Is your money working for you as hard as it could be or is it sitting around being lazy? Lazy money is money in a transactional / current account or other account that doesn’t earn interest – it’s just sitting there!
Time to make your money work harder
Do your homework and compare interest rates between banks and different types of accounts. If you want your money to be as productive as possible, you need to make sure you’re getting the best deal you can.
At the same time, however, you also should be wise about choosing the level of flexibility that suits your financial situation. There are a range of accounts available with different levels of access to your money – immediately, with a notice period and after a fixed period – and they come with different interest rates.
Remember, investing can be risky and you should use a reputable source to help you – such as an accredited financial advisor.
Make saving a priority
Have a plan for saving, one that is part of your monthly budget, and stick to it.
Here’s a savings challenge for the next year: increase the amount you save by 10% every month. However much you manage to save, remember any savings you have will give you more security than no savings at all.
So, be smart and get your money to work for you as hard as it can!
Even if your retirement seems a long way away, now is the time to start saving.
Can you afford to have car trouble? It helps to have an emergency fund.
Setting up a budget is an important step in being able to build up your savings.