Reviewing spending habits could boost savings

Young people seeking out accounts with the best savings interest rates have been urged to review their spending habits in order to increase their funds.

David Rodger, managing director of the Debt Advice Foundation, said that the younger generation need to take on board the importance of money management.

He advised people to review their current income and expenditure to see if they could contribute more to accounts with the best savings interest rates and reduce their reliance on borrowed money.

"Buy what you can afford when you can afford it and living to a budget rather than a credit card limit."

"It's the best way to avoid the worry and stress that living a life in the red can lead to," he said.

Mr Rodger added that new research from NS&I National Savings & Investments shows that people aged 18 to 24 save a higher percentage of their income than any other group.

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2011-06-13 13:01:39 © Moneyextra.com