Willis Owen reveals why you should be bean counting this International Coffee Day
Posted by Adrian Lowcock in Press releases category on 01 Oct 19
Investment platform Willis Owen is urging savers and investors to make the most of international coffee day and take just 10 minutes over a hot drink to markedly improve their future financial prospects. The 1st October 2019 marks the annual coffee awareness day and figures from The British Coffee Association reveal that the beverage is now a British obsession as the UK consumes as much as 95 million cups or an average of two each per day.1
Willis Owen is urging people to make the most of their coffee breaks this year and use the time it takes to have a cup to make significant changes. For just 10 minutes once a year people can take small and easy steps that could hugely enhance future financial prospects.
And you don’t need to be Warren Buffett to do it either. Research conducted by Willis Owen reveals that if you invested £100 every year in the MSCI AC World index over the past decade, you would have a £1,996 (before costs) today or an 99.6% return on your investment.
Adrian Lowcock, head of personal investing at Willis Owen comments:
“Once you get over the initial hurdle of getting started investing can be very rewarding. It takes less than 10 minutes online to open an ISA or SIPP and our research has shown that you don’t need to invest a large amount of money to benefit from compound interest either. You can start from investing as little as £25 a month.
“Managing your own investments doesn’t need to be a career either, spending a little while checking in every now and then to make sure everything is working as planned can be more productive than constant monitoring and tinkering. It needn’t take long to get your finances in shape, and we are suggesting that using the time it takes to drink your coffee this International Coffee Day could be the ideal time to either start, or do more, saving and investing.
1British Coffee Association / Centre for Economic and Business Research – 2018
Lowcock outlines three easy ways to make the most of your money and your coffee break:
Start a Budget
“Get on top of your finances by keeping track on how you spend your money. Know what goes on living expenses and therefore how much is left to spend on yourself and savings. A budget can be a bit of hard work so break it down into bite size pieces. The first step is identify your essential items e.g. utility bills, mortgage costs etc. and then tot these up. Subtracting fixed expenses against monthly income gives an idea of your disposable income.
Set up a savings account
“If you have not already done so, open up a savings account and set up a regular direct debit to transfer a small amount of your income into it each month. It does not have to be much, just what you can afford. If you already have a savings account then consider reviewing the interest rate you are getting and think about switching to a better rate. Do the research in your coffee break.
Open an ISA and begin investing
“ISAs are a popular starting place for many investors and are good for those looking to grow their investments free of tax. Take 10 minutes to learn more about the benefits and suitability of ISAs.”