Careers At Abbey Wealth

Save Smarter When You’re Spending Less

Among all of the challenges that COVID-19 has brought, there have also been some positive changes that have emerged…

Among all of the challenges that COVID-19 has brought, there have also been some positive changes that have emerged. The environment has benefitted from lockdowns, with pollution dropping dramatically in major cities across Europe and the world. Better air quality is expected to prevent thousands of pollution-related deaths this year. Plus, fewer cars on the roads have also led to less car accidents.
Spending habits have changed and having lower monthly expenses may provide an opportunity to boost savings.

What to do with additional disposable income?

Many of the fortunate expatriates who are working are finding that they suddenly have more disposable income. With no restaurants to eat in, no concerts or sports to attend and no shopping centres to shop in, discretionary spending has plummeted. It’s not just the fun stuff that we’re no longer spending on either. Commuting costs have been reduced as more people work from home. Nursery costs have similarly been cut for many families. So, what should you do with the extra money you might find yourself with?

Work out your financial priorities

Making the best use of any extra money depends on what your financial goals are. You may want to pay down debt, save for a special occasion or a down payment on a home, or invest in your kids’ education. Or, maybe you want to make sure you have a secure retirement. While your extra money could get you into your own home sooner, or give you a more lavish wedding, any extra cash you can save now will have a greater impact the longer you invest it.

Before you do anything, get advice

Talk to your Abbey Wealth Adviser before you do anything with your extra money. They’ll be able to help you to invest your extra money in a way that can bring the maximum impact. They’ll also be able to recommend the best ways to integrate your extra cash into your current plan and suggest ways to potentially boost your portfolio.

Contact your adviser today and start getting any extra money working for your future.

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