The energy price cap rise, National Insurance increase, inflation and a variety of other increases could see many Britons in a treacherous financia
The energy price cap rise, National Insurance increase, inflation and a variety of other increases could see many Britons in a treacherous financial situation by the end of the year. However, being savvy from the start of a crisis could help pennies stretch a little bit further and give households the breathing room they need to stay afloat.
Mr Komolafe was formerly a Fortune 100 executive but, being dismayed at the lack of financial knowledge in especially younger generations, he created Conversations of Money.
Now a successful YouTube channel, podcast and range of finance courses, Conversations of Money has grown from success to success, following Mr Komolafe’s passion to share his financial knowledge to help others better their own.
He shared some vital tips to help Britons stay afloat this April exclusively with Express.co.uk.
Mr Komolafe began with a concerning revelation saying: “As a nation, we are facing the worst fall in disposable income since the 1950s and as households, these present difficult decisions and a tighten of the preverbal belt.”
He warned: “There is no silver bullet to fix this universally, however, there are things we can do starting with my first tip.”
Mr Komolafe recommended Britons take a look at their last six months’ worth of bank statements and “meticulously go over your outgoings”.
He said: “Look for subscription services linked to your debit cards that go out on yearly, half yearly or on a quarterly basis. These items often fall through the cracks and can cost hundreds of pounds if overlooked.
“Also pay attention to any monthly outgoings that you’re not fully utilising and make cut where needed.”
Round up transactions
He explained: “When you’re doing your weekly shop at Tesco and the bill comes to £49.76. The remaining 42p could be rounded up into a savings account.
“If you bank with Starling Bank or NatWest, this feature is a function within their app. It’s amazing how quickly the odd 10p here or 44p there can accumulate to larger amounts in a relatively short space of time. This is a great way to help make every penny go that little bit further.”
With interest rates remaining at a record low for so long, debtors were in for a tumble when they shot back up, with the Bank of England making three increases to the base rate in less than six months.
Because of this, Mr Komolafe suggested credit card holders consider a zero percent balance transfer if they have a good credit score.
He shared: “Now more than ever, checking to see what interest you’re paying and making a move could save you hundreds of pounds a year. The limit you will be offered depends on several factors. If you have a poor credit score, watch this video for how to improve your credit score.”
A dismal aspect of inflation and devastating impact of the Russian invasion of Ukraine is skyrocketing petrol prices, but Mr Komolafe brought to light a unique hack that could save Britons on their costly tanks.
“Use apps or websites like PetrolPrices.com to find the cheapest petrol prices locally. You’ll need to be proactive and plan ahead but as of the time of writing this, PetrolPrices.com have 98 percent of the petrol stations in the UK listed. They’ve been going for over 10 years and their app is now available to use on the go for free.”
Remember the rebate
Mr Komolafe reminded Britons to ensure they receive their dues promised by the Chancellor: “Rishi Sunak, back in February announced a £150 rebate on council tax. If you pay your council tax by direct debit, £150 will automatically be credited to your bank account. If you pay your council in one go, you will have to claim the rebate with your local council directly.”