Making your money work harder for you
There is a lot of uncertainty in the UK at the moment waiting to find out what the impact of Brexit will be both on our economy and our individual bank balances and savings. But it is still worth looking at ways in which you can make your money work harder for you. You should always make sure that you take advise from a qualified financial adviser so they can assess your situation and advise you of any risks.
When looking to invest or save some of your money in a long-term scheme you should first ensure that you have some cash available to you for emergencies and it is thought that having around three months’ worth of your household bills in an instant access savings account is enough to keep you afloat. Other cash you may want to keep around are coins that are thought to be valuable and these should be checked by a professional Coin Dealer UK to assess their worth.
Making sure that you do your research when you are first looking at investment funds is incredibly important. You should make sure that you are looking into investments that you feel comfortable with and that fit your ethics and values and once you have chosen a fund you need to resist the urge to keep checking to see how it is performing. This is where financial advisers can help as they will have fund managers who will know the past and present performance of particular investments and will be monitoring these very closely.
For some people leaving all the technical work and knowledge up to the professionals is much more preferable and this is absolutely fine to do, but for others they want to the educate themselves on the investment world. You can find some great starter guides online but again it is worth asking your financial adviser who will be more than happy to discuss the investments with you and many of them offer quarterly magazines and help guides to keep you informed.
If you are worried about the risk of investing it is a good idea to spread your money around a little and not invest everything you have in one fund. This way you can mitigate some of the risks associated with investments. As to whether you should be investing in high risk or low risk funds, this will very much depend on your investment requirements, age and the amount of money that you have to play with.