Rebel Finance School, part of Rebel Business School, helps individuals avoid debt and take control of their personal finances through free learning courses. Alan Donegan, Co-Founder of Rebel Finance School, shares his unique ways to save up to Â£ 37,600.
Calculate your expenses
“Where is your money going?” asked Mr. Donegan.
âThe first step in gaining control is figuring out where it is already heading.
âTrack your spending using an app like Money Dashboard, then at the end of the month see if you’re getting value for your spending. “
Mr. Donegan also suggests making this budget and financial review a family business.
âBring the family around the table, do it with your girlfriend, and discuss what brings you the most joy and what was a waste of money! “
Make lunch at home
âCooking lunch at home might sound like a clichÃ©, but we’re Â£ 37,600 richer for doing it, and healthier.
âEach week, Katie and I would cook bigger, healthier and cheaper salads for us than those bought in stores or at a cafe.
âIt only cost us Â£ 1.50 a day each for lunch and we took the difference, saved it and invested it.
Save on personal transport
Mr. Donegan explained, âIf you’re a two-car family, get rid of one of your cars.
âSo many people are working from home now, do you really need two cars? “
When considering this one, one may find times when having two cars was necessary, but it is worth doing a bit of research to see if just using other transportation methods like Uber would be cheaper.
DO NOT MISS :
Rent any free space
âIf you have free space in your house, then rent one of the bedrooms.
âThe room rental program allows you to earn up to Â£ 7,500 per year, tax free,â he said.
Change in financial mindset
Mr. Donegan commented, âDon’t think of your income as fixed.
âIt’s amazing how many people think it’s easier to cut expenses than increase income.
âWhen was the last time you asked for a raise? ” he added.
âHave an emergency fund so you don’t have an emergency.
âStart saving Â£ 1,000 on an account in case the washing machine breaks down, the car breaks down or you need to change jobs. “
âTake a percentage of your money each month and invest it in a broad-based index fund to grow.
âBuy a simple index fund (like the Vanguard FTSE Global All Cap Index Fund) and hold it forever.
âDon’t just cut back on spending, start putting some of your hard-earned funds to work for you. “
Negotiate your debt
âNobody thinks of doing that, they just agree to have the bank, store card, or credit card charge 29.9% interest.
âMake a list of all your debts in order of interest, then call them and ask for an interest rate reduction. ”
Have a family reunion
âIf you’re a couple or a family, you need a vision of what you want your finances to be so you can all work together.
“Money is one of the biggest reasons for divorce in the world and we need to break the taboo on talking about money.”
Mr. Donegan concluded, “Start communicating openly about money, your fears, dreams and more with the people you love.”