Tag Archive: saving


November 2011 marked a one year anniversary of my first steps into the investing world. In my final two years at university I copiously researched investing (risk tolerance, where to invest effectively for tax purposes etc) and finally decided to take the plunge three months into my first job out of university. November 2011 has also marked some important steps in progressing my finances. As I’ve mentioned in previous articles – personal finance management does not stop. You must continue to stay on top of your situation and ensure your money is making money for you whilst you sleep. Complacency and personal finance should never be said in the same sentence.

What are the three steps I’ve taken this month?

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This weekend passed I was looking through my expenses of the last few months. Since I moved out of my sister’s place and back into Central London I knew that my expenses would have increased. I was careful at the beginning of the year to sort out my budget which takes on the 70/20/10 structure. I’ve never been great at splitting my money into more than essentials, non-essentials and savings so this budget always worked best for me. View full article »

The riots across the UK have dominated the headlines for most of the past week as politicians and the general public alike stuggle to comprehend the true cause of the violence. I was disappointed as I watched footage of my beloved London being destroyed by people as young as 11. As the rioting took a hold of the headlines I watched more and more footage of reporters asking those that were looting why they were committing such acts. One girl proudly says “We’re getting our taxes back innit”. This girl could not have been any older than 18 so it’s questionable how much ‘tax’ she had a ‘right to claim back’. On other footage hooded youths were being asked why this was happening and they explained that due to budget cuts they had lost access to youth and sports clubs which we all know are essential to keep young people from gang culture. It’s sad that young people have had many of their entertainment facilities removed. There was also discussion that young people couldn’t find work and that other Londoners (those in employment)  are ‘rich’ whereas they’re poor. View full article »

This week concludes the series ‘Levels of Personal Finance’. Over the past month I have gone through what I deem to be the levels that you can go through or aim for whilst you make the transition from ignorance to complete control over your finances. View full article »

Week 4 brings you level 4 of Personal Finance: The Advanced Level. The person who has moved into the Advanced Level has moved to the upper half of the Personal Finance scale and is close to reaching a state where minimal effort is needed. If you have reached this level this will be demonstrated by a healthy emergency fund (3-6 months living expenses dependent on circumstances), you have a long term savings plan and you’ve started to familiarise yourself with financial jargon. Most of this will come from preliminary research into investing in stocks and shares. View full article »

This is part II of the Levels of Finance which discusses the steps that I took to get to where I am today. Last week I wrote about the realisation and the start of researching into better money habits. The Learner builds on what they’ve learnt as a Fresher from their initial research. View full article »

Over the past few weeks I’ve been reflecting on my journey through personal finance. It started when I googled “save money” back in 2003 when I was 15. Since then a lot of things have changed. My mindset is geared towards maximising the income I receive from my savings and I’m keen as always to find a good deal.  View full article »

Saving money needs a new image

How is it that flash cars, clothes and houses have got a favourable image? They are symbols of money, status and power but they can’t always have been associated in this way. What is the most powerful industry in controlling consumer’s habits? Advertising.

Over the past few weeks, I’ve become more aware of my surroundings on my commute. First, as I wait at the station there are a number of billboards for me viewing, then on the actual commute there are plenty of adverts on the walls of the train and then finally going through Waterloo station it’s advertisement central. I’ve seen Iggy Pop and his “saving time is saving money” car insurance adverts around 1000 times since I started working (7 months ago). His image and the purple background of the advert is practically burned into my memory. I’m convinced that investing in Henderson/Jupiter/[insert investment bank here] will give me ridiculous returns on my money without forgetting that the small print (which is actually quite big on billboards) states that I could lose the total amount that I invest.

I hate looking at these adverts because I feel as though they busy my brain. Whilst I’m trying to arrive at work refreshed I feel bogged down by these everyday adverts which offer me no real applicable advice. So why do they stick with me? This may be stating the obvious but advertising is designed to make you feel you need something when you might not. On occasion I’m reminded by a Sainsbury’s advert that I need to pick up milk after work but that really is ON occasion.  They’re also extremely powerful because I see them everyday, five days a week if not more. Over time they become burned into my memory like Iggy Pop’s car insurance.

I’m keen to combat this control over consumers that advertising companies possess. I want to use this technique to communicate the opposite message: Saving Money is Cool. It’s a simple message but if there was enough money pumped in by the government or companies keen to do their bit as Corporate Social Responsibility then I have no doubt that people will be left with the image of their own gold pot and the message that saving now is cooler than spending now. If it took off I truly believe that we would have a nation who were more financially responsible.

One of the main reasons that I decided to start writing on personal finance was because I wanted to add to the wealth of knowledge out there. It’s a simple enough assumption that you only need to go to one website/one book/one person to find out about money but diversifying your knowledge is key to informing your decisions on money. View full article »

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