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FIREside chat with Thriftylondoner: "Feel financially confident"

FIREside chat with Thriftylondoner: "Feel financially confident"

Hi! Could you introduce yourself?

‍I’m Laura, also known as Thrifty Londoner! I founded the website, and Instagram account of the same name. I help people to feel financially confident, change their money mindset, and create new money habits.

What personality type did you get? Did you find the results to be accurate?

‍I got ‘The Artist.’ I found it fairly accurate as I’d certainly class myself as a creative, with a calm and relaxed outlook on life. However this personality type suggested I’m not too interested in money, and I don’t like the idea of investing. I’d say I’m definitely opposite to this- I am super interested in personal finance which is one of the reasons I started Thrifty Londoner. 

What inspired you to start a social media presence about personal finance? For completely new readers, what is the “tl;dr” of your brand?

‍When I moved to London, I was on a low salary with high bills- I realised I needed to start managing my money better to make ends meet. I started looking into personal finance more and more, and wanted to share information on money in a jargon-free way so that I could help others in a similar situation to me. 

For new readers- Thrifty Londoner is all about empowering people with key financial information. The aim is to help people so that they can make the best financial decisions for them, and live out their dreams! 

What is your relationship with personal finance? - If applicable, how has that defined your current pursuits? What changes have you made that have helped? How has it changed over time?

I have always had a fairly good relationship with money. I’ve always been a ‘saver.’ A change I made a few years ago was to start investing rather than let those savings sit in a bank account. It’s totally changed my perspective on what is possible in the future. I now feel like I’m setting myself up for success. 

What’s the worst money advice you’ve ever received?

‍“Don’t ask for a pay rise, people will think you are greedy.”

What are some things that worked for you for maintaining balance and managing your spending?

‍Always ‘paying myself first.’ I always transfer my savings as soon as I get paid, so that there isn’t the temptation to spend them. I love to use challenger banking apps which alert you to your spending in real time, and allow you to set budgets within the app. 

Is there a specific financial goal you are working towards right now? What steps are you taking to achieve that goal?

‍Quite a few! The next big financial goal is to buy a house with my partner. We are pretty much there on saving the deposit (we both have Lifetime ISAs) but we are slowly saving for the furnishings at the moment, alongside saving for our wedding and honeymoon next year! 

What do you most enjoy spending on? Or any guilty pleasure you can share.

‍I most enjoy spending money on experiences, holidays, and I like to spend money on gifts for others. That said, because I am quite strict with buying material things for myself- when I do buy things, I get a buzz! My guilty pleasure when it comes to spending is probably craft materials. 

How often do you check your finances?

‍I have a few different accounts- I don’t check each of them every single day. But I probably check up on one account each day- whether that’s my business or personal account. 

For someone who is starting completely new to personal finance, how would they get started? What specific tips would you have for newbies?

I would advise them to review their spending and saving over the last 3 months. Are there any surprises? Are you unhappy about the amount you have spent in any category? What could you cut back on? 

I think it’s also important to have a clear vision of your financial goals. If you are budgeting or making cut backs for a purpose, it becomes a lot easier to follow through with your plans. 

What's your stack? (Accounts, credit cards, apps or other tools)

I have all sorts! I have a current account, saving account, Monzo account, a business account. A credit card and a budgeting spreadsheet too. 

Any links you'd like us to share?

If there is anyone out there who would like to know more about Thrifty Londoner and make those first moves on their personal finance journey, do check out the website, and our Instagram page @thriftylondoner. 

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