Updated: Feb 3
So before we commence with this weeks Money Moment, we just have to say we ABSOLUTELY love the name of this weeks guest, Get Woke Not Broke. Get Woke Not Broke is all about raising the awareness of investing (especially your pension, yes that P word) for that wonderful generation called Millennials (that's us)
What is the mission of your getwokenotbroke?
To help my readers understand how to spend money on the things they love, save money for the things they want and invest money in their future.
If you were to tell us about one high and one low of your financial journey so far, what would they be?
High: Having savings available in an emergency fund when I needed them - I was living with an ex (which obviously wasn't the best living situation!). But by tapping into my emergency fund I was able to put a deposit down on a new flat and move out before the tenancy was up. Literally the definition of a #strongindependentwoman amirite!?
Low: Realising how f*!king difficult it is to buy a house these days! My parents legit needed a £100 deposit to buy their first 3-bed house, whereas I'm looking at needing at least £50k to buy a 1-bed flat near me, which is terrifying! I have come to terms with this though - I know that I could buy a house sooner if I wanted to, but this would require moving out of London (AKA giving up my convenient-AF lifestyle), settling for something I'm not 100% in love with and pushing my budget to the max. I'd rather wait, thanks!
What’s your first money memory?
Getting my first job as a Christmas Temp at Boots (a health and beauty retailer and pharmacy chain in the United Kingdom) - I loved being able to spend my hard-earned cash on presents for my family!
What is one thing you would tell your younger self about money?
You don't need to be an old rich guy to invest. Open a Stocks & Shares ISA with a robo-advisor (I'm talking Nutmeg and Wealthsimple) and put a small amount of money in there every month. You can leave the complicated stuff to the experts and your savings will soon rack-up!
Tell us your favourite money tip for millennials
#PaydayBaeday - I manage my money the same way I do my exercise i.e. if I wait until the end of the day to exercise, I won't do it! The same principle goes for saving, if I wait until the end of the month, chances are I would have already spent my cash!
Decide on some money goals up front (i.e. saving for a holiday, house, retirement) and set-up a direct debit to go straight into the relevant savings accounts each pay day - out of sight, out of mind! You should also set-up standing orders for your rent/bills and an automatic payment for your credit card. You can then spend the rest of the month #livingyourbestlife.
If you could do a Ted Talk on the one topic you were passionate about, what would it be and why?
Pensions! When I'm not blogging, I'm an Investment Consultant (which means I basically advise pension funds where to invest their millions), which has taught me how mega-important it is to save for retirement early.
It's so easy for us youths to think we're too young to be planning for retirement right now - but opting out of your pension is basically like turning down a pay rise - your workplace and the government are offering you free money, don't say no! The earlier you start saving for your pension, the smaller the amount you need to put in each month.