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Best Financial Advice?

This topic has 2 replies, 3 voices, and was last updated 3 years, 10 months ago by Annie.

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May 20, 2020 at 16:55 #151477

Theresa
Participant

What is the best financial advise you have ever been given?

May 28, 2020 at 13:22 #151603

magda
Participant

I read in a book once about keeping a fund for when things get tough and you need to get out of a situation quickly. So when i left a particularly toxic relationship once i had this fund that i had built up over years to put me up for a while when i figured out something new. It was the best thing i could have done and i would recommend everyone to start one, despite how serious it seems

May 29, 2020 at 13:34 #151621

Annie
Keymaster

That’s an excellent plan, Magda!

The best piece of advice I’ve heard is ‘pay yourself first’ (a quote from our own Jasmine, no less!). When you get paid, siphon off an amount into your savings BEFORE paying your bills etc (as long as you can afford to save, obviously). It makes it much easier to build up savings as you don’t think you’ve got that extra cash to spend each month if it’s tucked away into a savings account.

Also, not to be scared of stocks and shares. It seemed like a scary world to me for ages – but now, equities ISAs and stock investment platforms are likely to offer better returns (in the long run) compared to the APPALLING level of savings interest currently on offer!
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