themoneystocker
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Are you using your bank accounts wrong? So many of us are! Let me change how you think about your bank account, credit card, ISAs and more :) #bankaccount #savingmoney #PersonalFinance #unitedkingdom
How the frugal Brits and the clueless Brits use their bank accounts. Your current account money isn't for spending. The clueless Brit pays for everyday things on their debit card. The frugal Brit only uses their current account money to top up their savings and investments or pay off their credit card. Your credit card is not for borrowing. The clueless Brit buys more than they can afford on credit and pays interest on their card each month. The frugal Brit pays for everything on credit card and pays it off in full. They use the credit card because they get cash back or travel reward points. Plus they get section 75 protection on all their purchases. Your savings account is not for saving for the distant future. The clueless Brit tries to build wealth in a 3% savings account even though inflation has been running higher than that, meaning they're actually getting poorer in real terms. The frugal Brit understands that a savings account is best for short term savings only, and they invest most of their money for the future even though it carries risk. Your stocks and shares ISA is not for trading stocks. The clueless Brit invests in Apple, Tesla, and Microsoft, or at least they think they do. Really, they are more likely to unknowingly pick the next blockbuster Kodak or Nokia. The frugal Brit understands most people lose money, stop picking and prefer diversified low cost funds that they can hold for decades. Even though once again, it carries risk. Your pension is not for when you're 67. The clueless Brit thinks the state pension age is when you retire from work. The frugal Brit understands there's no such thing as a retirement age. You can access your private pension from around 55 to 58 and you can use your stocks and shares ISA money as a bridge to your pension so you can retire much earlier if you want. Follow me to learn the right way to manage your money.