Decreased spending provides savings opportunity

Being confined to our homes due to the global pandemic means that many people have been spending less money than usual, according to the findings of a survey by the credit card company Barclaycard.

The survey’s findings suggest that the amount people spent in January this year was down more than 16% on the corresponding month last year. While online sales rose sharply compared to last January– increasing by 73.2% – staying at home means that, while the recent months haven’t been positive for everyone, and some have seen their income fall, many people are seeing their bank balance grow.

If you’re one of the more fortunate people and you find that there is a little more cash in your bank account than you would normally expect to have at this time of year, this could be the ideal opportunity to get into the habit of saving.

There are numerous options available when it comes to savings – a lump sum investment could be one option, or, if that seems like too much of a commitment, there are more flexible options, such as drip feeding smaller amounts into a regular savings plan, which can be stopped at any time.

The most appropriate scheme will depend on individual circumstances. At Hartey Wealth Management, we offer independent financial advice to those living in Cheshire. If you’re seeking advice tailored to your unique circumstances and want to find a savings option most suited to your lifestyle, get in touch today.

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