Charlotte Burns - On the Money: Take control of your finances to build a life you love

A STUDIO PRESS BOOK

First published in the UK in 2022 by Studio Press,

an imprint of Bonnier Books UK,

4th Floor, Victoria House, Bloomsbury Square, London WC1B 4DA

Owned by Bonnier Books,

Sveavgen 56, Stockholm, Sweden

www.bonnierbooks.co.uk

Copyright 2022 Charlotte Burns

All rights reserved

Paperback ISBN 978-1-80078-140-5

Ebook ISBN 978-1-80078-364-5

Edited by Ellie Rose

Designed by Rob Ward and Wendy Bartlet

Production by Emma Kidd

A CIP catalogue for this book is available from the British Library

The information in this book is for general guidance only and is not legal or financial advice. Neither the author nor Bonnier UK offer any investment advice. All financial investments carry risk and the value of investments may go up as well as down. You should always seek independent financial advice before making any investment.

If you need more details on your rights or legal advice about

what action to take, please see an adviser or solicitor.

The information contained in this book was correct

at the time of writing but it is subject to change.

I cant believe Ive written a book! I want to say a massive thank you to Bronni Hughes and Sam McFaul. Without your help, there would be no chance I could have managed it.

Caroline Laws, Teresa Fritz and Andrew Johnson; thank you for being brilliantly smart and generous with your time.

And to my family; Mum, Dad, Francesca, Phil, Oliver and Rosie, I cant thank you enough for all the times you looked after baby Matilda while I typed away in the evenings and at weekends.

Harry, my wonderful partner; thank you for the endless supply of love and support.

CONTENTS

Congratulations on one of the best investments youve made so far buying this book! Who needs Bitcoin?!

Is that statement too braggy? Well, I might be a bit biased but youre not going to regret it when youre living the life you want with total financial freedom. This book is my way of helping you get there.

Choosing to read this book tells me that youre smart enough to understand that when it comes to finances, you have to be proactive. Most people float through life without intention, hitting one unexpected financial problem after another. Often, and usually through no fault of their own, theres a lack of knowledge and zero strategy.

Let me throw some stats at you from research conducted by the Money and Pensions Service in 2021. I think theyre pretty shocking.

In the UK:

11.5 million people have less than 100 in savings.

9 million people have to borrow money to pay for food.

22 million people say they dont have the knowledge to plan for their retirement.

Big yikes, guys.

WHO AM I TO HELP YOU?

Ive been a consumer writer and editor for over 10 years and am utterly obsessed with helping people to be better with their money because I know what its like to have nothing and get back on my (financial) feet.

I graduated from university with a Law degree in 2008 as the financial crash happened. It was shit. People were losing their jobs, homes, life savings and, unbelievably, no one wanted to hire a plucky graduate with a talent for downing 1 pints of Snakebite.

I moved to London right after graduating because I felt it was my best chance of getting a job and spent a good few years on benefits, before finding a role, being made redundant (twice) and then finding myself on benefits again. This all caused a decline in my mental health and after losing my job and flat, and sofa surfing for far too long, I was ready to give up until I spotted a job advert that changed my life.

You see, while having no money Im talking sobbing and causing a scene at the bank because I went over my overdraft and the fine would eat massively into my benefits levels of no money I became obsessed with finding ways to save money. It gave me back some of the control I had lost.

Id find free tickets to the cinema, or print out coupons and wait until the item was discounted so I could buy it for free, or as close to free as possible. I became a pro and was seriously good at bargain hunting.

The job advert was for a deals hunter at Martin Lewis Money Saving Expert. At the job interview, they asked me why they should hire me as I had no journalism experience. In my head I did an impassioned Erin Brockovich-esque speech on how I had no relevant qualifications but there was no one who knew how to save on everyday stuff like me and they wouldnt meet anyone who cared as much as I do. It was probably cringeworthy, but it worked.

I worked there a few years before leaving to become editor at a leading student money website, then I went freelance and set up my blog, LottyEarns, two-time winner of Financial Blog of the Year at the Headlinemoney Awards (the Oscars of the financial industry!). I also started writing for national newspapers and magazines.

Im currently the senior digital editor at the Money Advice Service, which is my dream job. I get to spend a lot of time figuring out what financial problems people really have, work out how they can be fixed and then come up with new and exciting ways to package up that information so it reaches the people who need it.

WHY MIGHT WE BE A BIT RUBBISH WITH OUR FINANCES

The truth is, we probably have very similar money values and habits to our parents, whether we realise it or not. They got theirs from their parents, who got it from their parents and so on. Its a cycle and as with any family cycle, there can be really healthy aspects alongside pieces you want to break. Figuring out where the problems are and then improving them is key.

On top of this, there is little to no financial education taught in schools. Sure, they teach you how to do Pythagoras theorem (still no clue what it is) that the majority of us will never use in the real world, but not what taxes are and how they work, which we all need.

Where I grew up, its completely normal to have 1,000s worth of debt, live in a rented home and live pay cheque to pay cheque. And no one is breaking a sweat over this at all.

I work for a company that aims to help people with money management skills, sort problem debt and encourage people to make good pension decisions. We dont target people who are well off (though there is a lot of relevant information for them) and dont massively focus on people with hardly any cash but are doing well, because believe me, people who are seriously skint know exactly what money they have, where their next penny is coming from and what they need to spend it on.

We spend a big chunk of our time trying to reach people who dont know they need help, which is a lot of people. So many people own expensive items, take yearly holidays, buy fancy cars on finance and so on. From the outside looking in, they seem comfortable, but the reality is that a lot of it is paid for on credit they have no savings and the smallest thing could send them into a debt spiral.

And now weve had a pandemic to contend with. The world is a tougher place now with uncertain employment, an increased cost of living and rising debt. People who didnt have to worry about money a couple of years ago are now paying for their supermarket shop on a credit card.