Time is money
January 10, 2007 by admin
Filed under News, News-Banking
The majority of us are not putting enough time aside to work out our finances.
That is according to Axa, which found that one in three British adults refuse to pay any attention to their finances at all.
Of those who do spend time looking over their money, the majority allocate just five minutes each week to the process.
Despite these slightly worrying figures, Axa insists that all is not lost and says that by giving ourselves just 15 minutes each week to sort through our finances, we could each save thousands of pounds in reduced debt.
Based upon this period of time being set aside, Axa insists that as much as a quarter of personal debt can be reduced, while savings can increase by 40 per cent in just 12 months.
“There is a direct correlation between the amount of time people spend on their finances and how much they save,” said Steve Folkard of Axa.
“Our research shows that it’s not until people start to spend around an hour a month on planning and reviewing their money issues that they really see their savings pot grow – people who spend more than an hour saved an average £1,532 last year, compared to just £576 saved by people who don’t review their finances on a monthly basis at all.”
Axa offers advice to people such as simplifying your money into two columns (money in and money out), clearing debts before saving and looking at the situation positively.
