Summer is quickly going by – trying to savour every minute of it. So it’s another round-up post – with some of the most enduring money tips out there.
- Start saving as soon as you can. The earlier you can put money aside, the better. That gives your money a chance to grow – the miracle of compound interest, which is earning interest on your interest over many years. While retirement can seem years away when you’re 25, your older self will thank you
- One of the easiest ways to start saving is to set up automatic savings. This is the easiest and most effective way to save. It helps puts extra cash both out of sight and out of mind.
- The more you have for a down payment on a house or even a car, the less it will cost you. It may seem tempting to buy as expensive a house or car you can, but the lower the payments you have, the less you’ll have to pay in interest.
- Budget! Keep track of all the spending you do in a month to get an idea of where your money is going. Keeping receipts or putting everything on your credit card (as long as you pay it off!) is a good way to keep track.
- Have an emergency fund. You never know when something is going to go wrong. Whether it’s a leaky roof or a car repair, it’s important to be able to cover costs as they come up. It’s a lot cheaper to be able to cover a cost without having to put it off on a credit card and then pay interest in it.
What’s your favourite money tip?
