A BLOGGER has provided three top tips to immediately improve your finances.
After quitting her 9 to 5 job last year, Laura Turner now runs money blog Thrifty Londoner – a millennial personal finance website which aims to support people striving to improve their financial habits.
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A crippling cost-of-living crisis, coupled with London being the least affordable city in the UK – mean many Brits can’t afford to be anything but frugal.
The idea of Thrifty Londoner took shape as a way to provide support not widely available for people like Lauren.
She said: “I moved to London on a low salary, and pretty quickly realised that I needed to get a handle on my finances, Laura told LatestDeal.
“I started budgeting, looking at ways to cut costs, researching how to enjoy the city on a budget, and strategising about how I could increase my income.
“I realised there wasn’t a relatable woman who was my age talking about this stuff online, and so I started my website Thrifty Londoner and my Instagram page with the same name.”
She projects what the up-and-coming lucrative side hustles are likely to be this year.
She projected: “I think service-based businesses will remain popular and profitable for 2023.
“For example dog walking, pet sitting, cleaning, baby sitting. I also think freelance services are in demand – editing, writing, website design and logo design, for example.
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“Product-based businesses could potentially see a decline in sales due to the cost of living crisis.”
Three ways you can improve your financial habits
Keep tabs on earnings and expenses
Laura advises: “Many don’t know these fundamental numbers and it’s important to be aware of your own financial situation. Set financial goals. To improve your finances, you need clarity on what you are trying to achieve.
“This is the motivation that will drive you through. E.g., you might say to yourself, ‘I want to pay off £5,000 of debt, so that I can then take my family on a holiday next year’.”
Focus on yourself
Conflicting advice online can all be overwhelming when you’re trying to find the right answers.
Lauren recommends: “Stay in your own lane. Try not to compare yourself to others, to influencers, or to celebrities.
“Unfollow and unsubscribe on social media to focus on your own goals rather than what social media is saying you should be prioritising.”
Strategise to save
Happily, there are a handful of small things we can all do to be to me cost-effective, many of which can take you less than a minute.
When it comes to energy bills, Laura advises: “First of all, check for your eligibility for any grants or benefits which you may be entitled to. Head to somewhere like Citizens Advice to find out more. Make sure heaters and meters are set up correctly. Check if you could install a timer or thermostat if you don’t already have one.”
She added: “Day-to-day options might be to use an electric blanket instead of heating, defrost your freezer regularly, use energy efficient lightbulbs, close curtains in the evening to keep heat in.”
Enrolling on a workplace pension is an additional recommended step for those in work. This is because you could benefit from contributions from your employer and tax relief from the government.
Advice services such as MoneyHelper and Pension Wise can offer free and impartial advice for those who are eligible.
