On 2 April 2025, US President Donald Trump unveiled his ‘Liberation Day’ tariffs, a sweeping set of import taxes aimed at reshaping global trade and boosting American manufacturing.

The UK has been hit with a blanket 10% tariff on all imports to the US, with varying tariffs on particular industries such as automotive and pharmaceuticals – both significant exports for the UK economy.

Other countries and regions have been slapped with much higher rates, such as 20% on the EU and 34% on China. Considering the heavily interwoven nature of the global economy and supply chains, this could have significant effects on the UK regardless.

Here’s how it could impact your wallet, from the global economy to your investments and everyday costs.

The global economy

Trump’s tariffs signal a retreat from decades of globalisation, targeting countries with trade surpluses and imposing costs on imports.

Economists warn this could slow global trade volumes, a key driver of economic growth. For the UK, an open economy reliant on international trade, this isn’t just a distant concern.

If major trading partners such as the US, EU, or China stumble into recessions – or retaliate with their own tariffs – demand for British exports could weaken, indirectly hitting jobs and growth here.

Much also depends on how the UK Government responds to the tariffs. If it chooses not to retaliate it could dampen the overall impact. Tariffs affect the buyer country – this means US consumers will end up footing the bill for their imports. UK consumers will only be hit upfront if the UK Government chooses to impose retaliatory tariffs.

If the UK maintains a low-tariff environment on its imports it could also prove a favourable alternative market for countries such as China, which could have a positive impact on prices as surplus goods come here instead.

Further, with the EU – a closely associated economic bloc – could see some companies look to base in the UK due to its more favourable tariff levels with the US. This could be good for UK growth and employment.

More from Edmund Greaves

Investments: uncertainty hits the markets

If you’ve got money in stocks or pensions, brace for turbulence.

Global markets shuddered after Trump’s announcement, with US stock futures dropping sharply and European indices like the FTSE 100 feeling the strain.

This is down to a mixture of effects. Tariffs could dent corporate profits, especially for firms reliant on international supply chains- think carmakers or manufacturers.

However, there’s a silver lining: if the UK dodges the worst of Trump’s wrath, some investors might see Britain as a relative safe haven, potentially boosting demand for UK assets.

Still, higher borrowing costs and trade war fears could weigh on your portfolio’s value in the short term. As ever, diversification is important, as is not panicking in the face of short-term turmoil.

Inflation and interest rates: a global price push

Across the Atlantic, Trump’s tariffs are set to hike prices for American consumers as importers pass on costs.

This matters for Brits because global inflation tends to spill over. If US interest rates stay high to combat this – thanks to the Federal Reserve’s mission to fight inflation – global borrowing costs could rise too.

Higher US rates often push up yields on UK Government bonds (gilts), increasing the cost of everything from mortgages to Government debt.

For Brits, this could mean pricier loans or credit card bills if the Bank of England is forced to follow suit.

UK economy, inflation, and interest rates: a mixed bag

The UK’s direct hit is a 10% tariff on exports to the US, our largest single-country market for goods such as cars. This could cost jobs and slow growth in these major sectors and lead to higher inflation levels thanks to a strong dollar.

Yet, there’s a twist: if US tariffs divert cheap goods (such as Chinese steel) to the UK, prices for some items could fall, easing inflation in some areas.

The picture here is very murky, which is why investment markets are responding very nervously. We won’t know the full effect of the Trump tariffs on the UK economy for some time.

It is clear though that the UK is facing major challenges already – this clearly isn’t going to help.

What can you do?

Trump’s tariffs are a gamble with global stakes, and our personal finances aren’t immune.

Keep an eye on your investments – ensure your risk is spread carefully across sectors or regions less exposed to trade wars.

If inflation creeps up, locking in fixed-rate deals on loans or savings could shield you from rising costs. And while the UK Government negotiates to soften the blow, staying informed will help you navigate the uncertainty.

Liberation Day may be Trump’s vision, but its fallout is everyone’s reality. Keep a cool head in the meantime.

This article is for informational purposes only and should not be considered financial advice. If in doubt, seek professional advice.

Photo credits: Pexels

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As Christmas approaches, many of us are feeling the pinch, with the cost of gifts, food and festivities adding up. And that’s before you even factor in the rising cost of living, tax increases, benefit cuts, and so on.

Fortunately there are many ways to boost your income in the weeks leading up to the big day.

Whether you’re looking to save for gifts, pay off bills or simply enjoy a more relaxed holiday season, here are some ideas to help you generate extra cash.

1. Take on seasonal work

One of the most straightforward ways to earn extra money is taking on seasonal work. 

Many retailers, supermarkets and delivery services hire additional staff to cope with the Christmas rush. These roles often include flexible hours, making them suitable for those who already have a full-time job or other commitments. 

Retail work: High street shops, supermarkets, and shopping centres are always on the lookout for extra hands during the festive period. Roles might include working on the shop floor, stock replenishment or assisting with customer service.

Warehouse and delivery jobs: With the surge in online shopping, companies like Amazon, Royal Mail and other courier services ramp up their staffing. Positions in warehouses and delivery driving are in high demand and can pay well, especially if you’re willing to work unsociable hours.

Hospitality and events: Pubs, restaurants and event venues also require additional staff during the Christmas period. If you’re good with people and enjoy a lively atmosphere, these roles can be both fun and financially rewarding.

• Be aware that competition for seasonal work can be fierce, so start applying as early as possible, and ensure you have plenty of irons in the fire.

2. Sell unwanted items on eBay

Another great way to raise funds is by decluttering your home and selling unwanted items online. eBay is a popular platform and with millions of users it’s an excellent place to turn your unused belongings into cash.

Clothing and accessories: If you have clothes that you no longer wear, especially branded or designer items, these can sell well on eBay and similar sites. Take clear photos, write detailed descriptions, and be honest about the condition to attract buyers.

Electronics and gadgets: Old phones, tablets, or gaming consoles that are gathering dust could fetch a good price. Just be sure to wipe all personal data before selling. For more tips, see my recent Mouthy Money article.

Toys and games: With Christmas approaching, parents are often on the lookout for bargains. If your children have outgrown their toys or games, now is the perfect time to sell them.

Books, DVDs and collectibles: Niche items like collector’s editions or rare finds can attract considerable interest. But even commonplace products can sell well if you bundle them together.

3. Rent out a spare room or parking space

If you have a spare room in your home, consider renting it out on a short-term basis through platforms like Airbnb. With people travelling to visit family during the festive season, there’s often a high demand for accommodation. If you live in a city or near a popular attraction, this can be a particularly lucrative option.

Similarly, if you have a parking space you’re not using, you could rent it out via a website such as JustPark (as discussed in this article). This is especially profitable if you live near a city centre, train station or sports/entertainment venue where parking is limited.

4. Take online surveys and participate in market research

While not a huge money-maker, taking online surveys or participating in market research can be an easy and enjoyable way to make a bit of extra cash in the run-up to Christmas.

Sites such as Swagbucks, Prolific, and YouGov reward you for giving your opinion on various topics (as discussed in this recent article on Mouthy Money).

Some market research companies (e.g. People for Research) also look for participants for focus groups or product testing, which can pay quite well for a few hours of your time.

5. Offer freelance services

If you have skills in writing, graphic design, web development or social media management, consider offering your services on a freelance basis.

Websites such as Upwork, Fiverr, and PeoplePerHour allow you to advertise your skills and connect with potential clients. This option is flexible, allowing you to work as much or as little as you like, fitting around your schedule.

6. Do Christmas crafting and baking

If you’re crafty or enjoy baking, you could create handmade Christmas decorations, cards or baked goods to sell at local markets or online.

There’s a strong demand for unique, handmade items during the festive season. Platforms like Etsy can help you reach a wider audience.

7. Offer pet sitting or dog walking

If you’re an animal lover, pet sitting or dog walking can be a fun way to earn extra money.

Many people travel during the holiday season and need someone to look after their animals. Platforms such as Rover or Pawshake make it easy to find clients in your area.

8. Use cashback and reward apps

While it’s not exactly an extra income stream, using cashback and reward apps like TopCashback, Quidco or Shopmium can help you save money on purchases (e.g. Christmas gifts) you’re already planning to make. Some even offer bonuses for referring friends, which can be a handy extra earner. 

9. Rent out your car

If you own a car but don’t use it all the time, consider renting it to others through platforms like Turo or Getaround.

This can be a great way to earn passive income, especially if you’re not using your vehicle during the day or over the weekend.

With more people travelling for Christmas and New Year, demand for rental cars increases, making it a particularly opportune time to rent out your vehicle.

10. Become a mystery shopper

If you enjoy shopping and have a keen eye for detail, becoming a mystery shopper can be a fun and lucrative way to earn extra money. 

Mystery shoppers are hired by companies to evaluate the quality of service in their stores, restaurants or other businesses. Your task will typically involve visiting a shop and making a purchase and then providing feedback on your experience.

There are several companies that recruit mystery shoppers, e.g. Market Force and Grass Roots. Assignments vary in what they pay, depending on the complexity and time required. In some cases you aren’t paid a fee but are given a budget and are allowed to keep whatever you buy with this.

Mystery shopping allows you to combine earning extra cash with your everyday activities, making it an enjoyable and flexible way to supplement your income in the run-up to Christmas.

Closing thoughts

As you can see, boosting your income before Christmas doesn’t have to be stressful or even particularly time-consuming. By exploring the options set out above, you can find a method that suits your lifestyle and helps you to achieve your financial goals. 

Whether it’s taking a temporary job, selling unwanted items or offering a service, there are lots of ways to generate extra cash and enjoy a more financially comfortable festive season.

Here’s wishing you a very happy Christmas and a prosperous new year!

As always, if you have any comments to share about this article, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo credits: Pexels

The post 10 ways to boost your bank balance in the run-up to Christmas appeared first on Mouthy Money.

Due partly to the pandemic and lockdowns, many people now work from home some or all of the time. And many others now run home-based businesses or are considering setting one up.

Working from home (for those whose jobs make it feasible) has become a widely accepted part of the modern work landscape. While it offers unparalleled flexibility – not to mention time and money savings – it can also present some unique challenges. 

I have been working from home for over 30 years now, so in this article I thought I’d set out my top ten tips based on my experience. If you have recently started working from home, or expect to do so in future, I hope you might find this helpful.

These tips apply equally if you’re working for an employer or running a home-based business of the type often discussed in Mouthy Money.

1. Create a dedicated workspace

Designate a specific area in your home for work. Ideally this could be a separate study or office, but at least a quiet corner where you can set up your equipment and files and not have to pack everything away at the end of the day. Growing numbers of people now use garden sheds or extensions for home working, and this can be a good solution as well. 

Whether it’s a spare room or just a corner of your living room, having a dedicated workspace helps establish boundaries and signals to your brain that it is time to work.

2. Stick to a routine

Maintaining a regular schedule can significantly boost your productivity. Start your day at the same time, get dressed as if you were going to the office, and set clear working hours. This routine helps create a sense of normalcy and discipline. This is especially important when you are first starting out in WFH.

3. Take regular breaks

It’s essential to take breaks to avoid burnout. The Pomodoro Technique, which involves working for 25 minutes and then taking a 5-minute break, can be very effective. Use these breaks to stretch, grab a healthy snack or take a short walk. 

4. Stay connected

Isolation can be a significant drawback of working from home. This can be especially challenging if you are used to (and enjoy) having colleagues to talk to. Build some social interactions into every day if possible – ideally face to face, but at least via the phone and/or social media.

If you’re working from home for an employer, communicate regularly with your colleagues through video calls, instant messaging or virtual coffee breaks. Staying connected helps maintain team spirit and reduces feelings of loneliness. It can also offer opportunities to bounce ideas around and gain different perspectives on problems.

5. Set clear boundaries

Establish boundaries with family or housemates to minimise interruptions during work hours. Communicate your schedule and set up a system for when you can and cannot be disturbed.

6. Invest in quality equipment

A comfortable chair, a reliable computer, and a good internet connection are crucial. Ergonomic furniture can prevent back and neck pain, and a fast internet connection ensures you can participate in virtual meetings without interruptions. 

Obviously if you are working for an employer they should assist with this. But if you are running your own business you can at least claim the cost against taxable income. A good accountant will advise you about this.

7. Manage your time effectively

Prioritise tasks and set clear goals for each day. Tools like Trello, Asana, or even just a simple to-do list can help keep you on track. Time management techniques, such as time blocking, can also help in making the most of your day.

8. Maintain a healthy work-life balance

Working from home can blur the lines between work and personal life. Make it a point to log off at the end of your working day and engage in activities that help you relax and recharge, such as reading, exercising or spending time with friends and family.

9. Keep learning and upgrading your skills

Use the time saved on commuting to invest in professional development. Online courses, webinars and virtual workshops can help you acquire new skills and stay competitive in your field.

10. Practise self-care

Mental and physical health should be a priority. Incorporate activities like meditation, yoga or simple breathing exercises into your daily routine. Take regular exercise and get out in the fresh air. Ensure you get enough sleep, eat a balanced diet and stay hydrated.

By applying these tips, you can create a productive and balanced work-from-home environment. Embrace the flexibility WFH offers, while taking steps to maintain your personal well-being and professional efficiency.

As always, if you have any comments on this article, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo credits: Pexels

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If you’re lucky enough to have a garden, did you know that as well as being a relaxing haven for you and your family, it can make you money as well?

Below I have set out seven ways you can make money from your garden. None of these is likely to make you a fortune, but they can all help your finances stretch further in these challenging times.

1. Grow and sell produce

One of the most traditional and rewarding ways to make money from your garden is by growing fruits, vegetables and herbs. 

The demand for organic, locally-grown produce is high. You can sell your harvest at local farmers’ markets, directly to consumers through a roadside stand, or via online platforms such as Facebook Marketplace, NextDoor or local community groups. And, of course, you can save money too by using produce from your garden yourself.

Tips

• Focus on high-demand crops like tomatoes, leafy greens, and berries.
• Consider growing unique or heirloom varieties that are harder to find in supermarkets.
• Implement succession planting to ensure a steady supply of produce throughout the growing season.

2. Set up a plant nursery

If you have a knack for nurturing plants and seeds, consider starting a small nursery. You can propagate popular plants, flowers and shrubs to sell. This could be anything from bedding plants for gardens to houseplants for indoor gardeners.

Herbs and herbal products such as teas, essential oils and skincare items can also be profitable. The demand for natural and organic products continues to grow, providing a steady market for such items.

Tips

• Offer a mix of common and rare plants to attract a wider customer base.
• Use social media to market your plants and share gardening tips.
• Host seasonal plant sales or pop-up events to draw in local customers.

3. Take up beekeeping

Beekeeping can be a profitable venture, especially with the rising awareness of bee conservation. Honey, beeswax and other hive products such as propolis and royal jelly have a ready market. The British Beekeepers Association is a great source of advice and information.

Read more from Nick Daws on Mouthy Money

Tips

• Check local regulations and obtain necessary permits for beekeeping.
• Attend beekeeping courses to learn the best practices.
• Market your honey and hive products at local farmers’ markets, health food stores, and online.

4. Rent out your garden space

For those with picturesque or spacious gardens, renting out your space for events such as weddings, photoshoots or workshops can be a lucrative option. 

Additionally, platforms like Airbnb Experiences allow you to host garden tours or educational sessions about gardening, beekeeping or sustainable living. You could also host outdoor events not directly related to gardening, such as yoga or art classes.

Tips

• Ensure your garden is well-maintained and appealing.
• Create a detailed listing with high-quality photos and descriptions.
• Provide additional services like catering or event planning to increase your income.

5. Create a garden blog or YouTube channel

If you enjoy sharing your gardening experiences and knowledge, starting a blog or YouTube channel can be both fun and profitable. By building a following, you can earn through ads, sponsorships and affiliate marketing.

Tips

• Choose a niche you are passionate and knowledgeable about, such as organic gardening, urban farming or DIY garden projects.
• Post consistently and engage with your audience.
• Collaborate with other bloggers or YouTubers to expand your reach.

6. Invite campers

If you have the space, consider renting out your garden (or part of it) as a camping – or glamping – location. 

You could offer pitches for tents or vehicles such as campervans and motorhomes. You could also offer outdoor accommodation in your garden, such as bell tents, yurts, tree houses, and so on.

Tips

• If you can offer additional facilities such as washrooms, cooking facilities or even cooked breakfasts, you will attract more visitors and be able to charge more.
• Check with your local authority whether any permits are required – rules vary from area to area,
• Advertise on websites such as Campspace and Hipcamp. They will take bookings on your behalf and ensure you get paid for every visitor. They can also advise on what to charge.

7. Share your expertise

If you are genuinely knowledgeable about gardening, you can turn this to profit in various ways. One is by offering garden design and consultancy services. Many people want beautiful gardens but lack the time and expertise to create them. By providing design plans, planting advice and even maintenance services, you can help clients achieve their dream gardens.

Another option is giving talks about gardening. There are plenty of organisations that hire guest speakers on subjects including gardening. Examples would include local Women’s Institutes, retirement clubs and U3A (University of the Third Age) groups. You could prepare talks on a variety of subjects, illustrated with slides or photos, and charge a set fee for giving them. Aim for about an hour per talk.

Tips

• For design and consultancy services, create a portfolio showcasing past projects and designs.
• Stay updated on the latest gardening trends and sustainable practices.
• Network with local garden centres and landscapers to find potential clients and collaborations.

Closing thoughts

Turning your garden into a source of income may require some initial research and investment, but the rewards can be substantial. 

Not only can you make some extra cash, you will also get the satisfaction of working with nature and contributing to your community’s well-being. 

• If you earn under £1,000 (gross) from your garden in a year, you won’t even have to declare it to HMRC or pay tax on it. This is normally covered under the Tax-Free Trading Allowance.

Whether you’re an experienced gardener or a novice, there really are multiple money-making opportunities waiting to be explored right there in your own backyard. 

Happy gardening, and good luck with all your green ventures!

As always, if you have any comments to share about this post, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo credits: Pexels

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In this instalment of his monthly column, “Diary of an SME Owner”, Michael Taggart continues to tell all about the highs and lows of relaunching and running a tea company, MDTea, alongside his wife, Helen. 

This month, Michael gets hooked on a new tea, lands a big client and wears out some shoe leather on a day of face-to-face sales. 

February 3rd 

Part of the joy of running a tea company is getting high on your own supply. So enamoured have I become with one of our Japanese senchas, I’ve consumed far more of it than we’ve sold.

It’s a variety called ‘gyokuro’ and is grown in the shade, making its leaves thirst for light. As a result, those little guys pile on the chlorophyll, like a weightlifter loading on carbs, the better to grease the cogs of photosynthesis in their twilight world.  

The result is a vivid green leaf (‘gyokuro’ is Japanese for ‘jade dew’) and an exquisite seaweedy taste. And there’s more – this magic brew seems to have seen off my lifelong need for midmorning snacks (I did not choose tight trousers; they chose me), making it much easier to swerve Greggs on my regular trips to the Post Office. 
 
The icing on the cake? We’re buying our gyokuro for only £14 per kilo, softening the commercial hit my habit inflicts on MDTea. Therefore, anyone hoping to catch this diarist in a good mood, should seek me at 9.30 on weekday mornings. That’s when I have my gyokuro in hand. 

February 7th 

Up here in the rarefied air of the management suite, Helen and I have always divided our roles so that she is in charge of ‘product’, while I direct MDTea’s sales and marketing efforts. So Helen and I have responsibility for devising, respectively, product innovations and client acquisition strategies that can be tested down there on the factory floor (yes, that’s also us). 

Accordingly, I’ve come up with the idea of abandoning our phones and laptops for a day and doing some face-to-face sales. As any musician knows, there’s only so much you can learn from jamming in a garage. If you want to improve your technique and learn what your fans love, you gotta hit the road. So that’s what we’re doing. We’re going on tour. 

While we’ve had reasonable success so far in prospecting with emails, calls, and online marketing, we’re changing tack for a day. To be precise, we’re going to a neighbouring town, Eastbourne, to drop off samples of tea. We want to see if we can catch senior managers and owners of hotels and entertainment venues at a good moment and charm them in person. The date we’ve set is February 28th, giving ourselves three weeks to contact prospects ahead of time so they’re already warm when we arrive. 

February 12th 

Woop! Pop open the corks, dance the jig, ring the New Client Bell and feel free to generally act like a dick for a few minutes! As I’m sure I’ve said before, there’s a gargantuan hunk of luck behind business success but you still have to ride it.

Which is exactly what Helen did when she called the catering manager of a major new tourist venue that’s opening fully in spring – an art deco lido with various restaurants and airstreams.

It turned out she’d caught him at the perfect moment and within hours, and a bit of negotiation, we had secured the business. They’re a famous venue here on the south coast and should be a fabulous client.  

February 17th 

Business leaders say there’s “smart wrong” and “stupid wrong”. An example of the former might be to make a considered decision to ignore a consumer trend, thinking it won’t catch on, only for your competitors to make a prolonged profit from that same trend.

Stupid wrong, on the other hand, might be failing to understand features of your own products. Turns out the gyokuro I’ve been selfishly quaffing is costing us £140 per kilo, not the £14 per kilo described above. I read it wrong. It also turns out that any fool would know that gyokuro is expensive.

That’s why Helen does product and I do sales & marketing.

We are at the frosty peak of Mount Stupid here, having vacated the balmy shores of Smart Bay a long, long time ago. My dreams have unravelled, like cheap twine.  

February 28nd 

To Eastbourne for our day of sales! We put Brighton in the wing mirrors of our VW campervan at 8am, giving us time to call in at our new client’s venue on the way to drop off their first order.

We ended up meeting the entire serving team and delivered an impromptu training session in a sparkling new commercial kitchen. My god, it was beautiful! And the enthusiasm in the room was even more impressive.

I’ve been a marketeer in local authority services, finance and tech and it’s liberating finally to be selling a product that people are genuinely interested in – that they can touch, taste and sniff. My cup runneth over!  

By midday, we were in Eastbourne hoping to ride more luck. Predictably, we hadn’t done the pre-contacting phase of Operation Tea On Tour. So no-one knew we were coming. If you want to make God laugh, tell him your plans, etc. No matter! 

Over three hours, we spoke to nine managers and owners and dropped off as many sample boxes. Everyone we spoke to was friendly and interested and I’d say we have at least three very good leads to follow up.  

I wrote earlier this month (and have long believed) that the road to business success is paved with luck – but is there even such a destination as ‘success’? People who believe it lies at the end of a business journey often find that, when they get there, they’re in a Potemkin village of possessions and property they never really wanted. 

Maybe success is like a walk to the horizon – you never get there. I prefer a third idea: that if you travel with a smile and a song, the success begins as soon as you set out. Helen and I are building something together and that’s the destination; we’re already there.  

At one moment today, we were in the rain-lashed VW, doing silly voices and laughing about the pleasant absurdity of our day and, in fact, of our lives. Fate may laugh at our schemes – but the striving together is its own reward.  

The post Diary of an SME Owner: Eastbourne to be wild   appeared first on Mouthy Money.

Investing can be a fraught experience for anyone just getting started.

It pays to use as much information as is possible to make the best decisions you can for your long-term financial future.

We’ve got a great deal for you from investment insights service Finimize to help you obtain the best information possible about investing.

How to get the deal

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You can get an annual subscription to Finimize for just £27, down from £59 – a whopping 55% discount.

Finimize has a website chock full of insights around investment markets, and a great app for you to check on the go.

The firm on a mission to empower everyone to become their own financial adviser, ultimately increasing the net worth of an entire generation.

Finimize was created in 2016 by people who previously set up $100 million businesses, were nominated to Forbes’ “30 Under 30″ list, and worked at Barclays, Goldman Sachs, Facebook, Google, and many others.

The boffins at Finimize have been advised and funded by some of the brightest minds in the industry and in 2021 the firm joined abrdn to turbo-power its mission even further.

What’s the catch?

No catch, you’ll really only pay £27 for an annual subscription to the service. Just note that after the first year, you’ll renew at the full price which is currently £59.

To find out more and get the deal, visit the Finimize website.

All ideas expressed in this article are for informational purposes only. If you have a complex investment-related issue then it can be worth seeking financial advice to establish a solution. Sites such as Unbiased.co.uk list advisers who can help.

This article contains affiliate links. Affiliate links have no bearing on the editorial stance of Mouthy Money, but do help us fund our journalism and information we provide to readers.

Photo Credits: Finimize website

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What is lifestyle creep exactly? When I first heard the term, I realised it perfectly described a situation I had experienced when I was younger.

The more I earned, the more I seemed to spend! I had nothing to show for my increased income apart from more outgoings. 

Lifestyle creep happens when your income increases, your standard of living improves and things that you once considered luxuries or treats gradually become necessities.

While I am not suggesting that you never treat yourself or allow yourself to spend on things that add value to your life, lifestyle creep can stop you from achieving financial goals that may be within your reach if you manage your money effectively.

Flicking a mental switch

For example, you may have already planned a holiday. However, lifestyle creep is the inner voice that tells you that you can not only upgrade your hotel room but, rather than lying by the pool relaxing as you initially planned, you can also book some treatments in the spa, hire a car and go on loads of excursions.

Lifestyle creep can sneak up on you so that you develop a taste for the finer things in life. Your new job or pay rise may mean you can finally afford to join a fancy gym, and that’s a just reward.

However, be aware of mentally flicking a switch that allows you to spend more freely without having a plan for your money. A bigger home, a better car, designer clothes, and meals in upmarket restaurants are fantastic, but can you afford it all?

Lifestyle creep can lead to bigger debts to match your larger income. It doesn’t matter how big your salary is, the old adage always applies. If you spend more than you earn, you can quickly find yourself in trouble.

As Mr Micawber says in David Copperfield, “Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

How can you avoid lifestyle creep?

Create a budget

Budgets may seem dull as dishwater, but half an hour spent setting one up and a few minutes here and there reviewing it can pay dividends.

Work out all your monthly income alongside all of your outgoings. Track your discretionary spending over the past few months to help you set a realistic budget for this and cut down on unnecessary expenditures.

Your budget should allow money for treats and fun. This way, you can reward yourself for your hard work and success whilst ensuring all your expenses are covered and you are moving towards your goals.

This article may be helpful to get you started with creating a budget.

Have a plan for your money

Know what your goals are for your money. If you want to pay off your mortgage as quickly as possible, buy a new car or save for a home deposit, allowing large amounts of income to trickle away will soon sabotage your dreams.

Decide what your financial goals are and organise yourself and your budget to make them happen. Set up automatic payments so that money goes into savings and investments, your pension, or your emergency fund as soon as you get paid!

Common lifestyle creep pitfalls

Here are some common purchases involved in lifestyle creep. Check how many you have succumbed to.

Recipe box kits

It may be convenient to have all the ingredients for your meals delivered, along with some delicious-sounding recipe cards. However, in this instance, convenience costs a lot. It is much cheaper to plan your meals, write a shopping list and take it to the supermarket.

Subscriptions

There was a time when the only subscriptions most of us had were for newspapers and magazines. Now, you can sign up for multiple TV packages, music streaming, audio  and e-books, cosmetics boxes, and more besides.

To stop yourself from getting carried away with subscriptions, review them regularly to see if you are getting good value and can afford them. If not, cancel.

Health and self-care items

Have you found yourself paying for a personal trainer rather than just using the gym? Do you have a regular salon hair colour when you used to buy a home box kit? Has a weekly massage become an essential where once it was a very occasional luxury? 

Self-care is essential for your well-being, but it doesn’t have to consume a huge chunk of your income. Remember when a walk in the fresh air or a home manicure was enough? Whilst they are nice to have, many self-care expenses are not essential. Leave space in your budget for those that matter, but be aware this is an area of spending that can get out of hand. 

Takeaway food

Takeout food delivery has become a huge industry. A population forced to stay home during the pandemic, along with the advent of easy-to-use apps and a growing network of delivery drivers, has led to a position where it has never been so easy to grab a takeaway. Very tempting after a busy day at work!

I actually deleted the apps to give me a chance to pause and consider whether I really want to spend £40 on a meal for two or get something out of the freezer …

Accommodation

As soon as my daughter began earning enough to live in a flat on her own, she did. Two years on, although she still enjoys her own space, she resents the amount of her salary that disappears into her landlord’s pocket! She would like to save a deposit to buy her own home and thus is planning to scale down and find a shared living space again.

It is easy to over-extend when it comes to accommodation. After all, we all want to live somewhere comfortable. Most experts recommend paying no more than 30% of your income on rent. 

These represent just the tip of the iceberg regarding lifestyle creep temptations and I am sure you can add a few more to the list.

Being aware of lifestyle creep is the first step to containing it. Make a budget, set some financial goals and recognise your spending temptations. You can use your extra income to create a financially secure future rather than wondering where all your money went.

Photo credits: Pexels

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If you’re a full-time student, your day is most likely consumed with your academics and extracurriculars. But despite an already-packed schedule, it shouldn’t be all-that-hard to earn an extra buck.

So, whether you’re looking to pay off your student loan quicker or save for something special, it’s important to establish reliable income streams while maintaining a good work-life-school balance.

While the usual choices of bartending, waitressing, working at stores, or baby/petsitting are always an option, here are some underrated side hustles or passive income ideas – especially for students.

Tutoring

• Earning Potential: From £15 to £30 / hour 
• Flexibility: Medium

If you have a particular subject, skill or language that’s your strong suit, tutoring should be a go-to for you. 

Leverage your pre-existing skills and turn them into a reliable side hustle – coding if you’re a tech geek, mathematics if you love numbers, or karate if you’re a black belt. You can choose to tutor others in your degree, tutor batches of younger children, or even become a sports coach in your local sports hub!

A current student or graduate can expect to earn between £15 to £30 an hour, but depending on your subject qualifications your hourly pay will automatically increase.

While the job does require you to be consistent, you get to pre-decide your working hours according to your schedule. With virtual tutoring being the popular choice nowadays, you can sign up for sites like MyTutor, FirstTutors, Elevate Education, or Ringle (which offers English tutoring for international students). 

Participate in research

• Earning Potential: £5 to £50 for one to two hours
• Flexibility: High

Most universities have an in-house research facility to conduct research via experiments or surveys on various subjects. The good news is that they are always looking for keen students to participate in such research projects. 

During my time at university, I participated in several behavioural research projects, student-run projects, in-person logic and game-based tests, and online surveys. The best way to find out about these is via university-managed portals, student unions or societies, and psychology or such departments.

Most have a minimum participation fee of £5 to £10, which can go up to £50 depending on the type of research, hours and effort required. Plus, you’re flexible in choosing which projects you want to participate in.

Sign up for campus-based roles

• Earning Potential: £10 to £20 / hour
• Flexibility: Medium to High 

Campus-based roles such as freshers’ week representatives, open day event volunteers or university ambassadors are well-paid and flexible options.

Jobs can range from distributing flyers and goodies to freshers to managing student union stalls, or conducting walking campus tours for prospective students.

You can also earn from blogging for your department about topics such as your experience of the degree or life on campus.

Other long-term roles include Library, Teaching or Research Assistants, or Dorm RAs. However, keep your eyes peeled as positions fill up quickly!

Sign up to be a campus brand representative

• Earning Potential: Starts around £5 to £10 – and then performance-based
• Flexibility: High

Brands are often looking to hire students to use their networks and promote themselves on various campuses.

Popular ones include recruiting agencies such as RateMyPlacement or Sanctuary Graduates, or brands looking to target student subscriptions such as Amazon Prime or Adobe.

While there’s usually a flat fee, most of your income is performance-based from around £1 to £5 per link clicks or sign-ups.

Sell old items

• Earning Potential: Variable 
• Flexibility: High 

An obvious, but underused and underrated way to earn a one-time lumpsum is selling your old items. You can sell old textbooks, lecture notes, clothing, electronics, or household items. 

The best time for this is at the start of the academic year during the freshers’ week, but student unions do hold year-round pop-ups. You can also advertise on student Facebook pages (of university societies or incoming freshers’ pages) or Whatsapp groups.

Freelancing 

• Earning Potential: Variable
• Flexibility: High

One of the best ways to generate passive income is freelancing. You can sell your creativity online on sites like Shutterstock and Pexels for photos, or Etsy for artwork.

If you’re able to put in more effort, you can find high-demand freelancing roles like writing, coding, graphic designing, or transcribing from sites like Freelancer.com and Upwork. Plus, there’s always a way to find on-campus freelancing jobs with student unions or societies looking for photographers, blog writers, video editors and more!

Remember, such income should be obtained with minimal effort and sufficient flexibility to ensure this complements your academics, not entirely replaces it.

Photo Credits: Pexels

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There isn’t much in life that competes with the feeling of waking up on payday, checking your account, and seeing it replenished.

But that feeling doesn’t really last long when the bills start coming out. And you remember that person you owe money to. Oh, and that random emergency you weren’t accounting for.

But what if there was a way to keep that glorious feeling a little longer? Or at the very least, to avoid the dread of the bank balance going down without a clue where it all went?

Below are a few of the steps I take every single payday to avoid the feeling of dread when looking at my bank balance. Even more importantly, these steps are all part of helping me get closer to my long-term money goals!

We all have to start somewhere

In order to move forward effectively, I strongly believe you do need to look back first to assess the situation.

How did things go with your finances the last month? And if you’re just starting this, look back at the last couple of months. Did you go into your overdraft? Was there a particular area where you spent way too much money? Was there a charge for a subscription you forgot to cancel?

Question your spending habits, and make it a judgement-free task. This is simply to assess what’s working and what’s not.

I find this is good practice to keep me well aware of my spending habits and to give me the freedom to change things in my budget as and when needed. Life isn’t static, it’s always moving. And your finances should also reflect that.

Cover the ESSENTIALS first

Ok, so before we budget in the good stuff, we need to make sure all the essentials are covered. Housing bills, transportation costs, food shopping, childcare fees if applicable, and let’s not forget those debt repayments if you have any. Anything that’s needed to keep your life going is what you need to include in here.

I am a big fan of the 50-30-20 budget which recommends to keep your essentials to 50% of your total budget.

With life becoming increasingly more expensive this is more difficult to achieve, but it still remains a good signpost to figure out if you’re in good shape with your finances.

Secure your FUTURE

Now that you’ve paid all the essentials, pay yourself next! The key here is about building a consistent habit of putting something away every single month for the future.

Honestly, even £10 will do to start. But the more you can stretch that sum up as time goes on, the better.

It’s this habit that keeps me feeling satiated from payday to payday, because I know I’ve kept back something to enjoy at a later stage in life.

For me, this looks like putting 15% of my salary into my pension, making sure my emergency fund has 3 months of expenses, and investing in my S&S ISA. Furthermore, the more money I have stacked away, the more at peace I feel knowing that an emergency or an unexpected situation won’t send me spiralling into debt. That feeling is GOLD!

Fun, fun, fun

We all work hard, and so we must play hard. If you don’t allow yourself to spend on things that bring you joy or make your life a bit more convenient, you’ll quickly experience budgeting burnout and wonder what’s the point.

The 50-30-20 budget I mentioned earlier recommends 30% of your budget goes towards wants. This needs to be guilt-free money that you can do whatever you please with. It’s the things that make life worth living!

Photo by Breakingpic

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Many people dream of writing a book. But while this has many attractions, it can be a major project, and there’s no guarantee you will find a traditional print publisher. Even if you do, you are highly unlikely to make a fortune.

An interesting – and probably more attainable – alternative is to self-publish in e-book form. Perhaps surprisingly, this can be a lot easier than writing a print book too. 

The huge popularity of Amazon’s Kindle e-reader devices means that more e-books are sold nowadays than traditional ones.

And Amazon has made it simple for anyone to publish and sell their own e-book by means of Kindle Direct Publishing (KDP for short).

How does it work?

Publishing a Kindle e-book is a straightforward process. Essentially, all you have to do is create your book in Microsoft Word or similar, save it in standard DOC or DOCX format, and upload it to Amazon using the KDP website. 

Or, for a more professional look, you can download Amazon’s free Kindle Create software. This features professionally designed themes with chapter titles, drop caps, image placement options, and other snazzy features. Kindle Create generates a publishable file (in KPF format) that can be uploaded to KDP as before.

Unlike traditional books, Kindle e-books can be as short as a few thousand words, so there’s no need to create an epic. You can write fiction or nonfiction, as you choose. A little time spent browsing the Kindle Store should give you plenty of ideas!

Once your e-book is published, anyone will be able to order it from Amazon. You can set your own price, and will then receive a royalty of up to 70 percent on sales (see below). That compares well with the 10 percent typically paid to traditionally published authors.

Some top tips

A few quick tips for new Kindle e-book authors include:

• Keep the formatting simple. Complex layouts may not survive conversion to e-book format and will likely not display as you intended on some devices.
• You are allowed to include diagrams and illustrations in Kindle e-books, but don’t go mad. Books with loads of graphics consume more bandwidth and Amazon may reduce the royalty they pay you in such cases.
• Create an eye-catching description of your book for the Kindle Store. You’re allowed to use up to 4,000 characters, so make the most of it. Check out the sales pages of some Kindle bestsellers for inspiration.
• Price your title between £1.77 and £9.99 – this should ensure you are eligible for Amazon’s highest (70 percent) royalty rate. Books priced outside this range attract just a 35 percent royalty.
• Make sure the first few pages of your e-book hook the reader. People can see the first 10 percent of your book free in the store. If the opening pages don’t grab them, they will soon move on to something else.
• Create an attractive cover image for your e-book. This can make a big difference in converting visitors to your sales page to buyers. You can use the KDP free cover-maker tool, or try Fiverr.com, where there are people offering to create e-book covers for just $5 (about £4.10).
• Spread the word about your e-book on any social networks you belong to, including Facebook, Twitter/X, Instagram, and so on. It can also help to create a blog, website or dedicated Facebook page for your e-book, and mention it on any forums you belong to (though do this sensitively, to avoid accusations of spamming).
• Aim to get a few reviews of your e-book up as soon as possible. Consider giving away free or discounted copies via social networks, forums, your blog (if you have one), and so on. Not everyone will end up leaving a review even if you ask them, but hopefully some will.
• You also have the option to publish your Kindle e-book in print and/or audiobook form on Amazon, thus providing extra income streams for you.
• And finally, once you have published your first Kindle e-book, don’t rest on your laurels! The more titles you have to your name the better, as you (and Amazon) can cross-promote between them.

Amazon has plenty more advice for would-be Kindle e-book authors on the Kindle Direct Publishing website. I also recommend Self Publishing To Amazon KDP In 2023, a guide by Brian Chessen available in print and KIndle e-book versions. As well as e-books, this also covers self-publishing in print and audiobook form on Amazon.

And yes – thank you for asking – I do have some published Kindle e-books of my own. As an example, you may like to check out my humorous, illustrated science-fiction novella The Festival on Lyris Five (see cover image below). If you buy and enjoy this (or any of my other Kindle e-books), a review is always much appreciated!

Final thoughts

If you are very lucky (and/or talented) your Kindle e-book could become an Amazon bestseller and maybe attract the attention of mainstream publishers as well (as happened with multi-million-selling US author Amanda Hocking, for example).

But even if not, you will have the satisfaction of being a published author in the world’s favourite online bookstore. And you will have royalties from sales arriving in your bank account every month, potentially for many years to come.

If you have any comments or questions about this article, as ever, please do post them below.

Photo Credits: Pexels

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