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So far my adventure has earned me over £2000 which I currently have sitting in a current account paying next to nothing in interest so it’s time to start thinking about making this money work for me.
Now normally the stock market is a good place to look for good returns but given the current instability in the markets I’d prefer to invest my money into something a little bit safer.
Now you might not thinks banks are as safe as they were but seeing as the Government seems to be guaranteeing all savings they are still a safe bet. However interest rates have plummeted in the last three months from paying an average of 2.46% in September to just 0.81% in December (Source: Bank of England). And it’s likely to only get worse as this is before January’s 0.5% interest rate cut.
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Checking my bank account today I noticed Quidco had paid me another £2.88. A quick check of my Quidco account reveals this was from Game back in October when I purchased Fifa Manager 2009.
No matter how many times I receive cashback in my account, or how small the value might actually be I still can’t help but feel excited when it appears in my bank account!
The year 2008 will always be remembered as the year the phrase ‘credit crunch’ entered the dictionary, despite the fact the severe shortage of credit started back in August 2007 when French bank BNP Paribas admitted it could not value some of its assets due to a “complete evaporation of liquidity” in the market. Within a month the European Central bank had pumped 95bn euros into the banking market although this wasn’t enough to prevent a run on the Northern Rock and it’s eventual collapse.
Only days into 2008 and the World Bank issued a statement predicting that global economic growth will slow in 2008 as the credit crunch hit even the worlds richest nations. But I doubt even they expected the FTSE would end the year down 31.3%, with interest rates across the globe being slashed to record lows. But despite all this doom and gloom I was still able to make money as my Millionaire Adventure continued.
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A recent report by the charities commission found that a quarter of charities have experienced a drop in donations due to the recent economic downturn which is to be expected as people tighten their purse strings across the board and unfortunately charity donations are an easy target for people looking to make quick and easy cut backs.
But there are other ways to donate other than financial.
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When I wrote my last quarterly review of my finances the FTSE100 stood at close to 5000 points, little did I know within a matter of weeks it would drop by 24% as the world came to terms with a global recession. But closer to home, how did my own finances fare during this period of economic turmoil?
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