Martin Lewis is a financial journalist and is the founder of Money Saving Expert. He provides advice and financial tips to consumers across every industry, with well-thought-out tricks and techniques on how to spend money in a rational way.
In the current era, credit cards are taking a hit on the new generation. Spending recklessly leads to drowning in debt in an age when previously people earned and saved for the future. When you earn, it is obvious that you will want to spend beyond your needs. Your wants keep knocking at your doorstep the moment you fulfill all your needs. And it does not end here - because then the luxuries come in.
Thus, in such circumstances, talking about finances and providing financial advice is important. Well, Martin Lewis is here to the rescue. Here, we have compiled some great financial advice from the financial journalist.
Who Is Martin Lewis?
Martin Lewis is a financial journalist and broadcaster. He is a TV personality who is a regular across many TV screens throughout the UK. The founder of Money Saving Expert, Martin Lewis provides some very crucial advice on saving money through his unique and unprecedented financial tips and techniques.
Born in Manchester in the year 1972, he is a graduate of Cardiff University where he studied broadcast journalism. But what adds greatly to his expertise in finances and financial policies is his degree in Government and Law from the London School of Economics.
Following his work as a producer for BBC Radio Five Live, he has appeared on various television shows as a money-saving expert.
Martin Lewis’ net worth is estimated at a whopping 128 million euros. Looks like the money-saving expert has put his extensive knowledge base to work in a great manner.
After setting up the money-saving expert domain, he sold it and closed the deal with moneysupermarket.com for 87 million euros. And he did this in merely two years' time. He then started his TV show journey and co-presented The Martin Lewis Money. Moreover, the financial guru has also been featured in Tonight, Good Morning Britain, and It Pays To Watch.
Since the famous financial journalist has been up to some very good financial advice, it won’t be bad for consumers to follow some of those tips in a pandemic stricken 2022.
Best Financial Advice From Martin Lewis For Consumers
From saving on huge bills to slashing debt costs, Martin Lewis provides financial advice that can help you save on anything and everything. Not only does this financial journalist provide amazing advice on the best discounts near the festive season, but he also issues heads-up reports to consumers about interest rate policies ahead of interest rate increments.
So, here are the best financial tips from Martin Lewis.
One: It Is Never Too Early To Plan Ahead For A Secure Future Financially
You may think it’s early, but time flies real quick. So, one of the best pieces of financial advice that Martin Lewis gave to an audience of young students at the Denbigh School.
When your college fund and some side job is all you have got to survive on throughout your degree, you need to make your money stretch further. It can be very challenging for youngsters to deal with all the banking stuff - such as filing taxes and navigating through the process.
However, financial expert Martin Lewis says that it is important to learn all of these early on in life. Moreover, it is equally important to plan ahead for savings and other finances for the future. This path leads to a life of financial independence, since you are ahead of time in terms of financials, and barely have to depend on striving in the job market.
Two: Never Put Financial Independence Way Off Into The Future - It’s Not Far
Youngsters believe that the prospects of them starting to plan for a future are way ahead. Well, it’s really not. While you are sitting idly by putting off future financial planning, the very day may come knocking at your door. Thus, you must start planning now. And believe that this is the best financial advice somebody could give you in your early ages.
Do not delay processes, as it may cost you a lot more in the future. And it may cost you way too much, for that matter. The effective management of your finances and financial resources is crucial to a secure future.
Three: Try Not To Go Into Debt
If you have savings, and if you have debt - well, your savings will go into paying off the debt. Thus, pay your credit card advances on time to save yourself from the huge interest that banks charge you for delayed payments.
Moreover, when you do have money at hand don't ever go for reckless spending. Instead, go for budgeting. Budget your way into your income and save away the rest. Because you never know when an emergency might hit and put you deep into the claw of debt.
Thus, make sure that you follow this financial advice.
Four: Learn Money Management Techniques
You must always remember that your money matters a great deal. In order to manage your finances in a fine manner, it is crucial that you learn some money management techniques. From extensive financial topics ranging from earning to borrowing and saving to spending, get familiar with the essentials of finances.
Here are some of the essentials that you must learn about early on in life;
- Savings: when you earn, go right for saving a part of your earnings. It helps with your future financial independence, and also provides you with great opportunities to invest your money.
- Part-time work: If you are a student, do go for a part-time job. When you do so, you have some extra money at hand that you can spend, save, or even invest.
- Learn about the risks and rewards that come with savings and investment: When you save and invest, there are certain risks as well as rewards. For example, if you are going for investment, there is always the risk of loss. However, do study a great deal into the matter before sending off your money.
Five: Track Where Your Money Goes
This last piece of financial advice from the financial journalist Martin Lewis is a mandatory one to follow. You must track where your money goes if you want to be better at managing. For all you know, it could be flying right out of your bank account.
Thus, draft a budget outline and follow it. You’ll realize with time that the smallest of changes to your spending habits can add up to a lot. Keep your expenses to what you really need - and manage the bigger expenses first.
Pay your phone and electricity bills before you treat yourself to a day out. Manage your weekly groceries first and then go on to spending a few extra bucks on whatever it is that you want.
Moreover, get a nice and firm hold on the taxation process. This way, you can be sure about where every penny of your income goes.
Key Takeaways
- Save early on in life - don’t wait for time to fly out of your hands
- Put financial independence first
- Avoid debt
- Learn money management
- Know where your money goes
Related: The Best Personal Finance Basics for Beginners in 2022
