If you’re wondering where all your money goes, the founder of All Things Money can probably tell you. Ola reveals how you can really make savings – and five easy ways of topping up your earnings
10:32, 15 Jan 2025Updated 10:32, 15 Jan 2025
“We’re really cutting everything out,”(Image: Getty Images)
It’s official: avocados and coffee are not making you poor. We asked genuine financial expert Ola Majekodunmi – and apparently your choice of breakfast doesn’t have much to do with it.
But millions of Brits are still feeling the pinch this January. According to YouGov, a third of those who made New Year’s resolutions were determined to save more and spend less in the coming months.
Here MEG JORSH speaks to Ola, the founder of All Things Money, about things you can do to claw back some extra cash…
Won’t somebody think of the avocado? Retailing for around 95p, this innocent fruit keeps taking the blame for our financial struggles.
Ola founded All Things Money to help people learn how to manage their finances(Image: Ola Majekodunmi )
It started in 2017, when loaded Aussie property developer Tim Gurner said people were priced out of buying their first homes because they spent too much on “smashed avocado and coffees.”
Then last week, Alan Titchmarsh added “mobile phones, Netflix, Starbucks” to the list of things draining our bank accounts. But according to Ola, that kind of little luxury is probably not the problem.
“We’re really cutting everything out,” she says. “Let us have some avocado! You know what I mean?”
Of all Alan’s targets, Netflix is probably closest to the truth – provided you don’t actually watch it. These days, it’s too easy to hand over your bank details to companies you might never think about again.
Some people waste hundreds on unwanted subscriptions(Image: Getty Images/iStockphoto)
Ola says: “I think one of the biggest ways people are wasting money now is unused subscriptions. It’s so easy to sign up to a free trial here, free trial there and then people forget that they’ve signed up.”
She says clients are often shocked when she looks at their bank accounts and spots all the payments they have forgotten about. These can be as much as £99 for a service like Spotify Premium.
“I think another way people waste money is just by not having a budget,” she adds. “They spend all the money that comes in and then they’re shocked when they get to the third week of the month and they’re like ‘where has all my money gone?’”
Her All Things Money workshops aim to teach people how to take better care of their day-to-day finances. But if you’d just like to make a bit of extra cash this winter, she has some advice on that too…
OLA’S BUDGET BOOSTERS
1. Rent out your parking space
Profit: Ola pays £20 to rent a space for 24 hours
Your empty garage or driveway could be a secret goldmine thanks to online rental platforms like JustPark. Travellers will often pay a premium for the perfect spot, especially if you live near an airport or station.
Even better if your town holds a major event, like the Edinburgh Festival or Cheltenham’s races. “My friends mum lives in Cheltenham and she used to make £1000 or £2000 a month,” says Ola.
2. Sell your car
Profit: More if you choose the right buyer
Don’t have a spare parking space? Ola has the solution. If you’re working from home, or you have a second vehicle, it might be time to think about whether you really need it.
Try an online used car marketplace like Motorway and you could make around £1,600 more than you could at part exchange.
3. Flog your stuff
Profit: £100 to £500 a month
eBay, Vinted and Facebook Marketplace are all your best friends if you need to earn some extra money. Furniture tends to sell quickly, while the vintage trend could help you turn old clothing into cash.
And at this time of year, most of us have a few things we don’t need. “There’s people who’ve been gifted things for Christmas they could probably sell,” admits Ola.
Making a few extra quid can help tide you over(Image: Getty Images)
4. Scan your receipts
Profit: £10 to £100 a month
Try an app like Shoppix or SnapMyEats and gain small rewards for uploading pictures of your receipts. Depending on the platform, it could be cash, points or gift cards.
“The reason why it works is that lots of supermarkets want market research,” says Ola. “They want to know what people are spending their money on and how much they’re spending.”
5. Try a cashback website
Profit: Around £300 a year
Addicted to online shopping? You could buy exactly the same things, but pick up a few extra quid while you’re doing it.
Sites like TopCashback will pay you back a percentage of the money you spend if you access your favourite shops through their platform. “I think I’ve made £300 in total in the last year,” says Ola.
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.