3 minute read
MONEY TALK
SAM RENKE
COLUMNIST
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Our favourite teacher-turnedactress, Sam Renke, brings you her take on life and the colourful experiences it throws her way.
MONEY TALK
You have probably already guessed that I’m going to be talking about money. I appreciate it’s a risky and sensitive topic to be writing about so close to the festive season and I apologise if this may be triggering for some of you - I won’t be offended if you decide to skip this page. The cost of living crisis is affecting everyone differently, but for the disabled community the stakes are even higher with research finding that 68% of disabled people think they have been, or will be, more severely impacted by the cost of living crisis than those without disabilities.
I wanted to share my recent thoughts and feelings on finance. In particular, how I am personally trying to safeguard my income and manage my outgoings given our current economic situation. FYI, I am not Martin Lewis! I know the government have set up extra funds since they announced their support package in May 2022, but if you aren’t sure what you are entitled to make sure you visit Gov.uk/checkbenefits-financial-support - I absolutely live by the motto if you don’t ask you don’t get! If you are entitled to it, then hold no shame about it.
I’ve always proclaimed to have quite a healthy relationship with money. Aside from my university loans, I’ve never really been in debt, which ironically means my credit rating is most likely not the best. I’ve always paid off credit cards in time and I always hunt for a bargain, I’m certainly not one to be ashamed of the yellow sticker. I have fond memories of being a child and already by age seven having my own antique stall with my sister, we’d hunt for things to sell on the weekend at local car boot sales and triple the profit at the next antiques fair. Just call me Del Boy! However, I have recently started to be a bit more honest about my spending habits. I’ve absolutely noticed a rather unhealthy trend which sees me buying clothes, home interior bits and bobs, or make up, when I’m feeling low, anxious or isolated.
I watched a series on Netflix called Get Smart With Money, and although I’m not raving about the show as a whole, one of the money experts said something that has stuck with me, and now every time I go to spend my money I stop and have a mindful moment to take their advice. They told viewers to categorise purchases into four boxes: I love, I need, I like, and I want.
I love – those goals you are saving up for, a house, holiday.
I need – paying rent, food, electricity.
I like – clothes, handbags, video games
I want – extra chips with your meal, a take-away at the end of the week and that Starbucks pumpkin spice latte - those instant gratifications. This may sound like simple common sense, but I notice that I tend to buy a lot of things that I like or want to fill a void. I have an addictive personality and now that I I’m not a wild party girl anymore - I’m not a social smoker and barely touch alcohol unless it’s free at an event - I’ve turned to spending money as a way to pacify my anxiety, loneliness, and feelings and of not being good enough. Of course, this is a drop in the ocean when we look at the rising living costs, but even if you cannot relate to my impulsive shopping habits, we can all agree that each and every one of us are creatures of habit. Sometimes those habits can have a hugely negative impact on our spending and savings. I urge you all to leave your egos at the door and sit with your pen and paper and be honest about your finances. Now is not the time to bury our heads in the sand, we need to be strong and pragmatic. We also need to be sharing our tips and tricks on how to spend less and save more.