Twenty money-saving tips from bankers and their wives Job News & Advice…

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Yamaha Luxair Gold
Yamaha Luxair Gold

Twenty money-saving tips bankers and their wives

by Rob Adair

Too many £20k holidays

If you want ways of money, an investment banker may not the best source of advice. it or not, however,  bankers are their spending habits as bonuses shrink and become over several years. bankers and their once wives are suddenly becoming with the art of thriftiness.

For your we’ve spoken to a selection of and ex-bankers and to their spouses how they’re cutting their spending.

This is what have imparted. We hope it is of

1. Go on a clothes diet

So you think you, or your spouse, nothing on clothes? Think “I didn’t think I bought clothes,” said Heather a former banker-turned headhunter places ex-bankers into relations roles with firm Taylor Bennett). last year I stopped clothes for six months and realised how I had been spending – just on a of shoes or a scarf here and

In some cases, spending on can be extreme. In 2009, Marie Davis, a former investment and Swedish countess argued she needed $4.5k a month to on clothes during a divorce

2. Involve the entire family

spending is not simply about your own outgoings. ”When I quit more than a decade we had to challenge our whole family to on less,” said McGregor. “it is to make big life changes everyone in the family is encouraged to

One ex-trader who joined a small fund said his children been told there’s money around and – surprisingly – accepted this fact. only one who doesn’t seem to get it is my he said. “The older have been told we afford all the things that we to have and they seem to get it – if because all their friends been told the same

3. Put your children into the school system

With day anything from £5k ($7.6k) a in the UK and boarding fees anything a term, private schooling may be the biggest recurring expense of any banker. In New York, popular like Horace Mann $39k a year just for

“If you have a well-paid job in banking and the single drain on your resourcing is schooling, then you may to make some difficult said McGregor. “It’s not that your bonus is than expected this it is likely to be worse than for the rest of your working This is the new reality.”

One ex-banker he took his two sons out of boarding and put them into the state system: “They adapted well.”

4. Make your pay their own university fees

Is it so bad for children to pay their own tuition at university? Not really. “People that in the UK the government offers loans that cover said one ex-banker who is making his son pay his own way higher education.

5. Change travel habits

Eli Lederman, a managing director at Morgan who has reinvented himself as an author, he’s ditched business flights. “I still go to New York or six times per year, but now I forego class to travel in premium he said. “With the new flexibility to ahead – which was impossible I worked for a bank – you can get good And if you’re smart about it, the still give you all the perks.”

Similarly, Lederman said the train is far cheaper when you can be about the times you travel. you go into London from the the trains are filled with who love to travel off-peak on the fares.”

6. Start ironing

may sound like a small but while they’re working bankers do not iron their own When they stop or lose money, they ironing.

“Now I iron all my one ex-banker told us. “I’ve loved doing this in a Zen of way, but I never had the time to do

Another banker, who used to at Goldman Sachs and now runs his own said he gets his wife to his shirts nowadays. “At Goldman was a service in the basement where I my shirts off for a fee, but now I ask Jane to do it for he said.

“The wife is the ironing,” another banker us. “She’s not loving it, but she doesn’t to get a job herself so is having to accept

7. Don’t carry so much

The more money you have in pocket, the more you will to spend it. “Stop carrying a of cash around with said the ex-Goldman banker. “It the temptation to tip people so much.”

8. tutoring your children

Giving your children may be time consuming and (occasionally) but it can save a small fortune. of my mates is spending £250 an hour on to prepare his son for school,” one hedge manager told us. “I’m he added.

9. Stop skiing, or ski more

In the ideal world, financial professionals in the City of London take a Powder Byrne holiday every year. this can be a little expensive. “I the family skiing with Byrne last year and £13k,” one hedge fund told us. “It was great – they the kids away from you in the and only return them in the afternoon, but you pay for that kind of

There are cheaper alternatives. year, the hedge fund told us he’s looking at deals with Iglu or Inghams. both of which bargain last minute “This is what everyone is he said. “Everyone’s going market – even my mate got more money than

10. Stay with friends

you go on holiday in the summer (or over don’t pay for your accommodation – with friends.

“I went to the six times in a row,” said the fund manager. “But year we didn’t go to the Maldives for the time in six years – we went to with friends in New York. I around £12k in the process.”

11. Sell the home

Anecdotally, this happening much yet – but it could happening soon. “The home in the country is where you up the most serious costs,” the hedge fund manager. “A lot of I know are talking about the country house. No one’s it yet though.”

12. Have all your problems sorted out before you your job

This too is an option for bankers who have medical which they’ve neglected working long hours. has it that one banker, having giving notice to quit, to address his hernia and knee before his private medical ran out and he was compelled to pay for treatment himself – or to use the Health Service.

13. Shop online

Shopping for online is a recognised method of money. A study last by research firm Nielsen that around 50% of UK consumers now buy groceries online and that money is a big factor encouraging shoppers online.

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“We now have delivered by Ocado,” said the fund manager. “However, weekend we went to Waitrose and ourselves buying a lovely of cheese and a huge side of Everything’s much more when it’s there in of you. When we buy online we less and are more utilitarian.”

14. your own food

Now that are working less hard, are getting home earlier. they get home early, have more time to with food preparation.

“I every night now,” one ex-trader. “Since I left I’ve become very I used to cook a bit, but at the I was always out, entertaining That’s changed a lot – I’m home now and can make food from It’s much cheaper.”

15. cycling

The streets of London are full of bankers and hedge managers on Boris bikes rentable bikes pioneered by the of London). A year after launch in 2010, it was claimed the bikes were used exclusively by rich middle-aged men bikes were ‘posh toys’ argued Ross in the Evening Standard  after statistics that most Boris were indeed white men more than £50k a year.

bikes have been a revelation, the hedge fund told us. “I was spending £150 a on taxis until I discovered bikes. Now I cycle twenty a day. These days, my spends more on taxis I do.”

16. Ensure both adults are

Putting your spouse to may not save money, but it will at bring more money in. The bankers we spoke to were about insisting their got jobs (“There aren’t any out said one). But wives were more open to the

“I work,” said Adele her real name), the wife of a banker in London. “My husband’s are less, but we still have money coming in with two

Adele said she stopped for a few years when she had her children and retrained as a garden designer. self-employed and having my own company I can fit work in around the children,” she “We used to have a nanny, but not necessary any more – I can work the children are at school.”

17. Put your to work

In the UK, the government says can start working from age 13, at point they can start 12 hours a week or 25 hours a during school holidays. In the US, the Labor Standards Act says can work from age 14 and that year-olds can work 18 hours a during school times and 40+ a week during holidays.

In countries, teenagers can work time from age 16. One ex-banker us she’d encouraged her teenagers to get jobs.

18. Sell your old

Gigi, a member of staff at Salou Dress agency, buys and sells pre-owned clothes, said they plenty of bankers’ wives their clientele. “People can save money with us, as as they don’t mind second things and clothes are slightly out of season,” she informed us.

Financiers’ wives can also their unwanted clothing via Salou. “A lot of women have a clear out and cash-in their old said Gigi.

If you want to the most money through sales, however, it may be advisable to to eBay. Salou charges 50% of everything that’s sold, Gigi. “You can get someone to your clothes far more on eBay,” she said.

19. Dump Sky or any premium cable service

The banker we spoke to say he’d his Sky subscription. “I was paying £80 a month. Now I watch the footy in the pub instead,” he

20. Get a Prius

Finally, one banker out that you can save a lot of money if you own a car is both fuel efficient and from road tax. In the UK, a Prius ticks both “I swapped a Volvo for a Prius ago,” he said. “I’ve saved a fortune in road fuel and insurance.”

Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold
Yamaha Luxair Gold


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