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The Irish Sun
a day ago
- Business
- The Irish Sun
How to end summer RICHER than you started it – from ‘loud budgeting' to the 50:30:20 rule
THE six-week school holidays aren't typically an easy time to try and save money - but imagine if you could end the summer richer than you started? Financial educator and author Bola Sol believes you can do just that - without missing out on memory-making fun with the family. Advertisement 4 Sit back and relax this summer with our must-try money-saving tips Credit: Getty 4 Bola is on a mission to help more women take control of their finances Credit: Supplied Parents spend an average of £1,000 a week on their children during the summer holidays, according to new research. But Bola, 33, from London , is on a mission to help more women, especially mums, take control of their finances. " Money confidence isn't about having more, it's about making what you have work better for you and your family," she says, Advertisement Bola started blogging about personal finance a decade ago. Since then, she's become a qualified financial adviser, grown her Instagram following to 37,200 and has published two best-selling books , Your Money Life and How to Save It: Fix Your Finances. Here's her top tips for the richest - in all sense of the word - summer of your life. Practise 'loud budgeting' Money is a huge taboo subject for many Brits, with many fearing it is impolite or inappropriate to discuss. In fact, nearly half of UK adults avoid financial conversations, according to one study. Advertisement This summer is the time to change that, according to Bola. 'Letting family, friends and your children know where you are with your money (without showing them your bank statements) is crucial,' she says. Families can get FREE washing machines, fridges and kids' beds or £200 payments this summer – and you can apply now 'By practising 'loud budgeting' you can create boundaries by openly addressing the social pressures to spend.' Being vocal about your financial boundaries is vital at a time when friends suggest - and the kids are begging for - pricey trips to theme parks, the cinema and the zoo. 'Everyone is dealing with different money pressures and priorities,' she says. Advertisement 'Being transparent makes it easier to say 'no'. Also, when you speak about money, you empower others to do the same.' Learn to say no But you can have fun and bag some new toys, books and clothes without spending a penny by hosting a 'swap circle day'. Bola says: 'This idea has grown traction in recent years. It's a great way to save money while building a community of fellow mums. 'Everyone brings something to swap that their kids have grown out of and exchange it for something else. 'This is a great way to prevent overconsumption and waste, while ensuring your child's arsenal of entertainment and learning materials gets a refresh.' Advertisement Try a 'no spend' week It's the viral trend that involves cutting out unnecessary costs to build up savings. Many people aim for a frugal month but Bola says even a week of no spending can boost your bank balance this summer. She says: 'Having a no spend week, or even no spend weekends, can improve your finances. 'This trend allows you to reflect on your spending habits and highlight unnecessary outgoings. 4 Try and have a 'no spend' week with your kids and entertain them with free activities Credit: Getty Advertisement "You can assess what worked, adjust your habits and then make a long-term plan.' Bola recommends making use of all the free activities in your area to keep the kids entertained. 'Eventbrite allows you to filter free classes, festivals and clubs near you,' she says. 'Also make use of everything free near you including the library, park, lido and community groups. 'Many local religious organisations offer free holiday clubs for kids - and in a lot of cases, you don't even have to be part of the religion to attend. Advertisement 'They are run by volunteers to provide fun, educational and sometimes faith-based activities during school breaks.' 'We found treasure and the at-home movie night was a family hit' Fabulous Digital Editor Lydia Major had a 'no spend' weekend with her two sons, aged 8 and 4. Instead of throwing money at activities to keep my sons entertained, this weekend we attempted to have fun for free. The cinema, bowling and swimming went out of the window in favour of an at-home movie night, a picnic in our local park and a geocaching trail. The pressure on mums to spend, spend, spend this summer is relentless but if you get creative and ignore the Instagram noise you can have a great time. The highlight for us was the geocaching - basically a hunt where you use a mobile app to find 'treasure'. There was one in a park local to us, it killed two hours and then we found a cache with books and toy soldiers in. Result. Despite a bit of bickering, we also loved the at-home Friday film night and it was a good way to round of a busy week. I reckon we saved £100 by following Bola's advice and it's definitely something we'd try again. A friend also recommended looking up free events on Eventbrite so we will try that later in the summer. Use the 50:30:20 rule Start structuring your spending with the 50:30:20 budget rule. Bola says: '50% for needs (rent/mortgage, utilities, food), 30% for wants (dining out, entertainment, socialising) and 20% for savings, investments or debt repayment.' This allows you to clearly see the things you need to spend on, while also allowing yourself space for treats. Bola adds: 'Whether you're stuffing physical envelopes or assigning virtual categories, having a clear plan for your monthly pay packet ensures you stay on track without feeling restricted.' Advertisement 4 Bola recommends allocating no more than 30 per cent of your income for dining out, entertainment and socialising Credit: Getty Bola recommends downloading Emma, a personal finance and budgeting platform, to manage your money, avoid overdrafts and save. She says: 'It does this by letting users see all of their bank accounts in one place and track their spending. 'The app, which has two million users, can be downloaded and used for free, though there are premium plans which can cost up to £14.99 a month. 'It's great if you want to see in real time what you're doing with your money. You can create categories - such as kids clothes, food shops and spending for the summer - and view your spending by week or month.' Advertisement By following Bola's advice, you can end summer in a strong financial position. "From small swaps to smart boundaries, these changes could save you £100s by the end of summer and help you feel more in control come September," she says. Money saving challenges Here's some of our favourite money saving challenges to h Here's a rundown of some of the most popular schemes: Weather saving challenge - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. 1p challenge - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. 20p a day challenge - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. £5 a week challenge - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 Round-up challenge - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. Bingo challenge - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. Monday to Sunday challenge - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. 365 day challenge - Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you'll put away £7, and then the process repeats and you'll put aside £1 on Sunday as the new week begins.
Scottish Sun
a day ago
- Business
- Scottish Sun
How to end summer RICHER than you started it – from ‘loud budgeting' to the 50:30:20 rule
Financial adviser Bola Sol is on a mission to help mums take control of their finances - plus, try a money-saving challenge YAS BEACH! How to end summer RICHER than you started it – from 'loud budgeting' to the 50:30:20 rule THE six-week school holidays aren't typically an easy time to try and save money - but imagine if you could end the summer richer than you started? Financial educator and author Bola Sol believes you can do just that - without missing out on memory-making fun with the family. Advertisement 4 Sit back and relax this summer with our must-try money-saving tips Credit: Getty 4 Bola is on a mission to help more women take control of their finances Credit: Supplied Parents spend an average of £1,000 a week on their children during the summer holidays, according to new research. But Bola, 33, from London, is on a mission to help more women, especially mums, take control of their finances. "Money confidence isn't about having more, it's about making what you have work better for you and your family," she says, Advertisement Bola started blogging about personal finance a decade ago. Since then, she's become a qualified financial adviser, grown her Instagram following to 37,200 and has published two best-selling books, Your Money Life and How to Save It: Fix Your Finances. Here's her top tips for the richest - in all sense of the word - summer of your life. Practise 'loud budgeting' Money is a huge taboo subject for many Brits, with many fearing it is impolite or inappropriate to discuss. In fact, nearly half of UK adults avoid financial conversations, according to one study. Advertisement This summer is the time to change that, according to Bola. 'Letting family, friends and your children know where you are with your money (without showing them your bank statements) is crucial,' she says. Families can get FREE washing machines, fridges and kids' beds or £200 payments this summer – and you can apply now 'By practising 'loud budgeting' you can create boundaries by openly addressing the social pressures to spend.' Being vocal about your financial boundaries is vital at a time when friends suggest - and the kids are begging for - pricey trips to theme parks, the cinema and the zoo. 'Everyone is dealing with different money pressures and priorities,' she says. Advertisement 'Being transparent makes it easier to say 'no'. Also, when you speak about money, you empower others to do the same.' Learn to say no But you can have fun and bag some new toys, books and clothes without spending a penny by hosting a 'swap circle day'. Bola says: 'This idea has grown traction in recent years. It's a great way to save money while building a community of fellow mums. 'Everyone brings something to swap that their kids have grown out of and exchange it for something else. 'This is a great way to prevent overconsumption and waste, while ensuring your child's arsenal of entertainment and learning materials gets a refresh.' Advertisement Try a 'no spend' week It's the viral trend that involves cutting out unnecessary costs to build up savings. Many people aim for a frugal month but Bola says even a week of no spending can boost your bank balance this summer. She says: 'Having a no spend week, or even no spend weekends, can improve your finances. 'This trend allows you to reflect on your spending habits and highlight unnecessary outgoings. 4 Try and have a 'no spend' week with your kids and entertain them with free activities Credit: Getty Advertisement "You can assess what worked, adjust your habits and then make a long-term plan.' Bola recommends making use of all the free activities in your area to keep the kids entertained. 'Eventbrite allows you to filter free classes, festivals and clubs near you,' she says. 'Also make use of everything free near you including the library, park, lido and community groups. 'Many local religious organisations offer free holiday clubs for kids - and in a lot of cases, you don't even have to be part of the religion to attend. Advertisement 'They are run by volunteers to provide fun, educational and sometimes faith-based activities during school breaks.' 'We found treasure and the at-home movie night was a family hit' Fabulous Digital Editor Lydia Major had a 'no spend' weekend with her two sons, aged 8 and 4. Instead of throwing money at activities to keep my sons entertained, this weekend we attempted to have fun for free. The cinema, bowling and swimming went out of the window in favour of an at-home movie night, a picnic in our local park and a geocaching trail. The pressure on mums to spend, spend, spend this summer is relentless but if you get creative and ignore the Instagram noise you can have a great time. The highlight for us was the geocaching - basically a hunt where you use a mobile app to find 'treasure'. There was one in a park local to us, it killed two hours and then we found a cache with books and toy soldiers in. Result. Despite a bit of bickering, we also loved the at-home Friday film night and it was a good way to round of a busy week. I reckon we saved £100 by following Bola's advice and it's definitely something we'd try again. A friend also recommended looking up free events on Eventbrite so we will try that later in the summer. Use the 50:30:20 rule Start structuring your spending with the 50:30:20 budget rule. Bola says: '50% for needs (rent/mortgage, utilities, food), 30% for wants (dining out, entertainment, socialising) and 20% for savings, investments or debt repayment.' This allows you to clearly see the things you need to spend on, while also allowing yourself space for treats. Bola adds: 'Whether you're stuffing physical envelopes or assigning virtual categories, having a clear plan for your monthly pay packet ensures you stay on track without feeling restricted.' Advertisement 4 Bola recommends allocating no more than 30 per cent of your income for dining out, entertainment and socialising Credit: Getty Bola recommends downloading Emma, a personal finance and budgeting platform, to manage your money, avoid overdrafts and save. She says: 'It does this by letting users see all of their bank accounts in one place and track their spending. 'The app, which has two million users, can be downloaded and used for free, though there are premium plans which can cost up to £14.99 a month. 'It's great if you want to see in real time what you're doing with your money. You can create categories - such as kids clothes, food shops and spending for the summer - and view your spending by week or month.' Advertisement By following Bola's advice, you can end summer in a strong financial position. "From small swaps to smart boundaries, these changes could save you £100s by the end of summer and help you feel more in control come September," she says.
Daily Mirror
25-05-2025
- Entertainment
- Daily Mirror
Money expert urges party hosts to save cash by asking guests to bring one thing
With the Bank Holiday approaching, hosting doesn't have to drain your wallet, with thanks to this fun, money-saving twist on traditional gatherings that might just change how you entertain The Bank Holiday weekend is just around the corner and several people will be opening up their homes to host friends and family to make the most of the spring break. And while the idea is a noble one — it can also be an expensive one. Hosting people at your house can be a costly affair. There's food, drinks, décor, and entertainment to take care of and all of it comes at a price. But what if there was a way to be the host with the most, without emptying your pockets on the soirée? Enter: bring your own board parties. It's like 'bring your own booze', but exponentially more creative. Because at the end of the day, it's not necessary to spend all of your hard-earned money, just so you can impress the crowd. What's more? Experts agree. Bola Sol, resident money expert at Nationwide, says: 'Hosting is about connection. It's about creating space for joy. It's not about impressing people at your own expense. So this Bank Holiday, if you're opening up your home, remember this - you can lead with love without emptying your pockets; prep with intention; set expectations with confidence, and know that true connection doesn't come with a price tag.' Bring Your Own Board parties are rising in popularity, with more people wanting to contribute and help out so the host doesn't feel overwhelmed. The trend has even gripped social media, with videos of 'bring your own board night' going viral on multiple social media platforms. The concept is essentially a twist on the traditional potluck — except everything is served on trendy boards, trays or platters. Combining creativity and fun, guests are able to enjoy a diverse array of foods without the host having spent the entire day toiling over the stove. Endorsing the concept, Bola adds: 'A tip that's gaining popularity (and rightly so) is asking everyone to contribute. We're in the era of 'bring your own board' parties. Everyone brings something to the table, whether it's a cheese board, fruit platter or their signature dessert.' The money expert feels that most guests want to contribute but need some direction, as she adds: 'Not only does it make things easier for the host, it adds a little fun and creativity to the gathering. If boards aren't your thing, it's okay to simply ask people to bring drinks or an extra side dish. Most people want to contribute; they just need a little direction.' While the most popular kind of board is, of course, the charcuterie board, as a guest, there are several other creative directions you can take your board in. 9 creative BYOB ideas to try Sushi board: Sushi rolls, sashimi, pickled ginger, wasabi, and soy sauce. Fruit board: Berries, grapes, pineapple, kiwi, apples, watermelon with feta cheese. Breakfast board: Pancakes, waffles, fruit, syrups. Dessert board: Cookies, chocolates, fruits, candies. Taco board: Tortillas, fillings like seasoned meats or beans, toppings like cheese, lettuce, salsa, and guacamole. Vegan board: Plant-based dips, veggies, nuts, and crackers. Mediterranean mezze board: Hummus, pita bread, falafel, olives, tzatziki, grape leaves, and kebabs. Movie snack board: Popcorn, candy, pretzels, and drinks. Charcuterie board: Meats, cheeses, crackers, and olives.
