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Best Financial Advice?

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  • #151477
    AvatarTheresa
    Participant

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

    #151603
    Avatarmagda
    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

    #151621
    Annie ThorpeAnnie Thorpe
    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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