True Potential Staff Share Their Summer Savings Tips
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We’re delighted to received so much positive feedback for the DMWYM series, and we’re pleased that so many from our audience want to hear more from our recurring panel members. With this in mind we’ve collated some top savings tips and lockdown lessons from our DMWYM panel.
We asked the panel how being on lockdown has changed their finances, how they are spending and investing differently in lockdown, and any other ways they are doing more with their money through this period. Can you apply any of these lessons to your own personal finances to do more with your money?
Daniel Harrison, Chief Executive, True Potential Group
One thing I’ve found during lockdown is that I’ve had more time at the start of each month to sit down and study my investment and pension goals. This has helped me invest any surplus cash from the end of each month into my most ambitious goals. Doing this often, since the beginning of lockdown, has meant that I’ve seen some great growth into my Portfolio via the sustained recovery in markets.
My other experience has been increasing my direct debit into my Pension from the amount that I’ve saved not having to drive into work each day. This is a meaningful amount of money so makes a difference! I’m also hoping that, as it has been five months of doing this, that I don’t necessarily ‘miss’ the money when I start to travel back to the office.
Chris Leyland, Director Of Investment Strategy, True Potential Investments
I have spent much less money than usual with being in lockdown which has allowed me to save more. With True Potential it’s easy to see my goal and understand where my finances are in respect of that. With the extra money saved I can easily add to my True Potential Growth+ Portfolio using impulseSave® or by increasing my direct debit.
Rebecca Wright, Head of Client Servicing, True Potential Investments
At True Potential, we have been lucky enough to continue working full time since lockdown was enforced in March, as the vast majority of the business are able to work from home. Like many people in the same situation, I have saved money on things such as petrol costs and generally being out and about less or taking trips away.
Most businesses favouring cashless transactions also makes it easier to keep track of where money being spent is going, which is a great way to keep on top of spending. I’m finding that I have a lot more left at the end of the month compared with when I was working in the office, which then gets moved straight into my savings at the end of each month. Combining this with my regular savings via direct debit at the start of the month has seen my pot grow a lot faster than it otherwise would have done, and as its money I would have spent anyway, it’s not something that I’m going to miss as we start to go back to normality.
Steve Hutton, Managing Partner, True Potential Wealth Management
After over 35 years working in the investment industry, I have always tried to pay particular attention to time periods where market stress is at its most prevalent. By noting what it feels like during the higher stress times and then looking back at these notes as a reference during the subsequent years it has helped me learn valuable lessons!
Certain things are obvious to me, mainly that I personally am best served by finding investment managers that I trust due to them being able to evidence their skill and perform in an understandable fashion during all market cycles. The other lesson I have learned is – set an objective and ignore the short-term noise!
Gregg Lang, Head Of True Potential Adviser Services
One thing I have noticed is that I rarely see cash now. Prior to lockdown I tended to put any spare change and money left over from the end of a night out into a pot – the type that needs to be smashed to get the money out, however I can’t remember the last time I seen a banknote, never mind using one.
I find that I’m now saving more into my pension and ISA using impulseSave® – I’m a perfectionist when it comes to round numbers, so I find myself impulsesaving silly amounts like £37.78 to round the total value to the nearest whole figure. However, with the continual surge in performance, it’s keeping me adding to my investments.
George Bell, Investment Analyst, True Potential Investments
Adhering to government guidelines has taken the cost of travel along with many social and leisure activities out of my spending patterns.
As human beings, we have a tendency to replace spending in one area with spending in another, sometimes this is a conscious adjustment but very often is subconscious, that money just seems to disappear into the spider’s web of ‘living costs’. This environment has been an opportunity for me to recognise my spending habits and ensure the reduction in those costs translate into regular saving towards my financial goals.
To make this a practical reality you need technology in your hand. That’s where the True Potential App and tools such as impulseSave® have been of great benefit.
For more great insights from the Do More With Your Money panel, Subscribe to the True Potential YouTube Channel now.