Latest news with #ZoeBrett
The Independent
18-07-2025
- 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
18-07-2025
- 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
25-03-2025
- Business
- The Independent
Best ways to invest £2k, £10k and £20k in a new stocks and shares Isa - according to the experts
SPONSORED BY TRADING 212 The Independent Money channel is brought to you by Trading 212. Maybe you've recently received a work bonus, financial gift or inheritance, or have hit your savings targets and now want to do something more with any excess money. Whatever the reason you're now sitting on some cash, if you won't need it for at least five years, then investing is an effective way to help it grow. A stocks and shares Isa allows you to invest up to £20,000 each tax year in stocks, shares and other investments without having to pay tax on any returns. With this allowance resetting soon, it's a smart place to start. But should the size of your pot determine the approach you take to investing in an Isa - and how? Firstly, whatever figure you're starting out with, there are some 'golden rules' of investing that never change. Diversification is a key one. In other words, 'don't put all your eggs in one basket.' Investing entirely in AI, for example, may seem tempting given the current buzz around it, but investing all your cash in just one industry puts you at risk of big losses if that market doesn't reach expectations. Investing instead across different asset classes, geographies, sectors or companies means if one of your selections suffers a dip in performance, it will stand more chance of being evened out by the rest of your portfolio. Also, think honestly about your attitude to risk. You might be the adventurous type in your spare time, but with investing it's less about how likely you are to do a bungee jump and more about how you would feel losing a chunk of your money. Time frame is also important to consider. If there's one certainty in investing, it's that the path to strong returns won't be straight. Whether you have £2,000, £10,000 or £20,000 to invest, it's wise to stick to these basic ground rules. However, there are some different starting points you could consider depending on the amount you have to invest - and remember, any gains like dividends or capital growth are tax-free when you invest inside an Isa. With £2,000, your instinct might be to google ' top cash savings accounts '. However, interest rates on savings are falling as banks and building societies react to Bank of England base rate cuts. With experts predicting two to four further rate cuts this year, it's unlikely your £2,000 will bring exciting returns - or even beat inflation - over time by sitting in a savings account. Once you have an easy-access pot of three to six months' wages for emergencies, putting your money to work in the stock market is generally a better bet for growing your wealth over the long term. When investing smaller amounts, it's worth keeping things simple - and keeping fees down. Zoe Brett, a financial planner at EQ Investors, recommends looking for a low-cost exchange traded fund (ETF) from a 'robo-adviser'. These automated online platforms use algorithms to match investment portfolios with your appetite for risk and investing goals, and usually track a particular market index like the FTSE 100 or S&P 500. Ms Brett says: 'These come with diversification built in as they represent the top companies within the area the index is tracking. They are also very cheap so a good starting point for investing where paying higher fees doesn't make sense.' £10,000: Diversify - but in the right way With £10,000 to invest, you could be tempted to take a more hands-on approach by researching and monitoring your own portfolio. DIY investing means you are in control of where your money goes, which can be fun - but you're also responsible for picking all your investments, diversifying and changing strategy when needed. Be honest with yourself here. Ms Brett explains that 'a quick Google search tells an alarming story of studies showing approximately 90 per cent of amateur investors lose money over the long term. This is a stark reminder that the risks of investing are real, and a thoughtful approach is a necessity.' If you'd rather leave things to the experts, then ready-made funds, which are collections of investments curated and managed for you by professionals, are a safer bet. A 'multi-asset' fund with a mix of equities (shares in companies) and bonds (loans usually from governments or corporations) is a good place to start. Equities tend to bring higher returns while bonds add stability - your attitude to risk will determine the ratio of these in your fund. Typically, multi-asset funds are actively managed by an experienced fund manager or team. Victoria Hasler, head of fund research at Hargreaves Lansdown, says: 'Here the manager makes decisions not just about which underlying shares and bonds to own, but also about which asset classes and in what proportions. It is an easy way to get exposure to a range of shares and bonds in one fund without having to make complicated asset allocation decisions yourself.' £20,000: Balance your risk and reward With the full ISA allowance to work with, you might feel you can afford to take a little more risk (with the potential reward of higher returns) with a portion of it. A strong approach here is to keep the foundation as above with passive and/or active funds as core holdings - then add in some specialist funds or individual stocks for diversification and extra growth. The ratio of these should depend on your attitude to risk and other factors such as your timeline for investing. However, as a guideline, you could look to allocate around 10 per cent of your portfolio to specialist funds and/or stocks. For specialist funds, Hasler suggests a US Smaller Companies fund given how Trump's tariffs could favour domestic businesses in the coming years. Or, this could be your chance to invest in AI or another modern theme with either a technology-focused fund - or by buying shares in companies leading this field (for example, Nvidia, Alphabet, or Microsoft). Whatever sparks your interest, investment research firm Morningstar recommends only investing in areas you understand and will want to stay invested in for the long term. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
