In this inspiring podcast episode, we explore the remarkable story of Jon, a true financial maestro who has maintained an annual budget of under £7,000 since 2009. What makes his journey truly extraordinary is not just his modest income, but his ability to achieve financial independence. If Jon were to cease working today, his sustainable living wo…

To include the State Pension or to ignore the State Pension, that is the question…when you’re retirement planning. If you’re a millennial (born between 1981 and 1996) or later, I’ve come to a bold conclusion: it’s best to assume you won’t receive a State Pension, when you’re planning how much to save for retirement. Let me explain why… While it's l…

Retirement is a dream shared by many of us, but achieving it requires careful planning and early action. In this article, we’ll delve into the world of retirement savings and reveal exactly how much you need to save each month to retire comfortably. So, if you're aiming for financial independence but are possibly thinking it’s a pipe dream, buckle …

Have you heard about the FIRE movement? It's an acronym for Financial Independence Retire Early. While many people interpret it literally, there's more to this movement than meets the eye. In this episode, we delve into what FIRE truly means, dispel some common misconceptions, and explore the different aspects of achieving financial independence (o…

Investing 101 – HOW TO START INVESTING: where to put your money, how much to invest and what to invest it in?I receive a lot of questions about “how to start investing” and this month alone I’ve fielded quite a few, so, as a belated birthday present to myself I decided to get this all out into a simple blog. Any tax rates and thresholds mentioned i…

Hi Heather,Here’s my questions.I'm a single first time buyer, I have just under £10k deposit and i can borrow up to £200K based on some mortgage brokers.. is there any way I can borrow more money to buy a bigger house? What are your thoughts on the "helping hand mortgage" by Nationwide. Are there any other schemes for first time buyers? Second ques…

Amrita owns a buy to let property and is a renter herself. She has been renting for over a year and wants to buy a home to live in. She wonders if she will have to be pay the extra 3 per cent stamp duty tax on the purchase of her new home. In addition, if she is subject to the extra 3% tax, she asks if she can she avoid it by buying her home throug…

I always say that if you get nothing else right in your financial life, at least own where you live outright by the time you hit retirement and ideally much earlier. Well that’s not quite right, the other thing you need to make sure of, is that you qualify for the full UK state pension. Currently, when I am 68, for so long as I have 35 qualifying y…

When you’re at one point in your life it’s often nearly impossible to imagine having much more than what you’ve got – or maybe that’s just my lack of imagination – anyhow, in this podcast I recount the steps we went through to move from our £385,000 beautiful terraced home to a £1.1m detached bungalow in the same neighbourhood. We did all this in 2…

If you’re looking for ideas on how you and your partner can split the household bills without arguing about it, I have a few ideas for you.Obviously what you ultimately go for depends on your own specific circumstances, e.g. whether you’re married or in a civil partnership or not in either, employment status, differences in income and personal beli…

If you’re over 55 and own your home outright or have significant equity, banks target you for equity release schemes. There are two types: lifetime mortgages and home reversion schemes.With a lifetime mortgage you generally get a loan based on the value of your house and your age – the higher your home’s value and the older you are the bigger the l…

Now, I disagree with Martin Lewis (the founder of moneysavingexpert.com) on many issues related to debt but on no issue are we more at logger heads than on student loans!Martin Lewis is of the view that UK student loans are not really loans but a form of tax, a graduate tax, in his view…his reasons for thinking this way are based on the way student…

There are a lot of apps out there right now purporting they’re the divine intervention you’ve been waiting for to turn your kids into personal finance ninjas…news flash: you can’t delegate teaching your kids about money to an app.The app may be able to relay some basic knowledge but ultimately the best builders of wealth need to only master one thi…

#38 What is the one financial goal you would like to achieve in 2021? - Reduced debt? - Increase pension contributions? - Increase pension contributions? - Save more for children?Extract from the "2021 Life and Career Planners", link below"Most people want to handle their money better but they don’t take any steps to improve their financial knowled…

#37 In this final episode for 2020, find out a little more about me, Heather, the Host of The Money Spot Podcast through an interview that I had with Alex Sapala.For more on Alex Sapala click the link just below.Related resource: https://www.katsonga.com/wealthblog/the-real-heather-katsonga-woodward-interviewed-by-alex-sapalaAsk me a question: http…

#36 In this episode find out what percentage of black people own their own homes and what their pension pots look like relative to other ethnic groups. Further, are the earnings of black people lower than earnings of other ethnic groups? Are black Brits enjoying the same rates of social mobility? What challenges do black Brits face in the job marke…

#35 Do black children really have challenges that are unique to them? What are those challenges? Find out in this episode: black children are excluded from school at higher rates than other ethnic groups and the evidence suggests it's not because they are actually more naughty or more aggressive - in fact, some research suggests black children have…

#34 D asks: Hi Heather, my name's DI wonder if you can maybe help advise me, I’m hoping to figure out a plan for myself and kids so that I feel secure and I’m financially independent. I wonder if maybe property is something you would suggest.I am in my 50’s, been with my husband since school and married for nearly 25years. We have adult kids who li…

#33 Ronjoy asks: Dear Miss Katsonga,What is your opinion on Critical illness cover? What are the alternatives (for lump sum payout to cover mortgage or other debts) in case one partner is unable to work?Thanks!RonjoyRelated resource: https://www.katsonga.com/wealthblog/5-ways-to-remain-financially-afloat-during-unemploymentAsk me a question: https:…

#32 Fifi asks about how best to manage her money when her income from month to month fluctuates a lot with some months bringing in just enough for her to get by. She also wonders how best to manage her credit score and to boost her monthly income. Related resource: https://www.katsonga.com/wealthblog/how-do-i-manage-my-finances-when-my-self-employe…

#31 Grace asks: Hi HeatherMy name’s Grace. I’m looking into saving money for my little one so that it can be invested in the same way as government-backed child trust funds. My older one has a child trust fund but I don’t know how to go about opening something similar for my younger child. As I understand it, banks don't offer government-backed chi…

#30 David asks: Hi HeatherI’m really enjoying your podcasts and have already given a 5 star rating.I am 57 and plan to retire at 60 so love your retirement items.When talking about 4% draw down for retirement income, it’s never clear if the figures are before or after tax. For example 4% of £1m is £40k, but after tax this could be nearer £30k.If yo…

#29 Jennifer asks: Hey Heather, my name's Jennifer, I want to start a side hustle but I don't know where to start or how to organise myself. No one that I know has a side hustle; they just do the 9 to 5 then chill...are side hustles just not a British thing? Please help me with some tips, I need some direction...thank you!Related resource and Sylwi…

#28 Mary asks: Hi Heather, it's Mary here. When is a good time to draw equity from my house: when I retire, which is in about 5 years, or before? Thanks for the help.Related resource: https://www.katsonga.com/wealthblog/qa-when-is-a-good-time-to-release-equity-from-your-house-for-retirementAsk me a question: https://www.katsonga.com/coach.htmlChoos…

#27 Nik asks: Hi Heather, just discovered your podcast and blog. Really inspiring. Could I ask a question?I have about £10k to invest and I’m considering three options. I’d really appreciate your help in deciding what to do.1. Add to my passive investment portfolio which is spread across equities and bonds. It’s down about 8% since Feb. I’m not pla…

#26 Harriet asks: Hi Heather, My name’s Harriet. Thanks for the UK-focused personal finance podcast. I feel slightly worried that I don’t have a will because of the covid-19 pandemic. I have children and some assets and I want to go about getting a will in place in the right way, please tell me what I need to think about so I get my will done corre…

#25 Kimberley asks: Hi Heather, my name's Kimberley. My husband and I have worked hard to build a financial safety net for our family. We both come from modest backgrounds and weren’t taught much about money so we’ve had to figure everything out on our own and made quite a few mistakes along the way. Do you have any tips we can use to teach our chi…

#24 Tsungi asks: Hey Girl!I’ve been trying to get my cancelled flight to Zimbabwe refunded for a month but haven’t made any progress, do you have any suggestions?TsungiRelated resource: https://www.katsonga.com/wealthblog/qa-how-do-i-get-my-refund-fast Ask me a question: https://www.katsonga.com/coach.htmlChoose a book: https://www.katsonga.com/myb…

Part 5 - In this 5-part series, Mark Katsonga Phiri talks us through his life story during the course of a 4-hour road trip. From the first business that he helped his mother with when he was only 11 years old, to his 7th business which went from 0 to a million dollar business in a year. However, it’s actually his 6th business that gave him the pro…

Part 4 - In this 5-part series, Mark Katsonga Phiri talks us through his life story during the course of a 4-hour road trip. From the first business that he helped his mother with when he was only 11 years old, to his 7th business which went from 0 to a million dollar business in a year. However, it’s actually his 6th business that gave him the pro…

Part 3 - In this 5-part series, Mark Katsonga Phiri talks us through his life story during the course of a 4-hour road trip. From the first business that he helped his mother with when he was only 11 years old, to his 7th business which went from 0 to a million dollar business in a year. However, it’s actually his 6th business that gave him the pro…

Part 2 - In this 5-part series, Mark Katsonga Phiri talks us through his life story during the course of a 4-hour road trip. From the first business that he helped his mother with when he was only 11 years old, to his 7th business which went from 0 to a million dollar business in a year. However, it’s actually his 6th business that gave him the pro…

Part 1 - In this 5-part series, Mark Katsonga Phiri talks us through his life story during the course of a 4-hour road trip. From the first business that he helped his mother with when he was only 11 years old, to his 7th business which went from 0 to a million dollar business in a year. However, it’s actually his 6th business that gave him the pro…

#18 Miriam asks: Hi Heather Can you do an educational post on Life Insurance? A lot of people in our community still depend on donations when there is a bereavement, I think they’d be surprised to find out how cheap it actually is to get life insurance. MiriamRelated resource: https://www.katsonga.com/wealthblog/what-is-life-insurance-how-much-life…

#17 Alex asks: Hi Heather! I'm 22 years old and I've been trying to get a good control of my finances. I'm still a student so I don't have a regular income. I've set up a LISA account to save for a house but I'd also like to begin saving for retirement. I've looked everywhere online but nothing seems to explain what different kinds of pensions ther…

#16 Reena asks: ​Hi Heather, My name’s Reena, I’d really like to know what my spending looks like relative to the average person, can you do a blog post or podcast episode on that? Thanks.Related resource: https://www.katsonga.com/wealthblog/qa-do-i-spend-more-money-than-the-average-personAsk me a question: https://www.katsonga.com/coach.htmlChoose…

#15 Sam asks: ​Hi Heather, My name’s Sam. Can you talk about financial independence and the steps one has to move through to get there? ThanksRelated resource: https://www.katsonga.com/wealthblog/qa-what-are-the-different-stages-of-financial-independenceAsk me a question: https://www.katsonga.com/coach.htmlChoose a book: https://www.katsonga.com/my…

#14 Vivienne asks: ​Hi Heather, Thank you so much for launching your podcast. I am really enjoying all your advice. My name’s Vivienne. I’m single and in my late 60s. I receive the state pension and find that I struggle to make ends meet – my saving grace is that I own my home outright but I don’t have any other investments outside of that. Althoug…

#13 Linda asks: ​Hi Heather, My name’s Linda. I would like to have a comfortable retirement but I am not sure how much money I need to have saved up in order to achieve this goal. I am not particularly extravagant but I do want to be able to afford at least two holidays a year. I additionally don’t have access to a fixed workplace pension so I need…

#12 Grace asks: ​Hi Heather, My name’s Grace. I recently started investing in stocks and shares and want to know the type of returns I should realistically expect? I’m especially interested in how long it will take for my money to double in value. ThanksRelated resource: https://www.katsonga.com/wealthblog/qa-how-long-will-it-take-for-my-shares-to-…

#11 Nicola asks: Hi Heather, My name’s Nicola. I’m fortunate enough to still have a job right now, most of my friends have lost their jobs and it’s made me realise that if I had lost my job I wouldn’t be able to survive at all. I have no savings, a few debts and spend all my earnings every month. What do I need to start doing, right now, to ensure …

#10 Edna asks: ​Hi Heather, My name’s Edna. I was wondering if you could talk about what net worth is? Why it matters and how I can improve my net worth? Thanks.Related resource: https://www.katsonga.com/wealthblog/qa-what-is-financial-net-worth-how-do-i-calculate-my-net-worth-and-improve-it Ask me a question: https://www.katsonga.com/coach.htmlCho…

#9 ​Angela asks: Hi Heather, Happy new year! I’m a big fan of yours and have been following you for a while. I bought all your three books. I would like to open a stocks and shares ISA for myself and two children aged 16 & 14 but I don’t know where to start due to fear of risk. I want to invest 15% of my income in stocks and also considering real e…

#8 Wendie asks: Hi Heather, My name’s Wendie. I am a support worker and earn about £1,600. I struggle to make savings due to all my commitments but I desire to start no matter how small. Please advise.Related resource: https://www.katsonga.com/wealthblog/qa-what-are-the-9-biggest-money-mistakes-people-make-that-prevent-them-from-savingAsk me a ques…

#7 Barry asks: Hi Heather, My name’s Barry and I hate budgeting…it’s not so much the budgeting but tracking all my spending; it kind of sucks the joy out of life. I can’t stand having to think through how my money will be spent and not being able to buy what I want just because it wasn’t budgeted for – am I doomed to always be broke because I don’t…

#6 Melissa asks: I’m Melissa. As a full-time entrepreneur myself, I often find a difficulty in deciding how much monthly income to re-invest into my business and not OVERDO IT. This reminds me of why I often lose at the board game "Monopoly", ha! Because I'll spend every last dollar on buying up houses and hotels and when I fall on someone else's p…

#5 Chrissy asks: Hi Heather, My husband and I want to buy a house, how can we go about improving our credit score?Related resource: https://www.katsonga.com/wealthblog/qa-how-can-i-improve-my-credit-score-so-that-my-husband-and-i-can-buy-a-house Ask me a question: https://www.katsonga.com/coach.htmlChoose a book: https://www.katsonga.com/mybooks.ht…

#4 Flora asks: Hi Heather, Based on the things you told us about investing, my husband and I started putting £125 per month each into our SIPP pension. I hope this isn’t a silly question but what are these savings for? When can we expect to start spending that money and should we try to spend it in specific ways or on specific things? Both my husba…

#3 Denise asks: Hi Heather, I want to earn extra income, however I work as a nurse in the NHS which takes up my time, do you have any suggestions on any investment that can make money. I am also interested in the stock market but don’t know where to start. I am interested in both generating extra monthly cash flow now and increasing the amount of m…

#2 Diana asks: Hi Heather, I just had my first baby. I'm 31 and married. Do you have any tips for how I can think about saving and investing for my baby? Related resource: https://www.katsonga.com/wealthblog/how-to-save-and-invest-for-your-children Ask me a question: https://www.katsonga.com/coach.htmlChoose a book: https://www.katsonga.com/mybooks…