The first and most important step is to organise your finances, while developing a clear insight into your cumulative debt levels and precise fiscal circumstances.
We often think of the coronavirus pandemic as a health crisis, but there’s no doubt that its most tangible negative impact may ultimately be felt by the economy/
Personal debt levels had certainly increased by the end of March 2021, at which point Brits owed a total of £1.712.9 billion to creditors. This number had increased by £27.1 billion year-on-year, with this equivalent to an extra £511 per UK adult during this time.
With this in mind, you may need to take proactive steps to improve your personal finances. Here are some ideas to help you on your way:
Create and Adhere to a Budget
The first and most important step is to organise your finances, while developing a clear insight into your cumulative debt levels and precise fiscal circumstances.
The key to achieving both of these objectives lies with budgeting, as you look to accurately estimate your incoming and outgoings over a weekly or monthly period (depending on how you’re paid).
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It’s crucial that you’re accurate and deal in pence rather than pounds when budgeting, as this will outline the exact amount of disposable income that you have each month and enable you to spend within your means.
By maintaining this over time, you can also begin to consistently pay off any accumulated debts and increase the amount that can be committed to savings every month.
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Become Financially Literate and Recognise Lifestyle Inflation
Developing an understanding of finance (particularly the function of debt and interest rates) can be highly beneficial to your fiscal security, while you should also build knowledge pertaining to the wider financial infrastructure in the UK.
You’ll also need to be aware of the concept of “lifestyle inflation”, which is built on the principle that your spending increases as you earn more money. This can lead to disproportionate spending over time, which is why long-term budgeting is such an important tool in your armoury.
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Create Passive Income Streams to Boost Your Earnings
Given the socio-economic impact of the coronavirus, speculating to accumulate may be the best course of action for finance-oriented Brits.
The key is to seek out passive income streams where possible, so that you can maintain a full-time job and optimise your earning potential over time.
Through this platform, you can also build knowledge and leverage detailed analytical tools, while utilising the demo account feature to practice and hone your strategies in a simulated marketplace for a period of up to six months.
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WeWork is closing its enormous office in Spinningfields, with tenants told to move out
Daisy Jackson
Co-working giant WeWork has announced the shock closure of its flagship space in Manchester, an enormous unit in the heart of Spinningfields.
Those who rent desks or offices within the space have been served notice to move out by the end of the month.
It’s understood that WeWork’s three remaining locations in Manchester are unaffected.
The US-based workspace company first moved into the 60,000sq ft unit at No.1 Spinningfields in 2017, offering flexible solutions to businesses of varying sizes.
But in the last few years it’s faced major financial difficulties, with WeWork eventually filing for bankruptcy in the States.
It was previously valued at $47 billion before its bankruptcy overseas.
On the closure of its huge Manchester office, a WeWork spokesperson said: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we have made the decision to stop operating at No1 Spinningfields in Manchester.
“We look forward to continuing to provide our members with flexible space solutions across our other locations in the city and the rest of the UK, which remains a key market for us.”
An email sent to tenants said: “After carefully evaluating our offerings in Manchester, we have made the decision to stop operating at WeWork No 1 Spinningfields… the move out will occur by 31 May 2024.
“We understand this may cause disruption to your business and are very sorry for any inconvenience this may cause.”
Have you been affected by WeWork’s Manchester closure? Email [email protected] who can help with central, flexible office spaces.
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Premier League agrees new spending cap after ‘majority of clubs’ vote in favour
Danny Jones
The Premier League has reached an agreement in principle on a new spending cap for all teams as the English top flight looks to replace the current Profitability and Sustainability Rules (PSR).
Set to be installed from the 2025/26 season onwards once fully ratified, revised spending limits will placed on teams in the first division, the number for which will be calculated in relation to a multiple of the money earned in prize money and TV rights by the lowest-earning club in the Premier League.
If approved at the AGM (annual general meeting) this June, the new model will replace the existing PSR system under which multiple clubs have broken FFP and been charged with other breaches over recent years, with Everton and Nottingham Forest having already been deducted points this season.
Although 16 of the 20 Premier League clubs reportedly agreed to the newly proposed regulations, four clubs were not in favour, with Manchester City, Man United and Aston Villa all said to have voted against the decision, while Chelsea chose to abstain.
The new max-spending model is being referred to as ‘anchoring’ or ‘tethering’, which will take into account total amounts spent on buying players, weekly wages, agents’ fees and more.
If successful following a final vote in June and brought through the season after next, the aim is to curb the increasing financial gap between the top and bottom of the table by preventing things like big sponsorships which may otherwise see clubs assert massive spending power during transfer windows.
According to the Independent, cost controls will now “limit club expenditure on salaries, signing and fees to 85 per cent of total revenue” for those not competing in European competitions.
This comes after Premier League teams previously the latest UEFA rules that will see those playing in the likes of the Champions, Europa and Conference League only allowed to spend 70% of that revenue, given the added financial uplift from qualifying for these tournaments.
While 16 yeas were enough to see the initial vote move forward, it will only require 14 out of 20 clubs to agree to the rule change in June for the motion to be fully passed.
A Professional Footballers’ Association (PFA) spokesperson said: “We will obviously wait to see further details of these specific proposals, but we have always been clear that we would oppose any measure that would place a ‘hard’ cap on player wages.
“There is an established process in place to ensure that proposals like this, which would directly impact our members, have to be properly consulted on.”