This is an increasingly important subject in both the UK and USA with the recent upheavals in the sector. So keeping an eye on your money and making it s-t-r-e-t-c-h is becoming more important than ever.

No matter if you are out in the wide, wide world earning your crust, or still at University or College don't struggle with your finances, we are here to help.

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Whether you are saving for a new car, a house or retirement, the only solution is to economise and save wherever and whenever possible.

On this page we will cover subjects allied to money including the dreaded word - debt. We will also take a look at student cash-flow problems, the security of online buying, etc.current (cheque) account.

WHERE WILL YOU SAVE YOUR MONEY? Many people find their eyes glazing over at what they call this boring subject. This is where you can save yourself a mint. The following tips will help you.

By changing the home for your money it is possible to at least double the interest you receive on your accounts. This could amount to hundreds of pounds over the years. In many cases, if you are a prudent saver, this could be thousands of pounds.

It will pay you to hold your cash in more than one account (if you are fortunate enough to have more then £35,000 savings). This figure is the amount by law, that is guaranteed to be paid to you in compensation if a bank collapses. It was recently announced by the Chancellor of the Exchequer, Mr. Darling, that this figure of £35,000 would be increased to £100,000, but then a few days later this promise was quietly withdrawn.

One important point to bear in mind is that this figure of £35,000 is covered by the Bank's License. For instance, HSBC owns another bank i.e. First Direct, then this Banking License covers both banks, and therefore if you have £35,000 invested in both banks, you will only receive compensation on £35,000. Be warned.

These organisations will make more than enough in profits every year, so make sure some of it comes to you via the interest rates.

With the Bank Rate at its present high point is well worth your consideration.

The sad fact is that people often get divorced more times than they move their account. Learn to be a ‘rate tart’ and invest where you receive the best rate of interest. A Bank Manager recently told the author that banks loathe 'rate tarts', which proves that by becoming one you are getting things right.

OVERDRAFT CHARGES

When you open a bank account think - will you need an overdraft ? What is the limit and perhaps most important of all, what charges will your bank levy if you exceed the designated amount?

As stated in the next item, bank customers are nearer to getting a refund on past overdraft charges they have paid.

Overdraft charges vary from bank to bank, with Abbey at the moment at the top charging £60.12 penalty for a £200 unauthorised overdraft for one day and Alliance and Leicester at the bottom (if it can be called that)with £30.15 being charged. Check these rates as they are continually changing.

'FREE' CURRENT ACCOUNTS.

Bank customers could now be in line for a massive £lbn. refund after a recent significant decision in the High Court over unfair charges. A judge ruled that fees for exceeding overdraft limits and bouncing cheques were subject to 'unfair contract' regulations.

Following this decision there is the possibility that banks could begin to charge for administering cheque accounts etc, in an order to re-coup the £1bn. mentioned above. Watch this space.

Some, such as First Direct are already paying no interest at all on current accounts.

VARIOUS BANK ACCOUNTS. At the time of writing with the financial market in a form of melt-down. The best advice in these circumstances is:

1. Investigate each offer carefully.
2. Look out for special offers - some of which are not really so 'special'.
3. Find the best offer you can - but - keep a watchful eye on it because of the changing financial climate.
4. You may well get a very favourable rate of interest on any deposit/savings account. Banks now urgently need money because of their own liquidity problems following the sub-prime market fiasco.

As mentioned above, First Direct is an offshoot of HSBC. Therefore, although it runs a telephone/on-line operation you also have the convenience of paying in your cash, cheques over the counter at any HSBC branch. But the catch is, First Direct do not offer such competitive rates as the telephone/on-line operations only. Only you can decide your priorities.

One solution here is to use the convenience of First Direct to pay in your small amounts of cash. When the sum starts to accumulate, transfer the necessary balance to one of the high interest paying on-line operations. The best of both worlds. Good service and high interest will enable you to save.

However, a very serious word of caution here. In February, 2007 HSBC (First Direct) introduced a new regulation whereby if you only hold one product with First Direct i.e., a cheque account then you will have to pay at least £1,500 into this account each month, or maintain an average balance on it throughout the month in excess of £1,500, or take out another product with First Direct. If you choose not to this you will be charged a banking fee of £10 a month for the account. Also there is no interest on this account. No wonder HSBC have been offering a £100 bonus if you sign up to this account.

So think carefully before you act here. Definitely a case of doing your homework and shopping around. An Intelligent Finance account can be combined with a First Direct Account or other similar accounts. To transfer your money around just use the (free) convenience of BACS transfers. This will be explained to you by the bank if you are unsure.

TIME LIMITED SPECIAL OFFERS. Periodically there are ‘special offers’ that are designed to attract new customers. Exercise caution on all offers as often they are not so beneficial as they would appear to be at first sight. Sprat to catch a mackerel?

The new kid on the block is Icesave. This is a completely on-line operation and at time of writing the interest on their savings account is 6.05%. This interest rate makes your aim to save money even easier. Alliance and Leicester, and Birmingham Midshires are also offering good rates to savers.

LOANS Check that you have a good credit record when applying for loans – even missing things like a mobile phone payment for a couple of pounds can have a detrimental effect. The credit squeeze is taking effect and loans are now even harder to secure. An old time maxim is - Never a borrower nor a lender be!

Just keep thinking - save all you can. Bank Accounts are an ideal place to put this into practice. Remember to limit your account savings to £35,000 until the legislation is improved.

These are just a few illustrations of the offers that are available.

LEARN THE LESSON - IT IS YOUR CASH! One glaringly obvious tip regarding saving cash is to make sure your account remains in credit. Beware of exceeding your overdraft as the interest levied is painfully high.

Now - try to remember what the grim looking teacher is saying to you:

Save money. A short time spent doing your homework will increase the amount of your money at your disposal. Even if you are still a student it's never too early to start taking care of it! As a rule, telephone and online operations give a higher and better rate of interest than the big five organisations. Their overheads are less therefore they are able to be more competitive.

This is likely to increase in the not too distant future if some penalties that the big five can impose are removed by law, and instead they start charging up to £300 for operating your accounts in order to maintain their already enormous profits. Just watch this situation carefully.

YOUR CREDIT CARD Make your credit card work to your advantage. If your card issuer is Tesco for example, use your card to pay for all your groceries, petrol, in fact anywhere you can. Pay the bill instantly when it arrives, so that you do not incur any charges. Each quarter Tesco will send you the vouchers you have earned for using your card. These you can spend on groceries or petrol. A self-perpetuating roundabout to save money. Well worth using.