How to use the personal finance more is less rule
How to use the personal finance more is less rule
Personal finance is fond of rules. It's a lot easier to coin a rule that sounds like it would work in most situations than it is to actually go through all the different financial products and explain how one would best use them depending on the situation.
Not only is it difficult to write - and impossible to write exhaustively - it is also boring for the reader and that is simply inexcusable especially in the personal finance world where there is a distinct lack of the sex and drugs and rock and roll that would otherwise paper the cracks caused by bad writing.
Having said all that, though, let me now propose a personal finance rule that might just actually work: it's called the more is less rule.
The principle says that the more you compare credit cards the less you'll end up ultimately paying out to your credit card provider.
What's more it says that the more you compare current accounts the less you'll end up going into your overdraft and shelling out hundreds of pounds for the privilege.
Why does it work? For a number or reasons but, for fun, let's just pick three.
First, looking more allows you to find the best deal. It's as simple as that.
You're likely to find what someone else wants to tell you is the best deal on the first go. That's easy. People make a living from telling you that.
Look further, though, and you'll notice that you and your finances don't fit some perfect consumer model. You're unique and you need something that suits you: the money you have as well as the way that you spend and save.
Second, the act of looking is important in itself. It ensures not only that you're getting more or less the right product but that you understand what you're getting into which is much more important.
At some point when doing this research you'll realise why you need to borrow the money or what you really use your current account for. Most other people won't know that.
Third, and finally, good things take time and work. Personal finances once worked out and automated needn't take up much of your time but they should take up some.
More doesn't have to mean a lot but it should mean some.
The more is less rule even applies when you compare savings accounts since these can come with battery of fees or offers that expire and leave you with less money in interest than you could have had.
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