Chris Ball, founder of Hoxton Capital Management, helps clients by providing financial advice specialising in assisting people with their investments, pensions, and retirement planning.

There are many providers with who you can choose to save once you have decided which type of saving or investment is the right one for you. Some of the more popular types of investments are fixed-rate bonds, company shares, index funds and commodities along with other types of investments that can offer growth over time.

Various banks and building societies provide a range of different savings accounts, some of which are accessible online. To get the most out of your money, you will need to think about how much you can save and for how long.

Investing is not just for the rich, as it is accessible to anyone who wants to grow their wealth, starting your investment journey with as little as £250. The current benefit of investing over holding money in savings is that the Bank of England  (BoE) current base rate is 0.1%, marking the lowest it's ever been in UK history.

We have put together below some saving tips on how to help you decide what savings route you could take to grow your savings to ensure you have the capital for when you need it:

1. Track Monthly Outgoings

Firstly, you need to set up a budget (you can find great budget planners online) which will show you how much money you expect to bring in against how much is going out. By keeping a budget of all your expenses each month, such as groceries, gas, electric, water, car payments, mortgage or rent along with any other items you may buy daily, such as coffee or lunch you can compare and track your income and expenses over a clear period, typically one month. 

2. Cut Your Spending

If your expenses are higher than you thought, it might be time to start cutting back. You'll be surprised at how much you could save by dropping your daily takeaway coffee, lunch or eat in more. When tempted to purchase non-essential items, wait a few days to give yourself a "cooling off period", you may change your mind. 

3. What Are Your Saving Goals

Start by thinking about what you want to save for and whether they are short-term or long-term goals. Short-term you may want to save for a holiday, get married or have an emergency fund, which is always a good back up plan should you lose your job.

Long-term goals would be buying a home or saving for your retirement. If you are saving for retirement, then you will need to consider various investment options such as an investment saving account with the opportunity for growth. 

4. Short Term Savings

If you're saving for short-term goals, consider Easy Access Savings, you pay cash into your account, they pay you interest while the money's in the account and you can withdraw whenever you want. Interest rates are usually lower because you pay for the flexibility. The rates are variable, so you will need to check your rate regularly to make sure you are getting the best possible returns.

5. Long-Term Savings

Investing may seem overwhelming at first, but it doesn't have to be a frightening experience. If you do your research and due diligence, you should be well on your way to a healthy and robust financial future.

A buy-and-hold investment is probably the most common investment for things like retirement, especially if you're in it for the long-term. This type of investment will involve buying stocks and holding them for several years. This will result in long-term growth due to the power of compound interest. Time in the market is key.

The goal of investing is to create long-term wealth by building a portfolio that would maximise profits from capital gains and dividends while minimising the risks. Investing is a learning process, and you should research as much as possible to help you to succeed. Remember, if you're not sure how to invest and what to invest in, seek independent financial advice.

If you are considering to start your investment journey, the first question you should ask yourself is whether you want to set up a portfolio by yourself or prefer to pay a fee to a Financial Manager.

If you want to explore options contact Chris Ball, at Hoxton Capital Management

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