Our expert Rebecca Gamble helps make your cash go further
READER QUESTION
Q I’ve heard that fraudsters are targeting students to become ‘money mules’. What does that mean and how can I warn my kids?
A money mule is someone who lets criminals use their bank account to move money. It’s a type of money laundering and people can be duped or lured by the promise of easy cash. There has been a 23% increase in student money mules in the last year, according to Barclays. Find more info at barclays.co.uk.
Go green for less
Planning a New Year diet but your cupboards are filled with biscuits and chocolates? Then consider giving them to others locally via Olio, the community sharing app. For more info visit olioex.com.
3 easy ways to...
boost your finances in 2024
Want to get better at saving cash in the new year? Then try these tips
1 PAY YOURSELF FIRST Once payday hits, it can be tempting to splash out and treat yourself after your bills have been paid. But when you’re trying to put cash away, treating savings as another ‘bill’ to pay at the start of the month may increase your success. So work out how much you can afford to save each month and transfer it out of your current account and into your savings as soon as you’ve been paid. You can do this automatically by setting up a standing order.
2 SEPARATE YOUR GOALS If you’re saving for different things and you keep the money in the same savings account, it can make it difficult to track how much you’ve saved for each. So you may find it useful to have different savings accounts for different goals. For example, have one account for your emergency savings and a different account if you’re saving up for a holiday. And make sure you get the best rate on your savings, too. Find out more in the best savings accounts guide at themoneyedit.com.
3 TRY THE 1P SAVINGS CHALLENGE Why not see if you can build up a pot of cash by doing the ‘1p savings challenge’? This involves saving 1p on 1 January, and then increasing the amount you save by 1p every day – so 2p on 2 January and so on. Keep it up and by the end of the year you’ll have saved £667.95. Proof that every little really does help.
NEED TO KNOW
TOO GOOD TO BE TRUE?
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