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Richard Smith’s Money Minute #8

It is often said that a fool and his money are easily parted. And this is something I encourage all of my my children to try and understand.

The resource that we trade our life for, money. Is incredibly valuable you and I both know that once we have worked hard for our money then it doesn’t seem to go far in particular when we are looking at our modern way of life and how expensive things are becoming.

Of course not this is new if you’ve been around for a few years as a working adult you will also understand that money is hard-earned and very easily spent.

There all no easy answers to this parting with your money conundrum and here are a few simple tips or tools as I prefer to call them that will make it far easier for you to hold onto it for a bit longer.

The first one is take longer to make buying decisions. We all want and need things I’m very often we make impulse decisions to buy something today and end up suffering with buyers remorse, because it is either not the thing we wanted all we realise that we didn’t need it after all.

The second thing is to focus on making sure that your money is working for you. Leaving cash on deposit even if it’s just a few pounds in a bank or building society accounts will continue to be reduced in value by inflation which is of course everywhere all of the time.

By making sure your money is working for you, is doing something – is a a money hack that will make sense for you the more you have. But start with what you have. Even if you don’t invest it now, just don’t spend it.

When you are ready to forward on some of this, or you are ready to arrange a workshop at your place of work don’t hesitate to get in touch.