We all know how important it is to have savings, but sometimes it can be tricky to know where to start – however Tynah Matembe, founder of Money Matix has shared her advice for those looking to make their money work harder
Think saving’s just for rich people or money nerds? Think again. Even chucking a tenner a week into a savings account can snowball into something serious. It’s not about how much – it’s about how often. Consistency is king.
Here’s the deal: banks love regular savers, and there are easy ways to save without even knowing. One of the best ways is to simply set up a standing order, and suddenly you’re eligible for the top interest rates.
We’re talking juicy deals that beat letting your cash sit dead in your current account. And don’t roll your eyes at “interest” – that’s free money just for having a bit of discipline. It comes after thousands of Brits to get shock letter from HMRC after drastic new tax rule comes into force.
While your mate’s blowing £6 a day on fancy coffee, you’re quietly building a pot that could pay for a holiday, a house deposit, or bail you out in a crisis.
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However you may be still sceptical, so imagine if you save just £25 a week, that’s £1,300 a year – without lifting a finger after you set it up. Add interest? Boom – even more. And if rates go up? You win again.
Regular saving isn’t boring – it’s powerful and it’s how smart people get ahead. So, skip one takeaway a week, set up that direct debit, and start building your financial safety net. Because when life throws you a curveball – or a golden opportunity – you’ll be glad you’ve got cash in the tank.
There is also an easy rule to follow to make your oney work harder. If you want your money to be in a good place, it’s important not to blow it all at once on just day-to-day stuff. Following the 70:10:10:10 rule can help. At MoneyMatiX, we swear by it.
Spend no more than 70% of your cash, stash away at least 10% for savings, pump another 10% into investments to grow your wealth, and don’t forget to have fun or give back with the last 10%. Balance is everything – follow this and watch your money game go from zero to hero.
Take your morning Starbucks, for example. Ditching that daily Tall Latte on your way to work could save you a staggering £851 a year. That’s a holiday, your energy bill paid, or the breathing room and emergency fund sorted.
The bottom line? You don’t need to be wealthy to invest wisely – you just need to start today. And finally, remember volatility is normal. If your pension pot has dipped recently because of Trump’s tariffs war uncertainly with the Government’s plan, don’t panic.
Markets go through ups and downs – but investing and certainly investing in a pension is a long-term game, and history shows they do recover.