Sensible personal finance
The news of events at Northern Rock over the past week or so has urged Credit Action, the money education charity, to highlight the benefits of basic personal finance skills like budgeting and responsible spending.
Borrowers and savers have been made uneasy following the news from Northern Rock, commenting on the situation, Credit Action director, Keith Tondeur, said:
“While people should not panic, the current crisis in the financial markets is a timely reminder that people need to be sensible about their financial commitments and not spend more than they can afford.”
Things to do;
- Make a realistic budget covering day-to-day living expenses.
- Keep a diary and take note of your spending for a week or few weeks, maybe a month. See where exactly you’re spending your money.
- Pay off outstanding debt on credit cards before using them again.
- Check your mortgage payments are the most competitive they can be. Are you due to re-mortgage? Seek Independent Financial Advice and find the best deal.
- If you can it would be a good time to save money. Savings interest rates have hit around 6% for the first time in years.
- Find the best deals on things like mobile phones. Comparison sites like http://www.onecompare.com allow you to focus on what features you actually need with your phone, finding you the best deal for your circumstances.
- Lastly but definitely not least if you do decide to borrow don’t over stretch your budget. If you miss payments you may end up with a bad credit rating.
Find articles, advice and resources on banking.
www.experttopics.com
FxPro.com - FOREX
Flexible leverage up to 1:500 in MT4, low spreads from 1.8 pips
www.FxPro.com
Forex Trading
Free $100,000 Practice Account - Free Forex Training Videos.
www.FxClub.com