No matter what your circumstances, it's always good to hear how other people keep in control of money. At N&P, our research has shown that there are generally three types of Money Manager:
"Money manages me"
There are many people who find themselves at the mercy of money and find it all a bit of mystery. They may be quite happy that money manages them as its just not that important, but with some small changes they could really benefit from being more in control of money.
These people:
- struggle with what they have.
- feel that they are insignificant or of no interest to the banks or building societies.
- constantly feel that their costs overshadow their earnings.
- feel that it's all a bit too much and try not to think about it.
- are just too busy to think about it.
- think that savings are a thing of the future.
- dread the postman delivering mail.
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"On top of money, but could do more"
There are a lot of people who just about keep in control of their money, managing to save a little but knowing they should be doing more. It's sometimes challenging to know what is the best thing to do, save for a rainy day, pay off the mortgage or make additional pension provisions. There are lots of things demanding a slice of their salary but they manage to keep on top of it. They're just not sure what would happen if their salary suddenly disappeared.
These people:
- feel reasonably stable.
- have debts which are manageable and have some money in reserve and can be a bit flexible.
- think that if nothing goes wrong they will be ok.
- know they should put more away, just not sure how to really.
- think that they need to make more plans, possibly for children or the future.
- talk to their bank or building society, they're just not sure if they are really getting what they want.
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"In control of money"
These people plan ahead and are safe in the knowledge that they are in control of money rather than the other way around. They consider the best way to manage their money, whether it be day-to-day or long term, which means that there should be few shocks. Their knowledge of the subject is supported by the financial press and their bank, building society or financial planner makes the most of what they have by not giving it to the tax man.
These people are:
- comfortable that they know what money they have and where it is.
- astute enough to move their money around to get better returns.
- relaxed about their finances.
- interested in the subject and quite enjoy thinking or talking about money.
- an advocate of being in control of money with your children / grandchildren.
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