TikTok star’s FOUR vital money saving hacks – from the 1p challenge to ‘no spend weekends’
- Poku Banks is a personal finance expert with over 330,000 TikTok followers
- He wants to educate and empower young people to understand their finances
- Poku’s tips range from saving 1p a day for a year to overpaying your mortgage
A personal finance expert and TikTok star has revealed four money saving hacks that everyone should know about.
Poku Banks has more than 330,000 TikTok followers who are all mainly young people that are interested in how to save and spend their money.
Inspired by how Manchester United star Marcus Rashford spoke about teaching kids at school about personal finance to empower them, Poku made a video on TikTok to help people.
He says it is aimed at both teenagers and also adults.
Simple, easy and effective money saving tips from the finance expert which can help you battle the cost-of-living crisis
THE 1p saving challenge:
Who thought saving just 1p could help in a cost-of-living crisis?
Poku’s first tip is an extremely simple and easy way to save money.
The process works by saving 1p on day 1, 2p on day 2, 3p on day 3, and so on.
By the end of the year, you can save £667.95 if done correctly.
If you’re somebody that struggles putting aside a lot of money each month, this could be for you.
Poku Banks has 36,400 followers on Instagram where he posts money saving tips and financial advice
No spend weekends:
Although you may not want to hear this one, Poku says that staying in on a weekend and not spending money can massively help you save some cash.
The TikTok star added that you will soon start to realise how much you can save not going out.
An added bonus at least is you will feel fresh for work on a Monday morning!
In this particular Instagram video, Poku said he imagines the year in four quarters to help motivate himself
Overpay your mortgage:
From all the money that has been saved by the previous two tricks, here is where spending more money can actually save you some in the long run.
Roku’s third tip is to make higher monthly repayments on your mortgage.
This in turn can reduce the interest in the future.
Ultimately, it all ends in you saving you money in the long run.
The TikTok star has released to the public essential money saving tips that you should know before you’re 18
Understand credit scores:
Poku says that it is crucial to check your credit score with sites such as Experian.
A credit score basically tells lenders how well you manage debt and if your score is low, you should make it your priority to sort it out or you could be in trouble having to borrow for something like a car or house.
If you have a good credit score rating it also means that lenders won’t charge you higher interest to borrow or reject you altogether.