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Episode 488 Podcast Summary
Ways to get the most out of Money to the Masses
Summary:
In this section of the podcast, we highlight the various resources and tools available on the Money to the Masses website beyond just the podcast, including our best buy comparison tables, the 8020 Investor service for DIY investing, our free budgeting planner, Money MOT and more. We encourage listeners to engage with the show by leaving reviews, sharing it with friends, and using the dedicated podcast page to access exclusive deals. Listeners can show their support by following Money to the Masses on social media channels like YouTube, TikTok, and Instagram, where we share unique content and updates not shared on the podcast.
Key Insights:
- The Money to the Masses website offers a wide range of resources beyond the podcast, including comparison tables, investment tools, and budgeting aids
- Listeners can support the show by using the podcast listener page to access exclusive deals
- Following Money to the Masses on social media channels provides access to unique content and other updates not shared on the podcast
How I made over £1k in a year without even trying
Summary:
In this section, I revealed how I was able to accumulate over £1,000 in a year through a combination of passive savings methods. This included using the Moneybox app to take advantage of its "double roundup" feature, which automatically transferred small amounts from his spending into a savings account. I also earned significant cashback, over £360, by using an American Express credit card with a generous introductory offer. Additionally, I utilized the Jam Doughnut app to earn cashback on my regular purchases, making £145 in just 4 months. These were all relatively effortless ways to boost my savings without having to actively seek out deals or make major changes to my spending habits.
Key Insights:
- I used the Moneybox app's "double roundup" feature to automatically transfer small amounts into savings
- I earned over £360 in cashback from an American Express credit card with a lucrative introductory offer
- The Jam Doughnut app enabled me to earn cashback on my regular purchases, netting me £145 in 4 months
- I was able to accumulate over £1,000 in savings through these passive, low-effort methods
The steps to take to achieve financial independence
Summary:
In the final section, I provide a comprehensive checklist of steps listeners can take to work towards financial independence. The first step is to create a detailed spending plan and review all direct debits to identify any unnecessary expenses. Next, I emphasise the importance of removing reliance on credit, building a small emergency fund, and enrolling in a workplace pension. I then recommend focusing on clearing high-interest debt using the snowball method, before expanding the emergency fund to cover 6-12 months of expenses. The checklist also includes funding short-term goals and investing for the long-term, as well as the crucial step of creating a "black book" to document all personal financial information in one place.
Key Insights:
- Create a detailed spending plan and review direct debits to cut unnecessary expenses
- Remove reliance on credit and build a small emergency fund
- Enroll in a workplace pension and start clearing high-interest debt
- Expand the emergency fund to cover 6-12 months of expenses
- Fund short-term goals and invest for the long-term
- Compile a "black book" to document all personal financial information
Episode quiz
Questions
- Which of the following is a benefit of listening to the Money to the Masses podcast on Spotify?
a) Ability to watch the video version of the podcast
b) Easier to switch between devices when listening
c) Helps support the show
d) All of the above - Which app did Damien use to earn £145 in 4 months through cashback?
a) Top Cashback
b) Jam Doughnut
c) Airtime Rewards
d) Shopmium - What was the total amount of money Damien was able to save/earn without much effort?
a) £978.79
b) £1,055.46
c) £1,072.22
d) £1,088.33 - What is the recommended size of an emergency fund according to Damien's checklist?
a) 1-3 months of expenses
b) 3-6 months of expenses
c) 6-12 months of expenses
d) 12-24 months of expenses - What is the first step in Damien's checklist towards financial independence?
a) Create a spending plan
b) Pay off high-interest debt
c) Invest for retirement
d) Build an emergency fund
Answers
- d) All of the above
- b) Jam Doughnut
- c) £1,072.22
- c) 6-12 months of expenses
- a) Create a spending plan
Resources
Links referred to in the podcast:
- The Money to the Masses Homepage
- Dedicated podcast page - Help support the show
- 80 20 Investor
- Money MOT
- Deals Page
- Sign up to the free weekly newsletter
- Money saving guide
- FREE budget planner
- Best Mortgage Rates in the UK
- Best Savings Rates in the UK
- Best Savings Challenges
- Jam Doughnut review
- Which is the best cashback credit card?
- Build your own black book - MTTM Podcast episode 304
- Create your own Black Book (PDF)
- Best budgeting apps in the UK
- The snowball method of repaying debt
- The best online will writing services
