How to determine the best financial products

When you have extra money it can be difficult to know the best route for saving or investing.

08:20 23 September 2013

There are a lot of things to deal with when it comes to finances and we don’t always know what the best choices are. Sometimes we just have to take a risk when we make an investment or choose a bank. In the meantime, it is usually a good idea to sort your financial goals into categories. It might be separating into categories such as savings and investments, or by something a little more detailed such as university funds, retirement plans, and savings for a home. 

You can also compare financial products by contacting the Financial Services Authority (FSA) or by visiting their website.

Here are a few generic tips to help you out:

• Use your resources—do not forget that the internet is one of the most efficient and comprehensive ways to research anything you want to know. If you want to know about specific financial products you can find a lot of information to suit your needs. Be sure that the information comes from reliable and reputable sources.

 

• Comparisons—once you have collected information you need to compare the pros and cons in order to find the best product or service that meets your financial goals and needs. Certain magazines, newspapers, and twitter feeds are dedicated to giving consumers a leg up on handling money matters.

 

• Financial professionals—one of the wisest ways to spend your money may be to consult with a reputable financial professional who can give you positive advice on how to manage finances successfully.

 

• Advice alternatives—though consulting with financial professionals is probably the best bet, there may be alternatives that are less costly. Certain organisations such as the Citizen’s Advice Bureau may be able to offer free or low-cost advice.

 

• Management—if you have investments you’ll want to decide if you will manage them or if you will have someone else with dedicated knowledge manage your investments.