Bola Sol - How To Save It: Fix Your Finances

CORNERSTONE

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First published in the United Kingdom by #Merky Books in 2021

Copyright Bola Sol 2021

The moral right of the author has been asserted

Text design Andreas Brooks

Jacket design by Andreas Brooks

ISBN: 978-1-529-11918-3

This ebook is copyright material and must not be copied, reproduced, transferred, distributed, leased, licensed or publicly performed or used in any way except as specifically permitted in writing by the publishers, as allowed under the terms and conditions under which it was purchased or as strictly permitted by applicable copyright law. Any unauthorized distribution or use of this text may be a direct infringement of the authors and publishers rights and those responsible may be liable in law accordingly.

Millions of us go through life knowing we should do more to save and invest for the future, but we leave it at the bottom of our to-do lists because we dont know where to start. This isnt surprising given most of us werent taught how to save and invest at school, the investment industry was built to serve only a wealthy few, and banks often seem more interested in selling us products than helping us to achieve our financial goals.

This all means that our money isnt working as hard for us as it should. And its the reason why Moneybox came to life.

Our co-founders, school friends Ben and Charlie, were chatting over a drink in the pub one evening, discussing why so few of us have access to the tools and information we need to make the most of our money. Were faced with so many daunting questions, but we arent armed with the knowledge to answer them. What is an interest rate? When should I start saving for my retirement, and what makes a good pension provider? Are stocks and shares safe? What is an ISA? How do I create a savings budget, and stick to it? It all becomes completely overwhelming, especially if you dont know who to turn to for answers, or perhaps you are too embarrassed to ask.

The biggest challenge seems to be taking the first step. The thing is, for most of us, our first jobs wont yield a six-figure salary allowing us to put away a big lump sum for the future every month. Rather, our first pay cheques are likely to be eaten up by bills, eye-watering rent and student loan repayments, making anything we do manage to save a small victory in itself. We all feel the pressure to do the right thing with what we earn, but many of us feel we dont have enough left at the end of the month to even bother. There are many other factors, from our childhood experiences through to our access to education, that can also affect our relationship with money.

We believe that everyone should have access to the tools, information and encouragement they need to achieve their financial potential, and that starting early, however small, can make a huge difference.

When we launched Moneybox, we were committed to making saving and investing available to everyone. We made it possible to open an account with as little as 1, and to invest the spare change from your everyday purchases using round-ups. We wanted to encourage people to get started and show them ways to save without thinking too much about it. Our entire service was built around being easy to use, friendly, engaging and, most importantly, jargon-free.

In the last four years, weve helped more than half a million people save and invest for their future, and for us this is just the beginning.

Here are five things to keep in mind on your financial journey:

1. It may sound clichd, but saving is more like a marathon than a sprint. Your current financial situation is just your starting point, and success is based on building sustainable habits rather than making radical short-term promises to yourself that you wont be able to keep. Having a clear view of your short-, medium-, and long-term goals is a great place to start.
2. Give yourself a break. You dont actually need to be a financial expert to make the most of your money, and you shouldnt be afraid to talk about money with your friends, or ask for help. However small or stupid you may think that question is ask it, because you and only you have the power to take care of your financial future (and other people might be wondering the same thing!).
3. Even though the world of personal finance might seem daunting, the great news is that once you know what youre looking for, there are some fantastic tools and products out there that are designed to help you save for your future. Improvements in technology have meant that apps like ours have broken down the barriers to entry more than ever before.
4. Let go of the idea of being perfect, or thinking youre behind. There is no perfect time to start saving. Just start now, however small the amount, and focus on the future.
5. Lastly, whether youre saving for a holiday, a new car, your first home or your wedding, its important to celebrate every milestone as you get closer to reaching your goal, regardless of how often you save or how much.

We hope this book will give you the motivation to get started just picking it up means youre already on the right path. So, happy saving and investing, and safe travels on the financial journey you are about to embark on youll be amazed by what you can achieve once you take the first step.

The word save has always had a positive association theres an element of hope in those four little letters. Whether its to save someones life, to keep someone safe, or even to save the best till last. Its forward focused. However, when we attach that word to money, it starts to feel like that thing on our to do list we promised to come back to when we had the time.

If 2020 has taught us anything, though, its that we all need to pay attention to our finances and have a viable financial back-up plan. With things like furloughs, unexpected redundancies and universal credit hovering in the wings, we cannot and should not be attempting to survive purely off what our monthly income happens to be. We need to make a concerted effort to think about our financial future, to start planning and then take action to make it better.

Getting your finances in order is not going to be an overnight success story, but nor will it be a solo mission. Wherever you are in life, you are not alone in this, and the ability to save is not for one group of people from a privileged background. Getting your finances in order is a journey, one I believe we can all embark on, with the help of a few tips that I hope to provide. But be warned: its a journey where doubts may side-track you, and you may even fundamentally question your ability to reach some of the financial goals youve set. Youll also think deeply about whether your bank balance is for or against you, and youll always have that one bill thats due soon or maybe even past due. However, in the end, youll be grateful for the journey, as it will help you to understand your money and the lessons you possibly didnt even know you needed to learn.