Welcome to episode 2 of the Serious about Saving series.
In the second episode of our latest series, we discuss interest in detail. In the show we discuss:
- why interest is so crucial for our saving journey
- the relationship between interest and inflation
- compound interest
- how we can make the most of it going forward
Interest is often something we read a lot about, but some of the concepts its involved in can surpass us. This is most common especially with new savers! So check out this episode to find out how you can make interest work for you and your money.
As I said in the episode, you will find the following links super useful to help you learn about Interest:
A video on compound interest, provided by Investopedia, can be found here
For a simple breakdown of the pro's and cons of Interest can be found here
For a summary of the inflation and interest rate relationship, click here
Finally have a look at this compound interest calculator. Use this to work our just how much money you can earn in the long run, put in different amounts, different rates of interest and so on!
Listen to last weeks show Breaking down Saving
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