Mark Simpson and Damien Fogg walk through how to cut unnecessary spending during a crisis. Audit your bank statements, negotiate or pause debts including mortgages, and use MoneyHub to track where money goes. The UK self-employed support scheme excludes anyone earning over £50,000.
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We are in Season 8, Episode 11 and this is Friday 27th March. This has been recorded as last week. Friday drinks with Damien Fog. Today we're talking about finances with Damien Fogg. We're talking about proactive and practical ways to cut down on your outgoings, increase your incomings so you can help your business survive through the coronavirus crisis. It was a really good episode because Damian gives practical advice on Ways and Means. He shares a couple of apps on how you can get started when it comes to tracking your finances, which we will explain more about. And I also talk about his book. His book is a great way. So please sit back, enjoy, but most importantly, implement the advice into your personal life and to your business and I will hand you over to the one and only Damien.
Hello, everyone. So I'm Damien Fogg. I'm a former financial advisor and property investor. Still a property investor, that's not a former. I've been involved in the financial services.
Industry for you recommend when you're chatting.
To somebody, I think jumping into the expenses side of things, easiest way to start is to use your bank statement. So in normal circumstances that's the sort of stuff that you'd be looking at. With what's going on at the moment, though, we can get a bit more dramatic with it. So obviously a lot of people are going to have mortgages that they need to pay. The government's already come out and said they've pretty much insisted all mortgage lenders have to give you a three month holiday if you want one. So speak to your mortgage lender. And times are a little bit weird right now, but it's given us the opportunity to be fairly aggressive with any sort of debts that you've got outstanding and really you're in a strong negotiating position to say, look, I don't want to pay this right now, so give me some wiggle room. So that's probably a good starting point. Just getting a list of all of your DBs.
Is there something out there that could help? I use on back of Damien's recommendation, an app called MoneyHub M O N E Y H U B And that has really helped me to what has been happening. And now this will obviously gear up to be more UK centric and I know we've got people tuning in from all over the world and whenever we do one of these people always say, well, what about here? But I just want to talk about what has come out from the Chancellor, what has come out from the sort of the budget and the relief and the help that's going to be here for support on the businesses.
He's in a fairly difficult position, isn't he? Because he was never going to please everybody. And obviously you guys in hospitality industry have got the business rates stuff. So there's an awful lot of stuff that's already been put out there to try and help people out. So that's roughly what the offer is, which as Mark says, is probably out of date now already by the time you listen to this, if it's Monday next week, probably out of date, he will have come up with something else. But right now that's the offer for self employed people they've specifically targeted and said if you earn more than 50,000 a year, you're not getting any help. And their argument I think has been, well, people earn over that. And so the challenge Chancellor's kind of, from my point of view, it's kind of proven my point that I've been talking to people for a while, but when you get to a certain stage, having all of your eggs in one basket can be quite dangerous. I think going forward, that's definitely something people need to take from this.
It's all a bit headline sort of grabbing at the moment. But I think that the problem as well is that because everything is moving so fast because we've never had a coronavirus and one of them is the investing. If anybody hasn't really gone down this sort of road before and somebody's thinking, well, I want to now start to look at other ways and means of bringing in income over the long term. And obviously you cover this in your book, but where do you recommend could be a really good place for someone to get started if they wanted to find out a little bit more about the stocks and shares and ISAs and whatnot. Is there any, obviously, apart from your blog, is there any things that people can start to look and do over the course of the weekend and sort of figure this out a little bit more? Is there any sort of ways and means that you recommend on that?
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