Use our UK Finance guide and learn by experience. We outline pitfalls so that you don't have to learn the hard way, as many of us often do.
Sound Advice
10 simple money tips
Taking care of your finances / money is a daunting task and it can easily get out of hand if not taken care of properly. I have composed a simple list that will help to put you on the right track to managing your money better. Weather its banking, insurance, retirement, or investing the list will help to give you a clearer picture on how to manage your money better.
1. Get your head around the basics
Then, look for exceptions or qualifications to these promises. For example, an insurer may not have to pay your accident claim if you lent the car to someone for a few hours.
2. Ask questions
Never be afraid to ask questions, especially when you are asked to sign a contract, this is something you should take very seriously as you may be quite literally signing your life away. . A reputable product provider should give you enough time and information so that you can understand the product. Never be afraid to ask to take the documents away and go through them at your own pace and get advice if needed.
3. Filling, this will hurt but will help in the end
Anything to do with finance and money will involve lots of paper work, hate it or love it get used to it. (Account statements, contracts, policy documents, terms and conditions and more.) Even if you don’t get to read it straight away, get into the habit of filing it ASAP.
You should also get into the habit of keeping notes from any important telephone calls you have with your finance institution. Again, they might help if you have a complaint.
4. Look at reducing you banking costs.
There are always ways of reducing costs when it comes to banking and by not doing this you could throw away hundreds of pounds each year. The banks are always open to negotiation when it comes to your banking needs and if your bank is not willing to help speak with other banks and see if you can shop around for a better service. Make sure you are aware of the charges your bank sets and see how you can go about reducing them
5. Keep your personal details secret
Financial fraud is on the up and will continue to rise if people are not made aware of the dages and keep there financial password and pins secret. Never keep a copy of your pin or password near your cards or on your computer. Protect yourself. Don't be a victim of fraud or identity theft. Guard your credit card, PIN and account numbers. Buy a shredder so you can dispose of statements, receipts and bills properly.
6. keep track of debit orders.
Although debit orders can be a great way making sure that the necessities of life — like your bills and rent — are paid on time they are very easily overlooked and if left can cost you lots of money. Always keep track of your debit orders and make sure you know how to cancel a debit order if you need to. Informing your bank once you cancel a debit order with the respective company (e.g. your mobile company) will help to make sure that it has been taken care of properly and avoid mistakes been made by the respective company.
7. Insurance -shop around
There are plenty of insurance brokers out there that offer a good service so just setteling for the first price you get is not always the best option. Having a good insurance policy can make all the difference to your pocket — both now and if you need to make a claim.
When approaching an insurance broker you will be asked a series of personal history questions regarding your past driving experience etc. Don't be tempted to lie about the facts! If you do, your insurer may have grounds for refusing to pay your claim.
8. Save now for less pain later
Set up a direct debit to pay a regular sum into a savings account each month. via direct debit means you are less likely to spend your money before you get a chance to put aside something for savings.
9. Invest well
There are always a level of risks when it come to investments, The higher the return, the higher the risk that you will lose all your money. In life there is no full proof way to get rich quick, so don’t be quick to rush into a investment deals just on face value do some home work on the deal. Speak to an financial advisor.
10. Save for retirement
If you are just starting your working life, retirement will probably be the last thing on your mind, but if your employer offers you a savings plan through the company you should take them up on it..
