In fact, sometimes it can be much easier to turn a blind eye and hope for the best. Unfortunately, like that stack of unopened bills hidden in the draw – problems don’t just go away when you ignore them.
Now experts reckon that turning a blind eye to finances can end up costing us dearly, and that it could take just a couple of hours a month to save hundreds of pounds.
In a rather endearing study carried out by an insurance company, 200 six-year olds were asked various questions about their thoughts on money matters. Most of them thought they’d be able to afford a new car, along with the £10,000 deposit required to buy a mortgage – by the age of 12. Their extravagances didn’t end there – it turns out the average six-year-old expects to earn a salary of £100 a year when they grow up.
Of course, six-year-olds can’t be expected to understand the value of money. But shamefully many of us carry this naivety with us right into adulthood and end up making some very expensive mistakes.
Charges on overdrafts, interest on loans, overpayments on tax … matters that might appear mind-bogglingly boring initially, could actually be depriving you of that holiday you wanted, or the extra cash you wished you had.
Just a couple of hours spent checking your accounts, debts, investments and bills could make you a few hundred pounds richer. It may not sound like much, but it adds up and opens opportunities in your life to do the things you wanted to do.
Hiring an accountant – even just for a one-off spring clean, could help you get a handle on your expenditures and transform that feeling of dread you get when you approach the ATM into a feeling of glee as you realise how much more money you have.
Visit our Personal Finance pages to discover more.
View and comment on the original article Independent article by Simon Read.