In uncertain times, stashing away banknotes can help us feel more secure. This was certainly the case with my grandparents, who kept emergency savings under their pillow. Unfortunately, they forgot and popped all the bed linen in the washing machine. Luckily, the world's unlikeliest money launderers didn't lose their savings. As the serial numbers on the notes had survived the spin cycle, the … [Read more...]
Help! I’ve ignored my pension – Part 3 – Working out how much you need
Depending on how old you are, retirement might seem like a very distant prospect. How on earth can you predict what you’ll want to do or what that’ll cost? This is why many people delay starting a pension. Will you be sitting in front of Countdown with a cup of tea or scampering around the world having adventures? Spending some time thinking through your likely expenditure makes it much easier to … [Read more...]
Help! I’ve ignored my pension – Part 2 – Building your assets
As financial folk are fond of saying, the best time to start a pension is when you’re in your twenties. The second best time is now. Many people don’t start thinking about retirement until they reach middle age, when saving for a pension becomes a priority. In my last post, I guided you through a Pension Healthcheck to see what funds you already have available. This time, we’ll look at a few ways … [Read more...]
Help! I’ve ignored my pension – Part 1
When I hit 40, I was alarmed to realise that my pension was no longer a long-term plan. Given I could theoretically retire at 55, ((The Government is currently toying with the idea of increasing the minimum retirement age to 57)) suddenly this seemed decidedly medium term. Like many people these days, I’ve had a patchwork career comprising many different employers and a few periods of … [Read more...]
What’s your Ikigai?
Do you spring out of bed in the morning? Or do you burrow further under the duvet when the alarm rings? If you’re a burrower, you need to find your Ikigai. The Japanese word Ikigai roughly translates as “reason for living,” or reason to get out of bed. There are four elements to Ikigai: what you love, what you’re good at, what the world needs, and what you can be paid for. At the intersection lies … [Read more...]
The Importance of Paying Yourself First
Paying yourself first might seem like an odd idea. Let me explain. What usually happens each month is that we pay all the bills, with most of our salary disappearing before we've even seen it. If there's anything left, that's what we put towards goals such as paying off credit card debt (beyond the minimum payment), building a pension, or saving for a house deposit. Paying yourself first means … [Read more...]
Finding your motivation to establish good habits
"But it's soooo boring," is a common response when I mention the importance of maintaining a budget. Often, we avoid a good habit because it's not very enjoyable. But it's not always about having fun. If I go to the gym with the intention of enjoying myself, I fail nearly every time. However, if my objective is to improve my strength and fitness, I succeed every time. Occasionally I enjoy myself - … [Read more...]
Bracing Yourself for Stealth Expenses
"I don't know where my money goes," is what I often hear from friends and clients. Direct debits make it very easy to set and track monthly expenses, but what about those stealth costs that appear out of nowhere? Car repairs, boiler repairs, cat repairs. An unanticipated bill for £200 wreaks havoc with our current account, and it can take months or even longer to recover.Here's how to identify … [Read more...]
The Kindness Method by Shahroo Izadi
When we want to quit a destructive habit, it's common to be hard on ourselves. We don't just start with a gentle 20-minute canter around the block, it has to be a 5k run before breakfast. Every day. There's nobility in suffering and, of course, we crave fast results. This punishing schedule proves unsustainable and we're confronted with yet more evidence of our flakiness. Nevertheless, many … [Read more...]
The Importance of Thinking Small
It’s New Year, and the internet is awash with ways to transform your life. The idea of transformation is certainly seductive, but unrealistic. By trying to change everything at once, we’re essentially committing an act of self-sabotage. After all, there’s no way we can lose weight, pay off our credit cards, and find a partner. When we try and fail, it merely confirms the negative voice that tells … [Read more...]