RACHEL RICKARD STRAUS: I’ve learned some money lessons

Pinch me. This is my first issue as editor of Britain’s finest, boldest and most beloved wealth and personal finance section. What a privilege – and a dream – to be at the helm.

With Deputy Editor Toby Walne, Group Editor Jeff Prestridge and our team of brilliant writers, I look forward to building on the section’s rich tradition. We will fight for you, help you grow your wealth and extract every last drop of value from your hard-earned cash.

As I look ahead, I also found myself reflecting on the past year and the lessons it taught me that I’m taking into 2023. So I thought I’d share with you my best money lessons from 2022 – the serious ones…and not so serious. I’d love to hear yours too. Please email me at rachel.rickard@mailonsunday.co.uk.

Delay Repay is a game changer

Late last year I was on a train that was almost an hour behind schedule. But instead of getting frustrated, I hoped I’d be delayed for a few more minutes. That’s because last year I used Delay Repay, a system where the longer you are delayed, the more you get back from the ticket price.

In the end, my train was delayed by an hour, so I was refunded the full price of my ticket. The payment was in my bank account a few days later.

Any delay from 15 minutes would have earned me compensation. I was lucky, of course, that I wasn’t in a major rush—and I wouldn’t have been so optimistic if I’d experienced weeks of train delays and cancellations, like so many commuters.

But for me it took the stress out of the situation. I have Jeff Prestridge to thank for getting me to use Delay Repay. He has shared his horror train journeys in these pages.

Good companies are not always good investments

Few would dispute that Amazon, Apple, Microsoft and Tesla are great companies. But that didn’t make them great investments last year.

Their share prices, which had soared in recent years, plummeted by 50, 27, 29 and 65 percent respectively.

It was a good reminder that not only does the quality of a company make a good investment, but how much you pay for it.

Think twice before buying imaginary things

The value of cryptocurrencies had risen so quickly that in early 2022 I started to wonder if I had rejected them too quickly. But then they refueled.

Bitcoin started the year with a value of £35,275 – it ended at £13,662. Some cryptocurrencies ended the year almost worthless.

I’m not saying this is the end. But last year was a good reminder that it’s worth being very wary of buying things with no inherent value or use.

Take some predictions with a grain of salt

Around this time last year, the Bank of England predicted that inflation would peak at around 7 percent in April 2022 and then start to fall. Instead, inflation ended the year in double digits and has yet to fall dramatically.

I also looked back at the forecasts that fund managers made in January last year about the economy for the coming year. Most are ridiculously wrong.

I don’t think we should drop forecasts and predictions. In many cases they are invaluable, and last year was a particularly difficult year to provide.

However, 2022 provided a good reminder to take predictions with a grain of salt.

You can still buy a round for less than a tenner

Just before Christmas I met friends for drinks in Wetherspoons. I hadn’t been there in ages. I bought a round – three glasses of Merlot, a pint and a half of beer – and it came to £8.99.

I thought there was a mistake. I knew the pub chain prices were low but I didn’t realize they were that low. (Yes, I know I’m a little late to the party, but why didn’t anyone tell me?)

Looking forward to trying out the veggie burger deal in 2023.