Savings: You Could Become ‘Financially Free’ Despite Financial Challenges and Low Interest Rates | Personal Finances | Finance


Saving money is difficult, especially with the cost of living rising every year and the obstacles created by the COVID-19 crisis. But there are still many people who want to cut costs and lead more financially efficient lives, and there are ways to do it. To explore actions Britons may consider taking, spoke to Aseem Munshi, CEO of anti-debt finance app Updraft, about it.

This money can then be used to pay off debts, increase savings, or support daily expenses.

Then a streamlined spending process can help someone’s savings a lot, and bringing their accounts together can help.

Linking or aggregating accounts can help Brits track how much they spend each month and eliminate unnecessary actions.

Mr. Munshi’s next point to save money and become financially free involves psychological counseling based on the idea of ​​brain power.

He continued, “Delete card details on your phone or on shopping websites.

“Having to get up, find your card, and enter the details gives you time to think about whether you need what you’re about to buy.

“Plus, if you’re tempted by marketing emails promoting the latest sales, unsubscribe! “

In the same vein, the British should regularly review their subscriptions, whether they concern music, video streaming services or others.

While these subscriptions can be convenient, quick, and easy, they are also used to regularly tap a person’s bank balance.

And with many of them set up to pay by direct debit, it could cut a hole in a savings account with costs adding up quickly.

Mr Munshi recommended limiting yourself to one subscription for each category and trying to share with family and friends whenever possible.

Finally, one step that can significantly help people looking to cut costs is regular bills.

In many cases, people stick with specific companies for years or even decades.

However, as Mr. Munshi pointed out, contracts can get more expensive the longer a person chooses to stay.

As a result, he strongly recommended using price comparison websites for payments such as electricity, gas, and broadband.

Some may want to shop independently, while others may want to let the algorithms do the hard work for them.

Whatever action Britons ultimately choose to take, a regular financial review is likely to be essential in saving money.

Watching your income and expenses on a monthly or quarterly basis using a simple spreadsheet is considered one of the best ways to save.


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