‘Where does your money go?’: Finance planner shares how to control your budget

Loading...

Rebel Finance School, part of Rebel Business School, helps individuals to avoid debt and master their personal finances through free learning courses. Alan Donegan, co-founder of Rebel Finance School, shares his unique ways of saving up to £37,600.

Figure out your expenses

“Where does your money go?” Mr Donegan asked.

Loading...

“The first step to taking control is working out where it is already going.

“Track your expenses using an app like Money Dashboard and then, at the end of the month, review if you are getting value from your spending.”

Mr Donegan also suggests making this budgeting and financial review a family endeavour.

Loading...

“Get the family around the table, do it with your girlfriend and discuss what brings you the most joy and what was a waste of money!”

Make lunch at home

“Making lunch at home might seem like a cliché, but we are £37,600 better off for having done it, and healthier.

Loading...

READ MORE: 

“Every week, Katie and I batch made salads for us which were bigger, healthier, and cheaper than shop or café bought.

“It only cost us £1.50 a day each for lunch and we took the difference, saved it and invested it and over the period we were working that grew to £37,600 that would not have had eating out each lunch time.”

Loading...

Save on personal transport

Mr Donegan explained: “If you are a two-car family, get rid of one of your cars.

“So many people are working from home now, do you really need two cars?”

Loading...

When reviewing this one may find times when having two cars was necessary, but it’s worth doing a bit of research to see if simply using other transport methods like Uber would be cheaper.

DONT MISS: 

Rent any spare space

Loading...

“If you have spare space in your house, then rent out one of the rooms.

“The rent-a-room scheme allows you to earn up to £7500 a year, tax free,” he said.

Change of financial mindset

Loading...

Mr Donegan commented: “Don’t see your income as fixed.

“It is incredible how many people believe that it is easier to reduce expenses rather than increase your income. 

“When was the last time you asked for a raise?” he added.

Loading...

Emergency funds

“Have an emergency fund so that you don’t have any emergencies.

“Start to save up £1000 in an account in case the washing machine breaks, the car breaks down or you need to change jobs.”

Loading...

Invest

“Take a percentage of your money each month and invest it into a broad-based index fund so that it grows.

“Buy a simple index fund (such as the Vanguard FTSE Global All Cap Index Fund) and hold forever. 

Loading...

“Don’t just reduce your expenses, start to put some of your hard-earned funds to work for you.”

Negotiate your debt

“No one thinks to do this, they just accept that the bank, the store card or the credit card charges 29.9 percent interest.

Loading...

“Make a list of all your debts in order of interest and then call them and ask for a reduction in the interest rate.” 

Have a family meeting

“If you are a couple or family, you need a vision of what you want your finances to be like so that you’re all working together.

Loading...

“Money is the one of the biggest reasons for divorce around the world and we need to break the taboo about talking about money.” 

Mr Donegan concluded: “Start to openly communicate about money, your fears, your dreams and more with the people you love.”

Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

Loading...

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More