10 March 2015
According to an article on the BBC yesterday, us Brits are saving more money than at any time during the last decade; or to put it another way, we’re putting an average of £113.77 into savings accounts each month. It just goes to show that, when things get tough, people get savvy.
I’ll always remember how difficult it was during the early years of UKFast. I once told a radio host about how Gail and I lived off porridge for months as we were so cash strapped, and he was shocked to hear I still eat the stuff! Yet it’s true that many promising young businesses go bust because they haven’t managed their money properly. It’s an easy thing to do, especially when you start to make money and feel a bit flush.
But it’s very rarely that easy. In those early years of a business, it’s almost like you’re dragging a net behind you, which is collecting all of these expenses – surprise bills you’d forgotten about, for example – and these things can catch up with you and pull the rug from under your feet all too easily.
Being careful with money is a great skill to have, and clearly one we’re improving on here in the UK. As Benjamin Franklin once said, “A penny saved is a penny earned.”