Latest news with #MoneyMatix
Daily Mirror
3 days ago
- Business
- Daily Mirror
Money expert explains how to turn £25 a week into £1,300 'without lifting a finger'
We all know how important it is to have savings, but sometimes it can be tricky to know where to start - however Tynah Matembe, founder of Money Matix has shared her advice for those looking to make their money work harder Think saving's just for rich people or money nerds? Think again. Even chucking a tenner a week into a savings account can snowball into something serious. It's not about how much – it's about how often. Consistency is king. Here's the deal: banks love regular savers, and there are easy ways to save without even knowing. One of the best ways is to simply set up a standing order, and suddenly you're eligible for the top interest rates. We're talking juicy deals that beat letting your cash sit dead in your current account. And don't roll your eyes at 'interest' – that's free money just for having a bit of discipline. It comes after thousands of Brits to get shock letter from HMRC after drastic new tax rule comes into force. While your mate's blowing £6 a day on fancy coffee, you're quietly building a pot that could pay for a holiday, a house deposit, or bail you out in a crisis. However you may be still sceptical, so imagine if you save just £25 a week, that's £1,300 a year – without lifting a finger after you set it up. Add interest? Boom – even more. And if rates go up? You win again. Regular saving isn't boring – it's powerful and it's how smart people get ahead. So, skip one takeaway a week, set up that direct debit, and start building your financial safety net. Because when life throws you a curveball – or a golden opportunity – you'll be glad you've got cash in the tank. There is also an easy rule to follow to make your oney work harder. If you want your money to be in a good place, it's important not to blow it all at once on just day-to-day stuff. Following the 70:10:10:10 rule can help. At MoneyMatiX, we swear by it. Spend no more than 70% of your cash, stash away at least 10% for savings, pump another 10% into investments to grow your wealth, and don't forget to have fun or give back with the last 10%. Balance is everything - follow this and watch your money game go from zero to hero. Take your morning Starbucks, for example. Ditching that daily Tall Latte on your way to work could save you a staggering £851 a year. That's a holiday, your energy bill paid, or the breathing room and emergency fund sorted. The bottom line? You don't need to be wealthy to invest wisely - you just need to start today. And finally, remember volatility is normal. If your pension pot has dipped recently because of Trump's tariffs war uncertainly with the Government's plan, don't panic. Markets go through ups and downs – but investing and certainly investing in a pension is a long-term game, and history shows they do recover.
Daily Mirror
5 days ago
- Business
- Daily Mirror
Secret number that could ruin your chance of getting a mortgage or credit card
There are several factors to consider when it comes to borrowing money - and one secret number that could be holding you back. Tynah Matembe, founder of Money Matix has shared her advice for those looking to loan When you make an application for a mortgage or any other type of borrowing such as a new car or even a mobile phone contract, lenders work out a credit score for you. This then helps them decide if they will take a risk with you and if you will be a responsible and reliable borrower - and if you will be likely to pay the money back. Usually, a higher score means you're seen as lower risk – the more points you score, the more chance you have of being accepted for a mortgage, and at better rates. So this secret number that could ruin your chance of getting a mortgage or credit card is your credit score and it may be holding you back without you even knowing. It comes after thousands of Brits to get shock letter from HMRC after drastic new tax rule comes into force. This sneaky little number is what lenders use to judge you – basically, it's your financial report card. The higher the score, the more they love you. But too low? Forget it – you're out in the cold. And here's the shocker: your score could be lower than you think! Missed a bill? Took out a payday loan? That number could be tumbling. The good news? You can check it and take control – and we'll show you how to slash the score-destroyers and boost your financial street cred. Rewire your money mindset. Our beliefs around money shape our choices. If you've grown up thinking, 'I'm just bad with money,' challenge that. Create a more positive, empowered mindset about your financial future. Not all lenders think the same way, and they may have different ways of making their decisions to decide if you are eligible, but all of them will look at some key factors to help them decide and these include: Looking at your credit report will give them a detailed insight into your credit history, and will show things like how much you owe on credit cards, if you're registered to vote and if you've missed payments in the past. They'll put that all together and give you a credit score of their own. Getting a mortgage for bad credit is by no means impossible but it will probably be harder and is likely to mean you'll get high interest rates and need a large deposit.
