Is Now The Time To Save Money

Each of my children has a bog standard saving account set up. All family members put money into them at various times of the year. We are hoping this will be a nice little nest egg for them when they turn eighteen. Whether it be money for driving lessons, deposit for a house, a new car, it is just nice to think that they won't have to struggle to pay for everything like my husband and I have in the past.

Now the silly thing is, is that we have these accounts set up for the kids but we don't have a savings account set up for ourselves, I think purely because we never seemed to have money spare at the end of each month to put aside.

Over the years our budgeting has got better and with my husband now in a better paid job we have recently started looking into opening up an ISA.

I don't know if you lot know but on the 1st of July this year, ISAs became known as new ISAs, NISA.

In simple terms, essentially they are still the same thing, tax free of tax effiecient accounts for your savings of investments. They are a way of increasing your returns by paying little or no tax.

I'm not clued up when it comes to money so I wasn't sure what the differences were between an ISA and a NISA?