A recent survey found the majority of New Year’s resolutions include a financial goal. Seventy per cent say saving more is their main priority, while many also plan to spend less or reduce expenses in 2026. And considering that one in six of UK adults have no savings at all, many of have little financial breathing room. In the same boat? Here’s five ways to build a small emergency savings pot in just 30 days.

Ring-fence a portion of your income

A short-term emergency fund doesn’t need to be large to be effective. Setting aside even a modest amount can help cover unexpected bills, avoid borrowing for essentials, and also provide a sense of day-to-day security. One starting point is to set a fixed amount to ring-fence on payday. This can involve moving money to a separate savings “pot” or bank space, treating savings like any other bill, or automating transfers so the money is saved before it can be spent. Even setting aside £1–£5 per day can create a meaningful pot over 30 days.

Apply the 50-30-20 rule

The 50-30-20 rule is a budgeting structure that can help free up room for emergency savings. Fifty per cent of your income should be allocated for your needs, 30% for wants, and 20% for savings or debts. Using this structure for just one month can help identify spare funds and tighten discretionary spending. And even if 20% isn’t possible, using the rule as a benchmark helps guide more mindful financial decisions throughout the month.

Cut or pause discretionary expenses

Small, temporary changes can quickly build up. For 30 days, why not pause subscriptions that are rarely used, switch premium services to lower-cost or free alternatives, reduce takeaways or spontaneous purchases, or review travel, food, and entertainment costs for quick wins. Focusing on just two or three easy-to-trim categories can unlock funds without feeling overwhelming.

Plan ahead for expected costs

Many of us struggle because we don’t prepare for known upcoming expenses. Creating a simple 30-day plan helps toanticipate costs such as birthdays, travel, or bills, spread expenses across the month, and prevent surprise costs from eating into savings. This planning approach makes room for an emergency pot by reducing unplanned spending.

Reduce general household costs where possible

Small, practical reductions can add up within a month. For example, think switching to supermarket own-brand items and use price comparison tools. You could also batch cook to avoid food waste, lower your energy usage with simple habit changes. Then there’s free or low-cost activities rather than paid options. The goal is not to cut everything, but to identify a few realistic areas where costs can be reduced and redirected into the emergency fund.

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Here’s a statistic you may not realise: one in six adults have no savings at all, and many have little financial breathing room. In the same boat? Here’s five ways you can start building a savings pot in 30 days.

Ring-fence a portion of your income

A short-term emergency fund doesn’t need to be large to be effective. Setting aside even a modest amount can help cover unexpected bills, avoid borrowing for essentials, and provide a sense of security. One starting point is to set a fixed amount (however small) at the start of the month or payday. This can involve moving money to a separate savings ‘pot’ or bank space, treating savings like any other bill. You can also automate transfers so the money is saved before it can be spent. Even £1–£5 per day can create a meaningful pot over 30 days.

Apply the 50-30-20 rule

The 50-30-20 rule is a simple structure that can help free up room for emergency savings. Fifty per cent of your income should be allocated for your needs, 30% for wants, and 20% for savings or debts. Using this structure for just one month can help identify spare funds and tighten discretionary spending. And even if the full 20% isn’t possible, using the rule as a benchmark helps guide more mindful financial decisions.

Cut or pause discretionary expenses

Small, temporary changes can quickly build up. For 30 days, why not pause subscriptions that are rarely used, switch premium services to lower-cost or free alternatives, reduce takeaways or spontaneous purchases, or review travel, food, and entertainment costs for quick wins. Focusing on just two or three easy-to-trim categories can unlock funds without feeling overwhelming.

Plan ahead for expected costs

Many of us struggle because we don’t prepare for known upcoming expenses. Creating a simple 30-day plan helps toanticipate costs such as birthdays, travel, or bills, spread expenses across the month, and prevent surprise costs from eating into savings. This planning approach makes room for an emergency pot by reducing unplanned spending.

Reduce general household costs where possible

Small, practical reductions can add up within a month. For example, think switching to supermarket own-brand items, use price comparison tools, batch cook to avoid food waste, lower energy usage with simple habit changes and take advantage of free or low-cost activities rather than paid options. The goal is not to cut everything, but to identify a few realistic areas where costs can be reduced and redirected into the emergency fund.

The post How to save money in just 30 days appeared first on Checklists.

You’ve spoken about how getting divorced and living back with your mum at 29 inspired you to get your life on track. Now happily married and with an Insta following of over 488k — what is your favourite thing about being Money Mum?

“I love having the chance to talk to so many people online and make them aware that it is OK to not have loads of money. What’s important is that we get people talking about money and sharing any deals to be found. I’m all about raising awareness and spreading the word.”

Were you always financially savvy?

“Yes, I think I was. From the age of seven I remember picking up pennies on the way to school — it was just the way I was brought up. We had to save for everything. I didn’t grow up with a lot of money around me, so putting a little aside was always important.”

You paid off your mortgage by the time you were 37 — were there any sacrifices made to get there?

“During my 20s and up until turning 37, I put every penny of the small amount I earned into investments. I took risks, bought properties, and eventually earned the financial freedom I always wanted. I’ve since moved, so I have taken on a mortgage again, which I am trying to pay off. Me being me, I have already set up an overpayment plan!”

You’re famous for sharing money-saving hacks. Do you ever splurge?

“I like the odd treat — for example, every couple of years I might buy myself a designer handbag — but only if it’s something I really want and certainly not every year. Treating yourself is important. We work hard for our money, and that’s the purpose of working — to enjoy some nice things, have financial freedom as much as you can and not have to worry as much about paying the bills.”

You sing the praises of having regular ‘no spend days’ — what would your perfect one involve?

“Covid taught us we don’t have to spend to enjoy ourselves. The most important thing is seeing other people. For me, that might be seeing a friend and having them over for dinner and a movie. No-spend days are great to help you set goals and save. They switch your mindset and help you realise you don’t have to buy everything to have a good time. It’s about learning a saving pattern. Many of us find it difficult to manage money. Thankfully, it is something I am good at — especially seeing as I’m not good at most things!”

Are your children aware about the value of money?

“100%, as I teach them about financial freedom. Bronte’s only six, so it’s a case of making sure she is aware that things cost money and giving her choices. Even if I am somewhere like Poundland, I will tell a little white lie and say, “Mummy can only afford to buy you one thing,” so it makes her aware she can’t have everything. With my son, Brody, I give him a set amount of pocket money — and when it’s gone, it’s gone. I never replace it.”

You meet so many interesting people in your job — when were you the most starstruck?

“When I first started Money Mum, I was starstruck with everybody. I’ve calmed down now, but I would say the wow moment for me was when I met Steven Bartlett on the red carpet. I’m a massive fan of his podcast — Diary of a CEO — and it was so cool to meet him.”

Speaking of the red carpet, you always look glam. What’s your secret?

“I don’t look amazing most of the time, trust me — in fact, most of the time I look terrible! I do try to look after my skin, though. I always use a cleansing balm to take my make-up off at night and then double cleanse with a facial wash for oily- to acne-prone skin, as I’ve always suffered with spots. I also try to use a weekly face mask of some kind, be it a mud mask, Garnier sheet or Elemis, when I’m treating myself. At my age, night cream is also so important. It doesn’t have to be expensive. I like a lot of the L’Oréal night creams, which seem to work for me.”

You’ve been refreshingly vocal about your mental health, in particular anxiety and depression. Do you have any tips for others suffering?

“I wish — but there is no magic fix. I suffer with it daily. Even this morning I woke up with this pit in my stomach and felt like I didn’t want to get up. The only thing that ever makes me feel better is seeing other people. Changing the environment I am in — maybe getting outside and going for a walk or even watching something on TV to take my mind off it. Some days I just can’t get myself out of it, and I tell myself that it will go — and it will also come back. That’s my normal. I’m always going to have good days and bad, probably for the rest of my life, and it is something I am learning to accept.”

One last question. With Christmas here, what is your top tip for keeping costs as low as you can?

“Christmas is just one day — a roast and a few presents. If you are on a strict budget, just buy for the children in the family. Charity shops are a must to have a look around, especially for anyone under the age of eight, as they do not care if something comes in a box. Pretty much all of Bronte’s things come from charity shops. It’s only when kids get older — like my son’s age — they start asking for expensive things like an iPad, and that’s when clubbing together comes in. We say things like, “If Mummy and Daddy put a set amount in, maybe you could ask your Nans to also contribute? It is only one day — so before you max out your credit card, ask yourself this: is it really worth getting in debt for one hour of opening pressies in the morning? Hold your nerve. Christmas will be over quicker than you think!”

Follow Gemma for more money-saving tips at www.instagram.com/moneymumofficial

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Take stock of your finances

Effective saving starts with clarity. That means setting realistic goals – figuring out how much you can afford to save each month, and how much you feel you need to put aside – and then working backwards to figure out a budget that will get you there. Establishing a clear goal makes it easier to track progress and stay disciplined. If things change (if your childcare costs go down when school starts), don’t let any extra cash get lost in lifestyle creep.  Protect your finances by allocating any amount that is freed up into savings.

Choose the right account

Some are designed to provide flexibility, letting you access funds at short notice, while others reward you for committing money for a fixed term. If you need quick access, an easy access account is probably best, but if you can lock your money away, fixed-term accounts can provide higher returns and certainty. Reviewing the trade-off between access and interest rate is key – and for many savers, holding a variety of accounts can provide the best of both worlds. And if you think tax on your savings interest is going to be something you want to avoid, consider tax-efficient options, like an ISA.

Shop around

The UK savings market is competitive, with challenger banks playing a growing role. These providers often operate with lower overheads than traditional high street banks, which can allow them to offer more attractive rates. For savers, it pays to be proactive: compare different providers, read the fine print, and don’t assume your existing bank is offering the best deal. The difference between accounts may look small on paper, but it can make a meaningful impact over time.

Watch the Autumn Budget

Government policy also has a role to play in shaping the savings environment. The upcoming Autumn Budget could bring measures that affect savers: from tax thresholds to allowances or incentives for particular types of savings. While the exact outcomes are uncertain, it’s worth keeping informed. Being aware of potential changes means you can adjust your approach if necessary and avoid being caught off guard.

Review your finances regularly

Never become complacent. Financial circumstances change at individual and national level. A savings plan that worked a year ago may not be optimal today. Reviewing at least once or twice a year ensures your money is still aligned with your goals and that you’re making the most of available opportunities. The savings market will change – interest rates rise and fall, government policy shifts – but the principle remains the same: money left idle loses value. By staying engaged and making small, deliberate choices, you can put yourself in a stronger position for whatever comes next.

The post Make your savings work harder appeared first on Checklists.

Unfortunately, money sitting in the bank will only decline in value as inflation wears on, thus investing in assets that rise with inflation is of the utmost importance.

One such asset that offers stability in times of economic instability is scotch whisky casks. One reason why scotch whisky is considered an ‘inflation-beating’ asset is due to the very fact of its physical nature.

Physical assets unlike traditional stocks and equities are not tied to public perception but are instead dependent on real-world trade prices and market demand. While the value of the stock market as a whole can be reduced due to inflation, the value of certain physical assets rise alongside the inflated prices protecting your investments.

Physical assets have long been popular among banks, hedge funds, and the super-wealthy as a way to hedge against economic instability and recessions. Recently the cask investment market has opened up to all tiers of investors through the advent of multi-asset brokers and is experiencing powerful democratisation, helping to further boost the market. 

Ultimately the value in a cask of whisky is in the fact that people want to drink it. Whisky works particularly well as part of a well-diversified portfolio, sitting alongside traditional stocks and bonds. Scotch casks can provide a port in the storm for your funds, so that you can risk some of your capital on more lucrative but tumultuous assets.

About Hackstons

Located in the iconic Gherkin building in the beating heart of London, Hackstons is a multi-asset brokerage specialising in physical and tangible goods such as scotch casks, luxury timepieces, gold bullion and coins along with classic cars and designer handbags.

To find out more visit the website, email info@hackstons.com or call 020 3307 0410.

To see your company in any upcoming features we are arranging please email laura@hurstmediacompany.co.uk or editorial@hurstmediacompany.co.uk

The post Why whiskey can be such a solid investment during inflation appeared first on Checklists.

Holly Andrews, managing director at KIS Finance, has collaborated with Checklist to give you 10 top tips on sorting your personal finance, improving your savings, and dealing with debt.

1. Calculate income and expenditure

The first step in any financial situation is identification and self-awareness. Working out your total incoming and outgoing payments to develop an idea of how your money is spent and where best to focus your attention.

The variety of subscription-based services available nowadays can come as a surprise when looking at your statement. Just a few pounds a month for music services and TV shows can all add up if you’re not careful. Especially when combined with regular bills such as rent, phone bills, and travel costs.

By identifying your expenses and income, you can work out how much expendable income you have after the essentials are paid for. Using that expendable income responsibly can help you to get the most value out of your finances.

2. Adjust your lifestyle

Once you have an understanding of the current state of your finances, it’s time to make crucial adjustments to improve your quality of life.

Identify the expenses you can do without. It’s easy to not notice you’re still paying monthly for a service you no longer use. These are the sort of little changes you can make to save money and increase your available expendable income. Once you know your largest expenses, try to minimise them. If you spend too much money on lunch at work, start making packed lunches or batch-cook a hot meal for the week.

By changing your daily habits, you can reduce expenses and slowly boost your financial health.

3. Shop around

After calculating your expenses, some are considered ‘essential’ such as rent, insurance, and gas and electric bills. These expenses cannot be done away with as easily as not buying coffee out. Instead, you can try to minimise these bills.

By checking comparison websites and doing some independent digging, discovering potential savings and better offers has never been easier. It’s also very important to check if your current contracts charge a fee for cancellation or changing providers. You’ll have to balance whether swapping provider will save more money after such fees.

The savings are there to be found, especially if you consider downgrading some of your services.

4. Set targets

Creating a clear goal to reach can help motivate you to stay on top of your spending. Whether that goal is becoming debt-free or saving up for a treat, the mental benefit of an attainable number to reach is great motivation.

Your targets don’t have to be large. It’s more important to set a realistic goal and achieve it than to aspire towards an impossible number become disheartened. Consistently reaching smaller targets is more beneficial than aiming for one large figure over a long period of time.

5. Plan for the future

It’s all well and good sorting out your finances right now, but if you’re stuck in the same situation next year, it can become a chore. By maintaining your awareness of your expenditure and adjusting for any changes in your income, save yourself the effort of redoing all your work in the following year.

This links well with any of the targets you set. By organising your finances with the long-term in mind, you can set and hold yourself to a standard you can benefit from for the years and decades to come.

Saving and improving your bank account takes time, the best time to start is yesterday. By planning for the future, you can set yourself a financial roadmap to work ensure long-term economic health.

6. Get organised and keep track of debt

You may find it beneficial to create a spreadsheet so you can list each loan or credit card, the total balance, and either the minimum payment amount or any set monthly repayments. Set monthly repayments would be applicable if you’ve used one of Klarna’s instalments or financing options, for example.

Again, it may be difficult to look at your debts in black and white, and this might make you feel more stressed in the short term if the total is more than you thought. However, you are now more than likely already in a better financial position than before.

7. Focus on minimum payments

To make things feel more manageable, start by just looking at the minimum payment amount on each debt. This is the amount that you have to pay each month to avoid missed payment fees being added. It’s important that you avoid these fees if you want to prevent the debt from building up more quickly, and missing payments can also have a lasting impact on your credit score.

You should also set up a direct debit for the minimum amount each month for each credit card or loan that gives you this option. Doing this means you will never be charged missed payment fees even if you forget one month as the minimum payment will be made every month automatically.

Once the minimum amount is paid, you can then pay whatever you can afford on top. Only paying the minimum amount each month means it will take a long time to repay the debt, so you really need to pay as much as you can over this. Not only will it bring down the debt faster, but it will also save you money in interest.

8. Prioritise

When you’re working out your debt repayment strategy, you need to organise and prioritise which debts are the most important to repay. These may be the loans or credit cards with the biggest balances, or the ones that charge the highest interest rate.

Then you need to decide whether you want to try and pay off everything together, or to focus one debt at a time until each one is repaid. If you choose this method then you should start with the loan or credit card that you’ve put at the top of your priority list, putting as much as you can towards this each month, and then work down the list after each one is cleared.

Remember though to keep paying at least the minimum amount to avoid missed payment fees. You will also still need to keep paying any set monthly repayments if you’ve used buy now pay later services.

9. Consolidate

Consolidating your debts means paying off all of your loans and credit cards with one single credit facility. This will make managing your debts much easier as you’ll only have one loan, and therefore one monthly payment, to think about.

If you can find a lender that is offering a loan or credit card with 0% APR introductory period, then you could save a lot of money on interest too. This means that if you pay off the full amount within the offer period, you won’t pay any interest. Just make sure you know what the APR will be after the offer period though, as you need to ensure that this is better than the interest you’re currently paying.

10. Reach out

The past couple of years have been very difficult and financially demanding for many.

If you can’t speak to close family members or trusted friends about your problems, then there are organisations and charities that can help if you don’t know what to do. Organisations like Citizens Advice, StepChange and National Debtline can help with your finances.

To see your company in any upcoming features we are arranging please email laura@hurstmediacompany.co.uk or editorial@hurstmediacompany.co.uk

The post Checklist’s top 10 tips for getting your finances in order appeared first on Checklists.

If you have little experience of dealing with finances or you’re confused about making a decision, it may be helpful to get professional advice.

A financial adviser can help with things like planning for your retirement, investing or saving money, making the most of a lump sum of money, buying a property and when your life changes significantly.

There are two types of financial adviser: independent financial advisers (IFAs), who give unbiased advice about the whole range of financial products from all financial companies, and restricted advisers who give advice on a limited range of products. They may specialise in one area, for example pensions, or offer advice only on the products offered by a limited number of companies.

All financial advisers should be registered with the Financial Conduct Authority. This means they meet the right standards and you get more protection if you’re not happy with their service.

Here are some sources of expert guidance on your finances.

1. St. James’s Place

It’s never too soon to ask yourself: “How much money will I need to have the retirement I want, and am I on track to achieve it?” By planning ahead and making the right choices you can help to make your money last.

Have you reviewed your pensions? How much are they worth and where are they invested? Have you got a plan? When would you like to stop working? Where do you want to live in retirement?

The value of an investment with St James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. Members of the St. James’s Place Partnership in the UK represent St James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority, FCA No 195351.

Find out more at sjp.co.uk

2. Nutmeg

Here’s a surprising fact: many investment companies still use fax machines in their back office. Why would they still use clunky old technology? The sad truth is that lots of these firms have no incentive to change. So long as their customers accept high charges they can sit back and enjoy the profits.

Nutmeg is different. It was launched in 2012 by ex-City workers fed up with the traditional wealth management business. They created a digital wealth manager that uses technology to put customers first. Today, Nutmeg have over 75,000 customers making them the largest digital wealth manager in the UK.

As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may be subject to change in the future.

Find out more at nutmeg.com

3. Wealthify

Saving for retirement is important, and so is staying true to your values. If you want to make a positive difference with your money, perhaps it’s time to make your pension ethical? By investing ethically, you get to build towards your retirement dreams whilst making the world a better place for generations to come.

With Wealthify, opening an Ethical Pension is easy. You can get started from just £50, and once your Ethical Pension is set up, their investment experts will manage and optimise it on an ongoing basis.

What’s more, you’ll be able to check, via your online dashboard, how much is in your pot and how it’s performing at all times – no more waiting on annual paper statements! That’s effortless investing for you.

You can download their app to find out more about their Ethical Pensions.

Find out more at wealthify.com/ethical-pension

4. Flagstone

Thanks to the simplicity of online banking, it has never been easier to take control of your finances.

However, it can still be difficult to know whether you’re getting the best deal for your savings. And with so many investment options out there, where do you even begin to figure it out for yourself?

Fortunately, that’s what Flagstone specialises in. This revolutionary online cash platform uses experts from the largest bank panel in the UK, meaning it can offer its clients – be they businesses or individuals – exclusive and market-leading interest rates for their savings that they won’t find anywhere else.

Clients can enjoy a diverse selection of accounts from over 40 banks. Plus, they can place deposits at many different banks through one single Flagstone account, making the whole process simpler, more streamlined and enjoying greater FSCS protection.

Find out more at flagstoneim.com

5. EFG Private Bank

EFG Private Bank is a subsidiary of EFG International, a top 10 Swiss private banking group headquartered in Zurich. Services are catered towards the domestic and international markets and, amongst others, credit, wealth planning and investment management.

Based in Mayfair, London, with banking operations in over 40 locations worldwide, EFG’s specialism is generally looking after high net worth clients with a diverse set of banking and lending needs for assets of £2 million and above.

The UK is perfectly placed between time zones, to provide the best service for international clients. The in-house team of credit specialists can offer a wide range of mortgages and loans that are tailored to meet your individual requirements.

Client relationship officers, with their dynamic and entrepreneurial approach, support EFG clients in all wealth-related matters through every stage of life – in a professional, personal and family context.
Find out more at efginternational.com

6. Prepaid Financial Services (PFS)

Prepaid Financial Services (PFS) has been awarded a support payment card contract by the Home Office.

The dual-regulated Financial Technology (FinTech) company are a payment provider of choice, offering world-class innovation in electronic money. They aim to create awesome, instant and secure payment solutions that connect their customers to their customers, anytime, anywhere, wherever money is in motion,

PFS’s payment solutions include eWallets, physical and virtual prepaid cards and International Bank Account Number (IBAN) accounts in the UK and Eurozone. The new support payment card contract facilitates payments for eligible Home Office service users.

Explore the future of prepaid financial solutions.

Find out more at prepaidfinancialservices.com

7. Unbiased

Unbiased can help you to find the ideal independent financial adviser to help you on your way to a better retirement 

But achieving a long and happy retirement can be a tricky thing to pull off. These days, your retirement could last 20 years or more – and a whole lot can change in that time. 

The choices you make when you retire will affect the rest of your life – your income, your security, your financial freedom, and even how much you can leave to your family. It’s one of the biggest decisions you’ll ever face.  

So, how do you give yourself the best chance of getting your retirement right? The key is to seek out the expertise of an independent financial adviser. Unbiased can help you find the ideal independent financial adviser for you, matching them to your exact needs. The service is fast and free. 

Find out more at unbiased.co.uk

8. Cornerstone

When buying a property, you’re always looking at the budget, working out the costs of removals, solicitors, estate agent fees, valuation and others. You rely on the numbers you’re quoted being correct.

Now ask yourself whether your house purchase could survive a sudden addition of £30,000 in Stamp Duty Land Tax (SDLT) costs? This was the situation a couple found themselves in when their broker asked a local solicitor’s opinion on their potential liability to the additional 3% surcharge and they relied upon that opinion. Having exchanged contracts they suddenly had to find an additional £30,000.

The best way to secure your purchase, and nail down those numbers from the outset, is to consult a property tax expert like Cornerstone who can give informed, indemnified advice on precisely what your SDLT liability will be, and get it right first time, every time.

Find out more at ctatax.uk.com

9. Pannu Tax

HMRC is increasing the tax take from UK taxpayers through investigation and compliance activities. Its officers now have new powers and a more aggressive approach.

HMRC’s focus has been on taxing overseas assets and income belonging to UK taxpayers, challenging ‘marketed tax avoidance’ schemes and increasing tax investigations.

A specialist adviser can ensure tax matters are resolved effectively and efficiently, minimising time, cost and worry. Pannu Tax has over 100 years’ combined experience of helping UK clients deal with the taxman. Our team comprises ex-HMRC inspectors who resolved disputes and investigations before going onto senior positions at international accountancy firms. Trained negotiators and accredited mediators, they provide specialist experience and support at reasonable cost. Services include civil tax fraud investigations (Code of Practice 9); settlement of tax avoidance schemes/ 2019 Loan Charge; resolving offshore tax issues and disclosures; and alternative dispute resolution.

Find out more at pannutax.co.uk

10. Hampshire Trust Bank

At a time when everything feels increasingly out of our control, it’s reassuring to know that there are things we can do to make ourselves feel more secure – both now and in our futures.

Opening a savings account is one such way of creating stability. So now could be a good time to maximise the earning potential of your savings by opening an Individual Savings Account (ISA) with the Hampshire Trust Bank. This will enable you to save up to £20,000 a year without having to pay tax on the interest.

The Hampshire Trust Bank offers a diverse selection of cash-ISAs. Not only that, but by investing your savings with them, you can ensure your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme.

Find out more at htb.co.uk

To see your company in any upcoming features we are arranging please email laura@hurstmediacompany.co.uk or editorial@hurstmediacompany.co.uk

The post The 10 ways to manage your financial health appeared first on Checklists.

The gender pension gap keeps widening

Leading equity release lender more2life has summarised the key findings from its latest research looking at the gender pension gap in the UK. Despite more women contributing more of their income towards pensions, the gender pension gap still widens due to men earning more than women. The pandemic is responsible for women’s financial situation worsening during the pandemic, either from losing their employment or due to childcare.

The key findings are as follows:

• When life expectancy is taken into account, the over-55’s gender pension gap has widened to £183,936 in 2021, an increase of £26,673 (17%) since last year
• This is despite women on average contributing more of their income toward pension pots than men (9.4% compared to 8.3%)
• Women have to work an average of 54.5 years to reach the same level of pension savings that a man can reach in 40 years (14.5 years or 36% longer)
• 30% of women report that their financial situation has worsened since the start of the pandemic, compared to only 24% of men who report the same
• Men over 55 either have or expect to have annual retirement incomes of £20,712 (after tax), whilst the equivalent figure for women in £14,964
• Men who worked full time for 30-34 years receive the highest average annual retirement income of £22,776, while their female counterparts receive only £17,004 (25% less)
• The widest discrepancy in retirement incomes between genders occurs for those who have worked for over 50 years. Of these individuals, men received £19,404 in annual retirement income compared to women on £11,592 (40% less)
• Taking the average earning of each gender in 2020, men are able to contribute more to their pension pots than women (£3,184 compared to £2,340 annually).

Dave Harris, chief executive officer at more2life, commented:

“Although women appear to be better at saving into their pension, they still face a retirement that is less comfortable and financially secure than their male counterparts. The stark difference in retirement incomes highlights the need to address the root causes of financial gender inequality and better support women as they make choices around how to use their assets both in the lead up to and during retirement.

“It’s clear that the Covid-19 pandemic has caused significant disruption to many people’s retirement savings, but the impact has been most acutely felt among older women. As we begin to think about what a post-Covid society looks like, it’s vital that the industry and Government does more to encourage women to engage with long-term financial planning.

“Raising awareness of alternative retirement income sources, such as property wealth, is crucial in ensuring current and future retirees can enjoy the retirements they deserve. There are a range of products on offer in the later life lending market, including equity release, which has proven to be a popular solution for older homeowners looking to unlock the wealth tied up in their homes to fund their retirement. For women, exploring such options could offer greater financial stability in later life and help to manage the impact of the retirement gender gap.”

Young adults have high hopes for retirement however, despite their good intentions, many are struggling to plan effectively

Moneybox research, launched today in support of Pension Awareness Live, reveals that young adults aged 20-40 ideally want to retire at 59 (average) with a retirement income of £26k a year (covering all income sources e.g. state/ employer/ personal pensions, savings and investment accounts). 

Of the 2,000 young adults surveyed by the saving and investing app, 61% expect to have the same or a greater level of financial comfort in retirement as their parents. 

Positively, 52% had already considered the annual income they would like to have when they retire, including 18% who said they had given it a lot of thought. 

The most common motivations for considering their retirement income were:

• Concern about their standard of living post-retirement (42%)
• Wanting to be able to retire comfortably as soon as possible  (40%)
• Growing concern about not being able to retire when they hope to (38%)
• The COVID pandemic making them more conscious of the need to plan for the future (33%).

While 75% of young adults surveyed said that they have already taken some steps to save and invest for their long term future, when asked about the steps they have taken, the results revealed there is much work yet to be done to help young adults effectively plan for life after work. Only 41% believe they are currently contributing to a workplace pension and surprisingly, only 11% know that they are benefiting from having maxed out employer contributions to their workplace pension.

A total of 23% have opened a dedicated cash savings account and 16% a dedicated investment account (e.g. ISA, LISA, GIA). 12% have even chosen to invest in trading options that are designated as higher risk (e.g. Crypto /  ForEx). In spite of the steadily increasing number of self-employed people in the UK, the research found that only 11% of those aged 20-40 are contributing to a personal pension.

The research also revealed that only 12% have tracked down old workplace pensions and only 11% have chosen to consolidate their old workplace pensions to easily keep on top of how they are performing from one place.

Among those who have not given any thought to their desired income in retirement (42%) , 44% said this was because it feels impossible to know how much they will need,  almost a third (31%) are too scared and overwhelmed to think about it and 19% admitted that it had simply never occurred to them to do so.

Unfortunately, 87% of those surveyed said that they are concerned about saving for their retirement, 37% extremely so.

Ben Stanway, co-founder of Moneybox commented: “It is clear from our research that many young adults are beginning to realise how much they will need to save to be able to enjoy a comfortable retirement. The challenge they face is significant, especially when you consider changing external factors such as the rising state pension age and the fact that our research found that two thirds (63%) were never taught about the importance of saving for retirement. It is clear there is a lot of confusion and even anxiety around this topic and this is something we are committed to helping address.”

To see your company in any upcoming features we are arranging please email laura@hurstmediacompany.co.uk or editorial@hurstmediacompany.co.uk

The post Are you delaying paying into a pension? appeared first on Checklists.

Using a variety of money apps can help save not just hundreds, but thousands of pounds. You can use them to check and monitor your bank balance, overall spending, and for saving too. Not only can they help with money management skills, but they also help save cash too. Check out these money apps to help you on the right track.

1. Plum

Designed to be the ultimate money management app, Plum is great for saving money without even trying. You can link the Plum app with all of your banks and credit cards, to be able to see how much you have in your accounts at any one time. What is great about this app, is that using AI technology you can also start saving or investing at a rate you feel comfortable with. The splitter means that you can set up different pockets and also investment funds.

Cost: Free. You can upgrade to the paid options – Plum Plus for £1 per month, Plus Pro is £2.99 per month, or Plum Ultra is £4.99 per month – offering enhanced saving and investment opportunities.

Benefits: Great for managing your money, and saving or investing without even trying.

2. Chip

Positioned as a simple, hassle-free investment platform. Chip is a great tool to squirrel away money for a rainy day or longer-term investment and watch your money grow. Chip analyses your transactions and calculates what you can afford to save every few days. You’re still in control and can cancel or amend any of your auto-saves before they happen.

Cost: Free. You can also upgrade to an unlimited ChipAI plan (£1.50 every 28 days) with full access to their award-winning unique AI.

Benefits: All money you save through Chip can be tracked at all times in the app. Chip works by linking to your bank account and calculating how much you can afford to save.

3. Monzo

You can open a digital-only bank account, with lots of fun features to help manage your money. The Monzo card comes in a striking colour, as you can see. You can categorise your daily spending, which is all available at a glance within the app. Also, you can create ‘Pots’ to manage your money, which is useful for ring-fencing any money you need. Monzo is one of the earliest of a number of new app-based challenger banks in the UK.

Cost: Free. Monzo Premium is £15/month offers a number of benefits, but if you sign up it is for a minimum of 6 months.

Benefits: Great for managing your current account, and budget using different pots.

4. Money Dashboard

Get the app that lets you see all your accounts in one place, know how much money you have left until payday and grow your savings. Review how your spending habits have changed over time. Personalise how your spending is grouped and organised by categorising your spending. The app gives consumers the TrueView® of their financial position by consolidating all their current accounts, credit cards, investment and savings accounts from over 40 financial institutions, and allocating each bank transaction into a distinct expenditure category, thereby automatically organising an individual’s finances for them.

Cost: Free.

Benefits: Connect all your accounts to have one view of all your accounts and see how much money you have in your accounts at any one time.

5. Spending Tracker

Spending Tracker is the easiest and most user-friendly Personal Finance App in the store. What’s more, it’s free! By tracking your spending, you will be able to stick to a budget and therefore SAVE MONEY. You can set up categories yourself, so they are not fixed by the app. Also you can put the app into budget mode, which might help for those people who find it difficult to stick to a budget.

Cost: Free.

Benefits: It’s great to track your daily spending and determine where your money is going by categorising your expenditure. The dashboard can show your spending over time, which is really useful.

To see your company in any upcoming features we are arranging please email editorial@hurstmediacompany.co.uk

The post The money apps designed to help you manage and save money this year appeared first on Checklists.

So whether you are a first-time buyer or are moving up the housing ladder, Checklist has compiled the top ways you can save for a deposit.

Five top tips for saving for a housing deposit

Whether you are a first-time buyer or are looking to move house as your priorities have changed over this past year, it’s worth looking at ways in which you can save for a housing deposit if you haven’t already done so.

1. Help-to-buy and lifetime ISAs for first-time buyers (aged 18 to 39)

You need to have this open for at least one year to be eligible for this ISA. Even if you open an ISA with £1, you have made progress and have started to get on the property ladder. Each month you can pay up to £200 each month into the ISA. The government guarantees to top up your savings by 25% (up to £3,000) when you buy your first home. Setting up an ISA means that you can save up to £20,000 tax-free each year.

2. Use the 50/30/20 rule to save up for a deposit

By using this savings formula, you can allocate a fixed amount each month to help you save for a housing deposit.  Start off by allocating 50% of your income for your immediate needs (rent, mortgage, bills). Then 30% should go for other non-essential items which are your wants (Netflix, eating out, drinks). The remaining 20% should go towards paying down your debts or saving. If you are not able to do this, it’s worth saving a little something each month, no matter how modest the sum is to start.

3. Invest your savings into a separate account

Try using an app like Plum to manage money and also save. Not only can you link your bank accounts and credit cards to always know what funds you have available, you can also save and invest using the app. Using AI the app also takes money from your account and squirrels it away for you. Online banking services like Monzo are handy to keep on top of day-to-day transactions, categorising spending and allocating money into monthly pots for rent, food and bills.

4. Automate everything

Set up an annual budget to work out all of your outgoings each month. It’s worth doing this over the course of a year as sometimes large annual bills come out of your account in different months. Work out how much you need to save over the course of a year, and then work backwards. Set up a direct debit so that everything is automated so that you don’t see this money leaving your account.

5. Diversify your income

As much as is it sometimes important to reduce your spending when saving up for a deposit, you should also increase and diversify your income. Why not look at a side hustle or for extra work? If you are working, then see if you are able to secure a pay rise or bonus. Then as soon as you get this extra money, put it immediately into your savings or investing account.

To see your company in any upcoming features we are arranging please email editorial@hurstmediacompany.co.uk

The post How to save up for a housing deposit appeared first on Checklists.