People urged to be 'disciplined' when it comes to saving

Tue, 11 Dec 2007

Consumers ought to ensure that they are committed to putting money aside in savings on a regular basis, one expert has suggested.

Colin Jackson, director of Baronworth, said that people need to "get into the discipline of saving" and set up a direct debit to take a certain amount regularly.

"Once you're into the discipline it becomes part of your general overheads and as far as the money in the bank goes you just pay your savings in each month," he commented.

Then people should think about what it is they are saving towards and choose the most suitable savings vehicle, such as an individual savings account, Mr Jackson advised.

A recent survey by Alliance and Leicester found that 39 per cent of respondents plan to increase their level of savings over the next five years.

Ewan Edwards, head of savings at the firm, predicted that if the current rate of savings growth continues over the next five years, personal cash savings will reach £1 trillion.
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