Savings and Borrowings

Your name: Name required
Your email: Valid email required
Your message: Message required

Captcha required

Saving a little each week or setting aside some money for a rainy day can help you plan for the future and cope with bills and expenses.

If you don’t have any savings, an unexpected bill could become overdue or you might end up having to borrow money to pay them off.

Sometimes you might feel you don’t have anything left at the end of each week, or each month, to save. However, using a budget planner can help you make some small changes that will allow you to save, even if it is less than a pound a week.

Here are some things to think about:

Many people prefer to keep their money at home or in their wallet or purse. This means that you don’t get any interest on the amount and you are at risk of getting all your money stolen, with no way of getting it back.
Banks and building societies now offer a wide range of bank accounts - including Islamic accounts which comply with Shariah Law – so there is likely to be one that is right for you. There are a few things to consider when choosing a bank account and The Money Advice Service produces a helpful guide to basic bank accounts to help you decide.
Credit Unions are a type of community bank, run by and for members of your community. Your money is very secure and credit unions give you the option to save and also borrow at a low rate of interest. The Cestria Credit Union is the local credit union and application forms are available for adults and juniors. If you want to know more about credit unions, Northern Money has information about credit unions that cover different areas of home or work.
Remember, you are paid to save, but it costs to borrow.