Are You Getting the Most from Your Money?
It is not always obvious what the best thing is to do with your money. Of course, there is the obvious in the sense of not wasting it but finding the ideal investment or way to make that money go further is not always as obvious as it first appears. In this article we will be looking at ways to help you get the most from your money.
A good metaphor for investment is bin bags. This may sound strange but bear with us! It may well be cheaper to buy the lowest priced brand in terms of the actual cost, in the short term saving you a few pence or even a pound compared to the bigger and more recognised brands that are available.
However, if those cheaper bags rip open more often then you will end up paying more in the long term continually buying those bags then you would had you bought one sturdy set of bags in the first place. This is on top of the additional aggravation that comes with bin bags getting torn apart and creating a mess.
The point is to look beyond what something costs and asks whether you are getting the value for that price – another good example of this is with energy suppliers, don’t be afraid to shop around as you can save yourself money and hassle in the long term!
There are thousands of investments available and it can be hard to know what is the most appropriate for you. The trick is to balance levels of risk – while you don’t want to gamble with your money by the same token investing too conservatively can mean you get a lower level of return.
Another good way is to invest smaller amounts over a longer term (say around per month) rather than one single lump sum on one investment. The reason this is preferable is that you are more likely to get the best return rather than hoping that your one investment is perfectly timed for the ideal conditions in the market.
Of course another element to consider are your own particular individual circumstances – this in terms of what you want to achieve with the money and your own approach to investment. Therefore, to helps to have an adviser who looks at your goals, circumstances and approach to find investments that make up a portfolio that works for you – some people may prefer a savings account and lower risk while others may want to push for higher returns and accept that there are higher risks involved.
At Larcomes Financial Services we believe in being “big enough to specialise and small enough to care.” What this means is being able to provide specialist guidance while at the same time having the ability to work with you and go through those options in a friendly, no pressure approach.
We are confident that we can help you find the ideal investments for you. Contact us today and we will be happy to discuss this in further detail.