The penny drops podcast: How to make and stick to a budget


In this episode, our host Andrea Fox talks all things budgeting with Kalpana Fitzpatrick, finance editor, money expert and founder of award-winning website Mummy Money Matters.

What will we be talking about?

When it comes to your personal finances, what does the word ‘budget’ mean to you? And would you know where to start if you had to put one together? This month we cover:

  • Why we need a budget and how to start.
  • How often you should update or review your budget.
  • How to budget if you’re self-employed.
  • Practical tips if you’re on a tight budget.
  • Prioritising and tackling debts.
  • Making savings on your household bills.
  • Maintaining and decorating your home on a budget.
  • Budgeting for a family with children.
  • How to socialise without spending too much.
  • Working out a budget and saving for Christmas.
  • Top tips for living frugally.

Who is our guest?

Kalpana Fitzpatrick is the finance editor at Hearst UK for brands like Good Housekeeping, Red and Prima magazine, as well as the money expert on the BBC’s Money 101 podcast. She’s also the founder of Mummy Money Matters, an award-winning website that helps families with money.

All views and opinions expressed in the podcast are those of the guest and not of Royal London.

Where can you listen?

You can download and listen to episodes using the iTunes Podcasts, Google Podcasts, Spotify or Castbox apps – just search for ‘The penny drops’. Make sure to subscribe so you don’t miss any new episodes, and please do leave us a review. We’d love to know what you think of the series.

If you don’t have access to an app, you can listen to the podcast online. We’ll send you reminders about any new episodes in your quarterly member emails.

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How can you find more information?

Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.

You can also find lots of helpful information on some of the topics discussed in this episode on the following sites:

Bills and expenses
Employment and redundancy
Coronavirus and your finances

This podcast was recorded remotely in July 2020 during the coronavirus outbreak. For the latest information on financial support and benefits, visit

Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.

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