Learning To Make Our Money Work Hard With Miss Lolly
Tonight we held our very first She’s on the Money event at Blooms London, with the delightful Miss Lolly (By day Miss Lolly is a financial adviser at a wealth management firm in London. She is also a Chartered Independent Financial Adviser, has an IQ of 148 and is a Fellow of the Personal Finance Society which is the highest qualification a financial adviser)… oh yes and she’s stunning – yes we are girl crushing too!
The evening began with Miss Lolly kicking off with the:
TIP 1: ‘you need to give yourself a pay rise’ – music to our ears! Suggesting ideas such as:
– Start a side hustle
– Rent out a room
– Ask for a payrise – noting that the average person goes without a pay-rise for 15 years ( wowzier).
She went on to say how it seems women on the whole tend to have too much money in the bank as we like to be less risky with our money. It is important to make sure your money is working hard for you in places such as ISAs, which, she added, tend to have the best rates just before the end of the financial year.
TIP 2: Check your mortgage – You could save a lot by switching, and it pays to shop around.
TIP3: “Move your debt and go hard” – If you have debt you must commit yourself and stick to it until the debt is cleared. The Barefoot Investor and Automatic Millionaire have some great strategies for that.
TIP4: Have emergency funds
– For single people with no dependents, 3 months of pay should suffice.
– For a family perhaps more like 6 months
– For people with more dependents or important financial outgoings, somewhere nearer 12 months.
TIP 5. Get in control of your retirement?- Companies are legally required to contribute to your pension along with you and the government. In a lot of cases, companies will match your pension contribution and the government will also add a percentage in too.
Lisa suggested an easy formula to find out how much to put into your pension:
Take your age, divide it by 2, and use that number as a percentage of how much you contribute from your monthly income.
– Find the pension with the most benefits and transferall other pensions to that plan. This way the pot grows bigger, your money works hard for you, and quite frankly it’s a lot less confusing. The other big consideration is that once you reach the pension age, and have access to your pension, only 25% of the whole pension is tax free.
TIP 6: Don’t just meet your monthly repayment pay more – Even of you pay an extra £200 per month, this can take years and thousands of pounds of interest off your total mortgage repayments.
Join us at our next event Budget Like A Boss on 21 March at WeWork Aldgate – Ticket can be purchased here.