It’s a New Year and that means lots of us are setting resolutions for the year ahead. Health and fitness tend to be the top goals, but personal finance goals follow in a close second.
Lots of the people I speak to want to spend less so they have more money available to pay off debt or save for the future. This is of course a good way to increase the gap between what you earn and what you spend, but it’s important not to neglect the earning side of the equation either.
In this episode, I share with you five ideas for spending less this year, as well as five ideas for earning more.
My tips for spending less in 2018:
1 – Cut back on ‘little luxuries’
2 – Get a student discount card
3 – Get cashback when you shop
4 – Review your mortgage
5 – Don’t buy anything for a year
My tips for earning more in 2018:
1 – Ask for a pay rise
2 – Sell the stuff you don’t need or want
3 – Package up your expertise
4 – Get a second job or start a side hustle
5 – Join the sharing economy
Personal finance news
-Commuters returning to work after the Christmas break are experiencing a big rise in rail fares this week. On average, train ticket prices are up by 3.4% across the UK.
-The latest house price survey from Nationwide has reported a modest slowdown in 2017. They say average house prices rose by 2.6% last year, down from 4.5% in 2016 and 2015.
-Yesterday was ‘Fat Cat Thursday’, marking the day it takes, on average, for the top chief executive to earn as much for the year as someone on the average UK salary. It takes chief executives only three days to earn £28,758.
-The government has claimed that more than 16,000 first-time buyers have already benefited from stamp duty cuts, each saving thousands of pounds. Stamp duty was cut in the November Budget for 95% of first-time buyers, resulting in 80% paying no stamp duty at all on the purchase of a first home.
-First-time buyers are typically saving for eight years to afford a deposit on their homes. New data from Nationwide Building Society shows an average deposit of close to £20,000 in the UK.