These are volatile times. Just ask our pal Mr Pound Sterling. He’s feeling a bit all over the place right now, if recent market indicators are to be believed.
In fact, a scan of the world stock markets suggests these are uncertain days for currencies all across the globe.
Venezuela is suffering from hyperinflation while the US President’s shaky relations with the likes of Turkey and Iran has led to fiscal instability in the Middle East.
Thankfully, accountants are well placed to deal with financial fluctuations – rising and falling dough is their, erm, bread and butter.
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With this in mind, let’s take a look at some accountant-approved ways to protect cash.
Enjoy a little something on the side
Ooh er, Mrs, not like that! Ensuring some savings are set aside should be a top priority in times of financial uncertainty. This way, you won’t be reliant on credit should a crisis arise.
Having enough cash to cover a least a few months of household expenses is a good starting point.
Interest savings accounts and ISAs can be easily set up – and crucially, accessed quickly if you need cash fast.
Make sure time is your friend
Rather than waiting for final demand notices, whenever possible pay creditors and debts as quickly as possible.
As well as offering peace of mind, being up to date with what you owe will stand you in good stead should a financial hardship arise.
Debts – that’s everything from credit cards, loans, store cards, mortgages and that tenner Granny Ina gave you – can quickly spiral if ignored for too long.
Take account of what’s working
Is your current account really working for you? In periods of financial uncertainty, slipping into the overdraft is a reality for many. But with many banks charging high rates for this – some even charge daily fees – the costs can soon add up and worsen financial worries.
Several comparison websites offer free tools and calculators to help change banks more easily.
Don’t be rash with your cash
Acting on the hoof when it comes to finances is risky. So think twice before withdrawing all your savings to hide it under the bed or investing in the hottest new crypto-currency.
As someone who has an interest in the world of financial services, you know the value of seeking professional advice. Fortune might favour the brave but we prefer Granny Ina’s saying: spend a little, save a little.
If you’re looking to forge a career in finance, Accountancy roles on s1jobs all add up to perfect opportunities.