Those who wish to place more money into savings accounts need to take the time to fully understand their financial situation, it has been claimed.
James Falla, director of debt counselling agency explained that people will need to identify exactly how much money that can afford to place any savings accounts they have.
People should make sure that they clear any debts they might have before attempting to build up their savings, he stated.
Mr Falla said: "Once you have paid off those debts, start putting money away. Save at the beginning of the month - as soon as you get paid.
"Set up a direct debit to your savings account or withdraw it yourself."
If people left it until the end of the month to place money in savings accounts they will find that they have no cash left to do so.
Earlier this week, Kevin Mountford, head of savings at Moneysupermarket.com, said that with so many good deals on offer, now is a good time to put money in to an individual saving account .
Financial understanding key to boosting savings, expert says
Financial understanding key to boosting savings, expert says
Thu, 10 Apr 2008
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