Best Intentions Meets are an opportunity for you to learn about new things, share your experiences, ask the “stupid not stupid” questions and most importantly to talk about money!
It is so important that we break down the taboo and talk about money more. We will realise there are so many people out there struggling with the same things as you... Or that you can share helpful advice with.
We are also about helpful real life advice...Things you can actually take away and do straight away that will help you build financial wellbeing!
We have a Best Intentions veteran sharing how her attitude towards money has changed since joining.
We also have Amelia, our resident foodie, who shared some amazing tips for reducing waste and saving money whilst cooking and eating scrummy food!!!
Onto the main event!
Many of you will have heard us talk about the importance of investing before but just to recap:
But remember this is just guidance not investment advice.
What do we mean by robo-advisors?
Robo-advisors have only really been around for the past decade but have really taken off in recent years. Before they came along we were really restricted on choice on how to get started on investing, but now there is a low cost, affordable option, where you can get started for as little as £1!
What are they?
Automated investing! So you don’t have to make any decision on where your money goes - great for people like us who don’t really know where to put our money!
How do I get one?
They will ask you about 10 questions to get a better understanding of your financial situation as well as your attitude towards risk.
Once they have got to know you a little better they will create a portfolio for you. Now don’t worry, these are created by experts and they know what they are doing.
Remember 3 key rules when it comes to investing.
Ones to look at:
Who is it for?
If you want to get your money working for you and you are fed up of losing money in savings accounts
If you want something simple
If you can afford to leave it for at least 5 years
If you don’t have any complicated tax situations or major life events (e.g. divorce or retirement) and can therefore take advantage of a simple and low cost solution, rather than paying huge amounts for a financial advisor.
Who is it not for?
If you need access the money soon
If you haven’t got an emergency fund
If you have credit card debt to pay off
If you need advice (You usually need £50k +)
How much does it cost?
They usually charge between 0.45%-0.75% dependent on how much you invest, you can end up paying between 1-3% for a financial advisor so it’s significantly cheaper.
Interview with Jemma
The lovely Jemma joined Best Intentions about 3 months ago and has been an awesome addition to the Best Intentions crew.
Before joining Best Intentions, I didn't really think about money that much. I worked in boarding schools as a teacher and most of my expenses were paid for so all the money I earned was my money, and that was a bit of a shock when I came to London!
What are you saving for?
I'm saving to pay off my credit card and I also want to go and visit a friend of mine in Thailand (when I can!). Plus further down the line I'd like to buy a property.
What do you spend money on?
I spend my money on playing hockey, socialising after the game and heading out for work drinks.
How has Best Intentions changed your attitude to money?
It's been brilliant. I never used to talk about it before, I just didn't find it a normal thing to do. But now I chat to work people about it, my hockey friends, my family. I feel so much more in control of my money than I did before.
What have you learned at Best Intentions that you want to share with the world (top tip)?
Pay yourself first! As soon as I get paid, I move money into a separate account that I don't have a card for and I don't have online banking for, so I physically have to walk into the branch to get my money!
The Frugal Foodie's Top Tip:
If you have leftover fresh herbs, get an ice tray, put the herbs in, add some olive oil, pop it in the freezer and voila!!!!
