Issue #54: BREAKING MONEY NEWS

^{Read Time: 2 mins}

There’s been a MASSIVE update from the Bank of England that I need to share with you.

But before I get into it, I actually sat on an amazing panel last night and got asked some really, really good questions.

And you know as part of this community, there’s absolutely no gatekeeping around here!

So let’s unpack some of my FAQs before discussing what the Bank of England are up to…

1️⃣ I’ve always been taught to think that credit cards are evil - what actually are their benefits?

A lot of us have been told to avoid credit cards at all costs, but the reality is - they can be a useful tool if you use them responsibly and always pay off your full balance every month.

If you don’t, credit cards aren’t worth the plastic they’re printed on.

That said, with proper use credit cards offer:

✅ Protection: Thanks to Section 75 of the Consumer Credit Act, purchases over £100 are covered if something goes wrong (e.g., the company goes bust).
✅ Rewards: Many credit cards offer points, cashback, or perks on your spending.
✅ Credit Score: Using a credit card and paying it off builds your credit history, which helps when applying for loans or mortgages.

2️⃣ Budgeting feels overwhelming. Where do I even start?

If budgeting confuses you, you’re not alone. The easiest way to start is:

📲 Download a free budgeting app - many of them track spending automatically.
🔍 Look at your past 3 months of spending and sort it into categories (rent, groceries, eating out, subscriptions, etc.). This way you’ll know where all your money goes.
✂️ Identify easy cuts - you’ll be surprised how much goes unnoticed, subscriptions are often a key culprit!

3️⃣ What financial tools do I personally use?

Tbh, I keep things simple:

📊 Budgeting apps – I use these to help track my expenses.
📑 Excel spreadsheets – These help me plan and track my money too. Nothing beats a good ol’ spreadsheet… am I right?!
💳 A separate bank account for ‘fun’ spending – This one’s key! It allows me to enjoy life without guilt, while still working towards future goals. If you don’t give yourself room to spend, you’ll lose motivation for long-term goals.

Alright, alright! I’ve kept you waiting long enough…

BREAKING MONEY NEWS: Interest Rates Have Just Been Cut!

The Bank of England just cut interest rates from 4.75% to 4.5% in a 7-2 vote.

Would you believe that the two members who disagreed actually wanted an even bigger cut to 4.25%?!

So, what does this mean for you?

📉 For savers – Expect interest rates on easy-access savings accounts to drop. If you’re earning a decent rate now, keep an eye out.
🏡 For mortgage holders or buyers – If you’re on a variable rate, looking to renew or buy this could mean money saved!!

Personally, I’m happy with this move. Unfortunately I don’t think we’ll ever return to the ultra-low sub-1% rates of the past. This is the new normal, and it’s time to adjust!

What do you think about the rate cut? Reply and let me know!

My Favourite Investing Platform…

If you didn’t know by now, my favourite investing platform is Trading 212.

I use them myself for investing and saving, as they’re the cheapest and easiest to use on the market!

So, I have something very special for you guys.

If you open an account with THIS VERY SPECIAL LINK or use the code ‘GN’, you’ll get a free fractional share worth up to £100!!

Let’s grow our finances in 2025!!

Sponsored link. Remember that when investing, your capital is at risk and your investments may rise and fall. T&C’s apply.

And that’s it for today friends. See you next week 😁

Got a question you’d like answered in next week’s newsletter? Just hit reply! Let me know your question and whether you’d like to stay anonymous.  

^{DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.}