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MONEY ROUNDUP

⚠️ Your money could be about to get squeezed again.

Here’s what I’d check now

I know, I know. We were all hoping the whole “everything is getting more expensive” era might calm itself down for a bit.

But unfortunately, the latest money news suggests it might be worth doing a little financial housekeeping.

UK inflation is currently sitting at 2.9%, which means prices are still rising faster than the Bank of England would ideally like. The Bank Rate is also being held at 3.75%, and the Bank has warned that inflation could rise further later this year because of higher energy costs.

And this matters because when inflation starts creeping up again, it can quietly affect almost everything:

your energy bills
your food shop
mortgage rates
savings rates
borrowing costs
and basically every subscription you've forgotten you're paying for 🙃

So rather than panic-buying baked beans or staring dramatically at your banking app, here's what I'd personally check now.

1. Is your savings money actually earning enough?

This is probably the easiest win.

A lot of us open a savings account, feel very responsible for approximately six minutes... and then never check the interest rate again. But savings rates change.

If you've got money sitting in an account paying very little interest, it could be worth checking what's available now. Even moving savings from a low-paying account to a better-paying one can make a noticeable difference over the year.

Just make sure you're comparing:

easy-access accounts if you might need the money
fixed accounts if you're happy to lock it away
Cash ISAs if protecting your interest from tax is useful for you

Don't automatically chase the highest number though — the best account is the one that actually suits what you need your money for.

2. If your mortgage deal is ending soon... don't leave it until the last minute

Mortgage rates can move quickly, and with interest rates still fairly high, it's worth knowing when your current deal ends.

You can often start looking at your options months before your fixed deal finishes.

Even if you're not ready to switch yet, I would at least:

write down your deal end date, check your current interest rate and see what similar deals are available.

3. Check your subscriptions before they quietly get more expensive

This is your little reminder to check your bank statement for:

£9.99
£7.99
£4.99
£12.99
some mysterious £3.49 you have absolutely no recollection of signing up for...

Subscription costs can creep up without us really noticing, especially when prices increase by £1 or £2 at a time.

The Government has also announced plans to tackle subscription traps and make it easier for consumers to cancel unwanted subscriptions, so this is becoming a bigger consumer-money issue too.

🏡 Feeling a bit hot? Check out these bargain FANS

💸 WANT TO MAKE SOME EXTRA MONEY?

August is also a good time to have a little side-hustle clear-out.

You don't need to launch a business, create a logo or start calling yourself a CEO on LinkedIn.

Try one of these instead:

🛍️ SELL STUFF YOU ALREADY OWN

Have a look around your home for things you don't use.

Clothes, books, craft supplies, electronics, homeware and old hobby equipment can all potentially become cash.

The easiest side hustle is sometimes just getting rid of the stuff you already bought.

Get started selling on Vinted

📱 PAID RESEARCH & SURVEYS

If you have spare time, look into legitimate paid research, user-testing and survey platforms.

You won't become a millionaire doing surveys, despite what TikTok occasionally tells you, but a few small payments can add up.

I have my full guide with links to all the sites I use here

🕵️ MYSTERY SHOPPING

Mystery shopping can be another option if you already enjoy going into shops, restaurants or other businesses.

Some opportunities pay money, while others offer reimbursement for specific purchases, so always check the payment and expenses before accepting an assignment.

I have my full guide with links to all the sites I use here

💻 USE A SKILL YOU ALREADY HAVE

Writing, photography, design, editing, admin, social media, crafts and tutoring can all potentially become freelance income.

You don't necessarily need to learn an entirely new skill.

Sometimes the money is hiding in something you're already good at.

💰 ONE BORING MONEY JOB FOR THIS WEEK

Check your recurring payments.

Go through your bank account and look for:

Subscriptions you forgot about
Apps you no longer use
Memberships you don't need
Insurance renewals
Services that have increased in price

Even finding one unnecessary £10 monthly payment saves £120 a year.

That's £120 you could use for something considerably more exciting.

Like… a return flight for an exciting trip.

💗 A FEW OF MY MONEY PICKS

If you're looking at ways to manage, save, invest or organise your money, here are a few services I use/recommend checking out:

Monzo

Wise

InvestEngine

Robinhood Investing app (free share when depositing £1)

Rakuten

As always, please read the terms and check whether something is right for you before signing up. Financial products and offers can change, and investments can go down as well as up.

Some links in this newsletter are affiliate links, which means I may receive a commission or reward if you sign up through my link, at no extra cost to you.