Millennial Money

How to Save Money in London as a Student

November 15, 2021 Some posts on thriftylondoner.com may contain affiliate links

Every student dreams of living in London, enjoying the nightlife, museums and rich culture of one of the biggest cities in the world. Unfortunately, however, this comes at a cost. London is one of the most expensive cities in Europe, if not the world. So how do you save money in London as a student?

It is not impossible to save money whilst studying in London- while still enjoying the city itself. After all, if you’re studying in London, you want to make the most of it! It’s totally possible to have a balance of both saving and spending while living and studying in London. You don’t have to give up all the fun stuff in order to save money.

With a few money saving tips up your sleeve, and some handy free money management tools at your disposal, you can manage your finances as a student in London with ease. Here are some golden rules on how to save money in London as a student.

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What Is A 30 Day No Spend Challenge? + Free Printable

November 9, 2021 Some posts on thriftylondoner.com may contain affiliate links

In a world where you have to spend money to acquire the things necessary for your basic survival, it is important to understand and appreciate the value of money. So what is a 30 day no spend challenge?

A 30 Day No Spend Challenge is a challenge where people attempt to survive for thirty days spending nothing at all (except pre-planned essentials). The goal is to get some clarity on how much money is spent on things that are unnecessary, an understanding on how easy (or difficult!) it is to spend on non-essentials, and to save some money at the same time!

Let’s take a look at what a 30 day no spend challenge is, and the different ways of completing it.

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Christmas Temp Jobs in London

October 30, 2021 Some posts on thriftylondoner.com may contain affiliate links

Christmas is round the corner. Whatever your reason for wanting to get a temp job this Christmas, there are plenty to be found in London. Whether you’re looking for a temporary job during the Christmas holidays as a student, you want to take on a second job as a side hustle, or perhaps you just want to get into the festive spirit. Christmas temp jobs in London are easy to come by. Let’s find you one!

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Biggest Charity Shops in London – 8 Stores

October 10, 2021 Some posts on thriftylondoner.com may contain affiliate links

London is home to hundreds of charity shops (perhaps even thousands!) and the biggest charity shops in London are the big names you’ll probably already know. The Salvation Army, British Red Cross, Cancer Research, Oxfam, FARA, and many more. But what about the size of these places? Does inner city living mean that the charity shops are smaller? Thankfully, the answer is no. Pretty much every high street in London boasts at least one charity shop, and some are certainly larger than you might think.

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What is ethical investing and why should you consider it?

April 22, 2021 Some posts on thriftylondoner.com may contain affiliate links

AD- This is a paid post in collaboration with Wealthify.

Capital at risk.

While we look to make sustainable choices in our lives- whether that’s through shopping at independent retailers, using less plastic, or opting for a green energy provider- we are ultimately looking to make a difference to the world for future generations.

Sustainability and ethics doesn’t just stop at your front door, though. Although there is lots we can do to live a greener lifestyle at home, we can also make a bigger impact through our investment choices.

We all have a choice about what we do with our money, and where we spend it. We have the power and the responsibility to make purchases that align with our values. This is where ethical investing can come into play.

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What Is A Good Employer Pension Contribution?

March 24, 2021 Some posts on thriftylondoner.com may contain affiliate links

Employer pension contributions can vary massively across different industries and different companies. A really generous, good employer pension contribution could be as much as 20% of your annual salary. But on average, you could expect between 7% – 14% contribution from your employer in the private sector. Some employers, particularly larger corporations, might offer very high pension contributions as a generous employee benefit. In contrast, small businesses may only offer the minimum mandatory contribution.

It’s important to consider whether the employer pension contribution at your current job (or prospective job) is in line with your goals for the future. For example, there is evidence to suggest that the average millennial will need £1,000,000 in their pension pot to retire comfortably at age 65. One million pounds sounds astronomical. But it’s important to remember that inflation rates will only increase over the course of your lifetime. It’s a good idea to get your pension sorted from the start of your working life.

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Demystifying Investing with Wealthify- Jargon Explained

March 22, 2021 Some posts on thriftylondoner.com may contain affiliate links

AD- This is a paid post in collaboration with Wealthify.

Capital at risk.

The topic of investing is often surrounded by some of the most complicated jargon, which you just don’t tend to come across day-to-day unless you work in finance. Lots of us don’t have a background in finance, which means that we are often left to our own devices when it comes to deciphering what this confusing jargon really means.

What’s a fund? Stocks? Bonds? With the help of Wealthify, we will be demystifying these terms along with several others within this post so that you feel more prepared and informed on your investment journey.

What are you investing in?

So you have opened your investment account, but now what? Where does your money actually go when you deposit money into your investment account?

Well, that all depends on what investment style you have chosen. The riskier investment style, the more stocks and shares you will invest in. If your investment style is less risky, you will invest in less stocks and shares, and more different investment types, such as bonds.

You get to determine this when you open your investment account, and select the investment style that most suits your attitude to risk.

So what are stocks and bonds?

A stock represents a share, or partial ownership, of a company. . They are also known as assets.

When you deposit money into your investment account, for example, a Stocks and Shares ISA, you will be investing into lots of different companies and investment types. This is called diversification, and means that your risk is mitigated and spread across different investment types and different markets. This means that if one investment is falling, and another is booming, they can help balance each other out.

To achieve diversification, your money is invested into funds. Investment funds are a way of buying small amounts of lots of different investments. When you invest into a single fund, you could be holding hundreds of individual investments.

There are lots of different types of funds. You may have already heard of active and passive funds. An active fund is when fund managers will actively pick out investments that they think will perform well – these funds are designed to help beat the market, and are not without risk. However, if you are an ethical investor, an actively managed fund means that the fund manager is researching and monitoring each investment to ensure its credibility, which can be a benefit.

On the other hand, passive funds are designed to mirror the collective returns of the market. A passive fund tracks a market index, or a specific market segment, to determine what to invest in.

When you open an investment account with Wealthify, you don’t need to make the decision on what funds you would like to invest in. All you need to do is decide on your investment style, and choose either their Original plan which uses passive funds, or their Ethical plan, which uses active funds.

How do you get returns on your investment?

There are two different ways that you can get returns on your investments. When the shares you are invested in increase in value (and you profit when you sell), and when they pay dividends.

Wherever possible, Wealthify will use accumulation funds which means that any returns get automatically reinvested into your portfolio. This is a good way to take advantage of the power of compounding – when your reinvested profits (e.g. dividends) generate further profits. And if you remain invested over the long-term, compounding could do wonders to your money.

How is your account managed?

When you invest with a Stocks and Shares ISA or General Investment Account with Wealthify, you don’t have to worry about choosing where and what to invest in. This is taken care of for you. Wealthify will build your portfolio based on the investment type you have chosen.

Wealthify rebalance your portfolio which means that they reset your investments (some are bought, some are sold) to ensure that your risk balance is maintained according to the investment style that you originally selected.

The tax treatment depends on your individual circumstances and may be subject to change in the future.

Past performance is not a reliable indicator of future results.

Please remember the value of your investments can go down as well as up, and you could get back less than invested.

Is Financial Planning Good For Employees?

March 14, 2021 Some posts on thriftylondoner.com may contain affiliate links

Financial wellbeing is now considered to be just as important as other aspects of wellbeing such as fitness and nutrition. It can often be overlooked. It is often not spoken about, due to outdated beliefs that talking about money and personal finance is taboo. But in 2021? More and more conversations are being started about the impact that money (money worries in particular) can have on our lives. So is financial planning a great employee benefit? It’s a resounding yes.

Money worries can place individuals under huge amounts of personal stress. This can affect their wellbeing at work too. Financial stress is cited as one of the key reasons of anxiety and depression. But what if you could help your employees to alleviate that?

Financial planning benefits employees and employers. When money is not a worry, employees are more likely to be more fulfilled at work. They are less likely to be worried about bills, retirement, and paying for their next holiday. Instead, they will be focused, without the distraction of financial anxiety. In a nutshell, employees are more likely to be happy and healthy when their money worries are taken care of.

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How to make money as a kid in 2021

March 5, 2021 Some posts on thriftylondoner.com may contain affiliate links

Making money as a kid doesn’t just have to be running errands for grandma, washing the car, or doing chores. There are so many ideas out there on how to make money as a kid- and you’ll find them right here in this post.

Kids can make money over the internet with ease- whether that’s through social media channels like TikTok, YouTube and Twitch, or simply through advertising their side gigs to their community on local Facebook and WhatsApp groups. There is so much scope for kids to make money online in 2021.

And if you’re reading this? Make sure you go ahead and get permission from your parents or guardians before going ahead with these money making ideas. You never know, they may even want to help you get started!

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Second hand engagement rings UK

February 26, 2021 Some posts on thriftylondoner.com may contain affiliate links

So you’ve popped the question (or maybe you’re about to), but where do you find the perfect ring? A second hand engagement ring can be a beautifully sentimental piece of jewellery. Second hand and antique engagement rings are essentially little pieces of history. And what better gift to give?

When shopping for second hand engagement rings, there’s a few things you’ll want to consider. The quality of the ring, the authenticity of the seller, and of course the design! You can find a truly unique piece if you know what you’re looking for, and where to look for it.

Not only will you be able to find something one-of-a-kind when you shop second hand, but there is also the potential to save money too. Whether you decide to spend that saved money on your wedding, or buy a larger ring than you would otherwise be able to afford, the choice is yours!

Let’s jump in and help you find that special piece.

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Millennial Money

What are you investing in?

How do you get returns on your investment?

How is your account managed?

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