

Use your credit card to spend £100 on it that you wouldn’t normally, and take advantage of the cash-back offered, and pay off the balance with the £100 saved.


Over Pay Energy In The Summer

Get ahead and into credit by paying more than you owe on your energy bills during the warmer summer months. Then when you hit winter, your payments need not go up at all whilst you warm the house


Over Pay On Your Mortgage

Never one to over look – just a small amount of overpayment is generally allowed by providers and as such huge savings can be made over the lifetime of the agreement by just adding £100 a month. Some studies suggest this could save you nearly £20,000 over 25 years and cut off over 6 years of payments!


Over Contribute To Your Mortgage

If you already have one set up contribute a little more a month to ensure your nest egg is as full as it can be.


Buy Premium Bonds

Every month £1m is given away tax free with Premium Bonds, as well as other tax free prizes. The capital is completely risk free – the risk is that you won’t earn the same value in interest as you would have in a savings account. Conversely, you could become a millionaire!


Invest In The Stockmarket

Maybe not directly, but consider buying a stocks and shares ISA in a similar way to the cash ISA we mentioned above. Buying monthly spreads the risk of buying too high as most of the shares will be bought low. The long-term benefits of stock and share linked savings are well documented, but you must be prepared to play the long game.


Christmas 2015

OK so this Christmas isn’t even here yet, but £100 a month will give you £1,200 for Christmas next year – a decent fund by any measure.


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