Smart money stories: Top financial tips from our community

We’ve broken down the key themes and included real-life examples to inspire your own financial journey. Whether you’re saving, investing, or just starting out, these tips can help you take charge of your money and make smarter decisions.

1. The power of saving: simple habits that add up

Key takeaways:

Many people highlighted the importance of setting aside money for specific goals, such as:

• Building an emergency fund

• Saving for a house deposit

• Saving regularly, even in small amounts, to accumulate wealth over time

• Specific strategies mentioned included automating savings or cutting unnecessary expenses to save more effectively

What did people say about their saving experiences?

"Start saving regularly from a young age to take advantage of compounding over time." – Louisa T

“If I am blessed with a pay rise, I put it either in savings or increase my pension contributions. That way, I’m not spending extra money, and I don’t feel like I am missing it as my pay packet is still the same as before.” – Emma D

“The smartest thing I've done with my money was setting up an emergency fund early on. It gives me peace of mind knowing I’m prepared for unexpected expenses, and it's helped me avoid unnecessary stress when life throws a curveball!” - Sameer T

2. Smart investing: building wealth for the future

Key takeaways:

• Investments in stocks, property, and long-term funds were frequently mentioned

• Several people emphasised the value of starting small but staying consistent with investments

• A key theme was the use of investments to secure financial independence or prepare for retirement

What did people say about their investing experiences?

"I put some money into a stocks &shares ISA as Covid hit - 30% return in a year." – Al D

“I learned the basics of investing” - Janet L

Please note: It’s important to do your own research before deciding to invest. Make sure you understand the level of risk you’re taking first. The value of your investments can go down as well as up. So you may get back less than you put in.

3. Crushing debt: How people took control

Key takeaways:

Some community members highlighted the satisfaction of paying off debt, such as:

• Clearing credit cards

• Paying off student loans or mortgages ahead of schedule

• Strategies included prioritising high-interest debt or consolidating loans for better rates

What did people say about their debt experiences?

"I don’t borrow, hence no debt. I only buy what I can afford and if it means working extra shifts to buy something, this is the option I’d choose rather than go into any sort of debt. No credit cards for me." – Lyn T

"Moved to 0% credit card." – Mike C

If you need debt advice, we recommend that you contact a debt management organisation. Our blog lists what support is available if you need it.

4. Budgeting smarter: making every penny count

Key takeaways:

• Our Smart Money People community revealed that creating and sticking to a budget was a transformative financial decision for many

• Tracking expenses to identify wasteful spending

• Allocating money to needs, wants, and savings (often using the 50/30/20 rule)

What did people say about their budgeting experiences?

"Set up sinking funds!!! They've revolutionized how I budget over the long term and how I'm prepared for larger annual expenses. I'm so much more intentional and think carefully about my spending." – Hannah P

"I switched to Starling banking and started budgeting using their spaces. I transfer every time I'm paid, a pot for food, a pot for clothing, a pot for Christmas, etc. It's really helped us out." – Amber L

5. Getting the most from financial products

Key takeaways:

A significant number of responses revolved around making smarter choices with financial products, such as:

• Switching bank accounts for better interest rates or cashback offers

• Locking in fixed-rate deals on energy or mortgages to avoid market fluctuations

• Comparing insurance or utility plans to save money

What did people say about their experiences with financial products?

"I installed the Plum app on my phone that saves money by rounding up and looking into my account without me even noticing!" – Will H

"Fully researched 0% balance transfer credit cards and opted for these over payday loans or taking out loans to pay off credit cards. It’s been so helpful having a one-off fee and then no interest for a specified period, and really helped me get in control of my finances." – Gregory A

6. Spending on experiences or education

Key takeaways:

Some people highlighted spending money on life-enriching experiences as a “smart” financial decision. Examples include:

• Travelling or going on meaningful holidays

• Creating memorable moments with family or friends through celebrations, events, or shared hobbies

• Prioritising personal growth experiences, such as education, skills development, or wellness retreats

What did people say? 

"I realised that tomorrow isn’t promised and decided to start living for myself and treating myself to little gifts from time to time so that I can enjoy life again!" – Rease

"When my Mum died (years ago), she left me £500 – back then, big money. I bought a caravan to take the family on touring holidays. I've since upgraded so many times and am now the proud owner of an £11k caravan, which we've toured the UK in and had the most amazing holidays.” Trudee H

7. Other smart practices

Key takeaways:

• Diversifying income streams (e.g., side hustles, freelance work)

• Practising frugality by cutting non-essential expenses

• Prioritising retirement savings 

What did people say? 

"I gained countless air miles rewards by putting all my spending on airline credit cards and then paying off the balance. I wouldn't be able to afford business class travel otherwise!" – Dean

"I found myself in a tight spot financially during university, but I came up with a smart solution to fund my final year. I started buying secondhand knitting machines from online marketplaces, repairing and restoring them to full working condition, and reselling them at a profit. This side hustle covered all my expenses, allowing me to focus on my studies and successfully earn my degree." – Aimee J 

Thanks to our Smart Money People community for sharing their smart money tips with us.