● Laura Thornberry ●: money

When you're already on a low income and a tight budget, it's extremely hard to find additional ways to save money for the future. Sometimes we need to take a step back and make notes of all our incoming and outcoming expenses to see where our money is really going and to see if there is anything we can cut out.

Firstly, in order to be aware of the money going in and out of your account, it's important that you manage your household budget to see exactly where you money is going. At the beginning of every month, you can write out your total income, with a list of all your expenses for the month, including things like food, travel and bills. By doing this you can easily see where your money is going and will be able to see if there are certain areas you can reduce the amount of money you're spending, to help put some extra cash into your savings.

Making sure to write your weekly shopping lists is an essential routine that will help you stick to what you need and you won't be tempted to pick things up that are unnecessary. By being strict on your purchases, you will only be spending money on things that are necessary to be purchased, and you will be less likely to impulse buy when out and about. Before going out to the shops, I would recommend looking through your cupboards, fridge and freezer so you are aware of items that you already have, and you will be able to make into meals throughout the week, only adding any additional products you may require to your list. Within your shopping list, you could also make it into a weekly meal plan so you know what you'll be eating for each meal. By doing this, not only do you follow a strict plan, but it will also stop you from over-buying and picking up items that you definitely don't need.

Decided it's time you had a clear out? Selling your unwanted items will not only free up some storage space in your home, but it can also earn you a bit of money that you can use towards your savings or any outstanding bills. If you're a clothes hoarder, there's most likely going to be at least one item that you don't like anymore stored away in your wardrobe that someone else will love. You can put unwanted items up for sale on websites like eBay, Depop and Facebook Marketplace, in hope of attracting attention of buyers for your goods.

Another way to cut costs and to make big savings on things like insurance is by using price comparison websites. Protect Your Family is a one-stop-shop for your insurance needs, covering everything from breakdown cover, to funeral planning and home emergency insurance. Comparison websites are extremely useful when browsing online for the best quotes and pricing of everyday insurance categories, as they essentially do all the hard work for you. You simply fill in a short questionnaire with your details, and all the best deals are sent your way.

As well as price comparison for insurance purposes, there are also these kinds of websites for energy suppliers. You can start saving money by switching to a cheaper energy supplier when your current contract or tariff is about to expire. There are over 50 energy suppliers in the UK to choose from, so switching suppliers can be extremely overwhelming if you aren't familiar with the companies. Many websites offer electricity and gas supplier reviews which will help you consider your best options for your home, allows you to see the pros and cons of each company, and give you everything you need to quickly assess if an energy supplier is right for you before you switch.

Finally, something worth looking into is cancelling any unnecessary direct debits or subscriptions. Things like TV extras, gym, meal delivery services, music or software – there’s a growing list of things you can access via subscription services. Whether you're paying for that monthly beauty box or Netflix, as a few examples, sometimes they aren't worth the money, especially if you aren't using or watching them. If you’re looking to cut back on your money spending and trying to start saving extra cash, managing your subscriptions can be the best place to start. Do you really need the subscription? Can I begin using a cheaper alternative? There are so many different ways to cut costs with these types of services that it's definitely worth looking into.

How do you save money? Do you have any other tips or tricks?

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Throughout the Coronavirus pandemic, many individuals have begun creating their own small businesses and opportunities to help them financially whilst struggling to survive due to job loss, reduced wages or being put on furlough. Running a small business might seem extremely easy, but did you know it can have a surprisingly big impact on the environment? Whether these businesses include selling homemade food, jewellery making, selling artwork or even offering online assistance, there are many ways to help your small business be more eco-friendly and sustainable for the future.

For those small businesses selling physical products, using eco-friendly packaging is a great way to begin making your brand more sustainable. Packaging is an important visual part of your brand experience and it's how your customers first come into contact with your products. Having sustainable packaging is important as it helps to reduce the footprint in the product's life-cycle. By making it from biodegradable or sustainable materials, you’ll leave an even better impression on those consumers who choose to shop sustainably and want to make a positive impact on the environment. Companies such as Tyler Packaging are specialist suppliers of paper and plastic flexible packaging for items such as food, pet food, garden & leisure and industrial products. They also have a 100% recyclable packaging range and a compostable packaging range, with an overall strong focus on waste manage and encouraging a circular economy.

Another way to make your small business more sustainable is to aim to go paperless when it comes to invoices, delivery notes and receipts. By having everything online, with things such as billing and paperwork, it drastically cuts down on paper waste and keeps everything virtual, meaning important documents are less likely to get lost. However, there is definitely times where we need to physically write or type things onto paper, and for this, supplying your home or office with some sustainably sourced recycled paper helps keep your business eco-friendly.

For those who's businesses are ran from home or small offices, your working environment can also be made sustainable with a few easier steps. Firstly, by reducing the amount of electricity you use is not only good for the environment, it’s also good for your bank account. Making sure to switch off any lights or equipment whilst they’re not being used, use laptops as they use less energy instead of desktops, and make sure the temperature of the room is suitable for the time of the year. Another way to make your office more sustainable is by adding some plants and greenery to help brighten up your office, as well as helping to make the air cleaner and healthier to breathe.

Finally, making sure to research suppliers for your products, whether that's cooking ingredients, clothing fabrics or other materials, you should always be on the lookout for a more sustainable option. By making sure to keep your products as ethically and sustainably sources as possible, this will help to reduce your carbon footprint and make sure you're being as environmentally friendly as possible. Consumers of products are much more aware of the items they are purchasing, and many are opting to choose brands that do their best to protect and save the environment from unnecessary harm.

What other ways can small businesses become more sustainable?

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Money saving is a brilliant habit to get in to and is definitely something to consider when planning for the future, whatever your age. One important thing should look at when begin your money saving journey is building an emergency fund. An emergency fund aims to give you some financial support if you are ever faced with any unexpected expenses that come out of nowhere, or that you haven't budgeted for.

Obviously, building up your emergency fund won't happen overnight, and honestly, that's okay! As long as your prepared and understand that it might take several months, even a couple of years to get to a stable amount financially, it's amazing progress and you shouldn't feel disheartened that you're not seeing hundreds or thousands of pounds add up. Financial stress can negatively affect your health and personal life, making you live your life with worry and anxiety for the future. By continually adding to your emergency fund every so often, you're setting yourself up a financial safety net in case of any problems in the future.

Car Repairs and Maintenance

Road collisions and accidents happen everyday, and is something we all genuinely try to avoid, but sometimes they can happen out of nowhere. Car repairs can be very expensive, especially if your insurance doesn't cover everything. Whether you need new tyres, replace a dead battery, get a new windscreen fitted or even maintenance factors like MOT, tax and insurance, all these things can prove costly, especially when you haven't thought about them whilst budgeting your monthly expenses.

Medical Issues

From unexpected illnesses to major accidents, one of the many reasons people begin saving up for an emergency fund is so you don't end up with large medical treatments and expenses, and no money saved up to pay for them. Even if you have already taking on some form of medical or dental insurance, it might not always guarantee all the costs are covered, so it's important to have some money to fall back in case you need to cover some of the expenses.

Funeral Care

Something that we don't really talk or think about is funeral care and funeral planning. Funerals can be extremely expensive and very hard to deal with if you aren't prepared for them. Having some money saved up and set aside to help cover the costs of funerals after losing a loved one can really help keep your stress levels down and make the grieving process easier, as the financial costs is something you don't need to worry about. Heart of England Funeral care might be a great place to look if you are unsure as they are available 24 hours a day, 7 days a week offering help and guidance on all things funeral based.

Job Loss

Every day, many people find themselves being made redundant or losing their job unexpectedly, and find this process extremely stressful and worrying as they won't have a steady and stable income. Having an emergency fund in this situation can be extremely helpful as you have money to pay your bills and expenses whilst you begin the search for another job in your career path.

Home Repairs

Another reason emergency funds can be extremely useful in the event of an unexpected issues in the home. Sometimes housing problems can happen out of the blue, whether your fridge stops working, a burst pipe or cracked windows, but by saving some money aside, you are able to have some spare cash to cover the damage in an emergency. For example, broken glass in your home windows can devalue your home, and can lead to serious injury if left unrepaired. It can also leave your home exposed to bad weather and leaving you with home safety security problems like burglaries and break ins, so it's best to get things like this repaired ASAP for your own safety.

Self Employment

For those self employed, with contractor or freelancer style jobs, sudden disruptions or lack of job availability can affect your income, and you may find yourself living with a limited amount of money. Working in self-employment, you can never guarantee your total months wages as some months you'll be having a constant stream of work and some months are lacking with jobs. By having an emergency savings fund, this may help you financially over a period of time until your next job or next client comes along.

Have you begun building your emergency fund? What type of things are you currently saving for?

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Retirement needs just as much planning as any other up and coming event or period in your life. The younger generation often tends to turn a blind eye to retirement. It is either too far on the horizon to be taken seriously or it is a vision they would rather not contemplate. If the push-button 21st century is all about living in the now, it only follows that if we want to create a great retirement, we have to start thinking about it…now.

So here are some top tips for getting on track for making your later years the best years of your life.

Visualise your retirement

Visualise what your ideal retirement would look like. What dreams will you have on your bucket list? Who will be around you? What will your living surroundings be like? Of course, nobody knows what the exact future may hold for us but think about what family and friends you would want to be close to, which creature comforts are essential, all those places you would like to explore and how much time you would need for those favourite hobbies.

Keep healthy

There is no escaping from the fact that in the autumn of our lives we are not going to be as healthy as in our youth. But medical science advances every day. As lifespans increase, new medicines and therapies are found to deal with everyday ailments and illnesses making retirement more and more like a pain free zone. Give your body something back every day by taking part in sports or just simple keep fit and then, even in your 60’s, it could be ready to spring into action in order to make your dreams a reality.

Prepare financially throughout your life

You are going to need money to finance your dreams. When you first start working you may be opted-in to the company pension. This is good as your employer will contribute a percentage towards it as well. Get an idea of what the pay-out from the pension will be. It could be in the future you may want to contemplate starting a private pension, starting your own little savings pot or upping contributions to your work pension. Monitor your pension savings – don’t forget them!

Monitor your State Pension

Keep up to date with State Pension pay-out and any changes to governmental policy. The latter is constantly changing. For instance, as well as aligning male and female retirement ages, the government is also constantly putting back the retirement age. Changes such as this are likely to have a real effect on your plans. Also, you may not receive the maximum pay-out if you do not make sure you have made maximum contributions all through your working life. You can check what your State Pension will look like on the government website.

Pension freedoms

You may not receive your State Pension until the official retirement age but you can in fact retire at any age. Even more reason to prepare appropriately. The new pension freedoms allow you to draw on some work and private pensions from the age of 55. This could offer a new form of income when money may be a little tight in your later years. But you need to be very careful that you have enough money to last for your whole retirement.

Access professional financial advice

Throughout your life – and especially if you are going to consider the pension freedoms route – you are likely to need expert and professional guidance to ensure your money is invested in the most beneficial way. Regulated financial advisors are authorised by the financial conduct authority and will give you independent guidance in terms of your specific needs.

Before looking at options for your pension, consider using a regulated financial adviser like Portafina or, view the guidance info at Pension Wise.

Have you got a pension set up for the future?

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Everyone has different requirements when running their own business whether it is big or small and we like to ensure everything runs as stress free as possible. However, we are prone to experience some instances that can make our businesses a painful experience to get through, and sometimes it can be having the wrong person for the job or someone who is inexperienced in the area that you require them to be.

Around the end of the financial year you may begin to find that your bookkeeper may not be line with your requirements, but what are the warning signs that you're not getting the service you are paying for?

Lack of Response

Among the large tell-tale signs that things are not as they should be is that simple requests take a long time to get answered, or they don’t get answered at all. Naturally this concern grows to worry that your professional bookkeeper may not be in line with your business needs or could be hiding something or simply not caring about your business. Either way it’s a worry that you shouldn’t be paying for. If the bookkeeper is too tied up to give a response to when they will be available to you or have too many clients to move around, then you may need to take your business to other bookkeeping services in Manchester.

Running Behind

The last thing you want to hear from a bookkeeper is that they are seriously behind on workload, leaving your books needing to be closed right up to a deadline. Solid and professional bookkeeping services are all about making time to get caught up and maintain deadlines, ensuring that your business can grow. When you work with a bookkeeper it is important that deadlines for work are set and they keep things on track to meet those deadlines. If they cannot work to set deadlines, then you need to find small business bookkeeping solutions that will.

They Cannot Explain Terminology

If your bookkeeper doesn’t know what the term ‘reconciliation’ means, then that red flag should be waving like a storm is coming. Every bookkeeper should know the standard terms when it comes to bookkeeping, from cash and accrual-based accounting, assets, accounts payable/receivable and so on and so forth. If your bookkeeper does not use the terms or, even worse, cannot competently explain them to your level of understanding then you need to find common ground with a bookkeeper that can and will.

It is important to feel that every aspect of your business is running the way it should with the right people on board for the growth of the business. If your current bookkeeper shows signs that they are not right for you, then there are other alternative bookkeeping services in Manchester who fit the bill perfectly.

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Whether you’re just about to launch a start-up or your business is ten years old, you should always be thinking of innovative ways to attract new customers and retain existing ones. This essentially comes down to your marketing strategy and some trial-and-error processes to figure out what works for your company and what doesn’t. Read on for some helpful tips.

1) Audit Your Website

Nowadays, it’s absolutely crucial for all companies to have a fully functional website. Potential customers will use the website to gauge the value of the products or services, 24 hours a day. Assess your website or contact an SEO agency to carry out an audit on your behalf so that you can figure out some areas for improvement, and therefore attract more traffic to the site.

Consider the following when auditing your site:

· Does your website align with your brand values?

· Is your website responsive across all devices?

· Does your website load quickly?

· Does your website run on HTTPs?

· Does your website contain any broken links?

· Does your website contain enough relevant content and keywords?

2) Share on Social Media

The online world doesn’t just refer to your website. Social media is another great way to advertise your products or services to a wider audience. Employ a graphic designer or try your hand at creating your own on Canva or another design tool so that you can share stunning visuals on your social pages. Make use of appropriate hashtags and ensure your captions are captivating.

You should also consider the best time to post on social media, as this is crucial for boosting engagement. This will involve some experimentation, but you could also look at the Instagram Insights tool if you have a business account to get an idea of when your followers are usually active.

3) Launch Some Google Ads

Goole Ads allow you to get to the top of Google’s Search Engine Results Page so that you stand out amongst your competitors. Again, this is another way to get notices online, but you’ll need to do your research so that you are targeting appropriate keywords. You may require some additional support with this, but it will be worth it for the ROI.

4) Giveaway Merchandise

Promotional merchandise is a fantastic way to appeal to your target audience and make yourselves more memorable. Here are some examples of how you can use branded items to promote your business.

· Take branded stationery, such as pens and notepads, along to your pitch meetings

· If you’re an eCommerce company, add a small gift to customers’ online orders

· Launch a competition on social media, in which a selection of branded items form the prize

· If you own a store or restaurant, give away promotional merchandise with each purchase

These are just a few ideas to get you started, but there are plenty of other things you can do with promotional items. Just make sure the items you choose are illustrative of your brand. For instance, if you own a beauty salon, you could give away little lip glosses or nail polish. Don’t worry if your branded merchandise campaign doesn’t result in a large influx of sales; it’s more about building relationships.

5) Concentrate on Customer Retention

It’s usually a lot easier and more affordable to retain existing clients/customers than it is to attract new ones, and handy because they tend to spread the news about how great you are. Be sure to inform them of any changes to your business that might affect your relationships, engage with them through emails and social media and encourage them to leave you feedback on Trustpilot and other review sites.

The above suggestions merely scratch the surface when it comes to marketing, but should give you a few ideas to inspire you to take your marketing campaign to the next level.

Do you use any of these ways to market your business? What other tips do you have?

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As a business owner, no matter how big or small, it is crucial to effectively manage your finances to ensure the business remains stable and successful. This requires an education; you will need accounting skills, like how to apply for a loan or how to draft a financial statement. Make sure you’re clued up on all of the finance related terminology, like VAT, PAYE, corporation tax, etc. Important financial decisions will need to be made even before you launch your business and extra resources might be necessary.

All limited companies are required by law to have a separate business account. Sole traders don’t have to, but it might save you some finance related headaches in the future to have a unique bank account specifically for your business. It’s probably worth investing in some sort of accounting software. Even if you’re running something completely unique, like a farm, there is farm accounting software that can help you keep things in order. Often, this type of software is used in conjunction with a professional accountant to keep on top of your financial obligations on an ongoing basis, like submitting tax returns.

Keep an eye on your cashflow at all times. You can do so by creating a cashflow statement and forecast. Your accounting software should contain functionality that allows you to download a cashflow report, but if not, they’re not too difficult to make yourself. These statements essentially show how much money is coming in and going out of your business over a particular period, allowing you to ensure there is enough cash to operate your business effectively. You may need to take out a loan at some point. This can be scary, but it will be worth it because it will allow you to buy the equipment you need and hire staff to help you get your business of the ground.

Don’t forget to pay yourself. It can be easy to get carried away and invest any extra capital back into the business to ensure it continually grows. Seeking out opportunities for growth is crucial and you should certainly keep some money aside for this, however, you play an important role in your company and should therefore be compensated accordingly.

As a business owner, one thing you should definitely start doing is planning ahead. There will always be random, unforeseen issues, so it’s crucial to keep your finances in order so that these issues can be dealt with, with limited repercussions. You could even create a “rainy day fund”, savings that mean you don’t have to rely on things like credit cards or overdrafts to cover unexpected fees.

Ultimately, managing your finances should not be an afterthought, especially if you want to survive long-term.

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Can you imagine a world where you don’t need to stress about money? You know there is enough to cover your bills, and if an emergency was to crop up, you have savings to tackle it. As well as being able to live the lifestyle that you want? If you make the effort to become financially stable, you will be able to do just that. Let’s have a look at some of the things you can do to achieve it:

Make Sure Finances Are Personal

It essential to make your finances personal to you, and this doesn’t mean avoiding talking about them. To make your finances personal, you just need to stop concerning yourself with others and making a comparison. Focus on your own situation rather than concerning yourself with another financial situation.

This is one of the most vital parts that will help you achieve the financial stability you’re after. We are all guilty of comparing ourselves to others, but it’s important to concentrate on your finances alone. Try not to concern yourself with the new car your neighbour has bought, or the holiday your sister is going on, chances are you have other things to spend your money on. Maybe you are looking for a house for sale and you need to save for your deposit, or you are paying off your debts to become debt-free.

Make a Budget

Budgeting is likely something that you have heard before. And they aren’t as bad as they actually sound. It should be used as a tool not as something to restrict you or make you unhappy. It’s definitely the best way to manage your money and ensure things get paid when they need to be. There are always essentials that need to pay, so make a plan to do this on time every month. If you find that you are overspending on your essentials, you need to look for ways to increase your income or reduce your spending. However, the problem usually lies with other spending when it comes to failing on a budget. When you have a budget, you can also identify where you may be able to save money for a good financial future.

Always Live Below Your Means

This is again, something that you have probably have heard before. You most definitely heard about people living to their means and then struggling to afford luxuries or extras. You should make sure you make a budget and create a living expenditure that is below your means instead of spending right to the mark. If you live below your means, you can almost guarantee that you are covered if you need to tackle any emergency, or if you want to save.

Build an Emergency Fund

As well as thinking about your future such as retirement or paying off your debts, you should also make sure you build an emergency fund. Having an emergency fund is your way of protecting yourself against anything unexpected. You never know when something bad might happen, losing a job with a regular salary can really hinder someone financial security if they have no emergency fund.

Pay Off Your Debt

If you have any debt, it will likely stand in the way of you having financial security. Once you are aware of how much you are able to comfortably spend, using your budgeting, and when you have built an emergency fund, you can focus on getting rid of any debt. You should pay credit cards and other high-interest debts first, it’s best to avoid any future debt on these while you are trying to clear them. Bear in mind that if you have signed a contract for a term, it doesn’t necessarily mean you can’t pay it off sooner. If you want to keep on top of the debts that you have, it best to track your credit score. You can do this for free, and doing it can you the best chance of getting straight with your finances.

Financial security is where you will have the freedom to live a life where you don’t need to worry about how you will pay the next bill that comes your way. For some people, this may seem like an unachievable dream but it is something that everyone is capable of achieving.

These tips should help you on your way to becoming financially secure, just remember it does take a little effort but once you are in the swing of it it will become second nature.

Do you have any other tips that you are using to help you get you there?

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Happy New Year!

2020 may not have been the year we had hoped for and it is definitely one we wont forget. This year seemed to be full of negativity and uncertain times, with Coronavirus, multiple lockdowns, working from home and staying indoors, it's definitely been a rollercoaster year. But one positive for me was managing to continuously work on improving my finances and working towards a savings goal which I'm extremely happy and proud about. I'm hoping that this will continue in 2021, in an attempt to reach an ever bigger goal of mine financially, and here's 6 ways I'm going to use to help me with my targets and get on top of my finances.

1. Savings Account - I mentioned that in 2020 I was lucky enough to reach my savings goal of 5 figures. This was mainly due to the multiple lockdowns, where I wasn't spending as much money as I would usually. This may not seem like a lot of money but having somewhere to direct that money to definitely helped. Every month, I would deposit an amount of money from my wages, along with an money I had earnt through sponsored posts and advertising. This method really worked for me as I was able to physically see how much each month I was putting away to be saved, yet still leaving enough money in my main account for the month ahead, and whatever I have left in my account before payday, that money also gets transferred to my savings.

2. Spend On Essentials - This is definitely something that I've been working on over the last few months. I've been quite strict on myself when it comes to spending, and making sure that I only purchase necessary and essential items. A few ways I've managed this is by trying to use up my beauty stash, re-wear and re-style clothing items for example. It's definitely been important for me to use what I already have in order to save some extra pounds.

3. Use Discount Codes and Vouchers - I'll admit it, I always seem to be on the hunt for discounts and vouchers, especially when shopping online. I always check my emails for discount codes, or simply have a quick google sometimes strikes lucky. I've also got both the Honey and Pouch extensions added to my internet browser, hoping that one of them will give me some savings when taking my shopping basket to the checkout. You may only save a few pounds each time, but it definitely adds up over time, and I can assure you, the money is better in your pocket!

4. Sell Unwanted Items - This is perfect for decluttering your home and getting rid of unused, unwanted or unworn items, and giving them a better home somewhere else. I've been listing unwanted clothing, shoes and other bits and bobs on eBay recently, and it's definitely helped me save a few coins whilst emptying my wardrobe.

5. Save Up Spare Change - This is a really quick and simple way to add some extra funds into your life. Every time you get change or find some money laying around in your coat or handbag, add it to a money jar or money box. It may only seem small to begin with, but over the year it will definitely add up. I've done this previously a few years ago, and had just over £100 in change!

6. Find Cheaper Alternatives - This doesn't have to be for everything, as many of us will definitely have holy grail items or products we just cant live without. But if you're on the hunt for something new, definitely try out cheaper brands/products, as you may really be surprised with what you can find. There are so many brands offering such affordable but high quality products, you'll definitely be able to save some money by testing them out, and you never know, you may repurchase in the future!

What ways will you be improving your finances in 2021? Do you have any money goals?

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