Adding spice
to your finances

Our Mission

At The Money Chilli we think that everyone of a working age has the ability to achieve their dreams. Whether they be modest or extravagant, lavish or simple, it really doesn't matter. YOU are in control and YOU have the power to make them happen.

With years of financial expertise we set out clear, simple and actionable steps of advice. Think of us as your personal financial guide to help you get there, wherever "there" might be for you!

Read on below to find out how.

STEP 1. EVERYTHING STARTS WITH A GOAL

Without a goal you have no why. And this is the most important element. You will drift and whilst you might get some success, it will be very easy to veer off course and lose sight of the prize.

Have something meaningful to aim for and you'll it 10x easier to stick to the path.

Some examples could be (goal / target date / how much is needed):

A. Pay off my credit card balance ~ by 2024 ~ £15,000
B. Take the family on a dream holiday to the Caribbean ~ by  2022 ~ £5,000
C. Save a deposit to buy your first house ~ by 2030 ~ £35,000

Read more about how to setup and define your financial goals

STEP 2. Understand your spending

Do you know exactly where your money goes each month? REALLY? If you are not writing down and accounting for every penny then you do not! I know how easy it is to think I spend X on groceries, Y on  household bills and Z on the other essentials. There's no waste in there... Write it down and PROVE it to yourself! You will not believe where some of it goes. Ensuring that your spending matches your values and goals is critical in learning to manage your money.

You'll need yourself a budget tracker. Personally, I'm a fan of excel, but it could be a piece of paper in a notebook.

STEP 3. LOOK AT YOUR Income, Debts, Savings and Investments

Not all debts are bad. Not all investments are good. In some cases you can invest using debt (e.g. property). However, there is a time and a place for everything and knowing how best you can play these cards to your advantage can make a massive difference.

All of these can be very useful tools in achieving your goals. We'll look at which debts are useful, which are not. Where savings (cash) should be kept and some of the potential ways that people can investment for the future.

STEP 4. Define YOUR strategy to achieving your FINANCIAL goals

Objectively, ask yourself the following questions:

 - Looking at your breakdown of outgoings, can you reduce your expenses?
- How much can you save per month? How can you increase the amount of savings per month?
- How can you best apply your savings to get the best return for your situation?

Using the above, define your plan and follow it every month. Do not deviate. Your goals are what you have defined as the most valuable financial objective, ensure these are given the upmost importance and that you stick to your plan. 

But... is it really that simple?

Well, yes, and no!

The steps, absolutely are that simple. Of course though, there is a level of detail to each of these which we will go into. We will be adding much more detail to The Money Chilli shortly that will take you in depth into each of the steps mentioned and provide you with the guidance you need to progress your journey.