KEEP A CLOSE EYE ON YOUR AC­COUNTS

Finweek English Edition - - MONEY -

While it’s a good idea to for­get about spend­ing your sav­ings and in­vest­ments to give them time to grow, Pa­tel says you should still keep an eye on your ac­counts. “You may be pay­ing a debit or­der for a ser­vice you no longer use. If you haven’t used that gym mem­ber­ship in four months, con­sider can­celling it. You could use the money to pay off debt and be­ing debt free will help you get your mojo back. You could also save money by us­ing the online ser­vices of­fered by your bank. In­stead of go­ing into a branch, it’s worth­while con­sid­er­ing do­ing most of your pay­ments via in­ter­net bank­ing and debit or­ders,” he says.

If you’re us­ing the same bank ac­count you opened as a teenager, it might be time for a change. Ac­cord­ing to Pa­tel, eval­u­at­ing your bank ac­counts is of­ten a good way to save money. “You could save some cash by speak­ing to your bank con­sul­tant to get the cor­rect ac­count for your needs. Check your in­sur­ance and in­vest­ment poli­cies, they could be in­ef­fi­cient and not de­liv­er­ing what you need. Check­ing them regularly will en­able you to see if you’re over­pay­ing in any ar­eas and make ad­just­ments that could save you some cash.”

Hu­man agrees, adding it’s im­por­tant to fully un­der­stand the sav­ings and in­vest­ment prod­ucts you use. “Know­ing the type of sav­ings or in­vest­ment prod­uct you are de­posit­ing money into will be em­pow­er­ing, as you’ll be able to en­sure that your prod­uct matches your risk, re­turn and ac­cess needs.”

She says it’s good to buy prod­ucts that match your cir­cum­stances or goals. If you aren’t will­ing to take risks with your money, for ex­am­ple, you might need an inf la­tion-linked prod­uct, while those with a greater ap­petite for risk might pre­fer to in­vest in shares.

Keep­ing your spend­ing in check and set­ting money aside to work for you is as im­por­tant as earn­ing an in­come.

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