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  • 📝 How to Organise Your Money and Build Wealth in 2025 +🍯 Honey sued by influencers + 🇬🇧 Economy cheat sheet

📝 How to Organise Your Money and Build Wealth in 2025 +🍯 Honey sued by influencers + 🇬🇧 Economy cheat sheet

The 99 - 2nd December 2024

January 06, 2025

Happy New Year and welcome to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday.

This week, you’ll find your usual round-up of must-know financial stories, plus:

  • The GFY Money Reset Guide: How to Organise Your Finances and Build Wealth in 2025

  • The Energy Bill 5: 5 quick changes to help you reduce your energy bills this year

There’s plenty more coming your way—expect more content and tools this January to help you get organised and build a great financial life in 2025.

As always, if you have any feedback, questions or content requests, just reply to this email. We would love to hear from you.

Alice & the GFY team x

GFY Money Reset Guide

How to Organise Your Finances and Build Wealth in 2025

Ready to take control of your money this year? Here’s a quick step-by-step guide to getting organised, hitting your financial goals, and building a great financial life in 2025. No jargon, no judgment.

Key

👉 Action

⚒️ Tool

1. Quantifiable Goals

📍 Set a Destination

👉 Keep it simple and start by setting specific and measurable goals for 2025.

  • Examples:

    • 🥅 Save £5,000 for a house deposit.

    • 🥅 Pay off £2,000 of credit card debt.

    • 🥅 Invest £1,000 into a stocks and shares ISA.

  • Write your goals down and keep them to hand - we'll be revisiting them later in the guide.

2. Embrace Open-Banking Apps

📱 Make Technology Work for You

👉 If you’re not using an open-banking app, you’re making your financial life much harder than it needs to be. If you do just one of these steps, let this be it.

What are they?

These apps connect securely to your bank accounts and credit cards using open banking, giving you a real-time view of your finances. They help you categorise spending, set budgets, and even highlight where you could save money effortlessly.

They are all fairly similar in what they offer but here are two we’ve tried, tested and approved:

  • 🛠️ Emma:

    • Best for you if:

    • 👍 You want a simple, clean interface

    •  👍 You're a renter and want to boost your credit score with their rent reporting feature.

  • 🛠️ Snoop:

    • Best for you if:

    • 👍 You want to connect more than two accounts

    • 👍 You’re particularly interested in bill management and tracking

What is open banking and is it safe?

It’s a secure way for apps to access your financial data (with your permission), so they can give you a clearer picture of your money. They are ‘read only’ which means they can’t carry out transactions. Rest assured, they are heavily regulated in the UK.

3. Create a Spending Plan

📊 Give Every Pound a Purpose

A good spending plan (budget) gives your money a purpose. Knowing where your money is going can help you find areas to save and align your spending with your goals.

  • 👉 Use one of the apps above to help, or try a manual method like the 50/30/20 rule.

  • 👉 Check out our Budgeting Basics Guide for detailed techniques and examples.

4. Set Up a Payday Routine

📅 Keep Yourself Accountable

Consistency is key to staying on top of your finances. Create a simple payday routine to check in with your progress.

  • Schedule a recurring calendar event on payday. This is to: 

    • 👉 Review your goals.

    • 👉 Check your spending plan/budget.

    • 👉 Adjust savings or debt payments if needed.

5. Automate Your Savings and Debt Repayments

⚙️ Let Automation Do the Heavy Lifting

Automation is key to easy financial management. Here's what you need to do:

Set up automatic transfers

  • 👉 Automate savings and payments on payday or just after. Do this within your banking app (some apps let you create savings rules, less advanced apps will require you to set up a standing order).

Examples based on goals from Step 1:

  • Save £5,000 for a house deposit:

    • Set up a standing order to a savings account/pot earmarked for your deposit.

    • If you save £417 per month, you'll hit £5,000 in 12 months.

  • Pay off £2,000 of credit card debt:

    • Direct £167 per month to your credit card balance to pay it off within the year.

    • Prioritise the highest-interest debts first.

  • Invest £1,000 into a stocks and shares ISA:

    • Schedule an automated monthly investment of £84 to hit your target by year-end.

    • Remember, investments should be for goals at least 3+ years away to ride out market bumps - even then, your capital is at risk.

(usually) Prioritise in this order:

  • 💳 Debt: Start with expensive debt (credit cards, payday loans, etc.). Highest interest first.

  • 💰 Emergency Fund: Aim for 3-6 months of expenses in an easy-access account. See this guide for more.

  • 🥅 Sinking funds and other cash saving goals: For predictable big expenses like car tax or holidays or for other goals less than 3 years away. You'll need an easy-access account (make sure it's got a decent interest rate - you should be able to find one that offers at least 3%).

  • 📈 Investments: Consider a Stocks and Shares ISA for long-term growth (note: you’ll need to accept not touching that money for at least 3+ years to ride out any fluctuations in the market). 

6. Cut Your Outgoings

✂️ Trim the Fat

Focus on trimming the boring stuff like bills and subscriptions:

  • Switch providers:

    • 👉 DIY: Schedule renewal dates for insurance, broadband, and energy in your calendar.

    • 🛠️ Or use a service like 🛠️ Nous to do it for you. 

  • 🛠️ GFY has an ongoing partnership with Nous to give members of the GFY community an exclusive £50 sign-up bonus. Sign up using this link. You do not need to pay anything or sign up to premium. 

  • Sign up for free using this link.

  • Once Nous sorts your first switch you’ll get a £50 welcome bonus, in addition to the savings they find for you.)

7. Boost Your Income

💡 Think Creatively

Explore ways to increase your income strategically.

  • Benefits Check: It’s not just Universal Credit. Don’t miss:

    • 👉 Single-person council tax discount. Apply via your council's website if you live alone.

    • 👉 Work-from-home tax relief: Check eligibility here.

8. Do a Pension Audit

🔍 Check Your Future

Your pension is one of the most powerful tools for building long-term wealth. Make sure you’re getting the most out of it.

  • 👉 Check if your employer offers matching contributions—if they do, make sure you’re getting the maximum match.

  • 👉 Increase your contributions if possible. Even small increases can make a huge difference over time.

  • 👉 Not sure where to start? Our Hot Girl Retirement Guide breaks it down step by step.

Final Thoughts

Organising your finances isn’t about being perfect—it’s about progress.

For more tools and guides: GFY.CO.UK

2025: Growth or Gamble? Your Economic Cheat Sheet for the Year Ahead

Welcome to 2025! With a renewed focus on "Growth," the Labour government is setting the stage for a year centred on economic recovery and development. But will growth happen?

Let’s dive into the key economic predictions for 2025:

GDP & Growth 📈

Recap:

According to the ONS, the UK economy recorded no growth in Q3 2024.

GDP, or Gross Domestic Product, measures the total value of economic activities within a country, including contributions from people, businesses, and the government. It reflects the overall economic health and helps gauge living standards. 

Why No Growth?

In Q3 2024, output recorded no growth, GDP declined, and expenditure grew marginally.

Looking Ahead:

  • The BoE predicts GDP may remain unchanged for Q4 2024.

  • For 2025, the OECD raised its growth forecast to 1.7% from 1.2%, citing fiscal loosening* and investments.

  • The IMF’s growth forecast for 2025 remains at 1.5%.

*Fiscal loosening refers to increased government spending or lowered taxes to boost demand and encourage growth—also known as expansionary fiscal policy.

Inflation & Interest Rates 💸

Inflation rose to 2.6% in November 2024 from 2.3% in October, driven by higher fuel and clothing costs. This strained household budgets during the holiday season, with potential further rises after December festivities.

Recap:

  • Inflation hit the BoE’s 2% target in May and June 2024.

  • Slight upticks to 2.2% in July and August preceded a year-low of 1.7% in September.

Impact on Interest Rates:

In 2025, fewer interest rate cuts are expected. The BoE will likely take a cautious approach to steady inflation while gradually easing rates.

The Housing Market 🏡

The housing market is expected to remain steady in 2025.

Key Predictions:

  • Rental Prices: Expected to rise slowly compared to recent years as demand for rental homes stays high.

  • House Prices: Rose 4.7% in 2024 and may continue to increase.

  • Affordability: Gradual interest rate cuts and rising wages could improve housing affordability.

  • Demand: Likely to spike in Q1 ahead of the reduction in the stamp duty threshold in March.

Consumers & Households 👪

The outlook for consumers and households in 2025 remains mixed.

Downsides ⬇️

🪙 Increased Costs: Higher energy prices, bus fares, water bills, council tax, and business costs are expected to strain household budgets.

💷 Limited Earnings Growth: Businesses navigating cost pressures may limit pay raises.

Upsides ⬆️

📈 Higher Minimum Living Wage: Effective from April.

💁‍♀️Improved Consumer Confidence: Up from early 2024 but still lower than pre-2019 levels.

Overall, consumers are expected to remain cautious about spending.

Businesses 🏛️

Businesses face rising costs in 2025, following increases in Employer National Insurance (NI) and the minimum wage announced in the Autumn Budget.

The Impact:

  • SMEs: Hospitality and retail industries are likely to face the most pressure.

  • High-Street Closures: Over 13,000 high-street stores closed in 2024—a 23% increase from 2023 (Centre for Retail Research).

  • Businesses: They may hire less, cut jobs, or limit pay rises to manage costs.

How optimistic do you feel about your ability to manage living costs in 2025?

Login or Subscribe to participate in polls.

Influencers sue PayPal’s Honey: Sweet Deal or Scam?

What’s Happening?

Influencers are suing PayPal’s Honey extension, accusing it of taking affiliate commissions by falsely claiming credit for driving sales. The lawsuit, issued by Devin Stone of the YouTube Channel Legal Eagle, has thrown a spotlight on their affiliate marketing practices, which are a huge revenue generator for creators.

What is Honey?

Honey is a popular browser extension that helps users find coupon codes while shopping online. It was acquired by PayPal in 2020 for $4 billion and has been promoted by lots of online influencers. According to YouTube creator and investigator MegaLag, Honey has sponsored over 5,000 videos which have collectively been viewed almost 8 billion times.

What is Affiliate Marketing?

Affiliate marketing lets creators earn a commission when followers make a purchase through their links. Honey also profits if users click its extension to find a coupon code before buying.

A Sticky Situation

MegaLag’s viral video claims Honey takes credit for sales it didn’t drive by overriding the final click in affiliate marketing transactions. This allegedly allows Honey to claim commissions that would otherwise go to creators who originally linked the product. 

Honey is also accused of showing discount codes that favour retailers, rather than the cheapest option, misleading consumers into paying more than they should.

What’s Honey Saying?

A spokesperson for Honey denied the claims and said the extension helps "millions of shoppers with additional savings on their purchases whenever possible" while helping merchants "reduce cart abandonment and comparison shopping."

What Do the Experts Think?

Advertising and e-commerce lawyer Robert Freund thinks it might be tough for creators to prove Honey is breaking the law. Honey could argue it’s driving sales, even when no discount is offered, and because it’s a browser extension, it often gets the last click.

"The difficulty there for the plaintiffs is you're essentially trying to make the system of last-click attribution for affiliates unlawful. I can understand why a creator affiliate would think that it's unfair, but I don't know that it's illegal."

Freund said in an interview with Business Insider.

What’s Next?

Repercussions for Honey

The controversy has already led to 3 million Chrome users uninstalling the extension, signaling significant reputational damage for Honey.

Even if the lawsuit doesn’t succeed, Honey faces an uphill battle in repairing its image.

With a heavy reliance on influencer marketing, regaining the trust of creators and consumers alike will require a big shift in how they operate.

The Energy Bill 5

5 quick and proven ways reduce your energy bill in 2025

☑️ 1. Check Your Home’s Energy Efficiency

Insulation is your best friend in winter. Topping up to 270mm of loft insulation could save you £200/year in a semi-detached home. It doesn’t have to be expensive: look at things like draught excluders and chimney sheep. Some Age UK branches offer free energy checks and provide free energy-saving devices.

🥅 2. Hunt for a Better Energy Deal

If you’re on a standard variable tariff, your prices will rise and fall with the energy cap. While this worked well when prices dropped last summer, the January increase might make fixing your tariff worthwhile. Look for a 12-month fixed deal that’s cheaper than the cap and has no hefty exit fees, so you can switch again if prices drop.

ICYMI 

The GFY community gets a £50 sign-up bonus when they switch using Nous, an AI-powered tool that manages household bills and saves users £500+ annually.

Sign up for free via this link to claim your £50 bonus and enjoy stress-free bill management.

🧠 3. Use Appliances Wisely

Certain appliances are real energy guzzlers. On average, these cost the most to run annually, according to Which?…

Washer-dryers: £209/year

Condenser tumble dryers: £127/year

Fridge-freezers: £110/year

You can save money on your appliances by:

  • Washing clothes at 30°C instead of 40°C (38% cheaper).

  • Using eco settings on appliances like dishwashers and washing machines.

  • Defrosting frozen food in the fridge to help the fridge stay cool more efficiently.

  • Drying similar fabrics together – items of the same material dry at the same rate. No need to keep running the dryer over and over!

  • Showing your appliances some love – time to clean out your laundry filters, descale your kettle, defrost your freezer, and give the fridge coils a quick vacuum. It’ll keep them running smoother and save you money.

👇 4. Turn it down

Set your boiler’s flow temperature between 55-60°C to save up to £65 annually, cutting energy bills by 12%, according to Nesta. For combi boilers, set 50°C for heating and 55°C for hot water. For boilers with a hot water cylinder, set the flow temperature slightly above 60°C for heating, and the cylinder to 60°C. You need to ensure water is hot enough to prevent bacteria like Legionella.

♨️ 5. Only Heat What You Need

  • Shut doors to unused rooms to keep the heat where it’s needed most.

  • Consider a smart thermostat to control heating schedules and avoid wasting energy when you’re out.

  • Heat the person not the home by using things like a heated blanket

Sources/Read More:

UK Economy Prediction

ONS

Honey Sued by Creators

Business Insider