Financial lessons learned from…The Great British Bake Off

The Great British Bake Off is back on our small screens for another season of striking showstoppers and spectacular signatures.

But whilst it might be the on-screen comradery between the judges and contestants and edge-of-your-seat eliminations that have you tuning in every week, you might be surprised to know that the show can actually teach you a few things about your finances.

So, whether you’ve yet to give in to the hype or are still outraged over #BinGate (us too), this blog will talk you through the financial lessons learned from the GBBO so you can build a better relationship with your finances.

Why choose Creditfix?

• Write off unsecured debts over £6,000
• Stop interest and charges soaring
• Reduced payments from £110 per month

Trustpilot

Check if you qualify

You can’t please everyone 

The GBBO has had its fair share of controversies over the years from judges eliminating fan-favourites to contestants sabotaging their fellow bakers’ creations.

However, the same can also be said for your finances with some people on a constant mission to impress others and get a one-up on their friend or neighbour, regardless of how much it costs to do so.

The rise of social media has also fuelled this trend and made it easier than ever before to compare your spending habits and material possessions to that of the people you follow online, whether you know them or not, with our feeds filled with snaps of lavish gifts and luxury holidays.

This might impress some people but you’ll soon realise that trying to please everyone is impossible and driving yourself into debt for other people isn’t worth the time or money.

Patience is key 

The secret to a long and successful time in the GBBO tent, amongst other things, is patience.

This year’s bakers have already had to work to tight deadlines and make sense of vague instructions but as long-term fans of the show will know, losing patience and getting frustrated in the beginning is usually a recipe for disaster.

Similarly, you must also have patience when it comes to your finances and be confident that you’ll achieve whatever you set your mind to, even if it is taking longer than you originally expected.

Whether you’ve barely made a dent in your debts or have been saving for a deposit for years, you’ll get there when you’re supposed to get there and, in the end, you’ll be glad you started when you did.

If at first you don’t succeed, try again

When it comes to surviving the pressures of the GBBO tent, perseverance is just as important as patience.

There have been instances of contestants throwing a tantrum and walking out when things don’t go their way but if everyone reacted like this, the show wouldn’t last longer than a few weeks.

This lesson also applies to your finances with it sometimes taking a few attempts to find the right approach for you. Similarly, because everyone’s financial circumstances are different, what might work for someone else might not work as well for you.

If you’re tired of trying and failing to fix your finances, finding the strength to pick yourself up and try again can be an important life lesson that can be applied to much more than just your finances.

Learn from your mistakes 

Some of the most entertaining things that have happened on the GBBO over the years have come from contestants making baking blunders.

But it’s how competitors respond to making a mistake that determines their fate and, more often than not, how much longer their time in the tent lasts.

This lesson can also be applied to your finances.

For example, if you’ve been driven into debt over a missed payment or been forced to dip into your savings to cover the cost of an emergency expense, taking preventative measures to ensure it doesn’t happen again can help you avoid making a similar mistake down the line.

A little planning goes a long way 

GBBO contestants are given time to plan what showstoppers they’ll attempt to wow the judges with but despite this, some still fall victim to a lack of planning.

From being too ambitious to trying something different on the day, taking a risk rarely pays off and, more often than not, only leads to bakers being booted from the tent before they’ve had a chance to showcase their skills.

The phrase ‘a little planning goes a long way’ can also prevent some serious financial problems and help you avoid the dreaded debt cycle with regular checks the key to ensuring you’re still on track to achieve your goals.

For example, if you have a history of poor money management or just know your spending habits could be better, creating a monthly or yearly plan can help you regain control of your finances and prevent you from ending up in a similar situation again.