In this episode, we walk through a simple, five-step roadmap to building (and actually sticking to) a budget in 2025. If you’ve ever opened your banking app with one eye closed, this episode is for you.

Friendly Reminder: This episode is intended for educational purposes only and does not constitute financial advice. Always consult a qualified financial adviser for personalised guidance.

Note: Every example and figure in this episode is illustrative. Adapt the numbers and methods to your own income, expenses, and goals.

00:00 – Payday Panic & Introduction

A look at why so many of us end the month with pennies, and why budgeting is the antidote.

01:31 – Meet Alex: The Roller Coaster Spender

Follow Alex’s highs on payday and lows two weeks later to see why good intentions aren’t enough.

04:00 – Budgeting 101: The Five Step Framework

A quick overview before we dive deeper into each step.

08:21 – Choosing a Budgeting Method

Apps, envelopes, spreadsheets - pick the style that fits your personality.

11:55 – Busting 5 Budget Myths

“No fun,” “too complicated,” “only for broke people,” and other misconceptions, debunked.

16:54 – Alex’s Transformation

See how small tweaks led to an emergency fund, pub nights without stress, and a fully-funded weekend getaway.

19:24 – Key Takeaways

Budgeting isn’t about deprivation - it’s about directing your money toward what matters most.

20:33 – Outro

• Emma Finance Budgeting App (Please note: FFE has no affiliation with Emma, please research this service and similar services before you proceed to make sure you use the budgeting tools that work best for you): https://emma-app.com/

• MoneySavingExpert Budget Planning Spreadsheet template: https://www.moneysavingexpert.com/banking/budget-planning/

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In this episode of 'Finance for Everyone,' we delve deep into the world of Lifetime ISAs (LISAs). Follow the journey of Jess, a 31-year-old first-time homebuyer, as she navigates this special savings account. Discover how LISAs provide a 25% government bonus for either purchasing your first home or saving for retirement. We break down key rules, eligibility, benefits, and penalties. Whether you're saving for a house or planning for retirement, this episode offers valuable insights into making the most of your financial future.

Friendly Reminder: This episode is intended for educational purposes only and does not constitute financial advice. Always consult a qualified financial advisor for personalised guidance.

In This Episode:

00:00:00 – What Is a Lifetime ISA?

We introduce the concept of a Lifetime ISA—an account offering a 25% bonus from the government for young savers (ages 18–39).

00:01:00 – Meet Jess

Jess, our fictional character for this episode - is a determined spreadsheet lover saving for her first home, hears about Lifetime ISAs and wonders if this account can fast track her goal.

00:02:00 – Key LISA Facts

Age eligibility, annual £4,000 contribution limit, and how the government bonus effectively boosts your deposits.

00:03:00 – Cash vs. Stocks & Shares

Jess compares a simpler cash LISA (earning interest) versus a riskier stocks & shares LISA (investing in the market).

00:04:00 – Opening and Funding

Steps to open a Lifetime ISA online, the 12-month rule, why you must contribute before age 40, and how the monthly bonus deposits arrive.

00:09:00 – Beware the 25% Penalty

Unapproved early withdrawals don’t just cancel the bonus - they can dip into your contributions too. Why it pays to stick to house or wait until you're 60.

00:10:00 – Buying Your First Home

How LISAs help with deposit rules:

• Minimum 12 months open
• Price cap of 450,000 pounds
• Must use a mortgage
• Funds go directly through a solicitor

00:16:00 – Couldn’t Buy a House?

No worries—the LISA morphs into a retirement savings option at age 60. Jess discovers it’s not lost money if her home plans change.

00:19:00 – LISAs vs. Pensions

We compare the LISA’s 25% bonus with tax relief on pensions, including the role of employer contributions and access ages.

00:26:00 – Common Myths

• “If I don’t buy a house, I lose my bonus!”
• “I can only use it once!”
• “It replaces my pension!”

We bust these and other misconceptions for Jess.

00:32:00 – Final Takeaways & Jess’s Plan

Jess feels confident about using a LISA for her first home and possibly as a retirement supplement. No more confusion!

Have you stumbled upon an old premium bond certificate and wondered what it's all about? In this episode, we unravel the mystery of premium bonds. We'll clarify exactly what they are, how they work, expected returns, and help you decide if they're the right choice for your money.

Friendly Reminder: This episode is intended for educational purposes only and does not constitute financial advice. Always consult a qualified financial advisor for personalised guidance.

In This Episode:

00:00 – Discovering Premium Bonds We meet Sam, a relatable character who finds an old premium bond gift from his grandma, prompting his curiosity.

02:00 – What Exactly Are Premium Bonds? Learn about premium bonds, a unique blend of a savings account and a lottery, managed by NS&I, and discover why they've been popular since the 1950s.

05:30 – How Premium Bonds Actually Work We break down the mechanics, the minimum and maximum investments, the odds of winning, and introduce "Ernie," the random number generator.

08:50 – Why Are Premium Bonds Popular? Explore the key appeals: big prize potential, 100% government-backed security, tax-free winnings, gifting benefits, and easy access to your money.

13:10 – Reality Check: Odds and Returns Unpack the reality behind the odds of winning and the practical returns from holding premium bonds versus traditional savings.

16:30 – Premium Bonds vs. Savings Accounts and ISAs A detailed comparison between the guaranteed returns of savings accounts and the unpredictable thrill of premium bonds. Understand tax implications, flexibility, and inflation risks.

25:40 – Who Should Consider Premium Bonds? Are premium bonds right for you? Identify who can benefit most and who might be better off with traditional savings or investment options.

29:50 – Debunking Premium Bond Myths We tackle common myths such as the notion that only new bonds win or that premium bonds are rigged—setting the record straight.

35:30 – Making Your Decision and Final Thoughts Follow Sam's decision-making process, equipped with newfound clarity on whether premium bonds are a good fit for him—and you!

Useful Resources & Links:

• NS&I Premium Bonds: https://www.nsandi.com/premium-bonds
• Premium Bonds Prize Checker: https://www.nsandi.com/prize-checker
• Martin Lewis Premium Bond Calculator: https://www.moneysavingexpert.com/savings/premium-bonds-calculator/

Enjoyed this episode? Please rate and review the podcast to help others discover our clear, helpful financial content. Follow the show for more easy-to-understand financial breakdowns.

Finance made simple, for everyone!

To kickstart the new financial year - join host Nik Giri as he breaks down the UK's major tax changes from 2024 and 2025. Whether you're an employee, self-employed, retired, or a first-time homebuyer, this episode helps you understand exactly how your finances are affected - and what you can do about it.

Friendly Reminder: This episode is intended for educational purposes only and does not constitute financial advice. Always consult a qualified financial advisor for personalised guidance.

Note: Not all tax changes discussed in this episode take effect from April 6, 2025. Some changes have been implemented gradually over the past year leading up to this date.

In This Episode:

00:00 - Introduction and Overview of Tax Changes Start here for a quick overview of the key tax updates you need to know this financial year.

00:46 - Income Tax Updates for 2025 Discover what's happening to your personal allowance, income tax thresholds, and why the freeze could mean paying more tax even if rates haven't changed.

02:25 - National Insurance Changes Good news for employees and the self-employed! Learn about significant cuts to National Insurance contributions and how much extra you'll see in your paycheck.

05:54 - Tax-Free Allowances and Marriage Allowance Clarifying tax-free allowances you might be missing out on—including a hidden bonus for married couples and civil partners.

07:09 - Pension Tax Changes Find out about the abolition of the Lifetime Allowance, new caps on tax-free lump sums, and why you might want to increase your pension contributions.

09:50 - Capital Gains Tax Adjustments Important changes to Capital Gains Tax: drastically lower tax-free allowances and higher rates mean you'll need to plan your asset sales carefully.

14:13 - ISA and Savings Interest Rules No cuts to ISA allowances (phew!), but higher interest rates mean more people are paying tax on their savings—learn how to protect your interest earnings.

17:21 - Stamp Duty Land Tax Revisions Critical for homebuyers! Major stamp duty changes are coming from April 1, 2025—miss the deadline and you could pay thousands extra. Essential listening if you're planning to buy property.

26:13 - Other Notable Tax Changes From council tax hikes to new vehicle excise duties for electric cars, and changes in alcohol and tobacco taxes—we've got you covered.

30:09 - Debunking Tax Myths and Misconceptions We bust common myths around higher tax bands, pension contributions, and stamp duty deadlines, ensuring you’re not caught out by misunderstandings.

36:03 - Conclusion and Final Thoughts Wrapping up with actionable insights and reminders to help you confidently navigate your finances in the new tax year.

Useful Resources & Links:

• HMRC Official Tax Rates & Allowances
• National Insurance Contribution Rates
• Pension Allowances Explained
• Capital Gains Tax Rules
• Stamp Duty Land Tax Calculator

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