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Ditching the daily coffee can pave the way to save
Buying a £2.50 coffee each morning before work quickly adds up, but that £50 per month could be put to much better use.
by Michelle McGagh on Mar 19, 2012 at 10:46
You may see your morning coffee as an essential pick-me-up before you tackle your working day but knocking your caffeine habit on the head could have a serious impact on your savings.
Today JP Morgan Asset Management is giving out free cups of coffee at London’s Liverpool Street Station to show people that saving and investing the cost of a coffee-a-day can make a substantial difference to your wealth.
Many people think it is too expensive to save and invest but £50 a month, or a £2.50 coffee bought 20 working days in a month, can easily add up, especially when you invest in a tax-free individual savings account (ISA). ISAs allow your cash to roll up tax free and be withdrawn tax free.
If you like the idea of saving a manageable amount why not try out ‘fiver a day’ strategy which teaches you how you can grow your money with £5 a day and a jam jar!
Keith Evins, head of UK marketing at JP Morgan Asset Management, said: ‘Investing just £50 a month is as much as people are paying on their daily take-away coffee each month, demonstrating just how affordable it really is to kick off a tax-free ISA pot.’
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