business & finance
Budget Your Way Through
Financial Troubles
By Daniel Collins
I
n the current times of economic
uncertainty, having a bit of cash
saved away ensures financial securi-
ty and peace of mind.
If you’re trying to save money -
either for something special or just in
case you need something to fall back
on at a later date - having it available to
spend is often too tempting to resist.
It’s a lot easier to save money if you
think you’re running out of it. The
more money you have, the more things
you can afford to buy and this general-
ly leads you to think you can spend
more.
A good way to save money is to set
yourself goals. If you have anything
special in mind you can try to save
enough by a certain date - making sure
you set aside enough money each
month - to ensure you get whatever it is
you’re saving for on time. If you’re just
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saving to have something to fall back
on, you can still set yourself targets and
AN - FOT
think of an incentive to help yourself
meet them.
Saving for the short term is a great
way to accumulate wealth and not
GEORGE PCHEMY
©
material possessions. Learning to
budget what you need for the month On top of this, if you have gone signif- will generally give you a higher rate of
can help with this; as soon as you get icantly under budget in any month you interest.
paid you can move the excess to a sep- should consider moving the remainder It’s always important to remember
arate savings account - one that earns a at the end of the month to your secure that with so many accounts available
higher rate of interest or one that is tax account. and so many different ways for banks
free - and one that you cannot with- There will certainly be times when to tempt customers, it’s a good idea to
draw from at an ATM or on an internet you might want to take money out of get savings advice to make sure you
shopping site. this sort of an account in a hurry and get the best deal for your circum-
To make this easier, you can organ- you can arrange with your bank to do stances. HNM
ise a standing order to transfer a set so in a face-to-face meeting. If, howev-
amount at the start of each month and er, you think you can survive without
Source:
articlesbase.com
remember if you get a pay rise you being able to take money out of your
Daniel Collins writes on a number of topics on behalf
should think about increasing the savings account you can often tie up
of a digital marketing agency and a variety of clients.
amount you squirrel away each month. your money in a fixed term deposit that
As such, this article is to be considered a professional
piece with business interests in mind.
48 Celebrating over 15 Years of Embracing Diversity WWW.HNMAGAZINE.COM
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