On this episode of the Money Confidence podcast, Sarah and Georgia talk about how to start saving by building up habits to reach your financial goals.

KEY TAKEAWAYS

Just looking at your bank account is so important. It's so common that people get to the last week of the month and have £50 left and they panic and wonder how they could have spent that much money. If you write it all down and divide it up into categories (for example, essential expenditure (mortgage and bills), and discretionary expenditure (clothes, takeaway food and alcohol) you'll probably get a shock. It all adds up slowly.

Work out your priorities, what you deem to be worth your time and money and what's not. How you spend your money is completely up to you, but look at what you're spending it on and see if it aligns to your needs and values. For example, if you're trying to live healthily, your gym membership may be important to you so you may want to look at cutting down how much you're spending on takeaways or alcohol.

See how much you can save without this affecting your standard of living. How much do you regularly have at the end of the month? Why not automate that amount (whether it's £5 or £50) to go into a savings account so you don't even think about it. Then, if you find you've got some more left over, save that amount too.

Give your money a purpose. What are you saving for? Have different pots, one for a holiday, one for clothes/going out/saving towards a house/new car/holiday, whatever you want to save up for.

BEST MOMENTS

‘Be brave and set a day and time to review your spending and stick to it. It's so easy to put it off. The sooner you start the sooner you can start saving and reach your goal.'

‘Slow and steady.'

‘If you move your money into a savings account, you're less likely to fritter it away on a coffee or something.'

‘Pay yourself first, as if you are your employer.'

‘Have someone who can hold you accountable, talk about your goals with a friend or family member. That way you'll be more likely to hit your goal.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: [email protected]

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

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