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Financial lessons learned… from music

21/07/2021

Creditfix > Blog > Creditfix Debt Help Blog > Financial lessons learned… from music

 

If you’re looking for financial advice the last place you’re likely to turn to is the radio or your Spotify playlist.

And understandably so, on the face of it what do superstars like Beyonce and Mick Jagger have to teach us about money?

However, as music of all genres taps into the experience and emotions we all face, what we listen to can offer a wealth of monetary lessons – if we only take the time to listen.

Here in the first-ever Creditfix Chart Countdown we tune into our top five financial hits with money lessons that promise to be music to your ears.

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Money, Money, Money – Abba

“I work all night, I work all day,

To pay the bills I have to pay,

Ain’t it sad?

And there still never seems to be,

A single penny left for me,

That’s too bad.”

Lesson: Stick to a budget

OK, this might seem like an obvious first choice but there’s an important lesson to take from Abba’s 1976 classic.

Living from paycheque to paycheque is the norm for many of us – especially over the last year for those on furlough and living on at 80% of their typical wage.

Now, this might not seem like a big deal, especially if you’re keeping on top of your current payment commitments, but just one unexpected event can change everything.

Would you be able to cover the cost of repairing a broken boiler or a trip to the vet with the much-loved family pet at short notice? You should always aim to have a little money left over each month for savings or even just to cover the cost of an emergency.

Sticking to a budget might seem tricky and restrictive but it’s actually your ticket to financial security. Not sure where to start with a budget? Check out our guide to the 50/30/20 budget or use our handy budget calculator here.

Bills, Bills, Bills – Destiny’s Child

“Now you’ve been maxing out my card (card),

Gave me bad credit, buyin’ me gifts with my own ends,

Haven’t paid the first bill.”

Lesson: Be wary of joint credit

Let’s be honest, Destiny’s Child were champions of sass and independence for people around the globe when this hit the airwaves in 1999.

And hearing Beyonce, LeToya, LaTavia and Kelly sing about taking responsibility for our own money is one lesson that definitely stuck.

While managing money with another person, such as your partner, can be a useful way to control outgoings and save money, it can also have its pitfalls.

If you’re considering entering into a joint credit agreement with someone, such as a joint bank account or mortgage, it’s important to do so with caution.

No one ever wants to think of their relationship coming to an end, however, should a relationship breakdown or circumstances change, joint credit can be much harder to manage.

This can be especially true if one person stops paying towards what they owe – leaving you with the entirety of the payment on your own.

For joint debt help and advice, check out our guide here.

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Money’s Too Tight to Mention – Simply Red

“I’ve been laid off work,

“My rent is due,

“My kids all need brand new shoes.”

Lesson: Have an emergency fund / know your benefits entitlement  

The opening lines of this 1985 hit really hit home for thousands of people across the country.

As we continue to try to make sense of the Coronavirus pandemic and the impact it has left not only on our health and wellbeing but also our careers and finances, life will never be the same many.

And while news that employers are planning the lowest number of job cuts for over six years as the economy recovers from the pandemic was welcomed in recent weeks, the importance of having an emergency fund should never be underestimated.

It’s always advised to have as many savings in place to support you and your family should the worst happen and you lose your job.

You should also, make sure you are aware of your redundancy rights and how much benefits you could be entitled to if you find yourself in this unfortunate situation. You can find out more using the government’s benefit calculators here.

Jenny from the Block – Jennifer Lopez

“Used to have a little, now I have a lot”

Lesson: Don’t give into financial peer pressure

OK, this might seem like an odd choice given this song is about JLo saying she hasn’t lost sight of her Bronx roots despite being a multi-millionaire but stick with us.

While the starlet is asking us not to be “fooled by the rocks that she’s got” the same rule applies to us mere mortals too.

As we delve further and further into the social media age, where Tik Tok and Instagram give a glimpse into a seeming world of luxury, it’s important not to lose sight of the illusion created by these platforms.

While we’re all served images of influencers, or even pals, on luxe staycations and people living their best post-lockdown lives it’s important to remember not all is as it seems on social media.

Don’t feel the pressure to follow the ‘it’ crowd and get yourself into financial difficulty in the process.

Can’t afford to be poppin’ bottles in a trendy city-centre bar for the Gram or to be jetting off to Ibiza as restrictions ease? Remember you’re not the only one and your friends will understand if you can’t make plans.

You Can’t Always Get What You Want – The Rolling Stones

“You can’t always get what you want,

But sometimes,

You might find,

You get what you need”

Lesson: Have financial goals

We all have financial aspirations. Whether it’s a luxe yacht, buying a highland castle or adding a bit of va va vroom to life with a Lamborghini we all have our own dreams.

Sadly, these are most likely out of reach for many of us but that doesn’t mean there aren’t financial opportunities for us out there.

The most important thing here is being realistic about what you want and then making a plan to get there.

Don’t be afraid to set financial goals. You can always get towards saving for what you want – even if it isn’t everything.

Where can I get more advice on Financial lessons learned… from music and other debt solutions?

To discuss your options and get the support you need to deal with your debt today, contact us now on 0800 0431 431 or click the button to get started

 

 

 

 

 

 

 

 

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