Providing for a family can eat up most of your income - when you add up things like food, clothes, petrol and then all the other little essentials, sometimes just breaking even each month seems like a success.
If you've been a savvy spender, you may well have scraped together a saving every month too, and deposited that into your cash ISA account. Latest reports indicate that, as frustration rose over falling savings rates, a 50% surge in cash ISA deposits was seen in April, as people looked for an improved return on their savings.
Cash ISAs allow you to save £5,640 tax-free each financial year, and are seen as the most accessible and easy way to look after your extra money.
With cash ISAs, you effectively lend your money to the bank, but do not pay tax on any interest you earn. To make sure you are getting the best interest rate on your cash ISA, you should research the accounts beforehand.
Surge in deposits
The British Bankers' Association (BBA) released monthly statistics which suggested £7.5 billion was put away into ISAs during the peak ISA season around April.
Increased inflation and plummeting interest rates mean the tax-free ISA has become more alluring, despite the deposit limit. Personal deposits rose by 3.9% thanks to the ISA, and the BBA said some £666.4 billion was being held in the form of savings and personal deposits.
Even though we've bolstered the amount we save, however, demand for overdrafts and loans has still failed to gain strength as financial uncertainly continues.
Credit cards, overdrafts, personal loans and other forms of unsecured borrowing repayments are still outweighing new lending, according to the report.
Credit repayments boom
New credit card spending last month stayed the same as in March, according to the BBA, and amounted to £7.2 billion.
However, consumers kept acting cautiously by increasing their credit card repayments, which came in at £7.7 billion in April.
Net overdraft and loan lending dropped by £200 million, which had not changed from the average seen over the previous six months, as borrowing demand remains low.