Is a property crash coming? We answer the 20 most pressing personal finance questions

Should I buy travel insurance from Ryanair? How much money do I need to retire? And do shops have to accept Scottish banknotes? The Guardian’s money team on everything you need to know about your cash

First, pay down your debts. It is foolish to keep, say, a £3,000 balance in savings while repaying the monthly minimum on a £5,000 credit card debt. That said, try to keep about £500 aside for emergencies – a car or boiler breakdown, for instance. Once your credit cards are paid off, the rule of thumb is that you should keep between two and three months’ worth of take-home pay as an “instant access” reserve fund. But banks typically pay a lousy 0.1%-0.2% interest on these accounts. Put some of it through a “regular” savings account instead – you can save £250 a month at Nationwide building society, and get 5% interest. Patrick Collinson

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