Latest news with #RajanLakhani
The Sun
11 hours ago
- Lifestyle
- The Sun
Youngsters set to spend £1,170 on ‘spontaneous summer' with majority dipping into savings to cover cost, research shows
A SUMMER of spontaneity may be off the cards, after new research has revealed it could set young adults back £1,170. The study of 2,000 adults found 18-34 year olds will face parting with £90.22 a week on unplanned activities. 3 3 Also, a hefty 67 per cent admitted they are far more likely to go out on a whim now than at any other time of year, with 47 per cent justifying their actions with a 'you only live once' attitude. These last minute outings include pub visits (27 per cent) and day trips (38 per cent) - while a further 21 per cent will even attend a festival at the drop of a hat. Rajan Lakhani, personal finance expert for Plum, which commissioned the research, said: 'When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities. 'During the summer there is so much for young people to do, from festivals, day trips and holidays abroad, it's no wonder so many people love to splurge.' However, with youngsters being strapped for cash, 68 per cent find themselves dipping into savings to cover the cost. The research revealed that people have to take £125 out of their pot each month over the summer period. Mr Lakhani said: 'When you're young you're more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost.' However, despite the more care-free attitude adopted in the hotter months, only 14 per cent of Brits actually feel prepared when it comes to last minute summer splurges. Of those who do have spontaneous expenses, it leaves 17 per cent feeling guilt, while the same percentage feel happy in the moment, but regretful later. But, 42 per cent admitted to finding it hard to say no to fun activities when the sun is shining, even if they are on a tight budget. Mr Lakhani added: 'It's not just younger people who struggle to say no when the weather turns nice. 'The whole nation feels the pinch when something fun in the sun crops up. 'But it is surprising how few people feel prepared for this, even though it seems to happen every year.' The data also revealed that 42 per cent of young people use their current account to cover these unforeseen expenses, 40 per cent use an active savings account, and just 15 per cent use a cash ISA. To help them stay on top of their finances, 37 per cent would be likely to use a budgeting tool that automatically analyses summer spending, according to the OnePoll figures. Mr Lakhani said: 'Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control. 'This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save while you spend, so spontaneous spending sprees won't leave you feeling regretful.' 3
Scottish Sun
11 hours ago
- Lifestyle
- Scottish Sun
Youngsters set to spend £1,170 on ‘spontaneous summer' with majority dipping into savings to cover cost, research shows
SPLASH OUT Youngsters set to spend £1,170 on 'spontaneous summer' with majority dipping into savings to cover cost, research shows Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A SUMMER of spontaneity may be off the cards, after new research has revealed it could set young adults back £1,170. The study of 2,000 adults found 18-34 year olds will face parting with £90.22 a week on unplanned activities. Sign up for Scottish Sun newsletter Sign up 3 Young adults face parting with over £90 a week on unplanned activities this summer Credit: SWNS 3 Expert Rajan Lakhani acknowledged that it's hard to turn down spontaneous plans in hotter weather Credit: SWNS Also, a hefty 67 per cent admitted they are far more likely to go out on a whim now than at any other time of year, with 47 per cent justifying their actions with a 'you only live once' attitude. These last minute outings include pub visits (27 per cent) and day trips (38 per cent) - while a further 21 per cent will even attend a festival at the drop of a hat. Rajan Lakhani, personal finance expert for Plum, which commissioned the research, said: 'When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities. 'During the summer there is so much for young people to do, from festivals, day trips and holidays abroad, it's no wonder so many people love to splurge.' However, with youngsters being strapped for cash, 68 per cent find themselves dipping into savings to cover the cost. The research revealed that people have to take £125 out of their pot each month over the summer period. Mr Lakhani said: 'When you're young you're more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost.' However, despite the more care-free attitude adopted in the hotter months, only 14 per cent of Brits actually feel prepared when it comes to last minute summer splurges. Of those who do have spontaneous expenses, it leaves 17 per cent feeling guilt, while the same percentage feel happy in the moment, but regretful later. But, 42 per cent admitted to finding it hard to say no to fun activities when the sun is shining, even if they are on a tight budget. Mr Lakhani added: 'It's not just younger people who struggle to say no when the weather turns nice. 'The whole nation feels the pinch when something fun in the sun crops up. 'But it is surprising how few people feel prepared for this, even though it seems to happen every year.' The data also revealed that 42 per cent of young people use their current account to cover these unforeseen expenses, 40 per cent use an active savings account, and just 15 per cent use a cash ISA. To help them stay on top of their finances, 37 per cent would be likely to use a budgeting tool that automatically analyses summer spending, according to the OnePoll figures. Mr Lakhani said: 'Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control. 'This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save while you spend, so spontaneous spending sprees won't leave you feeling regretful.'
The Independent
12 hours ago
- Business
- The Independent
Budget gurus reveal how to curb unnecessary spending on subscriptions
As the cost-of-living crisis continues to impact households across the UK. Consequently, many are really watching their spending habits, with subscriptions coming under increasing scrutiny. Once celebrated for their convenience, these recurring payments can gradually drain budgets unnoticed. Budgeting experts are now advising on the best strategies to manage subscriptions and save money. Get a clear view The first step in reclaiming control is clarity. It sounds straightforward, but for most of us, it's anything but. The sprawl of subscriptions – from TV services and cloud storage to mindfulness apps that you accidentally purchased a year ago – often traverses banks, devices and even family members. 'The best way to check your subscriptions is through a budgeting app or budgeting tool,' says Plum finance 's head of money, Rajan Lakhani. 'These kinds of tools should show a list of your outgoings all in one place so you can see which outgoings are subscriptions and which provider you're paying.' For those who prefer a manual route, he suggests to, 'instead check your outgoings on your bank statement and manually make a note of the subscriptions'. If you're starting from scratch, the experts suggest going digital. 'The most efficient way is through a digital tool or app that automatically identifies and categorises recurring payments,' explains CEO of Marygold & Co. Matthew Parden. 'Rather than combing through statements or relying on memory, these services provide a consolidated view of your subscriptions in one place.' The high price of ignorance Small charges can be easy to ignore but very expensive to keep. 'Many people lose track of their subscriptions because they sign up for free trials but then forget to cancel them,' says Lakhani, 'or if the subscription fee is a small amount, sometimes they won't even notice the money leaving their bank account.' Government figures suggest this complacency comes at a price. 'The cost of these forgotten subscriptions has risen to over £1.6 billion a year,' Lakhani notes, 'with nearly 10 million of 155 million active subscriptions in the UK unwanted.' Uncovering forgotten subscriptions is one of the most common outcomes when people first make a budget. 'In many cases, people are even paying twice for the same service without realising it until we flag it during a financial review,' explains Money Wellness 's business coordinator Ebony Cropper. 'Just three or four unused subscriptions could cost you hundreds of pounds a year,' she says. Understanding what you're paying for – and why – is essential. Among the most commonly overlooked are digital and app-based services. According to Parden, 'Streaming services, cloud storage, gym memberships, mobile apps and subscription boxes' are frequent offenders. 'Free trials that roll into paid plans also frequently fly under the radar, as do annual charges for services like software or digital learning platforms.' These are common trends, Lakhani points out, 'the most forgotten subscriptions include those to streaming services such as Netflix, Amazon Prime Video, and Disney+. 'Prior to the rise of streaming services, subscriptions taken out at the start of the year to follow through on New Year resolutions, such as gym memberships, would often later be forgotten about.' How to decide whether to cut, keep or downgrade Evaluating the value of your subscription needn't be complicated or anxiety-inducing. 'Start by reviewing all your recurring charges,' says Parden, 'either using a tool that automatically pulls them together, or by going through bank or credit card statements manually, or by reviewing the active direct debits and standing orders in your online banking.' From there, he says, 'ask simple but useful questions: Do I use this often enough? Is it worth what I'm paying? Are there cheaper or better-value alternatives?' As a rule of thumb, 'if you can confidently say you use the subscription more than twice a week, keep it,' says Lakhani. 'If you don't, it's most likely time to cancel. 'And always set a calendar reminder if you're setting up a free trial!' he says. 'In many cases, you should be able to cancel the subscription beforehand and it will still keep your subscription live until the official end date.' For shared households, this process shouldn't come down to just you. 'This is also a helpful conversation to have with others in your household,' says Parden, 'subscriptions often overlap and reviewing them together can highlight opportunities to consolidate or cut back.' What are your rights? Beyond better habits, UK law is firmly on the side of consumers. Parden points to the Consumer Rights Act 2015 and Consumer Contracts Regulations, which states, 'companies must clearly disclose auto-renewal terms before a customer commits. If those terms aren't made clear – or if the service doesn't match what was advertised – you may be entitled to a refund.' The new Digital Markets, Competition and Consumers Act is also on your side, as Lakhani says, 'you can exercise your statutory 14-day cooling-off right to cancel after signing up to a subscription or after a trial or long-term contract – which is 12 months or more – auto-renews.' Failing a response from the provider, he suggests invoking the Consumer Protection from Unfair Trading Regulations. 'If the provider's auto-renewal terms were misleading or unclear, this may include requesting a refund or negotiating a termination.' Stay vigilant Ultimately, no tool or regulation will be effective without a bit of regular vigilance. 'Review your subscriptions every couple of months, especially when money is tight,' Cropper advises. 'You could end up saving a significant amount without really noticing the difference in your day-to-day life.' As our digital spending habits become more fragmented, the once-humble subscription deserves far more scrutiny than many give it. So with a little extra probing, that forgotten £6.99 charge might just be the easiest saving you make this year.
The Independent
19 hours ago
- Business
- The Independent
How to manage your subscriptions and save money
As households across the UK continue to face the cost-of-living pressures while inflation steadily bites into incomes, a growing number of people are turning their attention to a deceptively simple area of spending: subscriptions. Once hailed for convenience, recurring payments can quietly erode budgets while remaining unnoticed. So, we hear from budgeting experts on the best way to manage your subscriptions and save money. Get a clear view The first step in reclaiming control is clarity. It sounds straightforward, but for most of us, it's anything but. The sprawl of subscriptions – from TV services and cloud storage to mindfulness apps that you accidentally purchased a year ago – often traverses banks, devices and even family members. 'The best way to check your subscriptions is through a budgeting app or budgeting tool,' says Plum finance 's head of money, Rajan Lakhani. 'These kinds of tools should show a list of your outgoings all in one place so you can see which outgoings are subscriptions and which provider you're paying.' For those who prefer a manual route, he suggests to, 'instead check your outgoings on your bank statement and manually make a note of the subscriptions'. If you're starting from scratch, the experts suggest going digital. 'The most efficient way is through a digital tool or app that automatically identifies and categorises recurring payments,' explains CEO of Marygold & Co. Matthew Parden. 'Rather than combing through statements or relying on memory, these services provide a consolidated view of your subscriptions in one place.' The high price of ignorance Small charges can be easy to ignore but very expensive to keep. 'Many people lose track of their subscriptions because they sign up for free trials but then forget to cancel them,' says Lakhani, 'or if the subscription fee is a small amount, sometimes they won't even notice the money leaving their bank account.' Government figures suggest this complacency comes at a price. 'The cost of these forgotten subscriptions has risen to over £1.6 billion a year,' Lakhani notes, 'with nearly 10 million of 155 million active subscriptions in the UK unwanted.' Uncovering forgotten subscriptions is one of the most common outcomes when people first make a budget. 'In many cases, people are even paying twice for the same service without realising it until we flag it during a financial review,' explains Money Wellness 's business coordinator Ebony Cropper. 'Just three or four unused subscriptions could cost you hundreds of pounds a year,' she says. Know what you're really paying for Understanding what you're paying for – and why – is essential. Among the most commonly overlooked are digital and app-based services. According to Parden, 'Streaming services, cloud storage, gym memberships, mobile apps and subscription boxes' are frequent offenders. 'Free trials that roll into paid plans also frequently fly under the radar, as do annual charges for services like software or digital learning platforms.' These are common trends, Lakhani points out, 'the most forgotten subscriptions include those to streaming services such as Netflix, Amazon Prime Video, and Disney+. 'Prior to the rise of streaming services, subscriptions taken out at the start of the year to follow through on New Year resolutions, such as gym memberships, would often later be forgotten about.' How to decide whether to cut, keep or downgrade Evaluating the value of your subscription needn't be complicated or anxiety-inducing. 'Start by reviewing all your recurring charges,' says Parden, 'either using a tool that automatically pulls them together, or by going through bank or credit card statements manually, or by reviewing the active direct debits and standing orders in your online banking.' From there, he says, 'ask simple but useful questions: Do I use this often enough? Is it worth what I'm paying? Are there cheaper or better-value alternatives?' As a rule of thumb, 'if you can confidently say you use the subscription more than twice a week, keep it,' says Lakhani. 'If you don't, it's most likely time to cancel. 'And always set a calendar reminder if you're setting up a free trial!' he says. 'In many cases, you should be able to cancel the subscription beforehand and it will still keep your subscription live until the official end date.' For shared households, this process shouldn't come down to just you. 'This is also a helpful conversation to have with others in your household,' says Parden, 'subscriptions often overlap and reviewing them together can highlight opportunities to consolidate or cut back.' What are your rights? Beyond better habits, UK law is firmly on the side of consumers. Parden points to the Consumer Rights Act 2015 and Consumer Contracts Regulations, which states, 'companies must clearly disclose auto-renewal terms before a customer commits. If those terms aren't made clear – or if the service doesn't match what was advertised – you may be entitled to a refund.' The new Digital Markets, Competition and Consumers Act is also on your side, as Lakhani says, 'you can exercise your statutory 14-day cooling-off right to cancel after signing up to a subscription or after a trial or long-term contract – which is 12 months or more – auto-renews.' Failing a response from the provider, he suggests invoking the Consumer Protection from Unfair Trading Regulations. 'If the provider's auto-renewal terms were misleading or unclear, this may include requesting a refund or negotiating a termination.' Stay vigilant Ultimately, no tool or regulation will be effective without a bit of regular vigilance. 'Review your subscriptions every couple of months, especially when money is tight,' Cropper advises. 'You could end up saving a significant amount without really noticing the difference in your day-to-day life.' As our digital spending habits become more fragmented, the once-humble subscription deserves far more scrutiny than many give it. So with a little extra probing, that forgotten £6.99 charge might just be the easiest saving you make this year.
Daily Mirror
2 days ago
- Business
- Daily Mirror
Spontaneous plans will cost young Brits over £1000 this summer
A study of 2,000 adults found that during the summer months, 18-34 year olds are prepared to part with £90.22 a week on unplanned activities This season, those aged between 18 and 34 are expected to spend an average of £90.22 per week on spur-of-the-moment activities, totalling £1,170 on average. Most people confessed they are more inclined to make snap decisions about going out during the warmer months, than any other time of year. These spontaneous activities often include last-minute trips to the pub, trips out and for some, even a festival. Brits predominately use the motto "you only live once" to justify for their spending. However, to fund these unexpected summer escapades, seven in ten will need to raid their savings, withdrawing an average of £125 on a monthly basis. Rajan Lakhani, a personal finance expert at Plum, which conducted the study, commented: "When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities." He added: "During the summer there is so much for young people to do; from festivals to day trips and holidays abroad, it's no wonder so many people love to splurge." Lakhani also noted: "When you're young you're more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost." The research found only 14% of Brits feel financially prepared when it comes to last minute summer plans. Those who do end up spending their money spontaneously, 17% are left feeling guilty, while others feel happy in the moment but regret it later. Four in ten confess they struggle to resist fun activities when the sun is out, even if their budget is tight. As a result, while most people will utilise their current account, 40% are likely to tap into an active savings account and an additional 15% will dip into their cash ISA. To keep their finances in check, 37% would be inclined to use a budgeting tool that automatically analyses summer spending, as per the figures from OnePoll. Rajan Lakhani from Plum added: "So it's not just younger people who struggle to say no when the weather turns nice. The whole nation feels the pinch when something fun in the sun crops up. "But it's surprising how few people feel prepared for this, even though it seems to happen every year. Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control. "This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save whilst you spend, so spontaneous spending sprees won't leave you feeling regretful."
