Speaker 1: This series is brought to you by LNG, helping you
Speaker 1: build a future that's a little bit richer.
Iona Bain: Hello and welcome to A Little Bit Richer, brought to
Iona Bain: you by LNG with me, Iona Bain. In today's digital
Iona Bain: world, our culture has shifted from cash to cashless and
Iona Bain: it's affecting how we manage our spending and future finances.
Iona Bain: Today, we want to talk about the role of cash
Iona Bain: in society and what we can do to put some
Iona Bain: friction back in our finances when our money is increasingly
Iona Bain: digital. Here with me to discuss all this is friend
Iona Bain: of the show, Emmanuel Asuquo. Emmanuel is a financial advisor,
Iona Bain: TV presenter, motivational speaker, best-selling author with 15 years experience in financial consulting.
Iona Bain: Welcome back, Emmanuel.
Emmanuel Asuquo: Hey, Iona. How are you?
Iona Bain: I'm good, thank you. Eman, we're seeing a lot online
Iona Bain: now about people returning to cash.
Emmanuel Asuquo: Yes.
Iona Bain: Why do you think that's happening and what are the
Iona Bain: benefits of using cash?
Emmanuel Asuquo: Yeah, I think the reason I'm seeing people return to cash
Emmanuel Asuquo: is just the fact that contactless is such a disconnect.
Emmanuel Asuquo: One of the hardest parts about money is the fact
Emmanuel Asuquo: that every day you step out of your house, somebody's
Emmanuel Asuquo: trying to take money from you, not in a bad
Emmanuel Asuquo: way, but just, " Here's a service that you can take," or, "
Emmanuel Asuquo: Here's a product that I think you'd like." When you
Emmanuel Asuquo: can tap that away, you have all the access to
Emmanuel Asuquo: all your money. Money just continues to go, and I
Emmanuel Asuquo: always tell people, " Money flows. It comes in and it
Emmanuel Asuquo: goes out." If you don't find blockers or you don't
Emmanuel Asuquo: find ways to put your money in certain places, it
Emmanuel Asuquo: will just leave your hands no matter how much you
Emmanuel Asuquo: make. If I have 50 pounds and I'm only using
Emmanuel Asuquo: cash, I can only spend the 50 pounds I have.
Emmanuel Asuquo: No matter how much I want to spend 100, I
Emmanuel Asuquo: have access to 50. It helps you stop yourself when
Emmanuel Asuquo: that impulse comes in because you're limited. Then, if you
Emmanuel Asuquo: want to go and spend more, you have to go
Emmanuel Asuquo: to the cash machine. When it's just tap, it just
Emmanuel Asuquo: so simple, so easy, and it goes so fast. That's
Emmanuel Asuquo: why so much more people are coming back to cash
Emmanuel Asuquo: as a way to fill that connection to money because
Emmanuel Asuquo: there's a pain. There's no pain when you're tapping away.
Emmanuel Asuquo: I think that's why people are coming back to cash.
Iona Bain: Do you think that that shift in mentality can also benefit
Iona Bain: you if you're shopping a lot online? What you were
Iona Bain: describing about leaving the house and having commercial pressures, you
Iona Bain: don't even have to leave your house now. It's all
Iona Bain: there in your pocket on your phone, constant inducements to
Iona Bain: spend money through social media and internet shopping.
Emmanuel Asuquo: 100%. I do this thing with my clients where I
Emmanuel Asuquo: tell them, " Look, we've got a 48- hour rule," so even
Emmanuel Asuquo: if you see the thing you want to buy and it's
Emmanuel Asuquo: on sale and you're just like, you got to wait
Emmanuel Asuquo: 48 hours. Do you know that with my clients, something
Emmanuel Asuquo: like 75% of the time, they do not end up
Emmanuel Asuquo: buying it when they're back in their right mind. There's
Emmanuel Asuquo: something about when you're online and you're spending and the
Emmanuel Asuquo: deals are there and you think about, " Oh, I'll do
Emmanuel Asuquo: this there and I'll do this there," and when you
Emmanuel Asuquo: walked away and come back, you realize, " I got something
Emmanuel Asuquo: similar in my wardrobe already," or, " I don't actually need
Emmanuel Asuquo: that," but in the moment while the adrenaline is pumping,
Emmanuel Asuquo: you feel like, " I need this now. I can't live
Emmanuel Asuquo: without it." Just giving yourself that gap. You could go
Emmanuel Asuquo: to every shop you want to go to without ever
Emmanuel Asuquo: leaving your house, and it becomes dangerous. There needs to
Emmanuel Asuquo: be a delay. We've got more stuff than we actually need.
Iona Bain: Delays are good for us sometimes.
Emmanuel Asuquo: Exactly. There needs to be a delay. There needs to
Emmanuel Asuquo: be a pause to actually say, " Do I need this
Emmanuel Asuquo: right now, or am I just buying this because I
Emmanuel Asuquo: have the ability to?" Again, sometimes we are emotional spending.
Emmanuel Asuquo: It's the, " I don't feel so good today, I'm going
Emmanuel Asuquo: to buy myself something." " I've had a great day. I'm
Emmanuel Asuquo: going to buy myself something." Whatever mood you're in.
Iona Bain: Spending is the answer.
Emmanuel Asuquo: Yes.
Iona Bain: Two things that have really helped me in terms of controlling
Iona Bain: my online spending. One is not having a digital wallet,
Iona Bain: at least for a period of time. If I have
Iona Bain: Apple or Google Pay, then it just makes spending too
Iona Bain: easy. Whereas, even if it is a case of having
Iona Bain: to get a card out of my purse, that puts
Iona Bain: a bit more friction into my finances. Then, the second
Iona Bain: thing is removing automatic credit card details. When you are
Iona Bain: shopping online, the way it just fills all the forms.
Iona Bain: You know what?
Emmanuel Asuquo: Magically.
Iona Bain: Yeah. Magically. Oh, well there we are, and there's no
Iona Bain: reason not to spend now. Not ticking that box to
Iona Bain: also fill my credit card details has definitely made a
Iona Bain: bit of a difference.
Emmanuel Asuquo: Yeah, I'm the same. I'm a big fan of using
Emmanuel Asuquo: my chauffeur service through an app that I'm not going
Emmanuel Asuquo: to mention, but also, I use that app for eating
Emmanuel Asuquo: as well. If I know I've ordered a bit too
Emmanuel Asuquo: much, then I'm going to uninstall for a period of
Emmanuel Asuquo: time, so I have to get back on the bus,
Emmanuel Asuquo: back on the train and back cooking in the kitchen.
Iona Bain: Yeah. Do you think that also there's a correlation here between
Iona Bain: cash, helping you keep on top of your budget and
Iona Bain: being on a low income in the first place and
Iona Bain: really having to watch every penny? It's interesting. When I
Iona Bain: go to my local discount supermarket, the queue for the
Iona Bain: manned checkout is always really long, and that's because it's
Iona Bain: the only checkout that accepts cash.
Emmanuel Asuquo: Cash. Yeah. I think businesses are missing a trick. I
Emmanuel Asuquo: get it. It feels great. You can go and just scan it and
Emmanuel Asuquo: pay and go, but the reality is that for a
Emmanuel Asuquo: lot of people, especially when money is tight, I can't
Emmanuel Asuquo: afford to pay the wrong amount. I need to make
Emmanuel Asuquo: sure that what I'm spending is I can actually afford.
Emmanuel Asuquo: I need to give myself a budget. I think we don't
Emmanuel Asuquo: think about it in that way, like you said, watching
Emmanuel Asuquo: every penny. I've seen my mum pour out her purse
Emmanuel Asuquo: and count 5 Ps and 2 Ps to make up enough
Emmanuel Asuquo: to buy what she needs to buy because that's all
Emmanuel Asuquo: the money she has. Sometimes, when you're tapping, you don't
Emmanuel Asuquo: have that and then now, with overdrafts and all that, you're just
Emmanuel Asuquo: getting yourself into more trouble and actually, coming back to
Emmanuel Asuquo: cash and limiting yourself, it can feel negative, but actually
Emmanuel Asuquo: can have a much more positive impact because you are
Emmanuel Asuquo: living within your means. I think we have to go
Emmanuel Asuquo: back to get into a society where actually it's okay
Emmanuel Asuquo: to say no.
Iona Bain: It is hard using cash now. A lot of shops
Iona Bain: won't accept it. You can't pay your bills with it.
Iona Bain: You can't save and invest with it. What are the
Iona Bain: difficulties of using cash?
Emmanuel Asuquo: It is so hard to use cash. I mean, I
Emmanuel Asuquo: used to be a cashier in a bank. People would
Emmanuel Asuquo: come in, they'd have their energy bill, they'd write how
Emmanuel Asuquo: much they're going to pay, and we'd scan it through.
Emmanuel Asuquo: We'd take the cash and pay their bills. Now, everything
Emmanuel Asuquo: is direct debit. Everything is online. Again, you can't keep
Emmanuel Asuquo: that control.
Iona Bain: There are some big drawbacks to cash and I think
Iona Bain: you're going to feel very passionately about one of them,
Iona Bain: which is that sometimes people will say to me, " Well,
Iona Bain: can't I just put my money under the mattress," because
Iona Bain: that's clearly the safest thing to do, and yet people
Iona Bain: will be missing out on growth. Talk to me about
Iona Bain: why cash can't be the answer to all our financial problems.
Emmanuel Asuquo: Exactly. If you've got your life savings under a mattress,
Emmanuel Asuquo: I totally understand that, but if you do get burgled
Emmanuel Asuquo: or if there's an accident, all of a sudden, all
Emmanuel Asuquo: your money's gone. No security, no safety, there's no protection
Emmanuel Asuquo: on that. Whereas if it was in a bank account,
Emmanuel Asuquo: you have protection. You have people that you can talk
Emmanuel Asuquo: to say, " Look, this is my money and something's happened
Emmanuel Asuquo: to it." That's number one. Number two, inflation. We all know that 1,
Emmanuel Asuquo: 000 pounds five years ago is probably around 600 pounds
Emmanuel Asuquo: today. If you would've left it under the mattress, you
Emmanuel Asuquo: might have gone back and said, " I've got 1, 000 pounds,"
Emmanuel Asuquo: but money is only valuable when you use it, and
Emmanuel Asuquo: I don't think people understand that concept. What we do
Emmanuel Asuquo: is we look at money and say, " I've got 1, 000
Emmanuel Asuquo: pounds today. Five years later, I've got another 1, 000
Emmanuel Asuquo: pounds. I still got 1, 000 pounds. I haven't lost anything,"
Emmanuel Asuquo: but actually if I go to spend that money and
Emmanuel Asuquo: I can buy it less, then I've lost money in
Emmanuel Asuquo: real terms. If we think about it, 50K used to be how
Emmanuel Asuquo: much to buy a house. 50K is now not even
Emmanuel Asuquo: enough for a deposit in some places. If I've gone
Emmanuel Asuquo: from a place of being able to buy and own
Emmanuel Asuquo: a house to now only having enough for a deposit,
Emmanuel Asuquo: I've lost money in real terms.
Iona Bain: It's really hard for people to get their heads around
Iona Bain: that concept though, because it's quite abstract.
Emmanuel Asuquo: Exactly.
Iona Bain: Once you grasp it, actually, you can never unknow it.
Emmanuel Asuquo: Never ever know it, and you just see it all
Emmanuel Asuquo: the time. Then, like you mentioned, interest. Again, banks pay
Emmanuel Asuquo: you interest for leaving your money with them so you
Emmanuel Asuquo: get that growth.
Iona Bain: How can we manage our money better when it would
Iona Bain: just be otherwise so easy to tap our money on
Iona Bain: that card reader and see it leave our account?
Emmanuel Asuquo: I think the main thing is your money mindset. When
Emmanuel Asuquo: we talk about money being the root all evil and all that,
Emmanuel Asuquo: it's people. It's all us as human beings, how we
Emmanuel Asuquo: use money. Money is not the problem. Money is there
Emmanuel Asuquo: to be used. It's how we use it that becomes
Emmanuel Asuquo: the problem. For me, it's about understanding your money mindset
Emmanuel Asuquo: and how you look at money and dealing with your
Emmanuel Asuquo: money trauma and the things that you've been through and
Emmanuel Asuquo: how you express yourself when it comes to money. That
Emmanuel Asuquo: is the first place that people really need to work
Emmanuel Asuquo: on themselves on in regards to how they look at
Emmanuel Asuquo: money, how they use money, what is their attitude to
Emmanuel Asuquo: money, and that's really, really important. Then it's about budgeting
Emmanuel Asuquo: and for me, one of the best ways to budget,
Emmanuel Asuquo: I know we've got all these online banks. For me,
Emmanuel Asuquo: envelopes, I don't care what anyone says.
Iona Bain: Really?
Emmanuel Asuquo: Going back to the envelope is the best place to
Emmanuel Asuquo: get started. I have clients today that I made envelope.
Emmanuel Asuquo: You have X amount for this week because you've got
Emmanuel Asuquo: to teach yourself the discipline. Money is a habitual. If
Emmanuel Asuquo: I build a good financial habit, that will continue.
Iona Bain: You mean to say, withdraw cash, put it in an
Iona Bain: envelope that you need for that particular area of your
Iona Bain: life that week, and that's it.
Emmanuel Asuquo: That's it.
Iona Bain: Right.
Emmanuel Asuquo: That's it. If you've got 100 pounds for the week.
Emmanuel Asuquo: If on Monday you decide to spend 80 pounds, it's
Emmanuel Asuquo: going to be a tough week. Do you know what
Emmanuel Asuquo: I mean?
Iona Bain: Yeah.
Emmanuel Asuquo: You need that experience. That's how I learn money. People ask, "
Emmanuel Asuquo: Well, how did you get this mindset about?" No, I
Emmanuel Asuquo: learned the hard way. I come from struggle. I come
Emmanuel Asuquo: from not having a lot and having to look after
Emmanuel Asuquo: it. It's one of the things I always worry about
Emmanuel Asuquo: with my kids is that now they live a life of
Emmanuel Asuquo: privilege. How do I make sure they understand the importance
Emmanuel Asuquo: and the value of money? For me, having the envelopes,
Emmanuel Asuquo: now again, once you've done that, you can evolve. A
Emmanuel Asuquo: lot of these other accounts now allow you to have
Emmanuel Asuquo: pots and all of that, and that can be great, but
Emmanuel Asuquo: until you can do it in the physical, I don't want you to do it in a digital.
Iona Bain: Right. I see. If we follow the envelope approach and
Iona Bain: we can stick to only spending 100 pounds a week
Iona Bain: and we've passed that test, Eman gives us a big
Iona Bain: tick, then we can progress and graduate to digital ways
Iona Bain: of putting friction back into our finances.
Emmanuel Asuquo: Yes.
Iona Bain: Have you got a few favorite strategies here?
Emmanuel Asuquo: My favorite is splitting your accounts up. One of the
Emmanuel Asuquo: biggest mistakes I see people is that they have all their money in
Emmanuel Asuquo: one account. It is a problem. It's a nightmare because
Emmanuel Asuquo: Friday night, you look at your account, it's fit and
Emmanuel Asuquo: healthy, and you think, " I'm going out. I'm going to have a good
Emmanuel Asuquo: time." Monday morning, the direct debit's come out and you've
Emmanuel Asuquo: messed yourself up, and it repeats every month. For me, have
Emmanuel Asuquo: an account for your bills. Number two is that there
Emmanuel Asuquo: are banks that will pay you cash back for paying
Emmanuel Asuquo: your bills from those accounts. You can actually make money
Emmanuel Asuquo: paying your bills, and that way you can monitor. What
Emmanuel Asuquo: I do with my bills account, every six months I
Emmanuel Asuquo: go in, I love football, and I renegade. I list
Emmanuel Asuquo: them all, and the bottom three, I either get rid
Emmanuel Asuquo: of or I call them up and ask for a
Emmanuel Asuquo: better deal where possible.
Iona Bain: That's a pretty ruthless approach you're taking there.
Emmanuel Asuquo: The thing is, what I've realized is that a lot
Emmanuel Asuquo: of the time you have these subscriptions, I'm actually using it.
Emmanuel Asuquo: I'm actually getting value from it. Why do I still
Emmanuel Asuquo: have this? I might have a subscription, especially with kids.
Emmanuel Asuquo: I might have a subscription. They used it for that
Emmanuel Asuquo: period of time, but they're not using anymore. Because it's
Emmanuel Asuquo: five pounds and it comes out monthly, I don't feel
Emmanuel Asuquo: it. I don't see it. It's just coming out. Actually,
Emmanuel Asuquo: that's 60 pounds a year.
Iona Bain: Whereas if you had to actually hand over that fiver,
Iona Bain: would you do it?
Emmanuel Asuquo: You wouldn't. You wouldn't, and you would've realized a long time ago. It is
Emmanuel Asuquo: really important to look at your subscriptions and have an
Emmanuel Asuquo: account for that. Then, I have a second account where
Emmanuel Asuquo: I put myself on a budget. I have an account
Emmanuel Asuquo: and I say, " Look, this is how much I have
Emmanuel Asuquo: to spend," because one of the biggest problems with money
Emmanuel Asuquo: is when you have access to all of your money.
Emmanuel Asuquo: When you have access to all of your money, you
Emmanuel Asuquo: are causing yourself problems. What I do is I only give
Emmanuel Asuquo: myself access to a portion of my money that I
Emmanuel Asuquo: know that that's for me. I know my bills are
Emmanuel Asuquo: paid, and then I have a savings account that I've put my
Emmanuel Asuquo: savings in. Now, I can spend this money guilt free.
Emmanuel Asuquo: One of the biggest things about budgeting is we feel
Emmanuel Asuquo: our budgets restrict you. Actually, a budget sets you free
Emmanuel Asuquo: because I can spend this money however I want and
Emmanuel Asuquo: know I've paid all my bills, I've saved for my
Emmanuel Asuquo: goals, and now I'm free to spend this money and
Emmanuel Asuquo: using the online bank. Either on Monzo or Starling, one
Emmanuel Asuquo: of those types of banks where they're rude. They'll text
Emmanuel Asuquo: you and tell you, " Oh, you spent more on takeout
Emmanuel Asuquo: this month." Nobody asked you, but thanks anyway. You can keep
Emmanuel Asuquo: an eye on it, and it makes it so much easier for
Emmanuel Asuquo: you to be able to be in control of your money.
Iona Bain: Well, that's good because you don't then have to take
Iona Bain: all that responsibility on yourself. You're almost outsourcing the accountability
Iona Bain: to your bank.
Emmanuel Asuquo: Exactly, to your bank, and that's important. More and more banks are understanding the importance
Emmanuel Asuquo: of their role as well. That's really important.
Iona Bain: What are your feelings on having spending limits? I mean,
Iona Bain: would you advocate having a spending limit per day or
Iona Bain: per week? What are the pros and cons?
Emmanuel Asuquo: Yeah, I think spending limits are good for people who
Emmanuel Asuquo: are impulse spenders. If you are someone that knows that
Emmanuel Asuquo: if you walk into a shop and you smell certain smells
Emmanuel Asuquo: or you see a yellow sticker, you're gone. Then, you
Emmanuel Asuquo: need a limit how much you can spend because you're going to
Emmanuel Asuquo: overspend. If you are someone that's in more control, then
Emmanuel Asuquo: maybe you just have a limit for the week or
Emmanuel Asuquo: the month or whatever it may be, but also to
Emmanuel Asuquo: understand that life happens. As much as you might have
Emmanuel Asuquo: spending limits, there might be an opportunity. For example, if
Emmanuel Asuquo: I know I want to go on holiday and then
Emmanuel Asuquo: there's a really good deal, does it make sense to
Emmanuel Asuquo: me saving all the way up to the holiday and
Emmanuel Asuquo: paying the higher price if I can get a 0%
Emmanuel Asuquo: credit card and pay that now at a discount price
Emmanuel Asuquo: and then pay that off? We've got to be wise
Emmanuel Asuquo: in our spending, but know that if I'm spending this
Emmanuel Asuquo: now, what are the other sacrifices that I have to make?
Emmanuel Asuquo: If I'm not prepared to give it up, then I'm
Emmanuel Asuquo: not prepared to spend.
Iona Bain: I have a theory that financial technology was once judged
Iona Bain: on how easy it could make everything. I think in
Iona Bain: the future, we will want financial technology that actually makes
Iona Bain: everything that little bit harder and will allow us to
Iona Bain: put these boundaries and this friction in place. Do you
Iona Bain: see financial technology evolving in that direction?
Emmanuel Asuquo: Yeah, I definitely do. We've seen with people having different
Emmanuel Asuquo: accounts and pots that they can't get access to. You have
Emmanuel Asuquo: a direct debit from your account into a pot, but
Emmanuel Asuquo: you can't access that pot and it won't show up
Emmanuel Asuquo: on your online banking. We're seeing it already that actually,
Emmanuel Asuquo: we have to hide money from ourselves because we naturally
Emmanuel Asuquo: want to spend it, but we benefit from it because
Emmanuel Asuquo: when you then look at it 12 months down the
Emmanuel Asuquo: line, you're like, " Wow, I saved that much." It is
Emmanuel Asuquo: really important. That's another hack that I always tell people,
Emmanuel Asuquo: have a standing order on payday to your savings account,
Emmanuel Asuquo: so you pay a like a bill.
Iona Bain: Because actually, it has never been easier to save. That's the upside of all this.
Emmanuel Asuquo: Exactly.
Iona Bain: You can really make it work for you in terms of
Iona Bain: how accessible this technology is, I mean, a good example
Iona Bain: is yesterday morning, I woke up and I saw within
Iona Bain: my banking app that there was an easy saver account
Iona Bain: available, paying 4%. I opened it within a minute.'.
Emmanuel Asuquo: Yeah.
Iona Bain: Hey, Presto, I'm a saver.
Emmanuel Asuquo: Wonderful.
Iona Bain: I'm not saying that's the first time I've ever saved money.
Emmanuel Asuquo: No, of course not.
Iona Bain: Just in case anyone's wondering. It was just remarkable how
Iona Bain: easy it was to do that.
Emmanuel Asuquo: Yes.
Iona Bain: How can we use these technologies to actually help us
Iona Bain: save money?
Emmanuel Asuquo: Yes. Like we're saying, it makes it easier to save, but also
Emmanuel Asuquo: to invest for the longer term. Now, it's never been
Emmanuel Asuquo: easier to open up a pension or stocks and shares
Emmanuel Asuquo: I saw or invest in stocks. Using the technology has
Emmanuel Asuquo: made it easier for us to invest as well longer
Emmanuel Asuquo: term. Just embracing it means that now, we are able
Emmanuel Asuquo: to do things that maybe before we'd have to go
Emmanuel Asuquo: to a bank to do or so forth, but we
Emmanuel Asuquo: can now do ourselves and be in more control.
Iona Bain: A good example of that is round up savings, right?
Emmanuel Asuquo: Yes.
Iona Bain: If you spend 98 P and you have two P rounded
Iona Bain: up into a savings or investment pot, two P in
Iona Bain: and of itself is not going to add up to
Iona Bain: a lot, but over time it might make a bit
Iona Bain: of a difference.
Emmanuel Asuquo: No, definitely. And it's all about the habits. I always tell people sometimes it's not
Emmanuel Asuquo: about getting rich. I think we think about, we've watched
Emmanuel Asuquo: Wolf of Wall Street and all these other films, and
Emmanuel Asuquo: we think, oh, we've got to invest this. Actually, just
Emmanuel Asuquo: building up that habit. If I know that two P, 10 P, 15
Emmanuel Asuquo: P, every time I spend is going in there, it's
Emmanuel Asuquo: a habit. Once I built that habit and I've seen, okay, wow, I've
Emmanuel Asuquo: put in 20 pounds this month, and now that 20
Emmanuel Asuquo: pounds is worth 25 pounds. Imagine if I had 100
Emmanuel Asuquo: pounds in there. Now you've got more confidence to say, "
Emmanuel Asuquo: Actually, I can put a more regular amount in there
Emmanuel Asuquo: because I see that this works over time." It's about
Emmanuel Asuquo: building those habits. Technology has made it easier. Before, if
Emmanuel Asuquo: you wanted to invest, there was a barrier to entry.
Iona Bain: Yeah.
Emmanuel Asuquo: Those barriers have been taken away. We've got to embrace
Emmanuel Asuquo: the technology and start to make it work for us.
Iona Bain: Brilliant. Well, let's end with three tips on how you
Iona Bain: can use the digital world of money to build your
Iona Bain: own wealth.
Emmanuel Asuquo: Great question. I'd say number one is to really understand
Emmanuel Asuquo: your money. As we talked about, embrace the technology, understand
Emmanuel Asuquo: where your money's coming in and out of, because people
Emmanuel Asuquo: always tell me, " What's the cheat code? How can I
Emmanuel Asuquo: make more money?" There's only two ways. You either make
Emmanuel Asuquo: more money or you cut your costs. That's all we're
Emmanuel Asuquo: ever talking about really. You've got to, number one, understand
Emmanuel Asuquo: where your money's coming from, where it's going, and then
Emmanuel Asuquo: utilize the tools that are available to you. Number two
Emmanuel Asuquo: is saving. Make sure you're getting the best on your
Emmanuel Asuquo: savings. The money that you are able to save, make
Emmanuel Asuquo: sure you're getting the best rates on your money and
Emmanuel Asuquo: review that regularly. That's really important. Number three, feel free
Emmanuel Asuquo: to limit yourself. I think we are in a society
Emmanuel Asuquo: that has no limits. We all want to have no limits, and
Emmanuel Asuquo: we want to live life to the maximum, but actually
Emmanuel Asuquo: embrace the fact that you can limit yourself and make
Emmanuel Asuquo: it a bit tough. Make some friction in your money
Emmanuel Asuquo: so that you can keep more of it.
Iona Bain: Fantastic. The three tips are to build a better picture
Iona Bain: of your finances, try to save what you can and get
Iona Bain: that friction in your finances.
Emmanuel Asuquo: Love it.
Iona Bain: That was so helpful. Thank you, Emmanuel. Next time, financial
Iona Bain: advisor and friend of the show, Bola Sol will be
Iona Bain: back to help us manage finances with our partners. I'd
Iona Bain: love it if you could follow the podcast, leave us
Iona Bain: a review and help others get a little bit richer
Iona Bain: too. You can keep up with the show on YouTube,
Iona Bain: TikTok and Instagram at Legal & General. Until next time, see you soon.