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July 2017

THE EARLY BIRD CATCHES THE FINANCIAL WORM!

In the modern world, there is a lot of emphasis on the importance of finance. Of course, this makes sense. Without money, life can be very hard. And, the only way to ensure that you will have money into your later life is by starting with your finances early.

 

When you’re young, though, it can be very hard to focus on this area of life, however important it is. With your career and independent life just starting, you already have loads on your mind. But, in reality, this is, even more, reason to start working on this now. To help you out, this post will be going through some of the reasons you should start early. And, some of the ways you can put your money away.

 

savings and investments

 

SAVINGS AND INVESTMENTS

For most, the aim of saving and investment is to try and make more money out of what you have. Most of the methods you’ll use to do this are based on interest, though. So, you know exactly what you can expect to make, long before you ever make it. Unfortunately, the nature of interest-based saving and investment means that the longer you have it in place, the more you will make.

 

Failing to save when you’re young will limit the amount of interest you can gain. With some services, like life insurance, you’ll find that the price only goes up as you get older, too. And, this will make it harder for you to save. Starting on something like this early will make it easier for you to make more money, along with helping you to learn everything while you’re still young.

 

LIFE INSURANCE

Life insurance is one of the best investments a young person can make. Of course, you will never see this money again. Instead, it will be given to your loved ones when you pass away. But, this doesn’t make it any less important. In most cases, your insurance company will expect you to put forward a certain percentage of the policy, and they’ll cover the rest. So, regardless of your age, you will always have to contribute the same amount. A website like http://www.insurancehero.org.uk/types/500-000-life-insurance.html can help you to understand this better. But, basically, the longer you leave it, the more expensive this sort of service will become.

 

 

PREMIUM BONDS

Of course, you probably won’t want all of your savings and investments to be slipping past you and into someone else’s pocket. And, this is where bonds and ISAs come in. In a lot of cases, these sorts of accounts are tax-free. This means that you will be given 100% of what is made from your money, without the government taking their own slice. Along with this, bonds, like the ones found on https://www.nsandi.com/premium-bonds, are usually covered by your local government. This makes it impossible to lose money on them, at the cost of a lower return. Because the return on this sort of investment is very low, it’s good to start early to make the most of it.

 

Hopefully, this post will inspire you to start getting on top of your finances as early as possible. The skills required to go far in this sort of area will take a long time for you to learn. But, with the right effort, you’ll be able to start nice and early.

 

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ARE YOUR MONTHLY PAYMENTS TAKING UP MOST OF YOUR SALARY?

monthly budget

Does your money fly out of your bank account as soon as it is deposited? If your monthly standing orders and direct debits are eating up most of your monthly salary it is time to start making some changes to your contracts. However much you manage to increase your income, these bills are going to continue taking a sizable chunk out of your paycheque.

 

You may be able to negotiate better deals for your mobile, broadband, insurance and utility bills that will give you some spare cash at the end of the month. Then you can spend it on doing things that you enjoy!

 

Getting a better mobile phone contract

A mobile phone is no longer a luxury. It is a necessity for modern living and you probably organise your social life, shopping, transport and entertainment through your smartphone. It is important to keep up with the latest models because they offer a better service, a wider range of applications and updated software. The downside of that is the cost!  

 

It is easy to rush into signing a mobile phone contract if you think you are getting a good deal but you may be tied into that contract for two or even three years. If you wake up thinking I’ve changed my mind about a phone contract there is guidance on what you can do about it. This useful advice gives provider-specific tips for how you can get out of the mobile phone contract that you feel is not right for you.

Changing your utility provider

Gas and electricity bills will use up a large proportion of your monthly income. The utility industry can be very confusing and it can seem a lot of hassle to change provider but you could potentially save yourself a lot of money.

 

It is best to start by contacting your current provider and finding out if there is any way in which you could reduce your monthly costs. Then start looking around for a better deal. There are plenty of price comparison websites if you are sitting in front of your computer thinking that you don’t know where to start when it comes to swapping utility provider. You don’t have to rush into anything, take your time to make the right decision.

House and buildings insurance

This is an area of your life where you must avoid making a quick saving. You must be careful about keeping your possessions protected, it is important that you have insurance just in case the worst should happen. However, you do not want to have to pay for cover that you don’t need. For example, if you are living in rented accommodation you will only need contents insurance because your landlord will pay for the buildings insurance.

 

You may be able to make your monthly premiums less by opting for a higher excess or a slightly reduced cover. There are many websites that can help you to select the insurance policy that will suit your needs the best.

 

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