So What Is Lifestyle Inflation?

save money Mar 23, 2022

I wrote last month about the current inflation problem we have here in the UK, in the US and in pretty much every other country in the world.

Inflation is simply a way to describe rising prices. If a loaf of bread cost £1 last year and now costs £1.05 – we have 5% inflation – the cost has gone up by 5%.

If an iPhone cost £1,000 last year and now costs £1,100, we have 10% inflation etc.

The inflation we are experiencing at the moment is really dangerous....

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This Isn’t Lifestyle Inflation, This Is Just Inflation

make money save money Feb 18, 2022

A lot has been written in recent months about rising inflation and the impact that this is having on living standards.

I often write about ‘lifestyle inflation’. This is where someone’s lifestyle or spending often increases as fast as (or even faster) than their earnings as they earn more or receive bonuses or pay rises.

Lifestyle inflation is very dangerous as it prevents you from ever reaching financial freedom. If your expenses are increasing at the same (or a higher)...

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How To Improve Your Finances During A Crisis

save money Aug 11, 2020

I know the headline above will have a lot of people wondering what the heck I am on about. Improve my finances in a crisis? Doesn’t he know what the word crisis means? My finances are in the toilet right now! 

Rest assured, I do understand the pain that some people are going through right now - emotionally, spiritually, physically, socially. The pandemic, unlike some crises before it, has had an impact on all of these areas. Pretty much every part of human life has been touched by...

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The Lockdown Financial Survival Guide - Extreme Budgeting - Part 4

save money Jul 08, 2020

Welcome to the final instalment in this series on extreme budgeting.

Last time out, we looked at ways to reduce your expenditure to match your current level of income, even if your income has been reduced. But what if that’s not enough? What if, despite your efforts, you still find yourself in a bind. That’s where special measures are required.

This is the final, and most extreme step in our 4-step lockdown financial survival guide which looks like this:

Phase 1 - Check Your Past...

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The Lockdown Financial Survival Guide - Extreme Budgeting - Part 3

save money Jun 04, 2020

Welcome back to this series on extreme budgeting for extreme times.

Last time, we looked at some of the enforced reductions to your spending that lockdown has caused. Things like eating out, holidays and the like which are simply not happening or perhaps are not happening as much (depending on where you live).

Today, we move onto phase 3 in our 4 step extreme budgeting plan, which looks like this:

Phase 1 - Check Your Past Spending

Phase 2 - Your New Reality

Phase 3 - Cutting Back

Phase...

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5 Ways to be Financially Safe While Traveling

save money Apr 18, 2020

Today we have a guest post from Kathryn Rucker, the founder of the personal finance website CashforKat. Take it away Kat...

We are currently experiencing a period of time where many of us are unsure of what our lives will look like a few months down the road. With talks of a recession happening in almost every country due to the recent COVID-19 outbreak, there is much concern over the future of various industries as they attempt to weather the storm.

One thing that we all know for...

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The Lockdown Financial Survival Guide - Extreme Budgeting - Part 2

save money Apr 03, 2020

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...

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The Lockdown Financial Survival Guide - Extreme Budgeting - Part 1

save money Apr 01, 2020

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...

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Making The Most Of Your Money While Travelling Overseas

save money Oct 10, 2019

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...

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Why Financial Rules Of Thumb Don't Work

save money Jun 25, 2019

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...

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