Energy costs are expected to rise over the coming months, while the Government has introduced plans to hike National Insurance payments and cut the £20 uplift to Universal Credit. In light of these changes, many people are looking to get rich quick in order to beat the pending rising living costs. Speaking exclusively to Express.co.uk, Pete Mugleston, MD and Money Expert for www.onlinemoneyadvisor.co.uk, shared why saving is the best way for people to responsibly make money as fast as possible.
Mr Mugleston said: “While there’s, unfortunately, no such thing as immediate saving
“Whatever you decide to do, ensure you understand your options and go in with your eyes open.
“Similarly, using automated savings apps such as Plum will allow you to automatically transfer money into a savings pot as soon as you get your monthly pay cheque, so you won’t have to worry about sorting it yourself.
“Additionally, paying for conveniences is a big way to spend more money than necessary; investing in a coffee machine to have at home will stop you spending £5 every time you want to buy a hot drink, for example. “
As well as this, the financial expert shared the financial products currently available to novice savers who are looking to start their personal finance journey.
Mr Mugleston added: “ The product you should choose will largely depend on two factors: the reason you’re saving, and how much investment know-how you have.
“For instance, if you’re saving for a property, there are specific products tailored for that, such as Lifetime ISAs.
“To give another example, if you’re saving for retirement and have knowledge and experience of investments, a self-invested personal pension (SIPP) can be ideal – so think about what you’re saving for and research products that are designed for that purpose (and your level of investment knowledge).
“One thing most people serious about saving can benefit from is guidance from an independent financial advisor or a financial planner.
“Financial advisors usually offer free, no-obligation chats with potential clients, so speaking to one about your plans and finding out what they could do for you really is a no-brainer.
“Although financial advisors cost money, the amount they could potentially help your savings grow in the long run often means you’d be in pocket overall.”
However, Mr Mugleston cautioned the British public to look to make money quickly, instead of earning it through responsible means.
He explained: “One of the biggest money misconceptions out there is that it’s not worth saving if you can only contribute a small amount.
“In reality, if you start early and save even 10 to15 percent of your monthly pay cheque, it will quickly add up.
“Additionally, there are options of savings accounts that you can earn interest on, so even if you are only putting a small amount away, you’re also earning money on whatever that is, so it’s worth shopping around and looking at the benefits offered by different providers.
“Another big misconception is that investing is just for the people in the suits.
“Putting money away into an account is a great step towards growing your savings, but putting it into investments – such as passively managed share funds and bonds that will give you a high return – is another great option.
“Whatever you decide to do, ensure you understand your options and go in with your eyes open. “