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Give Up Giving Up On Your Money

 

Hey Heroes!

Self-discipline, accuracy, caution.

Easy virtues to preach, but how many of us could confidently say they embody them every day?

No… us neither.

That’s why it takes practice, and a gentle nudge here and there. To stay on track, to research things thoroughly – and to prepare in advance. 

That’s why we’ve got some helpful reminders on the menu today, and an especially wince-inducing tale about surprisingly common investing mistakes…

  NEWS CATCH-UP
  • Schools back 8th March in England with Covid tests taken at home  Read more
  • Covid-19: Boris Johnson plans to reopen shops and gyms in England on 12th April  Read more
  • More than half of UK firms plan to hire new staff Read more

Sam’s Savings

 

Give Up Giving Up On Your Money

If only to break up the monotony of life in lockdown, I’ve taken to giving something up most months.
 
Back in October, it was booze. Last month, I went meat-free. In February, I’m giving up being British drinking tea.
 
During Lent, many strive to give something up until Easter Sunday.
 
If you’re still undecided, allow me to make a few suggestions to save money by giving up…
 
Takeaways. Brits spend an average of £5 per person each week on ordering in (over £250 a year!) Those giving up takeaways for Lent might expect to save £25 over the next five weeks, then.
 
Your favourite streaming service. Licence-payers have access to a host of free content on iPlayer, while there’s also plenty of boxsets and films across All 4, ITV Hub, etc. Pausing your subscription to the likes of Netflix  – chill, just for the month – can save you £5.99-13.99.
 
Smoking/alcohol. A pack of 20 cigarettes costs approximately £10. A bottle of wine or a four-pack of beer can be bought for around a fiver. For those of us who partake, it can make for a sobering realisation when we sit down and work out quite how much we may spend over a few weeks.
 
Bad financial habits. Regularly, I ask myself the following question: is my money working for me? By that, I mean that I look at whether my savings are earning a decent amount of interest in, say, a Cash ISA or whether I’ve ‘left them to rot’ in an ultra-low-interest current account. I might review my choice of credit card to see whether I could better benefit from perks elsewhere; I might compare home insurance providers too.

Ultimately, my suggestion here is to give up ‘giving up’ on your finances; instead, take the time to assess your options and see if your money can work harder for you… after all, you worked hard for it!
 

More of Sam’s saving tips:

Feel like giving in? Wait! Take a minute to sit down and work out how much you’ll save if you keep going until the 4th April (or beyond). You may want to use that extra cash to splash out on a one-off treat to reward yourself.

Or you might prefer to squirrel it away as part of your savings account and earn interest to help buy something even bigger and better in the future: a holiday, car, house… the sky’s the limit!

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A cautionary investing tale

What do GameStop and Australian mining stock have in common?

They’re both listed as ‘GME’. 

The difference?

GameStop is listed as GME on the New York Stock Exchange. GME Resources Limited is listed as GME on the Australian Securities Exchange.

Investors recently mistook GME Resources for the popular GameStop, which caused an unexpected surge in the small mining company’s trading volume. Intriguing news for the mining company, but bad news for the traders who just invested capital in the wrong company! 

It can be easier than you’d think to purchase the wrong stock by mistake, so it’s a good idea to research thoroughly ahead of any purchase.

  • Know your stock exchanges
    Signal Advance saw an unexpected flurry of activity when investors mistook it for a messaging app ‘Signal’ promoted by Elon Musk (which wasn’t listed on the stock exchange at all!)
     
  • Know your tickers
    A slip of the finger could result in a purchase of TLSA (Tiziana Life Sciences) instead of TSLA (Tesla). It’s important to check carefully and ensure the correct company name matches up with the ticker
     

Investing involves financial risk, and there’s a chance you could lose your capital, which may have serious financial consequences.

With that in mind, it seems particularly important to avoid investing mistakes like investing in the wrong company from the get-go! Read more here.

We asked, you answered…

Poll taken by @MyWalletHeroUK on Twitter from 12:25pm 11/02/21 over a period of 24 hours.

After the best part of a year spent in lockdown, it’s little wonder that many Brits are daydreaming about relaxing on a white sandy beach, or strolling through a sun-kissed piazza…

I mean, we’d even take a bag of chips on a windswept seafront at this point!

Despite the recent updates about the lifting of restrictions in the coming months, it’s still a little difficult to tell just how summer 2021 will shape up.

Whilst we wait for more concrete information, it’s worth getting up to speed on some of the following Frequently Asked Questions about holiday bookings during the pandemic:

Can I get a refund for a cancelled summer holiday?
Will travel insurance cover me for a holiday cancelled due to coronavirus?
What if I don’t have coronavirus travel insurance and can’t get a refund?

Click here to see the answers and stay in-the-know about holiday refunds.

Content Disclaimer: We have taken reasonable steps to ensure that any information provided is accurate at the time of publishing. Tax information provided is for educational purposes only. The content provided in this article has not taken into account the circumstances of any specific individual, and does not constitute personal advice or a personal recommendation for any individual; neither should it be relied upon by any individual when making any decisions. If you require any personal advice or personal recommendation, please speak to an appropriate qualified adviser.

Thanks for joining us today Heroes, we’ll have more money musings winging their way to your inbox soon!

Written by the MyWalletHero Team.