Our first blog collab with - @thriftylondoner
So, it’s been a while since we last spoke, but we thought we’d do something different this time around.
We managed to catch up with Laura, also known as the @thrifylondoner. She has the most amazing page and shares useful advice and tips with her 8k followers, on how we can all make the most of our money (and I mean, who doesn’t want to be doing more with their money?)
She covers topics such as ways to make a passive income, how to budget effectively, and the importance of saving. Not to mention, she has some pretty good tools available on her website, such as cheat sheets and her own blog.
Below is a transcript of our recent conversation with Laura. We asked her 6 questions, so we could share her wisdom with the tuck. family.
1) What are your top 3 tips on saving this year?
a) Before you save for anything else, make sure you have an emergency fund saved with enough money to cover some unexpected expenses. 3-6 months’ worth is ideal, but even if you have £1,000 saved it will greatly increase your feelings of financial security. It can be a real safety net in the current climate.
b) Start to think about how you want to manage your money post-lockdown. Do you want to create a post-lockdown fun fund? Start saving now! Or perhaps you want to carry on saving money once restrictions are over? Make sure that you budget according to your goals and aspirations.
c) Don't beat yourself up if you're not in a position to save lots of money at the moment. We're in a pandemic! Don't fall into the comparison trap.
2) What are your thoughts on the importance of supporting local businesses?
You have a choice about where to spend your money. You can spend your money based on your values. If you feel like it's important to support small business owners? Stop shopping on Amazon and try out local alternatives.
3) Would you recommend any other ways to earn passive income?
There are lots of different ways to generate passive income streams. Most of them require quite a bit of upfront work (starting a business) or a lot of capital (buying a rental property). However, there are also options that allow you to generate passive income without huge obstacles - my favourite is by investing in the stock market.
4) Are there any tools that help you to save money?
Use challenger banking apps such as Monzo. They make saving fun and their pots feature is really handy to separate your short-term savings. You can also set a budget for the month, and your spending is automatically categorised. 5) Would you recommend any other money-saving podcasts/ pages to follow?
My favourite money podcast is The Prosperity Project by Mama FurFur.
Other Instagram accounts to follow? I love The Broke Generation, Making Money Simple, Looking After Your Pennies and Katie Saves.
6) Do you have any other final saving/budgeting tips?
Remember that budgeting and saving are meant to be fun! It should allow you to eventually do everything you want in life. Having a purpose for your saving and budgeting can be very motivating and help you to achieve your goals faster.
And that’s a wrap!
We would like to thank Laura for sharing her knowledge with us. You should definitely check out her page if you haven’t done so already.
The tuck. team