Moneyquids

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Fab 5 finance habits

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Short on time – quick read

Short on time? Take a moment to have a quick read of our financial fitness checklist. It’ll give you a preview of the loads of free, super valuable, and in-depth financial guidance and information available on our website.

MQ’s four finance features

A fundamental tool in money management, ensuring you don’t spend more than you earn. Budgeting allows you to track your income and expenses and see where you can cut back on spending. Budgeting can help you achieve your financial objectives, such as saving for a house.

Einstein’s 8th wonder of the world, compounding is a powerful financial tool that helps your money and investments grow exponentially over time. As an example, 8% compounding interest on £1,000 over a year is £83 whereas with simple interest it is £80.

Investing

Aim for a diversified portfolio, investing in different companies and industries, invested within a tax-free stocks and shares ISA. Invest smaller amounts regularly over the long-term as this mitigates against price fluctuations. Reinvest dividend income to benefit from the power of compounding.

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Saving

Even in difficult economic times, saving just a small amount every month adds up over time. Ensure you build a rainy day fund to cover any unforeseen expenses. Having savings gives you more financial freedom and choices in your life.

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