Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Short Term Loans – An A-Z Of The Market

Check out our handy A-Z of everything you need to know about short term loans, payday loans and the short term loan market.

A – Algorithms

Banks mainly rely on credit scores to make a decision as to whether or not you qualify for a short term loan, whilst online lenders will use a variety of factors to determine whether you qualify. These include your employment status, your credit score and other lifestyle factors.

For online lenders like Fernovo, this process usually makes use of major advancements in technology and undoubtedly some sort of ‘algorithm’ or formula will be used by each lender to quickly evaluate information from various sources and process and make a decision on each loan request.

This technology has meant online lenders have come into their own, owing to their ability to make a decision online very quickly with or without relying on a credit score. Online lenders are unburdened by the inefficiencies, delays and strict requirements associated with traditional bank lines of credit. The systems that banks rely upon are not really suited to cater for the high demand for instant cash loans in the UK, which is why online lending is increasingly viewed as one of the most innovative, tech-savvy means of accessing financial markets.

B – Benefit

Many people in the UK are effectively ‘under-banked’, living from one paycheque to the next. This means that from time to time, unforeseen problems and emergencies might arise which require them to find an urgent injection of cash, fast.

Traditionally the solution might be go and approach your bank for a loan or overdraft. However, in a cash emergency banks can prove ineffectual – with delays in application processes, strict approval processes, and money transfer processes that all eat up precious time which you don’t have. After all, it’s an emergency!

This is where the benefits of using an online loan provider come in as they can process an application within minutes, and transfer funds direct to a customer’s bank account within the same day. Of course, there is a premium to be paid for this privilege, but when you really have to have some cash fast it can be a good solution – depending on individual circumstances.

C – Credit Check

Typically those seeking a loan are ineligible if they don’t undertake a credit check.

Furthermore, if you shop around for loans online, you are likely to be subjected to multiple credit checks, which in themselves are detrimental to your credit status. It’s a Catch 22 for many UK borrowers.

However in 2015 the CMA recommended that lenders and the Financial Conduct Authority (FCA) allow more flexibility to borrowers to shop around without their credit scores taking a hit.

Many UK borrowers applying for lines of credit with payday loan or short-term loan providers actually have existing credit facilities available. An estimated 50% of all payday loan customers have used a credit card in the last year, and approximately 50% of them also have access to overdraft facilities. This means that they have already undergone credit checks to be approved for these lines of credit.

So, in theory it is possible to qualify for a loan without a credit check? Payday lenders are obliged to disclose all pertinent information regarding how they process and approve borrowers in the UK. The FCA mandates as much. The CMA has recommended to the FCA that it works in conjunction with payday loan companies to allow greater use of quotations services so that borrowers don’t get discriminated against when they shop around for loans online. With Fernovo your search will be shown only if you have been approved for a loan.

D – Debt

The amount of money provided by instalment, payday or short term loan companies typically ranges from £100 to £300. Always check how much you will need to repay in total, checking the small print carefully. For example, you might be charged a penalty for early repayment. Just bear in mind that fairness, rapid processing, manageable interest rates, and transparent terms and conditions should be the features of the top short-term loan providers.

Remember to check that even if you’re late with your debt repayment, the default interest rate should be capped to avoid paying too much on a loan that you need to get you by in an emergency.

Responsible lenders will never charge you more than 100% of your original loan amount, meaning that your total repayment will never exceed double the principal. To cover yourself, always ensure that the short-term loans provider of your choosing is FCA authorised and before committing to anything, make sure a short term loan is what you actually need, and explore all other avenues.

E – Evaluate

Is it actually a short-term loan you require? Take good stock of your situation and your requirements and work out whether a short-term loan is the best solution to your problems. For example, could you borrow money from friends or family? Could you buy some time on the pressing financial issue? Would the bank lend you the money at a more beneficial rate?

Just bear in mind that your credit score may not be good enough for you to qualify for a loan from a local bank. If you’ve been running late on your card repayments, for example, you might not be able to access additional credit forwarded from your bank, credit union or financial institution.

Look at a short-term loan as just another of several options at your disposal to get you through a cash flow crisis. You just need to work out which is the most workable solution on a case-by-case basis.

F – FCA

The FCA (Financial Conduct Authority) is a UK consumer watchdog organisation. Amongst its many roles it is dedicated to ensuring the integrity of the UK financial system, the maintenance of strict UK and EU standards for all financial firms, protection and prevention of fraud and risky activity in the financial sector and providing consumer protection by ensuring accountability of all financial enterprises.

In other words it’s there to help you and protect you. Wherever you decide to get a short-term loan from you must always ensure the company is FCA approved as this provides you with the proper level of protection.

The FCA is tasked with securing transactions between customers and all financial enterprises. This includes everyday transactions at your local bank, applications for credit cards, business lines of credit, pensions, as well as short-term or payday loans.

The FCA works hard to get businesses to comply with stringent criteria. Companies with FCA compliance must uphold customer-centric policies. Simply put, they must put your interests before their own.

The FCA works hard to ensure on-going compliance and maintenance of high standards with all companies that bear its stamp of approval. Transparency, credibility, and excellent customer service are all crucial elements of a viable loan company.

G – Go to company

Did you know that most people who take out short-term loans tend to go back to the same company they used for their last loan regardless of the interest rates they charge? Seems crazy doesn’t it? After all, we cross check the cost of most things we purchase, so why don’t we follow the same behaviour when we are taking out something as important as a loan?

The reasons we don’t check or change are threefold. Firstly we don’t like to be rejected, so if we have already been approved by a company we know they will almost certainly approve a new loan request, this means we don’t have to risk a painful rejection. Secondly we are time poor so we are often unwilling or unable to invest the time it takes to explore other short-term loan options. The final reason is that we are scared that by shopping around we will rack up additional credit checks that in themselves will ruin our credit score and perhaps even jeopardise our existing loan company relationship. Sounds like rock and a hard place but this is fundamentally what happens when we keep using our ‘Go To Company’ however expensive they are or however poor their service.

Our advice, even if you don’t actually apply for a loan elsewhere, is at least check the loan rates of a few companies. It’s simple to either go to a loan price comparison site or check out the websites of a few of the main companies (rates have to be shown on these). At least this way you will have a better idea of whether or not your current short-term loan supplier is ripping you off. Also check if the company can give you a pre-approval decision without undertaking a credit check Like fernovo does.

H – Help

If things go wrong for you personally or if you are in a bind with a lender or believe you are being mistreated don’t panic because there’s plenty of help and advice out there. First stop should always be moneyadviceservice.org.uk which is packed with useful information. And if your loan company is a member of the Consumer Credit Trade Association they have to abide by their Good Practice Customer Charter and Addendum and their Code of Practice. Which you can see here: CCTA

General financial help and advice can also be found at moneysavingexpert.com

I – Interest Rates

Short-term loans in the UK have an interest rate that is capped at 24%. This is the maximum rate a lender can charge an individual for a loan if they repay on time. It is set by a government’s financial regulatory body, which in the UK is the Financial Conduct Authority (FCA).

But what does this rate mean in practice? Check out this example: if an individual takes out a £100 loan (at the 24% maximum rate) for 30 days and then repays it on time, the lender cannot charge the individual any more than £24 for giving them that loan.

In addition there is a flat £15 cap on late fees. Though interest can still be charged after the due date (capped at 0.8% per day plus late fees), the final cost of a loan cannot exceed 200% of the loan itself. That means that if an individual takes out a loan of £100 and cannot repay it in time, the loan will continue to accumulate interest and they will repay a maximum of £200.

J – Juggling

We all have to juggle our finances from time to time but if you want to make your financial life altogether less stressful it does no harm to try and introduce an element of planning and budgeting to your life so those nasty cash flow surprises don’t catch you out. Here’s some handy tips about juggling your money:

Firstly keep it simple, take your monthly wages then allocate an amount for your regular monthly bills and expenses. The rest is what you have to divide into food, clothes and social money, too! Just be realistic and make sure you include regular treats such as meals out or some new clothes.

Secondly, get into the habit of saving an amount each month or week, however small. After all something as small as £10 per month quickly builds up – even £100 or £200 safely stashed could get out of a tight cash flow spot. Bear in mind most short-term loans are for between £100-300.

Thirdly, focus on getting out of debt. If credit cards are the issue, cut them up or at lest remove from your wallet or purse when you go out. Take a step back and focus on clearing the debt and freeing yourself from interest payments by always paying off more than the monthly minimums. Prioritise these payments above all others and don’t whatever you do ignore them. If you can consolidate the debt into one place with the lowest interest rate.

Also re-evaluate regularly, say every 3-6 months. After all things change, and your budget may need to move to accommodate this. But the same rules about living within set means apply. Remember to always be realistic and create a budget that works for you and with you to achieve your finance goals and keep the juggling to a minimum!

K – Keep Checking

The cost of borrowing from a short-term loan provider should be presented to you up front. Always work with FCA regulated brokers, not foreign operators offering their services to Britons. Whether you need £100, £200, £300 or another amount, three aspects should be available to you up front: the total amount of credit, the duration of your loan agreement and the interest payable. Fairness, transparency and efficiency are the hallmarks of top providers.

Additionally, you will want to ensure that you can contact the customer service department of the company quickly and easily. Check for telephone numbers, fax numbers, SMS numbers, email, live chat functionality and a land-based address. The more contact information there is available, the better. Transparency and trust go hand-in-hand. Professional and courteous customer support is a telltale sign of what to expect from these payday loan companies.

L – Loan Sharks

Whatever else you do, always steer clear of loan sharks. They are not called sharks for nothing!

There are many risks attached to borrowing from loan sharks and these include interest rates that could be as high as thousands of percent. You will undoubtedly pay more interest that what you would through any legal borrowing. You might also be harassed or threatened if you get behind with your repayments – there have many reports of people being intimidated or attacked. You might also be pressured into borrowing more money to repay one loan with another, and end up in a spiral of debt that you can never repay.

It’s important you know how to spot a loan shark:

They provide little or no paperwork, such as a credit agreement or record of payments. They refuse to give information, such as regarding interest rates or how much you owe. They often take items as security, such as passports, bankcards or driving licences. They often increase the debt or add additional charges at any time. They refuse to allow you to settle your debt and often get nasty – resorting to intimidation, threats or violence.

Always check if a lender is legitimate via The Financial Conduct Authority (FCA) website. If a lender isn’t listed as having a current authorisation to lend money, don’t borrow money from them and don’t let them come into your home.

M – Market trends

The payday loans industry in the UK is now valued at around £220 million, according to figures from 2016/17. This industry was once worth £2.5 billion back in 2013, but an increase in much needed regulation has seen the industry decrease ten-fold.

In 2017 there were around 760,000 payday borrowers with an average loan amount of £300. This equals £228 million – down from 1.6 million customers and over 10 million loans serviced in 2013. (Citizen’s Advice Bureau)

N – New legislation

Following an investigation, the Financial Conduct Authority (FCA) imposed a cap on payday loan costs from the start of January 2015. In addition, from May 2017, all online lenders are required to advertise on at least one comparison website such as choose wisely.

The idea is to allow customers to compare loans more easily, to establish the best value as well as giving borrowers a clear explanation of fees and charges, making it easier to establish the cost of missing repayments. It also makes it easier for new lenders such as Fernovo to compete with existing players on price.

When the FCA rules came into play, they introduced a price cap on the industry to 0.8% per day. Previously lenders could charge as much as they wanted. But with the price cap in place, lenders cannot charge more than £24 per £100 borrowed. This ensures that borrowers will never have to repay more than double the amount that they have drawn down.

As part of the new regulatory guidelines, all lenders and brokers are required to undergo a thorough investigation before being granted ‘permissions’ and ‘authorisation’ to trade in the industry. With the process taking anywhere between 6 to 18 months, the result has caused 38% of the industry to exit, deemed unfit to provide consumer credit in the UK. Above all, there has been a noticeable decrease, or even disappearance, of 3rd party brokers that would deal in selling leads – something that is no longer feasible by new regulatory standards.

O – Overview

You may urgently require cash at some point in time. Perhaps your credit cards have been maxed out, your savings are depleted, or your bank requires too much time to process your loan application. In cases like these, where you need money on short notice, you may be considering short-term loans. There are pros and cons to these types of loans, and it’s important that you understand what you’re getting yourself in to before you sign on the dotted line.

The first question you need to ask yourself is have you exhausted all your other options? Then, depending on the urgency of the situation, it may be best to go with a payday loan. Note that these loans are typically in the region of £100 or more – so the interest repayments on them are limited if you can stick to your repayment plan. But before you commit make sure you know and are comfortable with the answers to the following questions:

• Are you aware of the repayment period?
• Are you aware of the total APR on the loan?
• Are you allowed to borrow the amount you need?
• Are you required to put down any collateral for the loan?
• Are you allowed to use the money for anything you want?
• Are you able to pay the instalments on time, for the duration of the loan?

Remember that short term or payday loans are unsecured and do not require you to provide any collateral upfront. You will be required to show evidence of your employment status, and a credit check will typically be conducted. The application process is completed online, and you will be informed within a day, often within an hour, as to whether you have been approved.

In the UK, short-term loans can be used for any purpose whatsoever. If you run into trouble, and cannot repay the loan on time, you may be able to roll it over for a longer time. It is always worth using a loan calculator to determine your repayment amounts. Always read the fine print of short-term loan applications, details on rollovers and associated fees on the principal amount of the loan.

P – Protection

This basic example illustrates how important FCA compliance is: Perhaps you are looking to compare payday loans providers since you are short of cash. In this case, it’s important to look beyond the basics of the instant cash loans website and look at the licensing and regulation.

When a company bears the FCA stamp, you can trust that company. Of course, it’s important to cross check references on the FCA website as well. Watchdog authorities will intervene in the markets to ensure that there is a fair playing field for everyone. Without the FCA, short-term loans direct lenders would charge really high interest rates and customers would not get the best deal.

Consumers can easily contact the FCA with any queries, questions, or complaints about the business practices of an instant cash loans lender. It’s a win-win situation for customers when FCA compliance is an issue. Businesses certainly don’t want to have their FCA licence revoked, and they will do everything in their power to treat customers fairly. Throughout its history, the FCA has put customers first.

As a customer, you should always expect fairness from short-term loan direct lenders. Your situation should never be exploited by companies simply because you are in need. Equally important is transparency with interest rates, terms and conditions and payment-related issues.

For example, if you come directly to fernovo (not through a broker) and borrow £300 over 90 days, you can expect to repay £92.85 in interest, for a total of £392.85 (up to a 140 pounds less than other big lenders). This makes it easy for you to find out how payday loans compare with one another. And it’s thanks to the FCA that all of this is possible.

Q – Quote

Borrowing money quickly is a task made much easier via the internet. With so many online lenders offering different types of cash loans, it is important to know how and where to get the best deal. Comparison websites help you get the deal that’s right for you so it’s always worth checking these out.

Anyone looking for cash loans in a search engine like Google will be presented with a huge and daunting list of online lenders. Going through the vast number of lenders individually is time consuming and unnecessary. Using a comparison website saves time and more often than not, gives you all the information you need in one easily comparable table.

It is good practice to use a few different comparison sites when looking at lending options. Individual comparison sites do not always give you the same results, so check out a few before you decide to borrow money. This might take a little more of your time, but it’s worth doing as it may save you a lot of money. Also, some comparison sites only offer products they earn a commission from, so it is important to use a few comparison sites to get the best possible picture.

When looking to borrow money, it is important to understand that there are different types of loans available to you. As well as the popular payday loans, there are also instalment loans. Whereas payday loans are linked to a borrowers ‘payday’, instalment loans are repaid over time with a set number of scheduled payments. There are also considerations like secured or unsecured lending and loans for those with good credit and bad credit to take into consideration. The best comparison websites will feature all these options and give you the widest possible choice of lending opportunities that are available to you.

Choosing to repay the money borrowed in instalments will require extra attention being paid to the APR rates as these will determine how much you repay in total. The APR (Annual Percentage Rate) is the interest rate that you will be repaying on top of the amount loaned to you. A loan calculator will help you accurately assess what you will need to repay on a monthly basis and overall.

R – Right Lender

When you’re ready to get a loan quote from a lender, you have several options available to you. High Street banks are one of them. Unfortunately, the red tape required by banks serves as a disincentive for clients. Banks make you jump through hoops to qualify for their loan products. They love to issue personal loans to clients, but they do so on their terms.

Banks typically require you to show mounds of paperwork, comply with all sorts of gobbledygook, and on top of that they expect you to wait several days to be approved. When you have an emergency, and you don’t have a credit card, or any cash in hand, the last thing you can afford to do is wait for your money.

That’s where short-term loan direct lenders come into the picture. These credit providers are geared towards fast, efficient processing of personal loans in the UK.

You will, of course, avoid all the headaches and hassles that we have just listed above. Of course, you may pay a higher price when you go with short-term loan direct lenders, but you’re paying for the convenience of quick and easy approval. Also you can apply for personal loans online. There’s no need to frequently visit your local bank branch. You simply power up your computer or mobile device and make an application online. It couldn’t be easier. Comfort and convenience rank highly with customers, and the best short-term loan providers have really capitalised on this aspect of their operations.

There are many other benefits available to clients, including automated risk processing. This means that AI systems can instantly run your credit and determine your eligibility for a payday loan. The process doesn’t take hours, days or even weeks. It is completed instantly. Once you sign online, the loan is completed and the money is sent to your account, normally within 48 hours.

Short-term loan providers offer additional benefits. They have more leeway when it comes to approving or rejecting clients for loans. Credit scores are important, but they are not the be-all and end-all for approving a client for a short-term loan as they are with banks.

S – Shop Around

There are traditional lenders and non-traditional FCA-approved lenders in the loans arena. Banks and established financial institutions are considered the standard, but they often take too much time and require too much paperwork to process your loan application. That’s the reason why the UK short-term loans market is a hive of activity.

You should always know your credit score before you apply for one of these loans. You may find that you have an excellent credit score, entitling you to lines of credit at lower rates of interest from banks, credit unions and loans providers. A good credit score can serve you well when you need money fast. The decision to apply for a loan hinges on all of these factors. If you have explored all your options, and you’re comfortable with the company and the repayment amounts, this may be right for you

T – Technology

At times, problems arise and additional funds are needed to tide households through. The demand for capital began to grow, and banks’ inaction led to the rise of FinTech Enterprises willing to fill that void. At Fernovo, for example, they have developed a unique NovoQuote ‘engine’ that quickly (in under a minute) assesses a customer’s financial situation and can make a pre-approval loan recommendation. This process utilises a number of different lifestyle factors rather than just a credit reference.

Time is money, and delays in application processes, approval processes, and money transfer processes can make the difference between staying afloat or drowning. People simply cannot afford to wait days or weeks for banks to approve and transfer funds from loan requests. Instead, online loan providers can process an application within minutes, and transfer funds direct to a customer’s bank account within the same day. Of course, there is a premium to be paid for this privilege, and that’s why the short-term online loan industry exists.

Borrowers want to know whether they qualify for an instant loan, and if they do when they can get their money. While banks rely on credit scores, many online lenders will use a myriad of facts gleaned from their technology to determine whether the borrower qualifies for the loan. The employment status of the individual, the credit score, and other elements can be taken into consideration.

It is crystal clear that rapid advancements in technology have resulted in dramatic changes to the traditional lending sector. Online lending has come into its own, and what once began as a niche market, now has mainstream appeal.

U – Unforeseen

Things don’t last forever. This is particularly true when you think about your electronic devices and of course, your car, too. Invariably these essential things only go wrong when they are a couple of days out of warranty so there’s no chance of getting repaired for free, added to which even if you are insured there might be an excess to pay or a big time gap in terms of getting a satisfactory resolution. What’s more, in these days of sealed components and microchip technology, there’s no longer many simple or cheap fixes. So, what will you do if any of these things do break down? The last thing you will want is to be left carless, phoneless or laptop less, which is why it’s so important to have a backup plan just in case things go wrong. But what are the different plans you can have in place, and do they all work the same?

It is a good idea to set up a savings account, which will be designed to cover you should anything terrible happen to the things that you need. This particular plan will need you to make sure that you can maintain putting money away on a regular basis and also that you are realistic both about what you can afford and what a possible repair cost might be. But remember even £10 every month means you’ve got enough to cover a broken mobile phone screen in six months. If you find it hard to remember to stash away some cash safely each month just set up a direct debit to make sure you do make the payment.

A common solution to the idea of anything breaking is to insure it. This is particular true for electronic gadgets as there’s so much to go wrong. Many stores now offer you extended warranties at the point of purchase. A good way is to consider insurance an essential part of the purchase price – just like that can’t live without turbo extras you’ve added to the base model purchase anyway! If you are worried about small print don’t panic because by law there’s a 14 day ‘cooling off period’ after purchase which gives you plenty of time to go over the details and if you don’t like them – trade in the policy.

Regular servicing is a concept most related to your car than to anything else. Although if you wanted to take your mobile or laptop into a store that could give them a check over then this could be a good idea and virus software for your laptop is always a smart investment. There is a reason why it is suggested that you book your car in for regular services. Not only does this highlight any problems before they become bigger (and more expensive) but it can also prepare you just in case some things are looking likely to go wrong.

Also, if you are concerned that being left phone or laptop less could have some issues for your everyday life, then why not have another option ready and waiting if something does go wrong? This could be a cheaper option, but one that will work okay for a short period of time, ideal if you need to wait to buy or receive a new phone or laptop. Basic pay as you go phones and SIMS are dirt cheap and can be purchased over the counter in most phone and tech stores and you can get some great second hand laptops through accredited dealers on Ebay – rather, of course, than from some dodgy guy in the pub car park!

V – Value

There’s only one way to find out whether you’re getting the best value loan you can, and that’s by shopping around – either through the comparison sites or by going to each company’s website direct and checking the rates and terms (don’t forget the small print!).

Obviously make sure any lender is first and foremost FCA approved then see how their interest rates stack up compared with the capped market rate – remembering that some companies charge up to 40% less than the capped market rate.

W – Websites Comparison

The price cap has encouraged new competition in the industry for those offering alternative or lower cost loans – including overdraft solutions. Every lender is now required to list a price comparison website (PCW) clearly on their homepage such as ChooseWisely and All The Lenders – and this encourages applicants to shop around and find the best loan product and price to suit their needs.

X – X-tra Careful

When it comes to borrowing money online you can’t be too careful. Always take steps to make sure you’re not being duped or scammed.

Remember that the personal loans market is peppered with a variety of legitimate loan providers and unregulated companies. It’s important to work with reputable, regulated, and reliable lenders to ensure that you do not fall victim to a scam.

Some companies operate under the guise of helping you to find affordable personal loans, whereas they are simply farming a large and untapped market for free information. What does this mean? Simply put, loan providers need to source information on potential customers.

They may enlist the help of marketing agencies which use shifty tactics to try and get you to volunteer your personal information which they then sell to the highest bidders. You may think that by entering your personal information you will be considered for low APR loans – unfortunately that’s not what these websites are all about. First things first: ensure that the website you are applying to actually extends lines of credit to customers.

Your first point of call is the web address of the loan company. It should ideally begin with HTTPS indicating a secure connection. Security is paramount with online loans companies, and that’s why you should always seek out SSL (secure socket layer) and other verification methods. Scam artists do not abide by these rules and regulations – they are only there to get your information – banking account data, ID, personal biographic data etc. and profit off your financial troubles.

If the online loans provider does not have a UK-based address – avoid it. It is always important to contact the telephone number of the personal loans provider to ensure that they have a physical location in the UK. Every credible UK lender is fully licensed and regulated by the FCA (Financial Conduct Authority).

Another crucial point to bear in mind is the wording used by loan providers. If they state that your credit history is irrelevant, or can be ignored, and that they don’t care whether you are employed or not, they are being dishonest. It is imperative for the lender to be able to validate your creditworthiness when they are issuing a loan to you. The ways they can do this include running a credit check, ensuring that you are gainfully employed through your pay stubs and bank account information, or perhaps requiring surety from a friend or family member.

You must ensure that the lender has full authority to issue cheap personal loans to you. This is easily verified on site with FCA licensing and regulation numbers and then cross-referencing that with the FCA.

Also beware of lenders that want you to provide any pre-payment for a personal loan, as you could be dealing with a scammer. This is not accepted practice in the United Kingdom. Prepaid loans are unsecured loans, and as such, no collateral is needed.

Consumer watchdog services, such as the Financial Conduct Authority (FCA), list all the rules and regulations that loan providers must abide by. If there are any fees levied on your application for a personal loan, the charges will likely be deducted from the loan amount.

Y – You are in Control

Living on a tight budget is not easy. But never forget that you are in control and with a little planning and budgeting you can ensure that you never get caught in that money spending, money borrowing cycle.

The first thing you need to achieve is control over your spending, however much or little you are bringing in. Review yourself and if you’re spending is too high explore where you can cut down on unnecessary expenditure and save on the necessary ones. For example:

Walk or cycle for shorter distances. You will save on fuel as well as an expensive gym membership or have no-spend days at least twice a week, where you don’t spend on anything other than your budgeted expenses.

You should also take steps to grow your wealth. So, for example, set aside a fixed amount at the beginning of every month as savings. No matter what happens, don’t touch it. And always collect the spare change – after all every penny counts.

To help you, download one of the popular money management apps – you don’t really have to be a tech savvy person to get a hang of them. Apps like Moneyfarm and Moneybox are easy to use and can actually help you keep track of your expenses and manage your wealth.

Z – ZZZZ

Yes we know its boring talking about finance and interest rates, but trust us it’s important as a mistake or misjudgement could end up costing you big time.

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