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Money may not grow on trees, but here’s how to make yours bloom…

As the world-famous Chelsea Flower Show gets underway tomorrow, we’ve dug up three ways to nurture your money pot.

Gardening can be a lot like money management. Not convinced? Well, a good gardener knows the right plants to pick and how to tend them to get attractive returns each year.

A not-so-good gardener might get the wrong plants and forget to take care of them – you get the idea.

Here’s how to keep your money blossoming throughout the year.

Weeding out your debt

Before you can create a healthy place for your money to grow, you need to weed out the bad bits.

Debt is a difficult topic to talk about, but there are lots of places you can go for free advice local to you.

 

Also, have a think about how to prioritise your debts. The debts you should pay off first aren’t necessarily the ones that shout loudest. Priority debts are any that could result in you losing your home, getting your energy cut off, or having to declare bankruptcy.

Pick the right products

Part of good money management is knowing what products will work for you. Are your savings working hard enough? Could you get a better interest rate on your credit card?

Before you get a credit card, you should always check the Annual Percentage Rate (APR). The lower the APR, the better, and the less interest you will be charged.

Consider the best type of account for your money. Different accounts could be right for different circumstances. For example, if you will be using an overdraft facility, make sure you check any fees and charges first. If you want an account with extra features, a packaged account could be the right choice.

If you want to build up your savings, start thinking about where you can cut back on your expenditure.

Budgeting is always a good idea and can help you see where you’re throwing your money away. Do you tend to always buy lunch out instead of bringing a packed lunch, for example? Do you always grab that morning cappuccino?

Once you know what you want to achieve, get your savings in the right place.  

Do you have any tips for helping to grow your money?
 

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