Money Confidence (Sarah Blyth and Georgia Legg)

On this episode of the Money Confidence podcast, Sarah and Georgia talk about ISAs (Individual Savings Accounts) which are tax free ways of saving money.

KEY TAKEAWAYS

There are different types of ISAs: Cash ISAs and Stocks and Shares ISAs are the most common, and the ones we're talking about on this episode, but there are also Lifetime ISAs, which we'll talk about on another episode as well as Innovative Finance ISAs, which uses peer to peer lending and isn't covered by the Financial Compensation Scheme, so we're not going to talk about that one. There are also Junior ISAs (both Cash and Stocks and Shares) which have a cap of £9,000 per tax year (2022/23) and these can be accessed by the child on their 18th birthday. 

Stocks and Shares ISAs can be invested in lots of different things: bonds, stocks and shares, funds, and some are riskier than others so you should really seek financial advice when it comes to investing – performance can go down as well as up.

BEST MOMENTS

‘The maximum you can put into an ISA in this tax year (2022/23) between the 6th April and 5th April the following year, is £20,000. This is the maximum across all of your ISAs.'

‘ISAs cannot be held in joint names or in trust.'

‘You have to be aged 16 or over and be resident in the UK to open an ISA, if you change residency you can no longer contribute to your ISA.'

‘ISAs are within your estate for Inheritance Tax purposes and, unlike pension contributions, you don't get Tax Relief on contributions into an ISA.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about pensions.

KEY TAKEAWAYS

A pension is one of the most tax-efficient ways to save for your retirement, but it can't usually be accessed before age 55. This will increase to age 57 in 2028.

When you contribute to a pension, the government will give you tax relief on those contributions. If you make a contribution into your pension from your net pay (after tax and National Insurance has been deducted), basic rate tax relief (20%) will be automatically added to your pension at source. Any growth within the pension is tax-free.

There are generally two types of pension: A Defined Benefit Pension where you get a guaranteed income for life once you reach the Scheme’s retirement date and a Defined Contribution or Money Purchase Pension, which is invested in the market and can go up or down in value. With a typical Defined Contribution plan, you can access the funds from the standard minimum pension age (currently 55) and there are various ways you can access these funds. Typically, 25% of the pot value is tax-free and the remaining 75% is taxed at your marginal rate of income tax.

BEST MOMENTS

‘Pension is quite a scary word and a lot of people just file away their paperwork and forget about it until they come closer to retirement. As people tend to have numerous jobs throughout their lifetime and have a pension with each employer, they can end up with many different pensions with different providers. It's easy to lose track of your different pensions so it's important to keep a record of them all and make sure you keep your contact details up-to-date.’

‘It’s important to start a pension as early as you can, because the longer you invest the more you will build up your pension funds for retirement.’

‘You should check the details of your pension with your pension provider, to make sure you are aware of the ongoing charges on the plan, where it is invested and the features of the pension, for example, whether or not it offers flexi-access drawdown. Pensions can be complex so you should seek professional advice from a financial adviser’

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia answer 10 common questions on pensions.

KEY TAKEAWAYS

A nomination of beneficiary in relation to a pension is where you want your pension to go upon your death, also known as an expression of wish. Make sure that you’ve nominated someone or a charity or organisation to receive your benefits upon your death.

You can access your pension any time from the age of 55 for a defined contribution or a money purchase pension. This is increasing to age 57 from 2028. 

If you leave your employer then your employer will stop contributing to your workplace pension. You may be able to carry on paying personal contributions to that pension if you wish to. You will start paying into a new workplace pension when you start a new job. You may be able to transfer your previous pension into your new workplace pension but seek financial advice before you do that as pensions can be complicated.

BEST MOMENTS

‘If possible start contributing into a pension as soon as possible. The sooner you start contributing the lower your monthly contributions need to be as you will be contributing over a longer time period. You could also invest in more risky investments because your retirement is further away but seek financial advice before investing.’

‘The benefits of having a pension include the tax relief on your contributions at your marginal rate of income tax and the tax-free growth within a pension. They are also usually outside your estate for Inheritance Tax purposes.'

'When you come to access your pension you can usually take 25% as tax-free cash and the remainder is taxed at your marginal rate of income tax.'

‘How much you need in your pension to retire comfortably depends on your expected expenditure in retirement and differs from one person to the next. It's a good idea to talk to a financial adviser about this.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia answer the cliff-hanger question from last week’s episode before getting onto the main topic of the episode: IHT, or Inheritance Tax.

KEY TAKEAWAYS

Inheritance Tax is a tax that is paid by your estate or your executors upon your death. It’s paid on your estate value above the tax-free threshold(s), which is the total amount of your assets minus your liabilities.

Everybody has an Inheritance Tax Nil Rate Band which is £325,000 for the current tax year, which is a tax-free threshold. You also have a Residence Nil Rate Tax Band, if your house is being left to direct descendants (children, step-children, adopted children, grandchildren). This is £175,000 per individual for the 2022/23 tax year.

The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the tax-free threshold. 

Pensions are usually outside your estate for Inheritance Tax purposes.

If you leave 10% of your net estate to charity, then the IHT rate reduces to 36%. If you leave it all to charity then there shouldn't' be any Inheritance Tax.

When you pass your assets onto your spouse, you inherit your spouse’s Nil Rate Band, so you will effectively have £650,000 Nil Rate Band and £350,000 Residence Nil Rate Band. You can’t more than double your original Nil Rate Band.

BEST MOMENTS

‘We haven’t done any preparation for this one, it’s all coming out of our heads…'

‘Inheritance Tax has to be paid within 6 months of death otherwise HMRC starts charging interest on it.’

'If you're married and pass your home on death to direct descendants, you have in total £1 million tax-free threshold between you before IHT is payable.'

‘The Nil Rate Band has been frozen for a few years and is remaining frozen until 2026.’

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast Sarah and Georgia were going to talk about ways to reduce your Inheritance Tax bill but as it's their launch day, they are talking about how they met and how the podcast began.

KEY TAKEAWAYS

It's Wednesday the 18th of May 2022 and the podcast is launching at midnight tonight.

We reveal the answer to the big question we left you with on our last episode.

Georgia got a job while taking a year off from University and has been in financial services since.

They met while Georgia was doing admin and Sarah was a Trainee Financial Adviser/Paraplanner at a small financial advisory firm. They sat together in a little pod.

The firm was then taken over by a larger national firm and they went their separate ways.

They hadn't seen each other for 5 years and when they met up, they were at the restaurant so long that they were told to move outside and were the last ones to leave.

They then met up about 6 months after that and decided to do the podcast.

BEST MOMENTS

‘As it's our launch day we're going to talk about how we got into the industry, how we met and the beginnings of this podcast.'

‘Paraplanners support financial advisers and do a lot of the work such as the research, report writing; a lot of the technical stuff. It changes a lot between different companies but it's a really important role in financial services.'

'I got pregnant pretty soon after I started working at a new firm.'

'I couldn't tell if you were pregnant or just putting on weight.'

'When I came back from being pregnant I worked 3 days a week and gradually increased this to 4 days a week.'

'Last September I started a coaching course with Catherine Morgan which has been totally amazing.'

'We hadn't seen each other for 5 years and then you messaged me on Instagram. It's nearly our one year anniversary.'

'We went from working together every day to not seeing each other for 5 years to seeing each other every week.'

'I have managed to pin Georgia down every week to do the podcast, which is hard as she's such a social butterfly.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about the different ways to reduce your potential Inheritance Tax (IHT) bill.

KEY TAKEAWAYS

One way to potentially reduce your IHT bill is to make gifts while you're still alive. Every tax year you have a £3,000 gifting exemption which you can only carry forward one year if you don't use it.

You can also make as many small gifts of up to £250 per individual per tax year, as long as you haven't used another exemption on the same person. So you can't use the £3,000 annual exemption and the small gift exemption on the same person. Each tax year, you can also give a tax free gift to someone who is getting married or starting a civil partnership. 

Seek professional advice if you're thinking of making gifts especially if you're making gifts out of excess income.

Getting married can be a way to reduce IHT due to the spouses exemption.

It's important to make a Will and leave assets to the appropriate people.

Leaving money to charity will also reduce your potential IHT bill.

Pensions are usually outside your estate for IHT purposes so you may want to take income or capital from different assets first and leave your pensions untouched as they remain outside your estate for IHT purposes. Seek professional advice to see if this is appropriate for you.

BEST MOMENTS

‘Last Friday we did an hour long episode for our launch but I forgot to press record.'

'If you leave your house to direct descendants such as children or grandchildren, you benefit from the residence nil rate band which is up to £175,000 per individual for this tax year.'

'You can make use of your annual gifting exemptions, make use of your residence nil rate band, use assets which are inside of your estate for IHT purposes first (before accessing your pensions) and/or make gifts to charity. The gifts to charity are IHT exempt and if you gift at least 10% of your net estate to charity then the IHT reduces from 40% to 36%.'

‘That's 4 ways you could reduce your IHT bill. However, you should always seek professional advice as these ways may not be suitable for everyone.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about Child Benefit.

KEY TAKEAWAYS

Child Benefit is a benefit for people who have children. You can claim for each child under 16 or under 20 if they are in approved full-time education or training.

This tax year, which is 2022/23, your eldest or only child will get £21.80 a week and all subsequent children will get £14.45 a week.

If you or your partner earn over £50,000 a year then you may be subject to he high income Child Benefit tax charge. The amount of the charge depends on how much over £50,000 your adjusted net income for income tax is. If either you or your partner earn over £60,000 a year then you'll have to repay all your Child Benefit.

Claiming Child Benefit will ensure you receive National Insurance credits towards your State Pension so if you're not working make sure you claim, even if your partner earns more than £60,000 a year and you decide not to take the payments.

BEST MOMENTS

'Child Benefit is usually paid every 4 weeks on a Monday or Tuesday. You can have the money paid weekly if you are a single parent or getting certain other benefits such as Income Support.'

'There's a form called the CH2 claim form which is available on the government website, which you need to fil out and send to the Child Benefit office.'

'There's not a specific time your claim has to be in by but Child Benefit can only be backdated for up to 3 months. It can take up to 16 weeks to process a new Child Benefit claim.'

'The payments are tax-free as long as neither parent or carer earns more than £50,000 a year.'

'If you're not working or earning enough to pay NI contributions then claiming Child Benefit until your youngest child is 12 will give you NI credits which count towards your State Pension.'

'Some 500,000 people now have to fill in a tax return purely because of Child Benefit.'

'The 50,000 threshold hasn't increased since 2013 which means more and more families will be affected as incomes increase.'

'Anything you pay into your pension is knocked off your income before the charge is assessed.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia bust some jargon that is used in financial services.

KEY TAKEAWAYS

ISA stands for Individual Savings Account.

AMC stands for Annual Management Charge.

JISA stands for Junior Individual Savings Account.

UFPLS stands for Uncrystallised Funds Pension Lump Sum. It's a ways to take funds from a money purchase pension as a lump sum (or series of lump sums).

DFM stands for Discretionary Fund Manager.

NEST stands for National Employment Savings Trust.

LTA stands for Lifetime Allowance, which is currently £1,073,100 (in the 2022/23 tax year)

SIPP stands for Self-Invested Personal Pension.

GIA stands for General Investment Account.

CGT stands for Capital Gains Tax.

AA stands for Annual Allowance.

OEIC stands for Open-Ended Investment Company.

BEST MOMENTS

'Last week I forgot to press record again...I was so worried about telling Georgia.'

'Over 99% of NEST members are in one of their retirement date funds, whereby the level of risk taken with your funds decreases as you approach your retirement age on the plan.'

'When you contribute into the NEST pension there's a charge of 1.8%.'

'If you win the lottery, don't worry. You don't have to pay Capital Gains Tax.'

'Every time we are on the phone or doing the podcast, I'm either getting prodded or buried in cushions.'

'I think Flynn's our biggest fan.'

'My mouth was attacked by a dentist.'

'We also give advice on what you should do when you have your wisdom teeth taken out.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia first talk about what money means to Georgia but then it gets a bit deep so they decide to talk about how to find a financial adviser and what questions to ask them.

KEY TAKEAWAYS

Start now, perfect later.

Unbiased and VouchedFor are places you can find advisers.

Independent advisers can advise from the whole of the market whereas tied advisers can only recommend certain products or product providers.

Not every adviser is on VouchedFor or Unbiased. The adviser or firm has to pay to use that service.

Some advisers offer a free initial meeting or phone call which is good to see if you feel comfortable with that adviser.

You should ask your adviser as many questions as you need to, to understand what they are offering and understand the jargon.

You should ask your adviser about fees and charges and how often they are paid. If there is an ongoing adviser charge you should clarify what that includes.

Ensure you are classed as a retail client as it means that you are fully protected by the FCA, the FOS and the FSCS.

Check the FCA number of the firm on the FCA register.

BEST MOMENTS

'We were going to have a guest but now things have changed.'

'It's all about confidence baby.'

I think that things happen for a reason, even though at the time it might feel rubbish. Remember I was having an emotional breakdown, Georgia. But now it's all become clearer and I do think it all happens for a reason.'

'It's OK if things aren't perfect, just keep going. Progress over perfection. If you want an example, look at us two. Just get started.'

'I'm going to ask Georgia some questions on money. We're not going to get too deep. We'll see what happens.'

'What does money mean to you?'

'On VouchedFor the reviews are independently verified.'

'Chartered Financial Advisers need at least 5 years experience in the financial services industry.'

'Financial advisers can either be independent or they can be tied.'

'The initial adviser fee can either be taken directly via invoice or taken from the product.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia have their first ever guest - George. George doesn't work in financial services and thinks he is rubbish with money. He asks Georgia and Sarah some questions about finances that he's thought of.

KEY TAKEAWAYS

George thinks he can never have enough money.

There's lots of reasons you should get financial advice and it's not necessarily for rich people. Financial advice covers lots of different things such as mortgages, protection, investing and planning for your retirement.

Financial advisers need at least the level 4 diploma and they can also become Chartered which is the level 6 qualification.

You can put £20,000 a year into an ISA, across the different types of ISAs and they grow tax-free.

We tend to say invest for at least 5 years in a Stocks and Shares ISA. Markets go up and down and past performance is not a guide to future performance.

Salary sacrifice is when the pension payment is made from your gross pay so you also save on National Insurance.

The UK inflation rate at the moment is 9.1%. It was 2.1% last year.

An easy way to measure inflation is to compare prices today with prices in the past.

BEST MOMENTS

'George thinks he can never have enough money.'

'Next year is going to be a saving year.'

'This is my 15 minutes of fame.'

'How much you need to save into your pension very much depends on your individual circumstances. It depends on how much you are likely to spend in retirement. It can be good to do cashflow modelling.'

'Automatic enrolment and salary sacrifice are not the same thing. Automatic enrolment is when your employer automatically enrols you into a pension scheme, which is normally after your probation period.'

'My children have entered the room. I never know where they are because they're crawling in. They're crawling into the room.'

'I remember when a chomp was 10p.'

'Wilkinson rebranded to Wilko in 2012.'

'The price of fuel at the moment is crazy.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about what you can expect from the financial advice process.

KEY TAKEAWAYS

At the first meeting the adviser will carry out a fact find, which means that they will gather information on you, so that they can give you appropriate advice.

The more accurate information you can provide them with, the better advice they can give.

You will be asked questions such as what investments you have, what cash savings you have, your income and expenditure. It can be good to think about your current assets, liabilities income and expenditure but your adviser will talk this through with you so don't worry if you don't feel like you're prepared.

You will go through a risk profile questionnaire which is used to help gain an understanding of your attitude to risk.

You can take different levels of risk with different pots of money.

Your adviser will also take into consideration your capacity for loss which is your ability to absorb falls in the value of your investment. If any loss of capital would have a materially detrimental effect on your standard of living, this should be taken into account in assessing the risk you are able to take.

BEST MOMENTS

'The FCA used to be called the FSA.'

'Find an adviser who is right for you.'

'I keep thinking about when I was leaning on my microphone and you thought I was frozen.'

'You should feel comfortable enough to ask as many questions as you need to.'

'Before the implementation stage goes ahead, the adviser will go through the Client Agreement which goes through their charges and services.'

'If anything changes in your circumstances then you should contact your adviser.'

'If you have a question about your investments then you should contact your adviser.'

'There was a survey about how women especially, don't feel comfortable asking their adviser questions, even though they are paying an ongoing adviser fee.'

'Next week we will have our guest.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia first reveal the answer to the big question George asked last week. They then talk about the average day of an administrator, paraplanner and financial adviser.

KEY TAKEAWAYS

Administrators are an integral role of the team and it's a good place to start in financial advice. You learn about the different platforms, systems and providers and start to learn technical knowledge used in financial advice.

Paraplanning differs a lot between different companies but it can involve researching solutions, report writing and cashflow modelling. It's a technical role and it's becoming more and more recognised as a profession.

Financial advisers see clients online or face-to-face and may also write their own reports, depending on the company.

Every role in the financial advisory team is really important and everyone works together. It's important to have good systems and processes in place so that the whole advice process can be as smooth as possible and to ensure the client gets the best service.

There's a lot of changes going on in financial advice for the better, which is exciting.

Sarah and Georgia share some life lessons they've been thinking about.

BEST MOMENTS

'I loved doing admin. I loved being organised.'

'I love organising a back office system.'

'My sister is heavily pregnant and due tomorrow.'

''From the time that we called them, to the time getting Flynn out was 8 minutes.'

'Paraplanning is a really exciting role. Not every day is the same.'

'Until you actually experience a job, you don't know if you'll like it.'

'This week I've started batch cooking.'

'I got so distracted by the iced coffee maker.'

'There's a lack of cucumbers.'

'I was so excited by it all that I nearly forgot my ice.'

'Life is what you make it.'

'There's always going to be people that tell you that you can't do things and try and put you down but don't listen to them.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Georgia asks Sarah questions about Financial Coaching.

KEY TAKEAWAYS

Sarah trained as a Financial Coach on the course run by Catherine Morgan and is now certified.

Financial Coaching is about helping you make better financial decisions where you facilitate the change.

You can find Certified Financial Coaches on VouchedFor, which is a bit like Trustpilot. All reviews are independently verified.

Financial advice is about looking at your financial objectives and circumstances and coming up with recommendations and solutions. However, coaching is about bringing awareness to your relationship with money and exploring your mindset and emotions around money and moving you forwards to a place which is more beneficial for you.

You may come to a coaching session wanting to work on a certain area and realise there's other areas that need working on.

BEST MOMENTS

'I was really interested in the clients mindset.'

'I got certified on Friday.'

'It's been life changing.'

''I found out I had many issues.'

'I found out so much about myself.'

'Every person will have their own relationship with money.'

'I have the same clothes now that I had 6 to 7 years ago.'

'I find the relationship between couples really interesting.'

'I think a lot of people will benefit from Financial Coaching.'

'A lot of my relationship with money comes from my dad.'

'You don't really think about your relationship with money and how that plays out in your every day life.'

'Coaching is about bringing awareness to your mindset around money and the emotions around that and moving forwards in a way that is more beneficial for you.'

'Some stuff you've just got to let go of.'

'With Financial Coaching you find out a lot about yourself.'

'When are you going to coach me Sarah?'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about what a recession is, how long a recession usually lasts and what it means for you.

KEY TAKEAWAYS

A recession is a significant, widespread and prolonged downturn in economic activity. There are different definitions of recession.

Economists define a recession as an economic contraction starting at the peak of the expansion that preceded it and ending at the low point of the ensuing downturn.

A recession is caused by different factors. Causes have included oil price shocks, financial panic, rapid changes in economic expectations, a health crisis, tight labour markets and wage-price spirals.

Recessions may last as little as a few months, while the economic recovery to the former peak can take years.

The average U.S. recession since 1857 lasted 17 months, while the six recessions since 1980 have lasted less than 10 months on average.

Recessions have happened in the past. After recessions there will be recovery. Although it can be scary, making little adjustments such as planning, saving and reducing your spending can help you get through it.

BEST MOMENTS

'The less I know about something, the more stressed I am about it.'

'We've had recessions in the past. We know that with a recession a recovery will happen.'

'I saw a shooting star. I don't think I've ever seen a shooting star before.'

''Every time I saw one my eyes welled up.'

'I just want to say thank you to the listeners out there. Thank you for taking your valuable time to listen to the podcast.'

'We have listeners all over the world.'

'We are trying to do more episodes that are international.'

'The cause of each recession will differ, but the outcome has always been the same – recovery.'

'Our food shop bill has more than doubled.'

'I won't be having my heating on.'

'I wash all my clothes on zero degrees as it's better for the environment.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah shares her top tips for managing your investments during turbulent times.

KEY TAKEAWAYS

Resist the urge to keep checking your investment portfolio every 10 minutes. You will see your investments rise and fall. If you're not used to seeing your investments fall then you may panic.

Checking your investments all the time reinforces your worries. Just check it every month or every few months instead.

Stick to your long term strategy and basic investment principles.

Don't make decisions based on your emotions of stress, fear and anxiety. Take a step back and base those decisions on an informed consideration of the bigger picture. Keep in mind your long term vision.

Don't just focus on the negative headlines. Look at new information that comes to light that's not so negative and try and get a balanced picture.

BEST MOMENTS

'Everything's on an app these days.'

'We're emotional beings by nature.'

'The way our emotions change during the highs and the low of investing is why lots of us decide to invest when the markets are doing well and sell when the markets are falling which goes against basic good investment practices.'

'We would advise against timing the market .'

'It's time in the market not timing the market.'

'Resist making emotional decisions in the heat of the moment.'

'Don't just concentrate on the negative headlines.'

'You can go down a rabbit hole.'

'Look at the positive side."

'Try to get a balanced picture.'

'Try not to panic.'

'Guess where I was this morning?'

'Shout out to all those dentists who are actually taking children.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia discuss how the rising interest rates may affect you.

KEY TAKEAWAYS

Increasing interest rates is one way to try and control inflation as it raises borrowing costs and should encourage people to borrow and spend less. It can also encourage people to save more.

However, many households will be squeezed further following the interest rate rise including some mortgage-holders.

The Bank of England has warned the UK will fall into recession as it raised interest rates by the most in 27 years.

Interest rates in the UK rose to 1.75% as the Bank battles to stem soaring prices, with inflation now set to hit over 13%.

Because higher interest rates mean higher borrowing costs, people will eventually start spending less. The demand for goods and services will then drop, which will cause inflation to fall. Similarly, to combat the rising inflation in 2022, the Fed has been increasing rates throughout the year.

Rising interest rates is a positive for savers.

When interest rates increase, there's usually trouble for bonds and equities.

BEST MOMENTS

'I am getting my moneys worth, definitely.'

'My parents told me that back in the day when they were younger the interest rate was 15% to 16%.'

'Interest rates rose to 1.75% in the UK.'

'homeowners on a typical tracker mortgage will have to pay about £52 more a month. Those on standard variable rate mortgages will see a £59 increase each month.'

'Borrowing becomes more expensive.'

'Savings rate increase.'

'Most bonds pay a fixed interest rate that become more attractive as interest rates fall.'

'The relationship between equites and interest rates is less direct.'

'The good news though is that the currency strengthens.'

'It could be good if you're going on holiday then.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about ways you can reduce your expenditure.

KEY TAKEAWAYS

There are lots of ways to reduce your expenditure and all the little cut backs you can make will really add up over the longer term.

Review your direct debits and subscriptions and look at those you don't need.

Shop around for cheaper deals. There's some good comparison sites that can help you with this.

Look for offers, discounts and vouchers so you don't have to pay full price. On the O2 priority app you can get things for free.

Swap brands for cheaper versions.

Cut back on convenience buys, such as takeaways coffees and food.

Don't forget about student discounts if you qualify.

unsubscribe from emails that tempt you to spend money on things you don't really need.

When you put an item in your basket online, wait 24 to 48 hours before you buy it, so that you have time to think about whether you actually need it.

Please get in touch with us through our email address, podcast@thegoodmoneycoach.com. We will read out your messages on the upcoming episodes.

BEST MOMENTS

'We have cancelled our Netflix.'

'Just have a look at things you don't really need anymore.'

'Shop around for cheaper deals.'

'You could shop around for your current bank account.'

'I got a student discount at the pub.'

'I've tried an alternative tomato ketchup, and I'm like no.'

'I never have time in the morning.'

'I've given up alcohol so I'm saving a lot not drinking alcohol.'

'When I was a kid we used to make perfume with flowers.'

'The other day they had a free breakfast so we went and got one.'

You could get a coffee once a week and it'd be free.'

'I'm a sucker for a bargain.'

'Every little helps.'

'Don't switch your teabags.'

'Knowing you, it'll break down next week.'

'I've not had an alcoholic drink for 17 days.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about how to reduce financial stress.

KEY TAKEAWAYS

If you're worried about money then you're not alone. Money is a common source of stress for adults and Sarah and Georgia have both experienced this.

Being on top of your finances can help you feel less stressed and less overwhelmed with the situation.

The first thing you can do is to identify why you are feeling stressed or worried and to write these down.

Look at the things that you can do something about and put a plan in place. The plan needs to be realistic and achievable.

Look at ways to reduce your expenditure and ways you may be able to increase your income.

Think about what you're telling yourself about money and what you could be telling yourself instead.

Try and remain positive and ensure you take time out for self-care.

If you are struggling with debt then StepChange is a debt charity in the UK that can help you.

I have recently launched my website and if you would like to get in touch about financial coaching then please click here to book your free call.

BEST MOMENTS

'Everyone's experienced financial stress at some point.'

'Don't beat yourself up about it.'

'Do it gradually.'

'You can start and look at your bank account and your expenditure.'

'There's lots of free budget planners out there.'

'Write out what debts you have and your monthly payments and the interest rates.'

'The worst thing that can happen is that they say no.'

'George's mum tested different butters and got £50 for doing it.'

'If you can deal with the stress and the pressure, then maybe try a car boot sale.'

'All you've been doing Georgia is revising.'

'Small baby steps.'

'Ask for help.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about 5 ways to help save for Christmas.

KEY TAKEAWAYS

Christmas can be a time of worry for a lot of people and studies have shown that 53% of people feel financially stressed when it comes to Christmas.

Georgia's cat, Rex, joins us on this episode.

Now you've decided to start saving for Christmas, let's take the first step and set up a savings account and label it your 'Christmas pot'.

Make a list of of everyone you need to buy for and how much you can afford to spend on each person after your bills and essential expenditure is paid.

Work out how much you can afford to save each month and set up an automatic payment into your Christmas pot straight after payday.

Making little adjustments to your expenditure can really add up over the months. Look at your bank statements and see what you could cut back on.

Try and stick to your budget and track your expenditure.

⭐How do you save or prepare for Christmas? Please let us know using the email address below or message us on social media and we'll read it out on a future episode.👇

BEST MOMENTS

'It will be Christmas before you know it.'

'It's the football World Cup this year.'

'You look absolutely baffled.'

'I find it quite stressful.'

'That gives me severe hives.'

'We only buy for the children now.'

'He's still waiting 10 years later for the IOU.'

'Why not start now.'

'You can't recycle wrapping paper.'

'I love that!'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, it's just me, Sarah! Georgia is away for 2 weeks and last week I wasn't feeling too well. This week I'm sharing the first part of my story. I've never shared this before but I hope it helps others who may resonate with how I was feeling back then.

KEY TAKEAWAYS

Listen to the episode to find out my story of what happened 7 years ago.

It's OK not to know what you’re doing or to do things differently. There’s no shame or judgement in that. Everyone looks like they've got it sorted but everyone else is just trying to do their best and to live up to the expectations that society puts on us. Getting the proper information, support and guidance can help you find the way that’s right for you and not to make decisions based on what other people are doing or saying.

⭐If you have any comments, if anything resonates with you or if you have any questions or need any support then please let me know. Feel free to email me at podcast@thegoodmoneycoach.com, message me on social media, or visit thegoodmoneycoach.com and sign up for my weekly newsletter which provides information, guidance and support on all things money, including your mindset around money. Please see below for the links.👇

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, I talk about the Mini-Budget, what it means for you, why the pound is falling and how a falling pound may affect you.

KEY TAKEAWAYS

On Friday 23rd September the Chancellor (Kwasi Kwarteng) delivered his Mini-Budget, which sent the pound falling to a record low against the dollar.

I summarise the main tax cuts announced in the Mini-Budget as well as the potential tax savings.

On Monday 26th September the pound fell to it's lowest level against the dollar of $1.03. This was because of the large tax cuts announced in the Mini-Budget by the UK government, which is to be paid for by borrowing billions of pounds.

I discuss 5 ways the falling pound may affect you, including more expensive trips abroad, higher prices of goods and services and higher repayments for some mortgages.

Forecasts are predicting that interest rates will hit 6% by November. This will lead to increases in people's mortgage repayments who are on a tracker or variable rate, which is around 2 million people in the UK. Those coming to the end of their fixed rate or looking to buy for the first time will have fewer and more expensive deals to choose from.

Fixed rate mortgages depend on interest rate expectations as well as the rate today, which is why lenders are withdrawing mortgage deals in order to re-price them.

Since recording this episode, the Chancellor has done a U-turn and will NOT abolish the 45% tax rate. The pound bounced back but it is still weak against the dollar and euro and some economists predict it will go back down.

FREE RESOURCES

Visit ⭐https://www.thegoodmoneycoach.com/free-resources/⭐ to get your free resources to:

⭐Manage your debts and track your progress.

⭐Track your expenditure and find areas where you can reduce costs.

⭐Track your savings and build up your cash reserves.

⭐Set realistic and achievable financial goals.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

Georgia's back! On this episode Sarah and Georgia firstly discuss the Mini-Budget although most of what Georgia said was not family friendly so had to be cut out. They then discuss 5 ways to make better financial decisions.

KEY TAKEAWAYS

A study by the IFS found that households in every income distribution will on average lose more money from the freezes to the allowances, thresholds and benefits over the next 3 years, than they will gain from the tax-cuts announced in the Mini-Budget.

Half a million more families will lose some or all of their child benefit entitlement by 2025-26 compared with now.

By 2030-31 the poorest tenth of households will lose 4.7% of their income while the highest-income tenth will lose 1.3%, as a result of the total changes to the tax and benefit system.

The pressure of making a large decision can be too much for a lot of people. Rather than seeing it as one decision, break it down into smaller, easier to answer decisions and tackle each one step by step.

Talk your decision through with either a professional or a friend or family member who can sense check your decision and provide a different perspective.

⭐If you wish to read about 5 ways to make better financial decisions, please either visit our blog (www.sarahtalksmoney.com) or our website (www.thegoodmoneycoach.com).⭐

BEST MOMENTS

'Rex has come back.'

'The world has gone mad.'

'What's important to you in the context of money?'

'Balance the needs and wants of yourself right now with the needs and wants of yourself in the future.'

'Information overload can lead to paralysis.'

'This should help you move forwards and make that decision that you keep putting off.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia firstly discuss the breaking news and then they talk about the 3 main ways to pay off debt. Georgia then gives her tips for staying warm without having to turn your heating on.

KEY TAKEAWAYS

There are 3 common methods for paying off debt: debt consolidation, the snowball strategy and the avalanche strategy.

To start with, write down the different debts you have, the amounts that you owe and the interest rates on those debts.

In brief, debt consolidation is where you combine several small debts into one larger debt and therefore only make one payment a month towards your debts (ideally with a lower interest rate).

The debt snowball strategy is where you put any extra money towards paying off the smallest of your debts first (once the minimum amounts are paid on all your debts) and once this is paid off, then you put the extra money towards paying off the next-smallest debt.

The avalanche strategy is where you pay off the debt with the highest interest rate first and the lowest interest rate last.

The method you choose will be the one that's right for you and your circumstances.

BEST MOMENTS

'This is just madness.'

'The UK bond market went wild.'

'Just hold tight. Don't make any knee-jerk decisions.'

'Make sure the new monthly payments fit within your budget.'

'It's about mindset and having a plan in place.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

Due to personal circumstances, we were unable to record this week's episode of the Money Confidence podcast. Here is a repeat of our most popular episode to date.

KEY TAKEAWAYS

A pension is one of the most tax-efficient ways to save for your retirement, but it can't usually be accessed before age 55. This will increase to age 57 in 2028.

When you contribute to a pension, the government will give you tax relief on those contributions. If you make a contribution into your pension from your net pay (after tax and National Insurance has been deducted), basic rate tax relief (20%) will be automatically added to your pension at source. Any growth within the pension is tax-free.

There are generally two types of pension: A Defined Benefit Pension where you get a guaranteed income for life once you reach the Scheme’s retirement date and a Defined Contribution or Money Purchase Pension, which is invested in the market and can go up or down in value. With a typical Defined Contribution plan, you can access the funds from the standard minimum pension age (currently 55) and there are various ways you can access these funds. Typically, 25% of the pot value is tax-free and the remaining 75% is taxed at your marginal rate of income tax.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia talk about what a credit score is, who the main credit reference agencies are in the UK, why your credit score is important and 7 ways to boost your credit rating.

KEY TAKEAWAYS

There are three UK credit reporting agencies in the UK.

Your credit score is a score which is calculated by credit reporting agencies and is meant to reflect how likely you are to repay credit on time.

Credit scores are used by potential creditors and lenders to help them decide whether to offer you credit.

Your credit score can also affect premiums you pay on insurance policies, such as home and car insurance, as well as getting a mobile phone contract.

There are easy ways to boost your credit score. We discuss 7 important things you can do to boost your credit score.

Make sure your finances aren't linked to someone with a bad credit score. If you break up with someone that you've had joint finances with, you will need to make sure you de-link your finances and contact the credit reference agencies and ask for a notice of disassociation. This will stop their credit score affecting yours in the future.

BEST MOMENTS

'I've asked Georgia, what is the average credit score in the UK?'

'It's good to get those insights.'

'There are some jobs that require pre-employment credit checks.'

'It keeps me on my toes.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia talk about how much pocket money you should give your child.

KEY TAKEAWAYS

There's no right answer here, and it depends on how much you can afford and what you think is reasonable. There have been numerous surveys conducted which give a rough idea of how much parents are giving their children.

A survey of NatWest Rooster Money users found that the average weekly pocket money in the UK was £6.14, with £3.21 a week for 4 year olds, increasing to £11.64 a week for 14 year olds.

Research from Barclays showed that over two thirds (68%) of parents reward their children with pocket money for doing chores around the home.

The research from Barclays suggests that children will receive an average of £7.58 a week this year, up from £6.97 a week last year.

The giving of regular pocket money is more important than the amount you decide to give your child.

Giving children the opportunity to spend their own money will help them decide how they spend it, when they spend it and whether they want to save it.

BEST MOMENTS

'What age do you start giving your child pocket money?'

'Some kind of visual plan with key milestones, which they can tick off along the way, is a great way to demonstrate progress and get your child excited about watching their savings grow.'

'What's your favourite chore?'

'There's satisfaction in doing that.'

'I got a job at 16.'

'This is on me boys.'

'You must be a lady of leisure. You have these 2 kids cleaning your house, cleaning your car.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia talk about how you can avoid missing out on thousands of pounds of pension income.

KEY TAKEAWAYS

If you are a grandparent caring for grandchildren, you could qualify for National Insurance credits which can top up your income in retirement.

An estimated 4 in 10 grandparents in the UK provide childcare for their grandchildren and many don't know about this perk which could add thousands to their State Pension over time.

More and more grandparents will be entitled to the Specified Adult Childcare credits as the proportion of grandparents who are of working age is growing.

The system of transferring the National Insurance credits means that grandparents no longer have to lose out on building up a full State Pension just because they are looking after their grandchildren.

It's not just grandparents that can benefit from the credits. National Insurance credits can also be transferred to other family members such as aunties and uncles.

If you haven’t yet claimed, you can backdate to 6 April 2011, which is worth doing to maximise your State Pension.

For information on Child Benefit, please listen to our podcast episode (episode 11) or visit my blog here.

To apply for the Specified Adult Childcare credits click here.

BEST MOMENTS

'This is really important.'

'It's not a great image.'

'Georgia's not having a very good day today.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia talk about 9 common core beliefs around money that may be holding you back.

KEY TAKEAWAYS

We all have our own individual relationship with money. Our own experiences, influences and environments have shaped our perception of money.

Think about your early memories and experiences around money and the beliefs you attach to these.

When we start to think about what we heard about money growing up, we start to realise why we think a certain way about money.

We attach our own perceptions to what we heard when we were growing up.

Being a People Pleaser is a psychological disorder as we feel safe by looking after everyone else's needs first. This is more common for women.

By changing your relationship with money you can change your children's' relationship with money and the future generations ahead of you.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah talks about 5 questions you should ask yourself about money.

KEY TAKEAWAYS

Beliefs are assumptions we make about the world and are often developed early in life and passed down subconsciously through the generations.

In early childhood you take everything as fact so your beliefs are based on how you perceive things and may not be logical.

What are your core beliefs around money? We never really think about these beliefs or question them but when we do we learn a lot about ourselves and our behaviours and emotions around money. These 5 questions will get you to think about your beliefs and perceptions around money and to think about how these beliefs have helped you and how they have challenged you in your life.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah and Georgia discuss 20 things to think about when is comes to money and your wellbeing.

KEY TAKEAWAYS

Stop thinking about money in terms of material things it can buy. Start thinking about the freedom and independence it can give you. 

The best thing money can buy is time and freedom. Freedom to live life on your terms, freedom from financial stress and freedom to do what you want and work for who you want.

Money is a tool and not a goal in itself. 

Question everything. Don’t just do things just because that’s what you think you should do. Don’t just do things automatically. 

Embrace change.

Know that you can manage your own money and that investing is not hard. You just need to be taught how. It is made to seem harder than it really is.

Forgive your past financial mistakes. They served your past self and now you have moved forwards. Let it go. 

Listen to the episode for more tips.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode Sarah shares some timeless advice from some notes she had written after reading some self-help books when she had finished University in her 20s.

KEY TAKEAWAYS

Fear will never go away as long as you continue to grow. 

Over 90% of what we worry about never happens. We create our own reality.

The beginning is the most important part of the work.

Believe it can be done. Never give up. Help each other.

Think for yourself.

Never look back. You can't change the past. Learn from it.

Regrets weigh you down.

Good and quiet doesn't mean weak.

Sometimes you need space to think.

Live life to the full.

Angels fly because they take themselves lightly.

If you haven't made any mistakes lately you must be doing something wrong.

Be patient with yourself.

The most important investment you can make is in yourself.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this final episode of Season 1, Sarah and Georgia discuss why we overspend and how we can stop overspending and get out of cycles of debt.

KEY TAKEAWAYS

Georgia passed her STEP exam in trusts and estates. An amazing achievement!

Money is emotive. We tend to overspend when we are in an emotional state such as stressed, sad, lonely or even happy. Spending often helps us feel good about ourselves, even if it’s just in that moment. 

Many of us relate our self-worth to our net-worth. We need to separate money from who we are. Having more money doesn’t make you a better person or a worse person. 

Consumerism drives our spending habits.

You need to bring awareness to the triggers that cause you to overspend.

Always consider your future self.

Create new habits that create a similar emotion.

Don’t beat yourself up if you slip up – you’re only human. We all slip up now and then.

Keep going in the right direction. Don't give up and have faith in yourself. Every time you decide not to make a purchase or save a little each month, you are building a new identity for yourself. Small steps in the right direction will result in huge changes over time.

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: podcast@thegoodmoneycoach.com

Blog: https://www.sarahblyth.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

PODCAST DESCRIPTION

Join us, Sarah and Georgia, as we help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. We talk all things money from investments, pensions and benefits to your mindset around money and steps we can take to improve your relationship with money. We aim to make it fun, educational and are with you every step of the way. Together, we've got this!

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way.

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about tax.… don't switch off! They make it interesting… or, as interesting as it can be!

KEY TAKEAWAYS

There are many kinds of taxes. Most people know about Income Tax – the tax on your wages. The Personal Allowance is how much income you can receive that is tax free – this tax year (2022/23) it's £12,570, although this can change depending on disabilities or how much you earn.

If your adjusted net income is £125,140 or more, your Personal Allowance is zero. In order to bring your adjusted net income below £125,140 you could make a pension contribution. The effective rate of tax relief is 60%. You could also make a Gift Aid donation and if you're an employee then you may be able to give up some of your taxable earnings for non-cash employee benefits of equivalent value. 

Capital Gains Tax is paid on investments outside of a tax efficient wrapper such as a General Investment Account. If your investments grow by £50,000 and you sell all those investments, that £50,000 gain is chargeable to Capital Gains Tax. However, you have a Capital Gains Tax Allowance which is currently £12,300 (in the 2022/23 tax year) and you don't pay tax on this amount.

Inheritance Tax is a tax paid on death. The current Inheritance Tax rate on death is 40% above your nil rate band.

BEST MOMENTS

‘If your adjusted net income is £125,140 or more, your Personal Allowance is zero.'

‘If you pay into your pension via Salary Sacrifice (it comes out of your gross income, before tax), you also save on National Insurance. Your employer will also be saving on National Insurance contributions.'

‘If you're claiming Child Benefit and not working you get National Insurance credits towards your State Pension. Claiming Child Benefit until your youngest child is 12 will give you National Insurance credits which count towards your State Pension.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

Welcome to the Money Confidence podcast where your hosts Sarah and Georgia aim to educate you about money in a fun, simple way, to increase your confidence with money and the decisions you make around money. On this episode Sarah and Georgia talk about the basics of saving, and how you can start building habits.

KEY TAKEAWAYS

There's not a lot of financial education in schools and as a result a lot of people are unsure about their finances and finances can be viewed as complicated and scary.

You could split your salary this way: 50% goes into your bills, 20% into savings and 30% is money to spend on yourself – seeing friends, family, buying presents for people, etc. Or, the envelope method is good for people who are disciplined: You take cash out, put it in an envelope and that's your spending money for the month, though it doesn't work for everyone. Some people put money in an envelope with their Christmas tree or Christmas decorations, so that the following year when they get their decorations back out, they have that extra cash to spend at a time which is usually quite expensive.

Automating a payment into your savings each month could be a good way to save because you don't even have to think about doing it. It's better to start low rather than high so you don't get into the habit of taking money back out of your savings if you find your bank account is low at the end of the month.

BEST MOMENTS

‘It's important to set up the habit, once that's done everything becomes so much easier and less complicated.'

‘I didn't have a savings goal, I just knew I wanted the money for a deposit on a house (£30,000-£40,000), and you just keep pushing yourself to save. Every time my salary increased, I didn't see that as a personal increase, I saw it as an increase in my savings.'

‘Don't label your savings as an “emergency reserve”, because you won't want to touch it. Instead have different pots for different purposes.'

‘The important thing with savings is to be flexible, put away more some months when you can to make up for other months when you can't or something comes up unexpectedly.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about how to start saving by building up habits to reach your financial goals.

KEY TAKEAWAYS

Just looking at your bank account is so important. It's so common that people get to the last week of the month and have £50 left and they panic and wonder how they could have spent that much money. If you write it all down and divide it up into categories (for example, essential expenditure (mortgage and bills), and discretionary expenditure (clothes, takeaway food and alcohol) you'll probably get a shock. It all adds up slowly.

Work out your priorities, what you deem to be worth your time and money and what's not. How you spend your money is completely up to you, but look at what you're spending it on and see if it aligns to your needs and values. For example, if you're trying to live healthily, your gym membership may be important to you so you may want to look at cutting down how much you're spending on takeaways or alcohol.

See how much you can save without this affecting your standard of living. How much do you regularly have at the end of the month? Why not automate that amount (whether it's £5 or £50) to go into a savings account so you don't even think about it. Then, if you find you've got some more left over, save that amount too.

Give your money a purpose. What are you saving for? Have different pots, one for a holiday, one for clothes/going out/saving towards a house/new car/holiday, whatever you want to save up for.

BEST MOMENTS

‘Be brave and set a day and time to review your spending and stick to it. It's so easy to put it off. The sooner you start the sooner you can start saving and reach your goal.'

‘Slow and steady.'

‘If you move your money into a savings account, you're less likely to fritter it away on a coffee or something.'

‘Pay yourself first, as if you are your employer.'

‘Have someone who can hold you accountable, talk about your goals with a friend or family member. That way you'll be more likely to hit your goal.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.

On this episode of the Money Confidence podcast, Sarah and Georgia talk about LISAs (Lifetime Individual Savings Accounts) which are a tax free way of saving money towards retirement or purchasing your first home.

KEY TAKEAWAYS

A LISA has to have been open for a year before you can use the funds towards the purchase of your first home. If you're thinking a LISA is for you and don't have the funds yet then it may be a good idea to open one up and put a pound in to start the clock.

If you're purchasing your first home with a LISA, the value of the property has to be £450,000 or less. You also have to purchase with a mortgage rather than buying it outright. You must be over 18 years old to open a LISA, be under 40 to make your first payment into it, and you cannot pay into it once you turn 50. You must also use a solicitor or conveyancer, when purchasing your home, who will receive the money directly from your LISA provider. Your LISA investment counts towards your overall £20,000 ISA allowance across all ISA products (in the 2022/23 tax year).

If you wanted to convert the LISA into a standard Cash or Stocks and Shares ISA or withdraw the money, you would be penalised via a 25% charge on your total savings – which means you'd be worse off.

The home you buy with a LISA can't be a holiday home or a buy to let property, it must be your first home that you live in. As a LISA will be in your individual name only, you could either use both yours and your partners LISAs or, if one of you has owned a house before, the one who hasn't owned a house before could still use their LISA.

BEST MOMENTS

‘If you use your LISA for saving towards retirement, you can't access it until the age of 60.'

‘You can contribute up to £4,000 a year into a LISA and the government gives you a 25% bonus on your contribution (up to £1,000 per tax year).'

‘You aren't usually tied to the provider you opened your LISA with, so you may be able to move it to another provider who may, for example, offer a better interest rate. However, check with your provider first.'

‘In 2020/21 £34 million was paid to the UK Government in LISA penalties!'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

CONTACT METHOD

E: podcast@thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

Hosted on Acast. See acast.com/privacy for more information.