Welcome back.

Yesterday, we looked at how to create a budget based on what you have been spending over the past 12 months. This will act as your baseline - your starting point.

In these unusual times, a lot of people will need to cut back. Yesterday a record 6.6 million people registered jobless claims in the US and we have had just under 1 million people register for unemployment benefit in the UK. This crisis is hurting and a lot of people will need to cut back.

If you missed yesterdays...

As I write this here in the UK, we are roughly 10 days into our government imposed lockdown. Although the government has said that they will review the situation after easter, it looks very likely that the lockdown will be extended for several weeks beyond this point. 

We are not alone - all over the world, people are now locked in their homes, businesses are closed and the economy has ground to a halt.

Of course the real crisis here is the health crisis and nothing can be taken away...

This post has been sitting in my drafts folder for months now and there seems no better time to release it than now. As global markets are in turmoil due to the virus, our emotions can get the better of us and we can end up making some really bad financial decisions which have the potential to do long term damage to our financial health. 

Make no mistake, the virus will pass. Things will go back to normal, but the financial decisions you make during this crisis could be felt for a...

A lot of people have been asking where I have been for the past 6 months and that’s a very good question. The truth is, I have just been going through a very busy time and something had to give!

My last post was in October, so what’s been going on since then? Well, first of all, I was studying for an exam in November which was pretty much all consuming as the big day approached (I am pleased to say that I passed!).

After that came Christmas, which for me is always a time to...

Today we have a guest post from Gavan with iCompareFX. Take it away Gavan.

Travelling overseas brings with it a range of positive experiences. However, people who’re new to holidaying internationally might find dealing with money matters a little daunting. The good thing is that paying attention to a few simple aspects can go a long way in helping you make the most of your money.

Think Travel Insurance

The number of people who buy travel insurance cover and make subsequent...

A lot is said nowadays about ‘financial rules of thumb’. In essence, these are ‘shortcuts’ designed to tell you in an instant how to answer some of the biggest financial questions, for example:

How much should I be saving for retirement?

Should I pay off my mortgage or invest with excess income?

How much of my total income should I spend on housing?

Financial rules of thumb will try to give a simple-to-understand solution to these biggest of questions. 

One...

Money is the number one cause of conflict in relationships. In fact, recent research has shown that money is the number one reason given for divorce in both the UK and the US. 

This is not surprising really as someone’s money personality is not really something we think about when choosing a new partner. Perhaps we should though, because money has the power to impact almost all elements of our lives. 

The type of work we do, the food we eat, the health choices we make, where...

Spending money used to be a topic of anxiety in my house. When I started on my journey to Financial Freedom around 5 years ago, I knew I wanted to be free, but I didn’t really know how to get there. I hadn’t worked out the formula yet.

I knew I needed to save a whole load of money and so I tried to put my spending on complete lockdown - and failed!

You see – I like spending money. It allows me to do things that I like doing. It allows me to travel and have weekends away. It...

Sometimes you have to make a decision that is not black and white. Most people following this blog will be committed to some degree to Financial Independence. This requires saving a large amount of your income and possibly making some minor sacrifices (I don’t think you should deprive your life of all enjoyment now to achieve Financial Independence later – find out why here).

But, some decisions are not that simple. Sometimes you have to decide if you are going to prioritise your...

I chat with a lot of people who want to be Financially Independent. They know that it would feel amazing never to have to worry about money again.

To be able to walk out on the job that they hate and go travelling round the world.

To finally be in a position to cut up that credit card.

But – there's a problem.

Most people don’t believe it is possible. They feel like Financial Independence is something that only happens to special people, not to mere mortals like them. This...