By the time we reach our teens, curiosity around our future finances is just beginning.
Satisfying that curiosity is something not always open to you at school or college.
You have to learn the hard way.
If all that’s involved seems over-complicated – break it down to what it’s all actually about.
It is in your best interest to always be thinking ahead for your future finances.
All you need to ask yourself is how.
So, here’s the answer:
Know what products are available to you
Look at what is out there and how it fits your lifestyle – not just ‘in the moment' but where you want your finances to be, say, five or so years ahead.
Budgeting & Saving
Look for a product that offers you the degree of control you feel comfortable with – with scope to treat yourself when you know you deserve it!
Set short term & long-term goals
Ensure the way you handle your money works for you – by always having something to work towards.
Let me share a (short) story that brings this together.
I bought a credit card to start building my score. However, this card came with… quite a large interest rate.
See what I mean about knowing your product?
That interest rate impacted my budgeting and saving plans.
So, in setting goals, I saw a future in open banking.
See, open banking would have helped me in the basic but essential money management function – budgeting and saving with that degree of control I felt comfortable with.
Rather than being landed with a large interest rate, open banking would have helped me choose an alternative product or compared several cards to find a better interest rate to suit me and my finances.
Lesson learned – do your homework:
1. Fully evaluate your current financial situation and investigate products that best suit you.
2. Research broadly for the products that suit you, your finances and lifestyle rather than settle for the first product you see
3. Get those budget and savings plans in place – and stick to them
4. Wise up on guidance that suits your goals – not just spurred by the moment, but what you want from your money in the years ahead.
Open banking makes yours the guidance and knowledge you need.
You are your own expert.
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