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Negative interest rates: not the mortgage positive you might think

Negative interest rates: not the mortgage positive you might think

February 19, 2021

Earlier this month the Bank of England gave banks six months’ notice to get operationally ready for negative interest rates. Reducing interest rates makes borrowing less expensive and saving less attractive. That encourages more spending, and when we’re spending more, we’re helping the economy grow quicker. But what does that mean for your savings, loans, and mortgages?

Category: Financial Planning

 
 
 
A better tomorrow depends on saving today

A better tomorrow depends on saving today

February 12, 2021

How much is enough for you to retire? What’s your number? None of us are getting any younger and time flies faster as we age, so it’s important to plan ahead for retirement, a period of our life that could last 40 years. My wife gets frustrated with me when I spend more time planning […]

Category: Retirement & Pensions, Saving & Investing

 
 
How to succeed at investing

How to succeed at investing

February 11, 2021

With most things in life, laying down good foundations creates a solid outcome. Investing is no different in that respect to building a house. Whatever you invest in, it’s essential to have your psychology aligned with what it is you are looking to achieve, to create a plan which aligns with your values, and to take action to achieve your goals.

Category: Saving & Investing

 
 
Investing in world economy over the next decade  – Tech-led revival plus green revolution

Investing in world economy over the next decade – Tech-led revival plus green revolution

February 5, 2021

Electric cars, Artificial Intelligence, virtual and augmented reality… the technology that’s in development now makes me excited about what we’re likely to see happen over the next decade. And that’s before you even consider the green revolution. This is all well and good, but how can you benefit from this boost in the economy and ride the wave into the next decade?

Category: Saving & Investing

 
 
The road to debt freedom in 2021

The road to debt freedom in 2021

January 29, 2021

The average UK credit card interest rate is estimated to be a whopping 22.5%, according to the Bank of England. Nobody can afford to carry a liability like this. If you’ve had enough of this financial burden on your shoulders, then follow my six-step plan to repay your unsecured debt (credit cards, overdrafts, loans, car finance) in 2021.

Category: Debt Repayment

 
 
Your “House of Wealth” needs strong foundations

Your “House of Wealth” needs strong foundations

January 22, 2021

If you’ve followed my posts over the last couple of weeks, you should now have a pretty good idea of what you want from your life and have set some clear specific goals to work towards. You may have even automated much of your finances by setting up the bank account system to take your […]

Category: Financial Planning

 
 
Make organising your finances a breeze in 2021

Make organising your finances a breeze in 2021

January 15, 2021

We like to do things in life that we enjoy. We find these things easy to do, they take little effort, and we know we’re going to have a good time doing them. Contrast this to our finances: most of us don’t review our money or what’s happening with it because we think it’s difficult, it can be worrying to look at our situation, or we don’t know how to change things. So to protect ourselves, we shut it out of our mind and avoid it instead.

Category: Financial Planning, Goal Setting

 
 
Updated 08/01/21: COVID-19 Financial Support Matrix V10.0

Updated 08/01/21: COVID-19 Financial Support Matrix V10.0

January 8, 2021

These current events we are all going through have been unprecedented and worrying for many, especially those who fear for their jobs, or their businesses. I have put together a matrix (which is updated regularly as new information comes out) to summarise the main announcements and who they may benefit. The latest version of the matrix is now available.

Category: Coronavirus, Financial News & Events

 
 
 
Saving up doesn’t mean you need to be Scrooge

Saving up doesn’t mean you need to be Scrooge

December 18, 2020

I’m often told, “I don’t want to live like a miser now just so I can retire rich – I may never make it!” To which I reply, “I don’t want you to be a miser either… be a conscious spender instead”. Being a conscious spender is being frugal, not like being Scrooge. It’s not about denying yourself all of life’s pleasures. It’s about being aware of your outgoings and focusing on a few financial priorities. So what do we mean by frugal?

Category: Financial Planning, Saving & Investing

 
 
What is the Government Spending Review?

What is the Government Spending Review?

December 11, 2020

A spending review is a process carried out by HM Treasury (the governments’ financial department) which sets out how much taxpayers money is allocated to each government department to spend on things like the NHS, schools, and the police. The treasury agrees with the departments how much money they will receive and what they need to deliver.  The money covers their costs such as paying doctors and nurses salaries, running schools and the police force.

Category: Financial News & Events

 
 
Compound Growth – The 8th Wonder of the World

Compound Growth – The 8th Wonder of the World

December 4, 2020

I was explaining to my staff at my financial planning firm Lexington Wealth this week about compound growth.  Compound growth is why the rich get richer, but it’s how you can get richer also.  Albert Einstein once said about compound growth ‘…it’s the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it’.

Category: Saving & Investing

 
 
Tax-free virtual Christmas parties okayed by HMRC

Tax-free virtual Christmas parties okayed by HMRC

December 4, 2020

Current rules allow employers to spend up to £150 per head (including VAT) towards the costs of an annual function such as a Christmas party without creating a tax or national insurance (NIC) liability for their employees and themselves – provided that certain conditions are met.

Category: Financial News & Events

 
 
Shhhh! Research reveals we keep money secrets

Shhhh! Research reveals we keep money secrets

November 27, 2020

Money is an emotional thing. I liken it to a diet or our weight: we don’t like to talk about what we earn, or how much we have saved, or what we weigh, because we worry others will judge us.

But not talking about money is causing problems in society, with a real psychological impact too. Mind, the mental health charity, puts it well – poor mental health means managing money is harder, and worrying about money makes mental health worse. The Money & Pensions Service (MaPS) recently ran a campaign which included new research revealing the lengths we go to in hiding our finances, even from those we love.

Category: Financial Planning

 
 
Claim back cash if you’re working from home

Claim back cash if you’re working from home

November 20, 2020

November lockdown means many of us will be back to working from home. Whether you’re rejoicing or despairing at that prospect, it brings additional heating and lighting costs as we head into the chilly months. Read this article to find out how you can save tax on household bills and other expenses.

Category: Financial Planning

 
 
 
Time is your financial future friend

Time is your financial future friend

October 30, 2020

Three significant events recently had me thinking about how quickly time passes.

In April 1988, the first Boeing 747-400 flight took place. The second event was the 30th anniversary of East and West Germany unifying. Finally, when Apple launched the iPhone 12, it took me back to June 2007 when the first iPhone was released.

Such events are good reminders that while our attention is often on our present worries, like paying the bills and simply getting by, life marches on. Sometimes, we have to make decisions now to give ourselves a better future. Financially, that means investing. So what would have happened If I had invested during these milestones?

Category: Financial Planning, Retirement & Pensions, Saving & Investing

 
 
Money Planning during COVID-19 pandemic

Money Planning during COVID-19 pandemic

October 30, 2020

Now, more than ever, we need money planning, to bring our own financial house in order. During good times you can get away with carrying a little extra debt and having a loose budget. But when the economy contracts you need to be in control of your finances. You see, we cannot control the global economy, but we can control – to a certain extent – our personal economy.

Category: Coronavirus