Christmas Day has passed and what a wonderful day it was packed full of eating, drinking, games and the whole family swaying to Christmas songs - wouldn’t want it to be any other way. However, all of these celebrations inevitably come at a cost. If you are part of the vast majority that have been heavily spending during this festive period then it may be time to face the finances. However, do not despair, QuidCycle are here to help and we have put together a few things that you may want to look at while nursing the remainder of the mulled wine:
1. Advice is Nice
The British nation are notorious for not being very good in relation to talking about their finances and even more so when things aren’t looking too good. It seems silly that we take this stance especially with the array of services dedicated to help us understand money. Both StepChange and Citizens Bureau are charities that give free money advice to everyone.
2. Get on top of taxes
Tax is something we have to live with but there are ways to minimise the amount you pay and it is a crucial step towards taking control of your finances. Speaking to one of the charities above or a financial adviser should help you to understand where money can be saved. Taxes don’t have to be taxing!
3. Invest is Best
Investment and saving among under 35s is at worryingly low levels. Now is the time to turn that around. Instead of spending on non-essential luxuries and that fifth pair of shoes, why not get investing. That money will last longer than those pair of shoes! Not only will investing provide you with a pot of cash, but you will also make use of money that is sitting idle in bank accounts. QuidCycle can offer you up to 6.1% on 5 year investments and we will also provide you even more hints and tips to make your money work for you. - double win! However, as always, be sure to understand the risks that come with investing but we have taken all the measures possible to keep your money safe.
4. Top-up that Pension
When the wonders of retirement finally arrive, you want to make sure it is everything you dreamed off and therefore, a pension has got to be a priority. Small pensions that actually leave individuals without enough money to live on are a real problem today. Throughout life there are so many opportunities to spend money but by being slightly more aware of the need for a pension, these opportunities will not run dry. Our Regular Invest product is a great way to put money away each month and also gain great interest. However, as with all the investment options with QuidCycle, capital is at risk and make sure to understand each of the investment decisions you make.
So there are a few things to think about before Christmas comes flying back around again!
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.
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