Money Mondays #1

I started this newsletter because I’ve been where you are and wish I had someone to guide me when I was unsure about my finances.

I first got into debt at 18.

I was invited into my nearest Lloyds TSB (as it was known back then!) and given a credit card with a £2,000 limit and sent on my way.

No explanation as to how best to manage credit card debt, no checking that I could afford to repay if I maxed it out.

I spent that £2k within a couple of weeks without real thought (or knowledge) of the consequences.

The repayments were high in comparison to my salary at the time, I think I was probably earning £10k back then.

Thankfully, I was living at home, but I was also 18 and so most money was being spent on drinking and clothes, not clearing down my credit card debt.

It took me almost 2 decades to get a grip on my finances. Years of missed opportunity and wasted money on interest payments.

Fast forward to today, 22 years later, and now I understand how credit cards should be used – sparingly.

Don’t get me wrong, I use a credit card every month. They offer great purchase protection, so I use one for day-to-day spending and then clear it when I get paid.

The key with all debt is to pay no interest where possible.

Despite being debt-free a year ago, I now own a house and have several credit accounts open – but other than my mortgage and car, it’s all 0% interest debt and will be cleared before any interest kicks in.

Being good with money is all about staying in control. Paying interest makes that more difficult – rates can go up whenever they choose.

For me, it all starts with a good budget. Knowing what your total income is, exactly how much you spend each month and, how much surplus money you have to play with.

Once you’ve got that, it all gets much easier!

If you don’t already have a budget, grab a pen & paper and get an honest account of your finances down in writing, only then can you plan properly for your future.

—

My plan for this newsletter is to share my personal finance journey as well as offering tips & guidance on how to avoid mistakes I made in the past. I hope that combination of real stories and tips will help you get where you want to be.

If you have any questions about anything finance-related, then you can reply to this email – I respond to all replies personally.

Until next week,

Mark

P.S. If you want more 1:1 support, you can book a call with me ​here​.