KEEP A CLOSE EYE ON YOUR ACCOUNTS
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.