What are challenger banks and what is driving them?
What are challenger banks?
These are financial service companies that began in the last few years that are competing with the offering of traditional banks. Examples of challenger banks include Monzo, Starling, Atom. Examples of traditional banks include HSBC, NatWest, Lloyds Banking Group.
No Spend Month Money Challenge
What is it?
For one month you only spend on essentials such as rent, bills, groceries. Any necessities are allowed but no eating out, clothes, coffees, Netflix subscriptions etc. This can even extend to walking / cycling to save on transport. The idea is to use what you already have.
How do I get out of debt
Firstly, not all debt is bad, and in fact it can be a useful financial tool. The difference between good and bad debt is whether the debt is worth getting yourself into; and whether it benefits you in the long term. If there is a specific reason for taking on the debt and a clear affordable plan to pay it back, it is more likely to be classed as good. For example, over the long term it is likely to be beneficial to take out a mortgage, student loan or invest in your business using a loan.
What is the FIRE (Financial Independence, Retire Early) movement?
It is a lifestyle movement where the goal is to achieve financial independence and retire early, rather than depending on the traditional 9-5 lifestyle. An individual drastically cuts down on expenses, increases their income and invests their savings wisely to grow their assets. The aim is to grow their assets enough that they can live off small withdrawals from this; they live off their passive income. Often individuals aim to retire in their 30s or early 40s.
Human Economic Lifecycle
This is the stereotypical traditional pattern of spending humans have in their adult lifetime.
Is peer to peer lending worth it – Innovative Finance ISA Individual Savings Accounts (IFISA)?
Individual Savings Accounts (ISAs)
These function like savings or investment accounts, but with additional benefits. Any increase in your money, from interest on savings or gains on investments, are tax free forever. You do not need to declare the growth on your tax return.
Do you want a 25% government bonus saving for your first home or retirement: Lifetime ISAs
Individual Savings Accounts (ISAs)
These function like savings or investment accounts, but with additional benefits. Any increase in your money, from interest on savings or gains on investments, are tax free forever. You do not need to declare the growth on your tax return.
Put your money to work – the power of compound interest
Compound interest is the magic behind why investing your money is so worthwhile. This is how you make your money work for you, even while you sleep – also known as a passive income.