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The Independent
6 days ago
- Business
- The Independent
Single? Expert tips on how to save money when you're flying solo
Navigating the cost-of-living crisis as a single individual can feel like an uphill battle, with the odds seemingly stacked against you. While the burden of a 'single tax' and a challenging housing market often feels insurmountable, practical strategies exist to ease the financial strain. A crucial first step involves gaining a clear understanding of your personal spending habits. From managing household bills to socialising and daily cooking, simple adjustments across various aspects of life can significantly reduce outgoings. By implementing a few smart changes, you can enjoy the independence of single life without compromising your financial well-being. 1. Be open and honest about your financial situation with loved ones 'Be honest with your friends about where your finances are,' advises Zoe Brett, financial planner at EQ Investors. 'There's all this pressure from social media to be going on a ski season or to that trendy new bar, and if you can't afford it, or if you've just got other goals where your money is better spent, just be honest with your friends about it. 'If they're real friends, they're not going to care if you can't go to that fancy restaurant – they'll find something cheaper to do.' 2. Shop around for the best deals 'Always look for a better deal when bills are coming up for renewal,' recommends Johanna Mason, CEO of Cherry Dating. 'For example, let's say my car insurance is up for renewal, I won't sit there and just accept that offer. I'll go and have a look and see what else is out there to try and reduce the cost. If you go on comparison sites, you can get some massive savings.' 3. Don't splash the cash on a first date 'For first dates, I always suggest a coffee because that takes the pressure off both parties,' says Mason. 'I think it's a good way to break the ice to start with, without the awkwardness of who's picking up the bill.' A simple picnic can also be a thoughtful, budget-friendly date. 'A picnic is not going to cost a fortune and I think it's quite a nice romantic gesture,' says Mason. 'It's not always about the money, it's about the thought that goes into planning that date, because it means they are making an effort. If they're making the effort there, then hopefully they will make the effort in other areas of a relationship as well.' Brett agrees and says: 'I think we get too caught up in the idea that dates need to be a big show of extravagance to show what you can offer, but actually the purpose of a date is to get to know someone and see whether or not you have a good vibe between you.' 4. Put aside money in an emergency fund 'When you are single, there's no second income to pick up the slack if you lose your job or if the boiler breaks,' recognises Brett. 'It's all on your shoulders, so it's important to have a back-up plan like an emergency fund. 'Putting aside money every month into an emergency fund gives you some financial security and I just treat my emergency fund payments like any other bill. Just start small and soon it will add up to something more substantial.' 5. Prioritise getting rid of debt 'A lot of people get into debt when they don't manage the fact that living a single life is far more expensive than life as a couple,' highlights Brett. 'They often try to 'keep up with the Joneses' and end up getting into debt, and that's a surefire way to make yourself absolutely miserable.'If you have got any debt, then prioritise getting rid of that first because debt can cripple someone's financial position. You shouldn't really be saving anything beyond an emergency fund if you've still got debt to pay.' 6. Seek out free or low-cost activities and events in your local area 'Staying connected with your friends is massively important when you're single and doesn't have to cost you the earth,' says Mason. 'If you're into fitness, you could join a local walking or yoga group.'Brett agrees and adds: 'Even just going around to your mate's house with a bottle of wine is great fun. Fun doesn't have to be expensive.' 7. Batch cook meals instead of relying on takeaways 'It's too easy to rely on takeaways when you're cooking for one person, because cooking can seem like a lot of effort for one person. But that's a really slippery slope, so try to avoid falling into that trap,' advises Brett. 'It's good to cook your own meals from scratch and it doesn't have to be anything extravagant. I'm a big fan of batch cooking and freezing meals.' 8. Offer to drive 'If I've not got a huge amount in my bank account, I'll always opt for driving,' says Mason. 'Driving means I can still go out and see my friends and have a really good time, but I don't need to pay for expensive drinks at the bar. Instead, I will opt for soda water and fresh lime and that doesn't cost much – some bars don't even charge you for it.'
The Independent
6 days ago
- Business
- The Independent
8 money-saving tips for single people
Being single during a cost-of-living crisis can feel like the odds are stacked against you – but you're not alone, and we're here to help. While we can't change the housing market or eliminate the so-called 'single tax' that comes with living solo, gaining a clearer understanding of your spending habits can be a powerful first step towards getting back on track. From bills to socialising to cooking, here are simple ways to cut costs across all areas of life. With a few smart adjustments, you can enjoy the freedom of single life and do the things you love without compromising your financial independence. 1. Be open and honest about your financial situation with loved ones 'Be honest with your friends about where your finances are,' advises Zoe Brett, financial planner at EQ Investors. 'There's all this pressure from social media to be going on a ski season or to that trendy new bar, and if you can't afford it, or if you've just got other goals where your money is better spent, just be honest with your friends about it. 'If they're real friends, they're not going to care if you can't go to that fancy restaurant – they'll find something cheaper to do.' 2. Shop around for the best deals 'Always look for a better deal when bills are coming up for renewal,' recommends Johanna Mason, CEO of Cherry Dating. 'For example, let's say my car insurance is up for renewal, I won't sit there and just accept that offer. I'll go and have a look and see what else is out there to try and reduce the cost. If you go on comparison sites, you can get some massive savings.' 3. Don't splash the cash on a first date 'For first dates, I always suggest a coffee because that takes the pressure off both parties,' says Mason. 'I think it's a good way to break the ice to start with, without the awkwardness of who's picking up the bill.' A simple picnic can also be a thoughtful, budget-friendly date. 'A picnic is not going to cost a fortune and I think it's quite a nice romantic gesture,' says Mason. 'It's not always about the money, it's about the thought that goes into planning that date, because it means they are making an effort. If they're making the effort there, then hopefully they will make the effort in other areas of a relationship as well.' Brett agrees and says: 'I think we get too caught up in the idea that dates need to be a big show of extravagance to show what you can offer, but actually the purpose of a date is to get to know someone and see whether or not you have a good vibe between you.' 4. Put aside money in an emergency fund 'When you are single, there's no second income to pick up the slack if you lose your job or if the boiler breaks,' recognises Brett. 'It's all on your shoulders, so it's important to have a back-up plan like an emergency fund. 'Putting aside money every month into an emergency fund gives you some financial security and I just treat my emergency fund payments like any other bill. Just start small and soon it will add up to something more substantial.' 5. Prioritise getting rid of debt 'A lot of people get into debt when they don't manage the fact that living a single life is far more expensive than life as a couple,' highlights Brett. 'They often try to 'keep up with the Joneses' and end up getting into debt, and that's a surefire way to make yourself absolutely miserable.'If you have got any debt, then prioritise getting rid of that first because debt can cripple someone's financial position. You shouldn't really be saving anything beyond an emergency fund if you've still got debt to pay.' 6. Seek out free or low-cost activities and events in your local area 'Staying connected with your friends is massively important when you're single and doesn't have to cost you the earth,' says Mason. 'If you're into fitness, you could join a local walking or yoga group.'Brett agrees and adds: 'Even just going around to your mate's house with a bottle of wine is great fun. Fun doesn't have to be expensive.' 7. Batch cook meals instead of relying on takeaways 'It's too easy to rely on takeaways when you're cooking for one person, because cooking can seem like a lot of effort for one person. But that's a really slippery slope, so try to avoid falling into that trap,' advises Brett. 'It's good to cook your own meals from scratch and it doesn't have to be anything extravagant. I'm a big fan of batch cooking and freezing meals.' 8. Offer to drive 'If I've not got a huge amount in my bank account, I'll always opt for driving,' says Mason. 'Driving means I can still go out and see my friends and have a really good time, but I don't need to pay for expensive drinks at the bar. Instead, I will opt for soda water and fresh lime and that doesn't cost much – some bars don't even charge you for it.'
The Independent
14-07-2025
- Business
- The Independent
What's hiding in your pension? How to find out where your money is invested and take control
SPONSORED BY TRADING 212 The Independent Money channel is brought to you by Trading 212. If you have a workplace pension, your money is most likely in a default fund: a ready-made mix of investments designed for the average saver. These funds aim for long-term growth by spreading risk across global markets, typically including equities (like shares in companies), bonds, property, and cash. On paper, it's a sensible, low-effort option. But dig deeper, and you may find your pension is funding sectors you'd rather avoid, such as fossil fuels, weapons, tobacco, and controversial mining firms. A recent government report reveals 90 per cent of employees stick with their default fund. That's not necessarily because it's the right fit, but because switching feels complex or isn't front-of-mind. Ben Faulkner, marketing director at ethical financial planners EQ Investors, told The Independent: 'A significant portion of employees are keen to invest responsibly and, while pension schemes typically have ethical options available, we know that most people stick with their default fund. This is a missed opportunity for aligning pensions with personal values.' Here's how to see where your pension sits - and how to take action if you don't like what you find. Which companies are in default pension funds? Default funds typically track mainstream indices like the FTSE 100 or MSCI World. An index is simply a collection of major companies used to represent market performance. While some default funds now screen out certain controversial sectors, this isn't standard and varies widely by provider - so it's up to you to check. Fossil fuels Fossil fuels are the biggest driver of climate change, responsible for around 75 per cent of global greenhouse gas emissions. But many default pensions still invest in oil and gas giants like BP, Shell, Chevron and ExxonMobil. Make My Money Matter estimated that UK pension schemes collectively hold around £88bn in fossil fuel investments - roughly £3,000 per pension holder. Public sector schemes are among the largest investors: Friends of the Earth found UK local government pensions hold more than £16bn in fossil fuel assets, including companies involved in new oil and gas exploration. Tobacco Major tobacco brands such as British American Tobacco, Philip Morris International and Imperial Brands are regularly included in default pension portfolios. Despite the World Health Organisation linking over eight million deaths a year to tobacco use, only a few UK pension providers have actively excluded tobacco from their default options. Defence and arms Some people see defence as essential, especially amid global conflicts, while others prefer not to profit from weapons. Default funds often include defence firms, and many don't screen out those linked to controversial weapons like cluster munitions or landmines. For example in March, Nest and The People's Pension announced they would exclude arms firms from their ethical funds - but not from their default ones. Mining Global giants like Glencore, BHP and Rio Tinto are common in default funds, despite criticism over environmental damage, community impact and governance. Some mining companies have wide-ranging geographical footprints, while some target specific locations or commodities. What about returns? Investing sustainably isn't just about ethics - it can also be financially smart. 'Studies show that companies with strong ESG (environmental, social and governance) practices tend to deliver better long-term returns,' Mr Faulkner said. 'These companies are often better equipped to avoid reputational damage, financial penalties, and regulatory breaches, all of which can undermine shareholder value.' Research from Morgan Stanley shows that ESG investments can match or even outperform traditional investments over the long term. How to check your pension's investments Log into your pension portal. Most providers offer dashboards or apps where you can check your fund. Look for the fund name and any factsheets or top holdings. If you're unsure how to log in, ask your HR team or pension provider. Read the fund factsheets. These outline investment strategies, asset allocation and key holdings. Some indicate whether they apply ethical screening or exclude certain sectors. Check independent rankings. Organisations like ShareAction, Ethical Consumer and Good With Money regularly publish reports rating pension funds on sustainability. These look at exclusions, transparency and action on issues like climate change and human rights. Consider switching funds. Most schemes let you move from the default to ESG or sustainable options, which may exclude certain sectors or prioritise companies with better environmental and social records. Mr Faulkner added a final reminder that it must be an employee decision to change. 'Concern about the environment and climate change in particular is increasing, but the onus is on employees to take action if they want to switch,' he said. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
Yahoo
07-04-2025
- Business
- Yahoo
Sustainable wealth manager EQ Investors weighs potential sale
EQ Investors, a provider of sustainable investment management services, is currently evaluating the possibility of a sale with the assistance of a corporate finance adviser. The firm's chair, John Spiers, has cited the transformative impact of AI and the drawbacks of charity ownership as primary reasons for this strategic consideration, reported FT Adviser. John Spiers, who had previously intended to bequeath his shares to the EQ Foundation upon his death, now recognises "significant drawbacks" to this plan. He expressed concerns that a charity's focus on maximising immediate income could impede the long-term growth of EQ Investors. "A charity may struggle to add value to the enterprise or provide additional capital if needed," he explained. The emergence of AI, compared by Spiers to the arrival of desktop computers in the early 1980s, is a significant factor affecting the potential sale. EQ Investors has made it clear that any transaction will be contingent on the preservation of the company's core values and the enhancement of client service. "EQI is a successful and profitable business, so we are under no pressure to conclude a transaction," Spiers reassured. The process of exploring a sale is active, with Spiers confirming that "several promising possibilities" are being considered. He concluded with a commitment to the welfare of EQ Investors' staff and clients, stating: "Ultimately, any decision to partner with a larger organisation will only be made if it benefits our staff and clients." In 2021, EQ Investors partnered with Fintegrate to broaden the accessibility of its Positive Impact and Future Leaders portfolios for more advisers. "Sustainable wealth manager EQ Investors weighs potential sale" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
