Rising energy price caps, rising National Insurance, inflation and a host of other increases could leave many Britons in treacherous financial straits by the end of the year. However, being smart early on in a crisis could help stretch pennies a little further and give households the breathing room they need to stay afloat.
Mr. Komolafe was previously a Fortune 100 executive but, dismayed by the lack of financial literacy in especially younger generations, he created Conversations of Money.
Now a successful YouTube channel, podcast, and a variety of finance courses, Conversations of Money has grown from success to success, following Mr. Komolafe’s passion for sharing his financial knowledge to help others improve theirs.
He shared some vital tips to help Brits stay afloat this April exclusively with Express.co.uk.
Komolafe began with a troubling revelation that read, “As a nation, we are facing the worst drop in disposable income since the 1950s, and as families, these present difficult decisions and preverbal belt-tightening.”
He warned: “There is no silver bullet to universally fix this, however there are things we can do starting with my first tip.”
Mr Komolafe recommended Britons take a look at bank statements for the past six months and “take a hard look at your spending”.
He said: “Look for subscription services tied to your debit cards that come out annually, semi-annually or quarterly. These items are often overlooked and can cost hundreds of pounds if overlooked.
“Also pay attention to any monthly expenses you’re not fully using, and cut back where necessary.”
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He explained: “When you’re doing your weekly shopping at Tesco and the bill comes to £49.76. The remaining 42 pence could be rounded up to a savings account.
“If you bank with Starling Bank or NatWest, this feature is a function within their app. It’s amazing how quickly the odd 10 pence here or 44 pence there can accumulate into larger amounts in a relatively short space of time. This is a great way to help make every penny go a little further.”
Since interest rates have been at an all-time low for so long, debtors were about to fall when they rose again, with the Bank of England making three base rate hikes in less than six months.
Because of this, Mr. Komolafe suggested that credit card holders consider a zero percent balance transfer if they have a good credit score.
He shared: “Now more than ever, checking what interest you’re paying and making a move could save you hundreds of pounds a year. The limit you will be offered depends on several factors. If you have a low credit score, look at this video on how to improve your credit score.
One grim aspect of inflation and the devastating impact of Russia’s invasion of Ukraine is skyrocketing petrol prices, but Komolafe has brought to light a unique trick that could save the British from their expensive tanks.
“Use apps or websites like PetrolPrices.com to find the cheapest gas prices locally. You’ll need to be proactive and plan ahead, but at the time of writing, PetrolPrices.com has 98 per cent of UK petrol stations listed. They have been running for over 10 years and their app is now available to use anywhere for free.”
Remember the discount
Mr Komolafe reminded Britons to make sure they receive the dues promised by the Chancellor: “Rishi Sunak, in February, announced a £150 refund of council tax. If he pays his council tax by direct debit, £150 will be automatically credited to his bank account. If he pays his town hall all at once, he will have to claim the refund directly from his town hall.”