Real Life Money Summary, Review PDF

Real Life Money is part memoir and part financial guide. The author, Clare Seal, sets out a path for anyone who wants to get a handle on their finances through her own painful experience with debt. 

Many twentysomethings in this day and age are saddled with a mountain of debt. They have difficulty making ends meet because their employment is insecure. Even though they are already in their twenties and thirties, they still cannot afford a house or a family.

Unfortunately, this generation has had a lot of bad luck: the years of austerity that followed the 2008 economic crisis have made things worse. Today’s youth often only dream of being permanently financially secure.

It’s easy to feel hopeless when you find yourself in the same situation as everyone else. The good news is that help is on the way.

British Instagrammer Clare Seal explains how she got out of debt and the strategies she used in these short videos. You’ll learn the bare facts about your relationship with money and the mental blocks that are holding you back. If you are struggling financially, learn how to get back on track, create a sustainable budget, and learn to appreciate the little things in life.

You may be wondering if you should read the book. This book summary will tell you what important lessons you can learn from this book so you can decide if it is worth your time.

At the end of this book summary, I’ll also tell you the best way to get rich by reading and writing

Without further ado, let’s get started. 

Real Life Money Book Summary

Lesson 1: For Millennials, buying a home has become almost impossible due to rising prices, whereas for previous generations it was more of an option.

People who regularly rent apartments have a firm grip on the system. They always clean up before an inspection. Drilling into the walls is not an option. No animals or plants are allowed in the backyard. In addition, your landlord interferes in your personal affairs.

The question is: who would want to rent such an flat? About 20% of the UK population is despite these inconveniences. This number is on the rise. Home ownership is out of reach for most people unless they are born into wealth or start saving at a young age.

Where does this come from? Let us study some political archives.

One of Margaret Thatcher’s most notable achievements as prime minister was increasing the number of people who owned their own homes in the 1980s. She also abolished rent control, which increased rental costs and increased the inherent instability of the housing market. As a result, homeownership is becoming more popular.

The impact of these decisions will become clear in 2020. Millennials are under great pressure to behave like their parents, and many of them are stressed and broke as a result.

The proliferation of the buy-to-let market has put many in a difficult position, as they do not have the capital to buy a home but cannot afford the higher cost of renting.

They may not be able to afford the down payment on a home because their rent is so high.

As the generational wealth gap widens, Millennials will be less and less able to afford a home. Since this is where you currently live, it’s your best option. Interior designer and Instagram star Medina Grillo claims that renting could take up half of your life.

For Grillo, the time you spend in a rental property is limited, so she urges her readers to make the most of it.

If you can not put your name in the title, at least make it personal. Ultimately, however, the government’s rental policy needs to be revised.

There’s a problem with the system, not with you.

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Lesson 2: Financial problems are best solved by setting specific goals.

When money is tight, the future can look like a murky quagmire, making it difficult to plan for the future. Whether you need to get your finances in order or take a new perspective on money, clarity is the key to getting out of the swamp.

To stay focused, it’s important to set goals. Make sure your goals are something that makes you happy.

The question, “What makes me happy?” is the most important question you can ask yourself.

Realize that you may not end up with the outcome you hoped for. Let us say you want to appear well-dressed and trendy among your peers, so you spend a lot of money on furnishings and clothing.

However, the appeal of such purchases wears off quickly.

On the other hand, your growing debts are causing you great concern. Maybe it’s not a bad idea to have more money available for retail. This is a plan that should be well thought out by you.

Think again about your end goal. All the while, the author explained her plans and why they would bring her joy. The dream home she had always wanted was one with a backyard where her children could play and she could host parties for her friends and family.

The happiness and safety of her children were of utmost importance to her, and she knew that spending time with her friends and family would lift her spirits.

Once you know where you want to go, you can break that goal down into manageable pieces by setting achievable interim goals. For example, you could give up using your credit card for a month by calling your creditors, or you could save money by taking a packed lunch to work every day.

By taking small steps and sticking to a budget, you can get your finances back on track.

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Lesson 3: If you want to stop overspending, make a budget and stick to it.

Whether it’s paying off debt or putting money aside for a down payment on a home, reaching a financial goal requires first establishing what that goal is and then working backwards to determine the steps necessary to get there.

The second step is to create a budget for yourself so that you can manage your money better. There are five easy steps you can take to create a budget that works for you.

Your spending habits should be your first port of call.

Take a good look at your spending habits over the past six months. Some habits, like overspending on lottery tickets or cheap Prosecco from the corner store, are easy to spot. Unless you can recognize patterns, you won’t get very far.

Second, take a look at your financial resources. Work out how much you make on a monthly basis. Each month, you will have a balance equal to this amount.

Think about your unavoidable monthly outlays like rent, taxes, and child care.

If your monthly bills are higher than your take-home pay, you may have to reevaluate some of your most important commitments.

The third stage consists of taking a look at your other regular expenditures. Non-essential but highly desirable expenditures include things like Netflix and magazine subscriptions.

Think carefully about each of these costs, and cut the ones you can safely avoid. Don’t be too hard on yourself if you find a way to cut costs. Everyone needs a little fun even when they’re trying to save money.

The fourth step involves thinking about your varying costs. Monthly price fluctuations are normal for things like groceries and gas. In spite of the fact that they are necessities, you can often find good sales on them.

Review what you have left as the fifth step. Your discretionary income is the amount left over after you’ve paid for essentials like food, housing, and transportation, as well as any other fixed obligations. It’s okay if it takes a while to find the sweet spot.

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Lesson 4: A strict budget is not always a bad idea. Occasionally, saving has its advantages.

It’s no fun going without heat in the winter or forgoing a get-together with friends to save money. Financial stress is hard to manage.

While there may be times when it’s understandable or even necessary to cut back on spending, remember that life is short. Saving money does not have to mean you have to sacrifice fun. By cutting back on your spending, you can enjoy the little things in life that you may have taken for granted in the past.

Start by changing our perspective and realizing that material possessions are not the key to happiness. Instead, look for items that are still in good condition and have real charm.

Thrift stores are a treasure trove of unique, well-made furniture pieces. The same goes for clothing. Thrift stores have plenty of vintage looks.

Besides, life is more about what you do than what you own. If you do not want to waste your money on useless things, invite a friend over for an outing instead. A new designer rug or marble kitchen counter is an investment you’ll appreciate for years to come.

Third, living simply and frugally helps our planet. The need to limit negative impacts on the environment is a driving force behind efforts to limit wasteful consumption.

For the sake of the planet and your wallet, eliminating air travel and cutting out meat are two of the most important adjustments you can make in your lifestyle.

Fourth, be honest about your financial situation. Sharing your frugal habits with the world can have a profound impact on the people you lead. By letting people know that you do not lead a lavish lifestyle, you can help reduce prejudice against those who do.

And last but not least, by giving up materialism, you will be freed up to be more charitable. You do not need to go into debt to buy expensive gifts to show how much you care.

The gift of your time and attention will be much more appreciated than a smorgasbord of candles and bath products.

Real Life Money Review

Real Life Money is a great book I’d like to recommend to anyone who is interested in personal finance. If you spend some time digesting the ideas, it might make a positive impact on your life.

While it’s helpful to take responsibility for your own financial situation, it’s also important to recognize that factors beyond your control – such as your upbringing, your gender, and the current economic climate – play a role. When you are ready to take control of your financial situation, it can be helpful to set specific goals. Do not forget to have fun once in a while.

If you are having trouble putting money aside or reducing debt, you may want to try painting.

Take a piece of squared paper and color in a box each time you set aside money to save or pay off debt; this will help you keep track of your spending and save money. A visual representation of your goals and the steps you are taking to reach them will help you stay motivated and achieve your financial goals, whether it’s that long-awaited vacation or paying off your student loans.

About the Author

Clare Seal’s debt-ridden life is revealed on her Instagram account, @myfrugalyear. Her work has appeared in The Telegraph, Huffington Post, Grazia, and Hello! Magazine.

Buy The Book: Real Life Money

If you want to buy the book Real Life Money, you can get it from the following links:

How To Get Rich By Reading and Writing?

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