Saving And Investing

Never invest your money in anything that eats or needs repairing. Mitt Romney

If you're looking for a home for your savings or investments, you probably feel spoilt for choice. Every kind of financial institution, from building societies to unit trusts, from banks to insurance companies is competing for your attention and your money. But you need different investments according to your needs and your circumstances. So once you take a closer look, the choice of appropriate investment probably is narrower than it might at first appear.

Sound foundations

Before considering other uses for your 'spare' money, you should ensure that your financial foundation is sound. This means taking steps to cover yourself in case of emergency and planning ahead.

An emergency fund

You should make sure that part of your money is speedily available in case of sudden need - for example, if you need costly repairs to keep your car on the road, the roof springs a leak, or you suddenly have to visit far-flung relatives in a family crisis. The money must be invested where you can get at it whenever needed but where it will still earn a reasonable return. The best place is likely to be an interest-earning account with a building society or bank, possibly with a large cash machine network. The amount you need will depend partly on your access to credit - if, say, you have a high limit on your credit card and a large part of the limit is usually unused, you might not need much in your emergency fund. For many people, around £1000 to £4,000 in an emergency fund would be enough.

Learn more about Debit Cards - Here

Complaints About Insurance

If you're unhappy about the way your policy or claim is handled, you should first complain to the company. If you used a broker or other intermediary, they might help you make your complaint. If the ordinary staff can't help, take your complaint to the manager of the branch you deal with. If you're still not happy, write to the head office of the company. If you don't have a contact, address your letter to the Complaints Manager, or phone first and ask who deals with complaints.

Alternatively, libraries keep directories listing the top officials in a company, together with the address... see: Complaints About Insurance

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