These are testing times for us all and money management has to be something which everyone is on top of. Throughout the country there are people who have lost jobs, people who have lost money on investments and with so much uncertainty it can be very difficult to know what the next few months have in store for us all. It is for this reason that financial experts like Steve Fisackerly have been so vocal when it comes to offering advice for people in how to manage their money right now. This applies to everyone, regardless of your situation, and these are some tips which could help you out.
The first point here is for those of you with savings, and where precisely to put them. Interest rates are being slashed and that means that you are not going to be getting a very good rate at all on your money. This is the perfect time to look at getting a fixed rate savings account which will ensure that your money works for you.
For those of you who are feeling the pinch and want to try and cut costs, your food choices are a great place to start. What so many fail to recognize is that planning out your meals in advance is a huge cost saver. This not only helps you to get stuff from the supermarket which you are going to actually eat, it also means that you will waste less. Plan your meals out, buy everything on a Sunday and then batch cook for the week, this will be a great saver for you.
Unless you can easily afford to do so, any risks or gambles on investments may not be a great idea right now. We have seen just how much this pandemic jolted the nation, and there is nothing to say that this won’t happen again. The same thing can be said for purchases such as buying holidays or costly items, for the next couple of months at least, it will be better to keep your cash and see what the lay of the land is at the beginning of next year.
The best advice which I have seen anyone give is that everyone should act as though they were poor. At the beginning of lockdown there were so many who got caught out because they though they were alright, and then bang, all of a sudden they were not. To avoid this happening again, the best bet is to look at all aspects of your life and try and make some savings. This could be anything from fixing clothes instead of buying new ones or seeking ways in which to get a second income. The great unknown is what you are preparing for, and that will be far easier to deal with if you have some money in the bank. Be smart with your cash for at least then next 3 or 4 months.