Category: finance

The power of knowing your rights

There is power in knowing your rights. Not many bother. Or they think they know them already. They purchase goods or services believing that certain protections are in place, only facing reality when they try to enforce them later.

There’s a lack of education in schools around consumer rights, or even human rights. If we are being honest there isn’t really much education around finance. Most school leavers don’t know the difference between a debit and credit card, or how to balance a bank account. Mathematics, reading and writing, a partial second language if you are lucky, and some science is all most leave school with.

You can educate yourself. The likes of Martin Lewis and Rob Moore offer free education on finance and your rights as a consumer. It’s worth taking the time to learn all you can. If nothing else you’ll learn how to make better purchases and how to look after your own financial health.

Knowing your rights is a very powerful tool that we should all acquire.

Everything seems so expensive

Everything seems so expensive.

But is it? 

I asked AI.

It gave a detailed response taking into account inflation, the pandemic, supply chain issues, energy prices, wars, the weather, and just about anything else it could think of.

The answer?

Yes everything is more expensive.

Over the last five years it has accelerated, with salaries, therefore spending power, not keeping up.

Having enough not to care

There’s something about having enough not to care.

What do I mean by that?

I mean having enough money, enough funds, that when problems occur that don’t cost enough to break the bank, your bank, that you don’t have to stress.

You can think: it’s only money. And not stress too much.

I can stress a lot about costs. Hidden charges, contractors bills, medical bills, lettings agents, bank charges, and so on. You begin to get anxious when the post arrives, or an email from that company. It may be nothing, but sometimes..

Having enough money not to care must be nice. Having just enough not to care.

Benefits of many bank accounts

There are several benefits to opening multiple bank accounts. By bank accounts I mean current accounts at high street banks and building societies. There are many such banks in the UK and it’s worth having one at each bank containing at least the minimum balance.

So what are the benefits?

The first is that when you need to open a savings account, ISA, or other type of savings or investment account you will find that the more favourable rates are only offered to existing customers with a current account at that particular bank. If you have such an account you can then open the more beneficial account straight away.

The second benefit is that on occasion banks offer their customers free money. For example when they de-mutualise or are bought by another company, existing customers are often offered money or some form of bonus for doing nothing more than being a customer. I have received both cash and shares in the past from this very scenario.

And the cost of opening so many accounts? Just your time.