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Personal Finance

Managing your finances is important in making the most of your earnings, it’s all to easy to waste money on unnecessary costs such as interest charges on credit cards, simply because you don’t make time to clear the debts, or miss out on earning interest on your spare cash through not moving it to a savings account.

Figures show that the average person in Great Briton owes in excess of ten thousand pounds in unsecured debt, through things such as personal loans and credit and store cards. Many of these people have the means to clear at least some of this debt, but often don’t realise how much they could save themselves by doing so, and as such they keep their money in their low-interest current account, and continue to pay the high interest on the full amount of their debt, only meeting the minimum payments.

Making your money work better for you is not a complex task – in simple terms all you need to do is ensure that any debts are at the lowest possible interest rate, and at the smallest amount possible, and do the exact opposite for any money you have. If you do have any debts, then you should aim to clear them as quickly as possible – in particular those such as credit cards, as these charge high rates of interest. Obviously budgeting this is important, it’s no use deciding to clear a debt and leaving yourself without the money you need to survive for the month, but through careful planning you will be able to turn your debts into savings.

Keeping control of your savings is just as important as managing your debt, leaving your money sitting in your current account is effectively costing you money by missing out on earning a higher rate of interest. Typically, current accounts only pay around 0.1 percent interest, compared to around five percent of a specialised instant-access savings account, with web-based accounts moving your money is quick and simple, so there is no reason not to get the most out of your savings.