Back to school
And resisting the urge to buy new stationery.
It’s the first of September, and, I don’t know about you, but I’m feeling that ‘back to school energy.’
For students, children or parents, now is when a new year begins.
But even for everyone else, now is an opportunity to harness a shift in energy.
Seasonally, summer is winding down and we head into hibernation and reflection, mode, punctuated with religious festivals (Diwali, Yom Kippur, Christmas and many more), and the typical end of calendar year break.
It’s a natural point to reflect, redirect, plan and do.
Why not take this time to check in with the sort of life you want to create, how you spend your time and energy, and the things you want to put in place? Tap into all that’s inspired you this year.
It could even be a time to invest in a beautiful journal that can act as a home for all of these thoughts and ideas...1
1. Half of women ‘expect to run out of money in retirement’
In a survey of 2,000 UK women, 12% of working women had reduced their pension contributions in the past year. That’s one in 10.
Why?
51% said it was because there was no money left after spending money on essential expenditure (housing, childcare, bills)
22% said it was because they were directing the money towards savings goals, such as buying a home
Pension reductions averaged at £173 per month (over £2,000 a year, and if you think about that, over a 20 year period, with a relatively conservative growth rate of 6%, that would equate to over £7.7k lost).
Other big stats:
The average pension pot of a non-retired woman was worth £42,600 — nearly 45 per cent less than the average non-retired man, with a pot worth £76,700
Among younger adults aged 18-34, men’s pension savings are nearly double that of women
And this is for working women. For those who have taken time out from working to raise a family, these numbers are going to be more extreme. It’s one of the reasons why it’s always good for the earning parent to be contributing to the low or non-earner’s pension pots during these breaks.
2. Loyalty discounts aren't always as good as they appear
In recent years, the ‘member’s price’ has appeared in most big shops. You know the one; there’s one price for everyone, but a special, discounted price for people who are member’s of the shop’s loyalty scheme - usually highlighted in a bright colour so you can’t miss it.
Over half of shoppers are suspicious of these discounts. “The price charged for members seems to be pretty much the standard price on many occasions, whereas the non-member price is just a rip-off.”
Which? did some research which found:
Prices are commonly increased between a few days or a month before the ‘member price’ promotion appears
Non-member prices are often higher than charged for the same product in another shop
Although there’s a sense of urgency generated by these offers, loyalty prices are often cyclical – disappearing and then reappearing again regularly
Loyalty schemes aren’t all bad, and you can save more as a member than as a non-member. But, the most important thing to remember is this: Don’t be tempted to buy things you wouldn’t otherwise have bought, just because the saving looks impressive.
3. How to network without giving yourself the ick
Networking rubs us up the wrong way because self-promotion and asking people for anything usually feels gross.
But it’s how you:
Hear about jobs before they get advertised
Get access to freelance opportunities - especially when they need someone quickly
Get speaking opportunities
Learn about development opportunities and pathways
Meet interesting people!
The tips in this article are short and pretty self-explanatory:
I’d also add that reframing ‘networking’ is super helpful. Don’t think of a networking event, after work, with cheap wine and name badges. Do think of it as coffees or breakfasts (or even Zoom chats) with people you know well, vaguely know or haven’t met before.
September and October are good months for networking; people have more energy after the summer and want to make things happen before the end of the year.
✨ Other things! ✨
MONEY
Women who are driving alone or with their children are more likely to be targeted by crash for cash moped scammers - this is when they deliberately crash into other vehicles to extort cash or make victims admit fault to get insurance money 😡
LIFE
A ‘happiness recession;’ more 15-year-olds are reporting low life satisfaction in the UK than anywhere else in Europe 😕
Chappell Roan is right to challenge people’s expectations of celebrities’ time
In a sped-up world, it’s becoming a luxury to slow down
The big UK personal finance news is that we have a Budget on 30 October, where tax rises will be announced. People think capital gains tax and inheritance tax are the two big candidates for this (since the government has ruled out income tax and a few others).
I’m not into speculating but over the coming weeks will break down what these taxes are, how they work, and how they likely affect you (or will affect you in the future.
‘Cos they kinda feel like things that affect only wealthy people, but, alas, they don’t.
On Saturday, it’s a special edition of Money Brunch focused on the ever-elusive concept of ‘passive income.’ Register to attend!
Know someone who would enjoy this in their inbox on a Sunday morning?
Or start using one of the many blank notebooks sitting in your drawers before spending money unnecessarily… 🙈