Francesa, aka The Money Fox, is a digital creator and money coach. The finfluencer aims to help Britons save money with her informative posts.
“This is super common because people do small shops all the time, £10 pounds here or there. Before you know, it is added up.
“As soon as I sit down with someone, we go through the meal plan and set a budget.
“Somebody said that they thought they were spending £200 a month, and when she looked into it she spent £800.”
Without an accurate picture of their spending, Francesca says it’s no wonder people struggle to create a workable budget.
She said, once you have worked out your yearly retirement budget, you multiply it by 25.
“It will be a very big number,” Francesca warned.
So if you are planning a retirement yearly expenditure of £60,000, you will need a retirement pot of £1.5m.
However, Francesca pointed out: “This is a basic calculation, but it’s a quick way of way of working it out.”