A company that utilizes a FinTech app to help people manage their mortgage through an all-in-one platform has launched a new report on the most expensive personal finance mistakes people should avoid when they are young. The team at Azoras explain the financial mistakes people make early on can have consequences for the rest of their lives, particularly when they need to access credit for a house or car.
More information can be found at https://www.youtube.com/watch?v=mprkhuDPuBw&ab_channel=Azoras
The newly launched report focuses on the five biggest mistakes people make when they are young and includes waiting to invest. The team at Azoras explain the younger a person is when they start investing, the longer they can earn a return on their investment. They add that compound interest is one of the best reasons to start investing as early as possible.
Not having a private pension is the second most costly mistake say the team. They explain many people in the UK may be unaware of pension tax relief and how it works, which means they are likely missing out on funds.
Azoras explains for every contribution to a private pension with a verified provider, the government adds 25% of that figure. If for instance a person adds £100 per month, they will receive a £25 top-up from the government.
Not budgeting is the quickest way to get into debt explains the report. It says sitting down and creating a realistic budget for the week or month and sticking to it can save people from wasting their money on impulse purchases and things they do not need.
Expensive cars can impact the saving ability of people says Azoras, as there is not just the car payment, but the cost of insurance, tax, fuel, and maintenance. The team add that long-term loans may appear low-cost each month, but they add up.
A representative said: “The fifth and final personal finance mistake to avoid is getting a credit card. If you are disciplined enough not to abuse it, there is no problem, but many people do not have this discipline. With typical interest rates over 17%, you do not want to accumulate credit card debt.”
More information is available via the URL provided above. Alternatively, the main company website can be viewed at https://www.azoras.co.uk.
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