Save up to £600 each month with money saving expert’s vital tip

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Francesa, aka The Money Fox, is a digital creator and money coach. The finfluencer aims to help Britons save money with her informative posts.

Francesca claimed a client of hers saved £600 a month by limiting her spending in an area the majority of Britons could cut back on.

The money coach told buying food is where most Britons end up grossly overspending.

It comes after the expert made a vital warning about a credit score report mistake that could cost your financial future. 

She told “This is the best thing I say to everyone.

“It’s something I find really easy to do, but I know other people obviously don’t.

“A lot of the time when they come to me, the main problem with their spending is food shopping.”

She claims the vast majority of people are unable to accurately guess how much they spend on food.

“If you ask people, they don’t even know how much they’re spending,” she said.

“If you asked them to guess, it would be nowhere near what they actually spend.

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“This is super common because people do small shops all the time, £10 pounds here or there. Before you know, it is added up.

“As soon as I sit down with someone, we go through the meal plan and set a budget.

“Somebody said that they thought they were spending £200 a month, and when she looked into it she spent £800.”

Without an accurate picture of their spending, Francesca says it’s no wonder people struggle to create a workable budget.

“This is where people’s budgets go wrong and how people fail to accomplish their goals because they’re not using the right numbers in their budget to start with.”

Francesca speaks regularly on her platform about early retirement, one of her personal money goals.

She explained to a retirement budget calculation to work out exactly how much you need to save to retire when you want, in the style you want.

She said: “There’s a little calculation you can do to work out your budget for retirement.”

She said, once you have worked out your yearly retirement budget, you multiply it by 25.

“It will be a very big number,” Francesca warned.

So if you are planning a retirement yearly expenditure of £60,000, you will need a retirement pot of £1.5m.

However, Francesca pointed out: “This is a basic calculation, but it’s a quick way of way of working it out.”

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