Different Ways To Save For Your Future

Pensions

We are all entitled to our state pension, currently £164.35 per week, but is that a realistic amount for us to live on? Workplace pensions go some way to mitigate this, so for a young person earning between £5,876 and £45,000, this is a great way to build your pension fund as you progress from job to job over the years.

But you can opt out of the Workplace Pension Scheme if you have your own personal pension so as long as you're making regular contributions to it, then you can ensure your later years will be comfortable.

Property

The value of pension funds can fluctuate with the markets so many people believe property is a better investment. The rental market in the UK is buoyant and with the current low-interest rates the income should cover any mortgage payments you are making, with a healthy profit left over.

Many banks are offering buy-to-let mortgages, though you may want to keep the payments low by taking an interest-only mortgage and sell the property at a later date to repay the capital.

Stocks, Shares and ISAs

If you're ok with a little risk then an ISA is a good thing to look at. Government bonds are the safest option though they do deliver the lowest return because of the lower risk. Shares are at the other end of the scale and can fluctuate wildly depending on the state of the global economy.

ISA gains are tax-free, which is a great reason for choosing them, but they do have limits on the amounts you can save. At the time of writing, the limit is £20,000 per year.

Cryptocurrency

There's a lot of talk about 'crypto' these days and a lot of it is baffling. Bitcoin is the most famous of the currencies.

Cryptocurrencies should stabilise eventually and the whole concept of blockchain transactions will become more and more important in all aspects of our society in the years to come. If you've got a spare pot of cash to invest in crypto then do learn as much as you can about it first. There are big gains to be made, but you could also loose your pot quite easily.