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MARKET COMMENT
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What can you do with £100 that could make a significant difference to your life? You can, of course, put the money towards an index tracker where your £100 could grow to almost £466 over 20 years (that's assuming 8% growth a year). You could also pop the money into a high-interest savings account in which the lump sum could more than double to £265 in two decades. You could even use the £100 to pay off a bit more of your mortgage. After all, every £100 trimmed off your home loan represents a saving of £6.65 in interest payments a year (make sure your mortgage provider does not charge for this though). These are all very sensible ways to spend £100, but here are a few more that I believe may be worth considering also. Currently, the quoted yield on Premium Bonds, which is the total prize fund divided by the amount of money invested, is 3.2%. Accordingly, you have a one in 24,000 chance of winning a prize every month with every bond held. However, this is likely to be one of the lower-value £50 prizes. Nevertheless, you also have a 1 in 19 billion chance of hitting the £1 million jackpot for every £1 you spend. But if you tire of chancing your hand, you can always get your money back whenever you wish. Books on investing and managing your money are a good way to spend £100 too. Reading about the workings of the stock market is, in my view, a good way to learn the ins-and-outs of investing. It can also improve the performance of your portfolio through better stock selection. Here is a list of Ten Books to Improve Your Portfolio. Homeowners may want to consider investing the money in garden plants. One hundred pounds can buy a substantial stock of shrubs that over time could enhance the saleability of your home. Fruit trees, which are a bit more expensive, can also be a good investment especially if you make use of your garden produce at meal times! According to recruitment agency Adecco, spending £100 on your appearance can make a big difference to your take home pay. It seems that smartening up can translate to a £1,000 leap in wages. However, Adecco recommends buying conservative colours rather than something whacky. Finally, a pet favourite of mine. I invested £100 in nicotine chewing gum eight months ago, and I have been free of the "cigarette habit" since. Not only do I feel healthier, but I estimate I have saved over £1,200 that I would have spent on cigarettes in that short space of time. Furthermore, I have been salting away the monthly savings in shares. So for me, not only has the £100 spent resulted in a cut in expenditure, but the money is growing rapidly too!