Influencers promote investment products for commission:Whether your earnings increase or not; these 5 habits can definitely increase savings

What should be the right habits for saving and spending money? Charlie Nunn, CEO of Lloyds Banking Group, the UK’s largest bank, is solving your money-related confusions with five simple tips: One in every four current accounts in the UK is with Lloyds Banking Group. This gives Nunn a deep understanding of customers’ spending, saving, and borrowing habits. Nunn has advised making savings automatic, talking openly about money in relationships, giving pocket money to children, pausing to think before shopping, and being cautious of influencers giving investment advice on social media. These five tips can help solve common people’s everyday money-related confusions. Do this definitely – Keep a fixed amount from your salary account in a separate account in a place that is not easily accessible to you; this method will keep increasing your savings year after year 1. Talk about money with your spouse and children My wife and I operate a joint account. We maintain complete transparency with each other regarding money matters. I believe that the biggest danger sign in any relationship is the other person being careless about money. I have always been cautious about money. This mindset has been there since childhood. After my parents’ divorce, my mother raised four children alone. Because of this, decisions regarding expenses at home were made thoughtfully, whether it was about arranging groceries or planning holidays. 2. Keep giving pocket money to children Our children don’t listen to my advice much ‘because of being a father’. Still, I have tried to make children understand the importance of money. Giving pocket money helps children learn to budget and stay within their limits. I don’t believe that the younger generation is irresponsible about money. Actually, today’s generation has to face a flood of right and wrong information and pressure in the online world. The way to avoid this is to definitely ask questions if there is any doubt about any transaction. 3. Make Saving Automatic, So You Can’t Postpone It The simple way to save is to make it automatic, so that saving doesn’t become a decision or a task to postpone every month. Keep a fixed amount from your salary in a separate account in a place where you can’t easily access it. This is the easiest way to develop the habit of saving. 4. Pause and Think Before Every Purchase My biggest concern is fraud. Many people are becoming targets through social media and online marketplaces. Despite being tech-savvy, young people are far more vulnerable to scams compared to the elderly. Pause and think before every purchase. Before sending money anywhere, ask yourself whether the other person can be trusted. If there’s even the slightest doubt, use the tools available to gather information or call the bank directly to confirm. 5. Always Be Cautious of Finfluencers Social media can be helpful in increasing financial understanding, but I have deep concerns about finfluencers who promote risky products. Influencers are paid to promote a particular crypto coin, meme coin, or investment product, not to help people choose the right investment options. Those who don’t have much money should not take such risks where money can sink. They should adopt simple options. These methods can be tried – Standing orders (facility for automatic money transfer by the bank on a fixed date) can be set up. – Money can be divided into different envelopes, or round-up tools (tools that automatically send leftover change after spending to a savings account) can be used. – Save a little, save early, save regularly. I myself don’t like making budgets; as soon as the salary comes, I check the account and decide how much amount to put in savings, and complete this task as soon as possible. – Build an Emergency Fund – For sudden expenses, such as vehicle or home repairs, if possible, always keep aside a fund equivalent to one to three months’ salary. (Courtesy – BBC World)