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4 Ways To Do A Quick Financial Overview For The New Year

December 17th, 2024 Posted in Money Tips
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Coming up to the new year certainly can bring around a lot of time to reflect on how the year has gone, whether that is through your career progression, family life, travelling plans or your financial situation. You may have succeeded in your goals or maybe have forgotten about them completely and need to re-evaluate how you will then tackle them this year. With so many financial issues at the forefront of people’s minds, having an effective and realistic plan on how you are going to deal with your finances for the next year would be a great way to start your new year planning.

4 Ways To Do A Quick Financial Overview For The New Year

Photo by Bich Tran:

Get Professional Advice

You may feel completely overwhelmed with your financial situation and have no clue where to start. If that is the case there is so much out there to help you. Whether that is debt advice, restructuring your finances with the bank or even hiring an accountant. Hiring an accountant is very beneficial especially if you are self-employed as they will be able to help you with your deductions and reduce your tax bill.

Get What You Are Owed 

Now would be the perfect time before the year is out to make sure you have any money you are owed. Are you waiting on a tax return that you can follow up on? Checking your energy suppliers is also a great thing to do as there may be a lump sum of credit on the account you can claim back. You may also be able to claim money from any complaints or grievances you have had. This could be making a claim against the council for negligence or you may have had a car accident and can claim and seek advice for that. 

Do An Outgoing Audit

At the end of the year is the best time to audit all of your outgoings and make sure you are aware of what exactly is going out. You could be surprised at how much you could be saving from cancelling things. There are plenty of times people sign up for a free trial and forget to cancel them after, you may not even be using that app or service. So make sure you are cancelling anything you don’t need, which could also be from magazine subscriptions to gym memberships. You can also see how much you are paying for certain things like utilities and your TV package and speak to your providers. A lot of the time, just asking you may be able to get a better deal and lower the monthly cost of what you are paying.

Be Sure To Assess The Household Finances

One of the issues a lot of households face when it comes to their finances is hiding things from each other. It is important to be open and honest and help each other when needed. Assessing your finances as a whole each year will make sure you have no nasty surprises or huge bills coming through the door that you aren’t able to manage. 

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Why Turning Hobbies Into Hustles Can Ruin the Fun

December 17th, 2024 Posted in Business, Entrepreneurship
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Think about this for a moment (maybe this has quite literally happened to you); you’re curled up on the sofa, knitting needles clicking away while you binge a TV show. Bliss. Then it hits you, people sell scarves on Etsy, don’t they? Suddenly, you’re spiraling: pricing out yarn, Googling shipping costs, and wondering if you could squeeze out some extra cash. What started as a soothing end to your day is now another item on your never-ending to-do list. Now yes, sometimes hobbies could very well make you rich, there’s more than enough content online that even states that.

Why Turning Hobbies Into Hustles Can Ruin the Fun

But at the same time, hustle culture loves to tell people that every free moment is just an untapped business opportunity. It can literally be anything from streaming video games, selling art, or flipping furniture, apparently, if you’re good at it, you’re wasting potential by not cashing in. The problem is, that mindset can turn even the things you love into a chore.

Even just basic care like eating, sleeping, skincare, and exercising has quite literally pushed people to try and make money (and again, it’s due to hustle culture). Now, if you want to make money from doing these, sure, go ahead. But don’t feel pressured!

Hobbies are Supposed to Be Fun, Not Another Job

Hobbies exist for a reason. They’re your escape from emails, deadlines, and whatever else the day has thrown at you. So, painting, gaming, baking, these things are supposed to be yours, a way to unwind and recharge. So, slapping a price tag on them can mess with the entire point.

Actually, you can take video gaming, for example. Loads of people stream their games on Twitch and genuinely enjoy the experience. But if you’re only doing it because “everyone else is,” it can suck the fun right out of it. One minute you’re deep into a quest, the next you’re stressed about view counts, wondering why your followers haven’t grown this week. 

Seriously, if you love playing casino games on RedPokies, then don’t outright feel you need to show the world your wins and losses, because you don’t. The same goes for literally everything else under the sun, do it for you, not because you feel like you have to show it off.

Monetising Isn’t as Easy as It Looks

Sure, social media makes it look effortless. You’ve seen the posts: “I made £100 thousand by selling candles!” or “Passive income in my sleep!” What they don’t show is the messy reality, the hours spent trialing products, the upfront costs, and the stressed-out customer complaints. Seriously, is it worth it? Was it easy at all? Chances are no, no it wasn’t. 

You need to keep in mind that turning a hobby into a side hustle comes with baggage. If you’re baking for fun, a lopsided cake is still a win because, well, cake. But if you’re baking to sell? That crooked layer might leave you panicking about your reputation.

Free Time Doesn’t Have to Be “Productive”

Here’s a wild thought: doing things for no reason other than enjoyment is enough. It used to be in the past, so why not now? For example, watching YouTube videos without simultaneously grinding out survey cash? Totally fine. Playing games purely because you love them? Absolutely allowed.

Money Can Change How You Feel About a Hobby

Essentially, turning hobbies into hustles can make them feel more like obligations than escapes. If you’re baking, drawing, or gaming for the sheer joy of it, mistakes are part of the charm. Who cares if your cake leans a bit or your painting looks more “experimental” than planned? It’s all about having fun. The second you add money into the mix, though, and suddenly expectations shoot up.

Sometimes, Nothing is the Best Thing to Do

For the most part, free time has value all on its own. Just think about it, you’re sitting down with a good book, losing yourself in a game, or wandering around a park just because it feels nice. Now, that’s what time off is supposed to look like. It’s a chance to hit pause, breathe, and enjoy something for you.

If It Feels Right, Do It

Now, there are some people who want to test the wasters, they want to make money. By all means, go ahead, just don’t try and pressure or guilt yourself into it. The next time you’re tempted to turn a hobby into a side hustle, ask yourself one question: Is this still bringing me joy? If the answer is no, it might be time to hit pause and remember why you started in the first place.

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5 Key Considerations That Can Save You A Fortune When Buying A Home

December 16th, 2024 Posted in Property Investment
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For most people, buying a home is the biggest purchase they’ll ever make. As well as being the most important asset from a financial viewpoint, the home will also have a huge influence on your quality of life. In other words, you need to make the best decision. 

When considering the financial aspects, it’s important to remember that outcomes are influenced by many factors. You will only achieve the best results if everything fits nicely together. Focus on these five features and you won’t go far wrong.

5 Key Considerations That Can Save You A Fortune When Buying A Home

Image by Oleksandr Pidvalnyi from Pixabay

Getting The Best Mortgage Rate

The vast majority of homebuyers will need a mortgage. Knowing what to look for when shopping for a mortgage is very important. As well as finding the right lender, you’ll need to consider whether a fixed-rate or variable-rate deal is best for you.

You should also use calculators to work out how much you can borrow and what you can comfortably afford. This info may help you decide if a shorter mortgage with higher monthly payments but reduced overall interest is worthwhile.

Understanding The Cost Of Delays

Buying a home is exciting, but it is also very stressful. Delays are very problematic as they could cost you a fortune in legal fees and lost deposits on items like pre-booked moving companies. If you have to pull out of the deal, it could cost you thousands.

Worse still, issues linked to the sale of your home could stop you from landing your dream home. Thankfully a quick bridging loan can solve this problem, allowing you to move as anticipated. It also saves you from having to accept a lowball offer on your property.

Knowing The Extent Of Hidden Fees

When purchasing a property, you will probably account for stamp duty. However, there are a host of other hidden costs to consider. If you fail to do this, you may accidentally start the new chapter in a very bad financial situation. 

Therefore, you need to know your solicitor fees, estate agent fees moving costs, and other hidden fees. It may mean putting down a slightly smaller deposit. But the long-term outcomes are far better than landing yourself a four or five-figure bill you can’t afford.

Calculating Property Restoration Expenses

Even if you move into a property that’s in perfect condition, you will want to stamp your authority on it. While it could take months for you to complete this process, it’s important to have the funds to get started right away. Otherwise, you may never begin the process.

Many homebuyers will actively purchase a fixer-upper. They require more work, but the costs are smaller. By completing the jobs themselves, it is possible to unlock even greater ROIs while also building their dream home. But a thorough survey is needed to avoid nasty surprises.

Finding Financial Support

When buying the home, some buyers will qualify for various grants or schemes. Even if you’re only starting to save for a deposit, it is worth researching government support schemes. It could streamline the process while also saving you money.

In addition to the help offered during the purchase, you may be eligible for support on upgrades. This is most noteworthy with eco-friendly updates. They include subsidised double glazing and solar roof panel installations. Conduct your research so that you won’t miss out on possible savings.

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Life Skills To Teach Kids About Money Management

December 16th, 2024 Posted in financial literacy for kids, kids and money
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When you think about it, teaching kids about money is really one of the best investments of your time you can make – it’s something that’s going to help them hugely in the future, and ideally they won’t make any (or at least not many) financial mistakes as a result. Yes, they might not be all that interested at first, but if you can show them how important it all is and how to do it so they feel good about the process, they’ll become a lot better at handling money in the future, and that’s what counts. With that in mind, keep reading to learn about which life skills can help teach kids about money management – they’ll thank you for it later.

Life Skills To Teach Kids About Money Management - saving money in a jar

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Saving Money 

One of the first lessons to teach kids about money management is how important it is to save money – it’s tempting for them to spend it as soon as they get it, and why not? They’re kids, after all; getting money is fun and they don’t have any bills to pay. But one day they will, so the earlier they can learn about saving, the better because there’s less chance of them getting into massive debt when they’re older. 

Start by giving your kids a piggy bank or, if they’re a bit older, opening up a savings account for them. Then, encourage them to save a portion of their pocket money or money they get for their birthdays or Christmas and so on, so they can buy something they really want – it might be a new game, a bike, or something else they desperately want to have. Once they see the money starting to accumulate, they’ll feel good, and when they buy whatever it is they wanted, they’ll feel even better. 

Smart Shopping 

You’ve probably already noticed that kids are natural impulse buyers – they have money and want to buy something right away, almost without thinking about what it is or whether it’s worth the money. As an adult who also needs to buy things, you can teach them about smart shopping so that even if they do still want to spend, they can do it the right way and ideally get something worthwhile that’s going to last. 

A good example is if you want to buy a car. Show the kids the choices and explain the pros and cons of the cars you’re interested in, let them know your budget, show them how to compare models so they can see that the Quartermaster is a great choice, and then wait before buying – that’s going to show them that it’s best to step back even when you’re sure about what you want, just to be on the safe side.

Needs Vs Wants 

Something else that’s important for kids to learn is the difference between needs and wants – if they know that, it’s going to make decisions a lot easier, they’ll be able to budget better, and they’ll be able to prioritise their spending, all of which is vital for good money management. 

So when they’re making decisions about what to spend their money on, talk about whether something’s really necessary or whether it’s just something they’d like – and make sure they know they can still have fun and buy cool stuff, as long as they prioritise their needs first. 

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Finance Hacks That Will Boost Your Savings

December 9th, 2024 Posted in Money Tips
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Saving money… it’s one of those things we all want to do, but somehow it always feels just out of reach. Like, you’re trying so hard, but your bank account just never seems to go into the positives. The good news? You don’t need a six-figure income or a financial advisor to boost your savings. You just need a few hacks—the kind that actually work.

Finance Hacks That Will Boost Your Savings - tracker board image

Photo by Bich Tran:

Automate Your Savings:

If you have to think about saving money every month, chances are, it’s not going to happen. Life gets in the way. Bills, unexpected dinners out, that tempting “just one little splurge”… you know how it goes. That’s why automating your savings is such a game-changer. Set it up so part of your salary goes straight into a savings account. No effort. No temptation. Done.

You can also try using round-up apps. Every time you buy something, they take the leftover change and pop it into savings. It’s like saving without even noticing. 

Track And Trim Your Expenses:

Have you ever looked at your bank statement and thought, “Wait, where did all my money go?” I think we all do that sometimes. It’s time to track your spending. There are a million apps for this, or you can go old-school and use a notebook. Either way, write down everything. You might be shocked (or mildly horrified) at what you find.

Once you know where your money’s disappearing, start trimming. Do you really need three streaming services? Maybe ditch one. Or all those takeout lunches? Bring leftovers instead. You don’t have to cut out every little treat, just the ones that don’t really make you happy. Suddenly, you’ll have extra cash sitting there, ready to save.

Sell Unused Items:

Okay, now about all the stuff cluttering your house. You’ve got things sitting around that you haven’t touched in years, don’t you? Don’t feel bad—we’ve all been there. It’s time to Marie Kondo your life and turn those forgotten items into money.

For example, you can sell your old silver for cash. Seriously, that tarnished silverware set your grandma gave you might be worth more than you think. Coins, jewellery, old trays… if it’s silver, it’s money waiting to happen. Take it to a trusted buyer, pocket the cash, and watch your savings grow. Plus, you’ll have more space in your house. Double win.

Embrace The 30-Day Rule:

Impulse purchases are sneaky little things, aren’t they? You see something shiny (or on sale) and before you know it, you’re at the checkout. Here’s a better idea: whenever you want to buy something that isn’t essential, stop. Wait 30 days.

By the end of the month, you’ll either realise you didn’t really need it (most of the time) or you’ll still want it… and have saved up for it. It’s like giving your future self the chance to make smarter choices. 

Final Thoughts:

Saving isn’t about being perfect or saying no to everything fun. It’s about finding what works for you and running with it. The thing is, it’s not a sprint; it’s more like a slow and steady hike—steady and sustainable. Some days will be easy, others less so, and that’s totally fine.

So, try a few of these hacks. It’s all about building momentum and celebrating the small wins along the way. 

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