Your money
Take control of your finances and make them work for you. You can save on interest as well as tax if you're smart about your choices. And by helping your children save, you're encouraging a new generation of smarter savers.
1 Start 'em early
Encourage younger members of your family to get the savings bug by opening a bank account on their behalf. It could be a good idea to let them make deposits, but not withdrawals... and matching what they save might be a worthwhile incentive to get them started!
2 A capital idea
Smarter savers are always tuned-in to how they can cut their debts. So if your mortgage deal allows it, 'overpaying' each month, even by a modest amount, will reduce the amount you owe (and, in turn, reduce the amount you need to pay each month). It's a virtuous circle that could eventually save you thousands in interest payments over the lifetime of a mortgage..
3 Where there's a will
If you have assets in the UK, this one's for you. When you make a will, you can be clever with your estate so your family gets more and the UK government gets less. As your estate will be taxed at 40% on anything over £300,000 (in cash or property) that you leave behind, it makes sense in your later years to spread your wealth amongst those you want to leave money to, so the taxman doesn't get so much when you're gone.
4 Swap shop
If you have income-generating assets on which you pay tax in the UK, you can legally swap assets between you and your husband or wife. Try to share assets out as evenly as possible to reduce your UK tax liability. We recommend that you take advice from a UK tax specialist on making your assets work in the most tax-efficient way.