With the launch of AllBright Money this year, we’ve heard from some of the best financial experts about everything from budgeting, to salary negotiation, to investing, and more. Here are 7 of our favourite takeaways.
1. Budgets are like diets (which means they don’t work for everyone)
For financial expert, entrepreneur, and shoe fanatic Melissa Browne, her money philosophy has a lot to do with chocolate.
“I don't believe money is good or evil in the same way that I don't believe that food is good or bad”, she explains. “Food should just be a tool to nourish us, give us energy and help us live. It's the same for money.”
The author of Unf**k Your Finances is not a fan of budgets - so much so that she wrote a book entitled Budgets Don’t Work (But This Does). “Budgets don’t work in the same way that diets don't work”, she says. “Long-term, they're super restrictive.”
So can you have your cake and eat it too? Well, yes, according to Melissa. If you set up a good financial framework, then there’s enough wiggle room for your favourite indulgences. “We can rely on our self-discipline, or we can set up great money environments and boundaries, so that we're not having to fight our natural tendencies”, she explains. It might mean cutting up your credit card, or unfollowing brands and influencers who tempt you into sales. What it doesn’t mean is living your life off an Excel spreadsheet.
Find our full interview with Melissa here.
2. Your retirement plan can’t wait
With women over 50 at one of the highest risks for homelessness – thanks to the hit our salaries and retirement plans can take through maternity leave, part-time work, and divorce – it’s something we should all consider.
Despite having a hugely successful international career in the financial sector, Trenna Probert found herself starting from scratch again in her early thirties, after her marriage broke down and she needed to borrow money from her parents to establish a new life for herself and her son. That was just over 15 years ago. But the gifted entrepreneur, who’s now remarried with a second child, was so deeply affected she’s made it her mission to help countless others in the same situation.
Super Fierce, which helps clients tweak their superannuation so they end up with more money in their pockets on retirement, is her way of helping women find financial and social freedom. By switching to a lower fee fund, she says, the average Australian woman could save around $100,000 over her working life. “That’s a lot of champagne. Or tango lessons. Or trips to Barcelona. It’s whatever you want it to be because the change you make today means you can do whatever you want tomorrow.”
Find our full interview with Trenna here.
3. Women are financially preyed upon
Clare Seal is one of the most honest women in finance you’ll ever meet.
And that’s just one of the reason’s you’ll love her. She’s also the author of Real Life Money, founder of Instagram channel @myfrugalyear and founder of The Financial Wellbeing Forum - a place for honest, judgment-free conversation and information about personal finance, emotional wellbeing and mental health. Clare is the first to admit that it took her a decade to realise that she had a broken relationship with money – and hitting rock bottom was the catalyst for real change in her life.
“The whole advertising industry is built on making us think that we've got a problem and them flogging us something to solve it…
Particularly for women, we're told from a really early age that there's something wrong with us. Whether it's like the shape of our body, the colour of our hair, the shape of our eyebrows. We're relentlessly flogged all of these solutions to it. And then the final kicker is that there's this narrative in society about frivolous women who spend all of their money on shoes and handbags. It's impossible to navigate.”
Earlier this year, Clare announced to her followers that she had just paid off £27,438.11 of credit card debt. How did she do it? Listen to her episode of the AllBright Money Podcast to find out.
4. Side hustles pay off
Clever Girl Finance founder Bola Sokunbi wants to help women become accountable, ditch debt, save money and build real wealth. As Bola has gotten older, the biggest recurring theme she sees with women is that they’re not talking about money and financial wellness enough, or don't involve themselves as much as they should when it comes to their finances.
She also realised that just like her, there were other women out there who've made money mistakes and are attempting to navigate their own murky financial waters - but don't always have the support and encouragement they need. That’s why she shares her own story, explaining how she made $70,000 through a side hustle at 27 (while working a full-time job), why her passion for finance came from her own mother, and how to keep on top of our savings goals.
Listen to Bola’s episode of the AllBright Money Podcast here.
5. Investing is the biggest thing we can do to change our lives
So says Iona Bain, founder of Young Money blog. And not just by lining a few savvy investors’ pockets - but by supporting, in cold hard cash, businesses and industries that align with our values. That said, she doesn’t believe investing is for everyone. And for the Millenials among us feeling left behind financially, locked out of the property market, and ashamed at our struggle to save, Iona’s philosophy is a breath of fresh air. The author of Own It! Iona believes that our generation’s money issues require political solutions, not just personal ones. “We cannot pretend that this is a situation that can be resolved by you just eating fewer avocado brunches, that's really insulting”, she says.
Read our interview with Iona here.
6. How to pay zero tax on your savings
No one likes paying tax. So, here’s how to pay less tax – potentially none at all – on your savings interest.
In theory, interest earned on savings in the UK is taxable. But there are various tax-free allowances you can use to reduce the tax you pay. Unless you’re on a super-high income, or have well into six figures in savings, you can usually reduce the tax on your savings interest to zero.
Find out how here.
7. How to earn a passive income
Australian financial planner and founder of SugarMamma.TV Canna Campbell might be based in Sydney, but her impact is felt all over the world. She has one mission: to help women to achieve financial freedom. And to do this, she stresses the importance of financial mindfulness.
“Life is full of stresses, urgency, hardships, dramas, challenges and occasionally crisis, so if you can take financial stress out of the equation of worry, life should be that little bit easier for you.
For example, sometimes I hear people say they have chosen not to have another child because “they can’t afford to” even though they would absolutely love to. Hearing loving parents say this breaks my heart.
Similarly, financial pressure is a leading cause of divorce. And I am pretty sure that you would be pressed to find a doctor who would say that financial stress is good for physical and mental health.
For me, putting in a few hard yards now, for long-term peace of mind, is an invaluable investment. Not only financially, but physically and emotionally too.
Knowing that I don’t have to worry about the distraction and drain of financial stress gives me a really good feeling. Knowing that I am on the right path to arrive at my destination – and that I have the flexibility to tweak and alter my adventure as I choose – feels empowering and responsible. The highest form of self-love and self-respect.” Read Canna’s full interview here.
Disclaimer
AllBright cannot guarantee that all of the information provided in this video or article is accurate. Use the information provided on our website at your own risk. If you wish to make an investment you should seek independent financial advice before doing so, and ensure that you have carried out your own research on the product or company that you are investing in. Any advice provided is not tailored to anyone’s individual situation, as each individual is in a different situation. AllBright does not accept any liability whatsoever for any action taken or losses incurred as a result of the information provided on our site.