As people become more strapped for cash amid rising food prices and potentially higher energy bills, it can be hard to figure out where to put any money aside.
Thankfully, London blogger Laura Turner is providing some useful tips to help hopeful savers get started on the right path to improve their financial situations. She has picked out her top three tips which could be implemented straight away to improve your finances.
She has also provided her experienced predictions on those looking for side hustles, including which ones will be the most profitable throughout 2023.
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Laura, who runs the money blog Thrifty Londoner, told LatestDeal: "I moved to London on a low salary, and pretty quickly realised that I needed to get a handle on my finances. I started budgeting, looking at ways to cut costs, researching how to enjoy the city on a budget, and strategizing about how I could increase my income.
"I realised there wasn’t a relatable woman who was my age talking about this stuff online, and so I started my website Thrifty Londoner and my Instagram page with the same name. I started researching and sharing more about pensions, investing and money management and this is the content that I share today!"
Laura quit her 9 to 5 job last year in order to put all her time and energy into her blog, showing that you can turn a side hustle into a full-time career. She broke down her thoughts on which side hustles she believes are the most profitable this year: "I think service-based businesses will remain popular and profitable for 2023.
"For example dog walking, pet sitting, cleaning, baby sitting. I also think freelance services are in demand - editing, writing, website design and logo design, for example. Product-based businesses could potentially see a decline in sales due to the cost of living crisis."
The three actions anyone can take to improve their money habits
Laura has provided some of her top tips for improving your money habits. "Know what you earn, what you spend, and what you owe," she said.
"Many don’t know these fundamental numbers and it’s important to be aware of your own financial situation. Set financial goals. To improve your finances, you need clarity on what you are trying to achieve.
"This is the motivation that will drive you through. E.g, you might say to yourself, 'I want to pay off £5,000 of debt, so that I can then take my family on a holiday next year'."
She added: "Stay in your own lane. Try not to compare yourself to others, to influencers, or to celebrities. Unfollow and unsubscribe on social media to focus on your own goals rather than what social media is saying you should be prioritising"
When it comes to energy bills, Laura advises: "First of all, check for your eligibility for any grants or benefits which you may be entitled to. Head to somewhere like Citizens Advice to find out more. Make sure heaters and meters are set up correctly. Check if you could install a timer or thermostat if you don’t already have one."
She added: "Day-to-day options might be to use an electric blanket instead of heating, defrost your freezer regularly, use energy efficient lightbulbs, close curtains in the evening to keep heat in."
Laura also revealed the most common mistakes she believes people make when it comes to saving money. "Not making the most of employer-matched pension contributions," she said.
"Some employers will offer a generous matched pension contribution. For example, they may match your pension contribution up to 10%. It’s a great cost-effective way of putting away more money for retirement."
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