Notes on Personal Finance

I’ve been slowly getting my head around personal finance over the last few years. Nothing dramatic — just trying to understand where money goes, how to save it, and what to do with it once you’ve saved some. Here’s a collection of frameworks, tools, and resources that have helped.

Budgeting

The first step is knowing what you actually spend. Most people guess and are wrong.

• Monarch Money – A budgeting app that connects to your accounts and categorises spending automatically. I’ve found it useful for seeing where money leaks out each month.
• YNAB (You Need A Budget) – The most aggressive budgeting method I’ve tried. Every pound gets assigned a job before you spend it. Steep learning curve but changes how you think about money.
• PocketGuard – Simpler than YNAB. Tells you how much “spendable” cash you have after bills and savings are accounted for.
• Google Sheets budget templates – If you prefer manual control, a spreadsheet gives you full visibility without linking bank accounts.

Tracking and the Quantified Self

Once you’re budgeting, tracking specific metrics helps you see progress.

• Empower (formerly Personal Capital) – Free net worth tracker. Connects all your accounts and shows your investment portfolio, retirement savings, and cash flow in one dashboard.
• Honeydue – Good if you share finances with a partner. Simple interface for tracking joint and individual spending.
• Mint – Was the default for years. Being sunset in 2024, but many people are still using it and migrating to Empower or Monarch.

Investing

Stocks and ETFs

• Vanguard – Low-cost index funds. The go-to for passive, long-term investing. Their target-date funds are a set-and-forget option.
• Fidelity – Another low-cost platform with a good selection of index funds and ETFs.
• Interactive Investor – Flat-fee platform. Worth considering if you make frequent trades, as the cost structure favours active investors.
• Sharesight – Portfolio tracker that handles multiple brokers and calculates your actual returns, including dividends and capital gains.

Books

• The Simple Path to Wealth by JL Collins – Probably the best book on passive investing I’ve read. Written as letters to his daughter, it’s clear and opinionated in a useful way.
• The Psychology of Money by Morgan Housel – Not a how-to guide. More about why people make the financial decisions they do, and how to avoid your own biases.
• Rich Dad Poor Dad by Robert Kiyosaki – Controversial but influential. The core idea — assets vs liabilities — is worth knowing even if you disagree with the rest.

Retirement

• MoneySavingExpert – State Pension Guide – Clear breakdown of how the UK state pension works, what you need to qualify, and when you can claim.
• The Pensions Tracker – Aggregates all your UK pension pots into one view. Useful if you’ve changed jobs several times and lost track.
• SmartAsset – 401(k) vs IRA Calculator – US-focused but the concepts apply anywhere. Good for understanding the trade-offs between different retirement vehicles.

Debt

• Dave Ramsey’s Debt Snowball – Pay off smallest debts first, then roll the payments into larger ones. Psychologically effective even if mathematically suboptimal.
• Debt.com – Debt Avalanche vs Snowball – Side-by-side comparison of the two main repayment methods with worked examples.
• National Debtline – Free, confidential advice if you’re struggling with debt in the UK. Not a loan provider — just advice.

Taxes

• GOV.UK – Self Assessment – The official guide if you’re self-employed or have untaxed income.
• TaxCalc – Software for self-assessment returns. Has a free version that covers basic filings.
• IRS – Tax Topics – US-focused but useful if you have cross-border income or investments.

Insurance

• ComparetheMarket – Comparison site for home, car, and life insurance. Useful for annual reviews even if you don’t switch.
• MoneySavingExpert – Insurance Guides – Practical guides on what to look for in different types of insurance, and common pitfalls.

General Resources

• MoneySavingExpert – The single best UK personal finance site. Covers everything from budgeting to credit cards to pensions. Martin Lewis knows his stuff.
• r/personalfinance – Active community with a well-moderated wiki. The “Prime Layout” is a step-by-step financial plan that works for most people.
• Mr Money Mustache – The FIRE (Financial Independence, Retire Early) blog. Extreme in places but the underlying principles — low spending, high savings rate, intelligent investing — are sound.
• Bogleheads Wiki – Community-driven investment guide based on index fund investing. Dense but comprehensive.