When we first went into lockdown, we heard about all the people baking banana bread and “completing” Netflix. This week, we caught up with Ola, who instead of taking part in these common lockdown activities, decided to spend her time creating a personal finance Instagram account named All Things Money!
Ola has since shared tonnes of bite-sized tips on her account, focussing on everything from budgeting to pensions – as well as writing a whole e-book that is now available to buy!
1) Hey Ola! Can you give us a little introduction?
My name is Ola, I’m 23 and I am the Founder and Creator of All Things Money… A personal finance platform designed to help young adults increase their financial literacy and encourage them to better manage their personal finances!
2) What inspired you to start All Things Money?
All of my friends would be the first person to tell you how frugal I am with my money. I am forever nagging them to do the same.
Because of this, during lockdown, I decided to turn my nagging into a personal finance platform to try and encourage others to do the same as we are not taught a great deal about this at school or university!
I have always made it my number one priority to stay on top of my finances. Whether it be through creating a weekly budget or by having a separate pot of savings set aside for a rainy day.
As a result, my main goal is to try and share some personal finance tips and information to help young adults navigate the adulting world. Hopefully, my page offers this information in a simple and interesting way!
3) Sounds like you’re pretty great at managing your finances. Can you tell us a bit about how you manage your money each month?
So I have a few different accounts, this helps me stay on top of my finances better.
I have a current account, a savings account, and a separate bank account that holds my weekly budget.
Every month I always make it my mission to put some money aside into my savings account. Alongside this, each month I work out how much money I have available to spend once all of my expenses have been deducted.
With the amount remaining, I split this into a weekly budget so I am consciously aware of how much money I can spend each week. This amount is then deposited weekly into my separate budget account. So I can’t be tempted to spend any more than I can afford!
This method may also help others who find it difficult to stick to their budget.
4) You’re fairly new to using Emma. How has Emma helped you with your money journey so far?
It has enabled me to keep an eye on all of my accounts which has definitely helped me track all of my spending accordingly.
The thought of having multiple accounts can sometimes be quite overwhelming. However, Emma definitely helps reduce that stress as I can view all of my accounts in one place.
5) You share lots of great tips on your personal finance Instagram page. What’s your number one money-saving tip?
My number one money-saving tip is to create a monthly direct debit that allows you to deposit your money into a separate savings account.
This direct debit will move your desired savings from your current account into your savings account each month. (Without you having to lift a finger!)
This will make sure that 1) you are saving regularly. And 2) you don’t get tempted to spend the money that is meant to be put aside and saved!
6) And lastly, if you had to describe managing your finances using one emoji – what would you pick and why?
I would use this emoji 😅 because I sometimes find managing my finances pretty stressful.
As I have so many different accounts it can often make it hard for me to stay on top of my finances! This is why I’m loving using Emma, as it allows me to view all my accounts in one place!
Emma is a money management app that connects all your bank accounts to track your monthly spending and subscriptions. We will help you visualise and take control of your finances. Make sure you aren’t overspending and show you practical steps to start budgeting effectively.