Save for a “rainy day”

This is probably an unworkable motto for England given the number of rainy days we have, but the underlying principle is sound. It is wise to have accessible cash set-aside for an emergency. A rule of thumb target would be at least 3 times your monthly net earnings. An instant access ISA is a good way to achieve this level of savings. The good news is that from April 2011 the amount you can put into an ISA is expected to go up to £10,700, of which you can put 50% into a Cash ISA.