‘It is critical!’ Britons given top tips on how to make money go further – ‘plan ahead’
Martin Lewis advises on savings accounts and premium bonds
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With the cost of goods and bills skyrocketing and inflation eroding cash, many savers are set to be hard-pressed for a long time. New research from Ford Money has shown fears and concerns amongst Britons during this difficult time.
The study found 41 percent of those asked said it is either more difficult to save, or totally impossible.
Only 12 percent of people said they would be able to save more money during this time.
Considering these findings, Express.co.uk spoke to Will Davies, chief deposits officer at Ford Money, who offered his guidance on how to make money go further in 2022.
Mr Davies has stressed the best place to start is by reviewing one’s expenses and budget on a regular basis.
With many worried about cost increases and a surge in energy bills, managing money is more important than ever before.
With this in mind, Mr Davies encourages Britons to understand their largest outgoings, and how much they are taking in, to know if adjustments are necessary.
He added: “Locating any holes in your boat before it floods will be critical.”
Once this goal has been achieved, finding a great savings deal is a good way to help money grow.
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Savings and interest rates have been notoriously low since the pandemic, but things are beginning to look up as the Bank of England increases its base rate.
However, Mr Davies has said choosing a savings product is about more than just looking at the interest rate one will get.
He explained: “It is important to consider the diversification of your financial portfolio as well as the accessibility of your funds.
“There will always be unplanned expenses but try to plan ahead and make some provision for what may be required over the next 12 months.
“For example, do you have anything coming up that will necessitate quick and easy access to your money, such as a home move, renovations, or supporting a family member?”
Thankfully, there are various options which are on offer to savers hunting for a good deal.
While many may opt for well-known banks, there are also challenger banks with solid interest rates.
Many of these have FSCS protection, meaning money is insured up to £85,000 if anything should go wrong.
Finally, Mr Davies suggests people seek financial advice if necessary for their circumstances.
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Research from Ford Money has shown women were less confident about managing money.
Some 53 percent said they had a negative attitude towards money management, compared to 36 percent of men.
While there are many factors behind this, Mr Davies has said more needs to be done to close the gap, and this can be somewhat rectified through education and financial empowerment.
He added: “There is no such thing as a magic money crystal ball, and everyone’s circumstances are unique.
“If you’re unsure about how to plan your finances, begin by becoming informed and conducting research.
“Or, you could speak to a financial consultant at your local bank.
“Speaking with family and friends, in addition to expert advice from a regulated source, can be a cost-effective way to help you make your money go further during what promises to be an eventful year.”
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