{"id":6142,"date":"2022-11-28T00:00:00","date_gmt":"2022-11-28T00:00:00","guid":{"rendered":"https:\/\/jbrecruitment.eu.applyflow.com\/financial-tips-for-young-professionals\/"},"modified":"2022-11-28T00:00:00","modified_gmt":"2022-11-28T00:00:00","slug":"financial-tips-for-young-professionals","status":"publish","type":"post","link":"https:\/\/www.jbrecruitment.co.uk\/financial-tips-for-young-professionals\/","title":{"rendered":"Financial tips for young professionals"},"content":{"rendered":"

\n\tCost of Living: Financial tips for young professionals<\/strong><\/p>\n

\n\tBy Lilly Croucher<\/p>\n

\n\tYoung people are the most financially vulnerable age group. Despite the criticism of overspending on avocados and Netflix, 18 \u2013 30-year-olds save more than any other generation yet are the most affected by the cost-of-living crisis, according to think tank, Demos.<\/p>\n

\n\tWith rising inflation and the new measures from the Autumn Statement, more young people will be feeling the squeeze, so what can be done? Here are some essential tips for young professionals to help.<\/p>\n

\n\t <\/p>\n

\n\tBudgeting effectively<\/strong><\/p>\n

\n\tThe 50-30-20 method<\/em><\/p>\n

\n\tGet the spreadsheet out, this simple method will help you budget whilst adapting to your financial commitments.<\/p>\n

\n\tDivide your monthly income into 50% for needs (rent and bills) 30% for wants (subscriptions, socialising) and 20% for saving.<\/p>\n

\n\tUsing money \u2018pots\u2019<\/em><\/p>\n

\n\tLook at your online banking apps. Some, such as Monzo and Starling, have \u2018pots\u2019 or \u2018spaces\u2019 where you can put money to organise your finances.<\/p>\n

\n\tLabel these pots as you like, set up a standing order each month from your income and have direct payments taken from the pot.<\/p>\n

\n\t <\/p>\n

\n\tSalary increases<\/strong><\/p>\n

\n\tNegotiating pay in line with inflation<\/em><\/p>\n

\n\tFirst, share your concerns with your line manager, if there is no luck here, discuss this with HR.<\/p>\n

\n\tIf they are not moving, suggest different ideas to increase your salary such as working on different products, increasing commissions, or taking on training to improve your chances of promotion.<\/p>\n

\n\tCompanies cannot always increase salaries to meet demand but taking a consultive and positive approach is the mature and professional way to handle the situation.<\/p>\n

\n\tIf your company cannot increase your pay, this may be the time to look for a new job with a higher salary but make sure you have exhausted all other options first.<\/p>\n

\n\t <\/p>\n

\n\tSavings accounts<\/strong><\/p>\n

\n\tHigher interest<\/em><\/p>\n

\n\tTake advantage of the higher interest rates by opening a savings account. Many have interest rates as high as five per cent with some having good variable and fixed rates too.<\/p>\n

\n\tLow risk investing<\/em><\/p>\n

\n\tInvesting in an index fund using a stocks and shares ISA is a good way to make your money grow further. Investing in the S&P 500 or FTSE 100 can have average returns of approximately 10%. Low risk means risk, your investment will vary depending on the stock market.<\/p>\n

\n\t <\/p>\n

\n\tWhile the cost-of-living crisis will affect many of us it\u2019s important to stay organised, be money savvy and think resourcefully. <\/strong><\/p>\n

\n\t <\/p>\n","protected":false},"excerpt":{"rendered":"

Cost of Living: Financial tips for young professionals By Lilly Croucher Young people are the most financially vulnerable age group. Despite the criticism of overspending on avocados and Netflix, 18 \u2013 30-year-olds save more than any other generation yet are the most affected by the cost-of-living crisis, according to think tank, Demos. With rising inflation…<\/p>\n","protected":false},"author":1,"featured_media":6088,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","footnotes":""},"categories":[73],"tags":[106,107],"class_list":["post-6142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-cost-of-living","tag-financial-tips-for-young-professionals"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/posts\/6142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/comments?post=6142"}],"version-history":[{"count":0,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/posts\/6142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/media\/6088"}],"wp:attachment":[{"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/media?parent=6142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/categories?post=6142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jbrecruitment.co.uk\/af-api\/wp\/v2\/tags?post=6142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}