Saving for the future – what is a NISA anyway?

Ever since  I went to university and got into quite a lot of debt, I’ve never been very good at saving. We generally live hand-to-mouth, with money coming in and disappearing out again incredibly quickly.

Not really a great way to live when you have three children to provide for.

And not just provide for now, but in the future too.

Looking through our accounts, I realised that although we had been making regular payments into the Wee Man’s Child Trust Fund (something which no longer exists for new babies), we have nothing yet set up for Bubby D and Little B. Forgiveable perhaps for a 3 month old. Perhaps not so much for Bubby D who is almost 3!

Savings though, and how to save, well, it’s all a bit mind boggling. When I was little myself I had a little red book and a savings account. Now it’s all CTF’s and ISA’s…well, that’s what I thought anyway til I had a little look.

Turns out the Chancellor has handily announced it’s all getting simpler as of 1st July – or NISA as it’s now known! (That stand’s for ‘New ISA’ – even the name of it is simple, hurrah!).

So I’ve had a look at a simple explanation of the NISA and it’s now all a lot clearer.

https://www.youtube.com/watch?v=uJK6FnSAX3g

The overall limit for subscription has been increased (will we ever save £15000? That would be nice!). That amount can also be split between the two different types of ISA (stocks and shares, or cash) or all put into a single NISA of either type.

It’s actually way less daunting than I thought. And if I do get stuck, I’ll just drop a note to some friendly helpers on twitter…

Now we just need to find some money to put in one!