Category Archives : Save Money

Articles on how to save money

Who Pays For All The Free Money

The UK government will run a budget deficit in excess of £200 billion this year. The cost of all the schemes and programmes the UK is running in order to subsidise business , employees, and the self employed is quickly adding up. Making matters worse, the tax take by the government this year is set to fall sharply. Whichever way you look at it, the deficit figure expected this year is huge and equates close to 10% of gdp. I’ve heard many people ask recently, “How are we going to pay for that?”   With debt, of course. Enormous, hard-to-fathom, piles of debt.   In the UK, debt is predicted […]

Life Has Never Been This Cheap

If you wake up on a Casper mattress, hail a Lyft to get to your desk at WeWork, use DoorDash to order lunch to the office, hail another Lyft home, and have Uber Eats bring you dinner, you have spent your entire day interacting with companies that will collectively lose nearly $13 billion this year. Most have never announced, and may never achieve, a profit. [The Atlantic ] Despite what people believe, life is getting better over time. So why is it many people keep referring to the ‘good old days’ or keep saying that life is getting harder. It is because pessimism is intellectually seductive in a way optimism […]

Five Years Of Moneygrower – 5 Lessons Learnt

November 2019 is a special month. It marks the fifths anniversary of the Moneygrower site. I wanted to thank all of you who follow my humble site. I didn’t really expect that I will still be going strong for 4 years in a row. I also never expected that this site will become so popular, with 12,000 – 15,000 monthly views. I also get countless thoughtful emails for which I am grateful for. When I started the site, I had no real knowledge of personal finance. Yes I did a masters in finance degree and worked in both a bank and an accountancy firm. One might think that personal finance […]

How Much Money I Need In Retirement!

“How much money do I need to retire?” This is perhaps the number one question in personal finance.   People want to know how much money a retiree actually spends to see how far away they are from their own retirement goals.   A recent article I came across from which money magazine aims to answer this exact question.   The article is pretty comprehensive in nature as the good people at which have gone about surveying 6,000 real retirees to find out their actual spending habits. They survey was done in April 2019.   How Much Does The Average Retiree Spend In Retirement? According to the article, retirees spent […]

Getting Rich is Easy With The Power Of Compounding

The power of compounding is truly amazing. I know I have written about the concept of compounding several times but truth be told, it is scary how powerful compound interest truly is. If you had £100,000 in savings by the time you were 30, parking it in low-cost, good stocks that earned the same rate of return as the stock market for the past century would result in £14,200,000+ by the time you were Warren Buffett’s age. That assumes, of course, that you never add another penny in deposits to your investments, instead spending everything you earn outside of the portfolio for the rest of your life. You could become […]

Investing Small Amounts Adds Up – £70 A Week To Be A Millionaire

One of the biggest reasons people think as to why they are unable to invest money is that they have too little of it to put to work. They suffer from the misconception that you need to start socking away thousands of pounds a month in order to make it worthwhile. If they don’t have this kind of money, it is not worth it. If they don’t have this money, why even bother. I have written before in a post tilted Everybody Starts Small why this is simply untrue.   Yes once upon a time you had to be rich in order to invest on the stock market. But that […]

Why Everyone Needs Financial Freedom – When Catastrophe Strikes

Financial freedom is important. But not many people seem to realise it. Even if you have no intention of escaping the rate race and quitting your job, I would argue that everyone needs to earn enough passive income to cover their expenses. For who knows, your world as you may know it might end tomorrow just by one silly or reckless mistake.   Think this is impossible? Just look at the anchor woman fired over a Facebook post. The man let go from his apprenticeship at a Cleveland-area real estate firm after a tweet. The women fired from her job before she even starts it after a tweet. And the […]

The Average UK Worker Can Retire With a £1 million Pension Pot

Aviva, the insurer and pensions provider, says that millions of people earning less than £27,500 risk facing retirement on a pension far less than £15,000, which is the equivalent of the national living wage today.   And Aviva isn’t the only insurer and pension provider with this damning statistic. A number of pension companies have warned that millions of people are at risk of retiring on incomes far less than the current national living wage. This is a damning statistic. In short Britain appears to have a retirement crises. The destruction of defined benefit pension plans did nothing to help this.   Yet I still think most people can retire with a […]

The Average UK Worker Should Be Able To Save £10,000 A Year

When it comes to our savings, one thing’s clear – 1 in 3 Brits are living dangerously close to the edge. The Money Advice Service recommends keeping three months’ essential outgoings in savings to cover an emergency or unexpected bill. However, just under a third of people in the UK have less than £1,500 in the bank, and 15% of people have no savings at all.   In fact, there is an even more damning statistic. Over half of Brits do not add to their savings on a monthly basis.   Looking at the above, it may seem impossible for many to save £1,000 a year let alone £10,000.   […]