Fan or not there’s no escaping the impact of Love Island.
Since 2015 we’ve watched hopeful couples vie for the £50,000 prize and that all-important fast-fashion ambassador deal.
However, that’s just the tip of the iceberg for contestants of the hit ITV show. Out of the villa 2016 couple Alex and Olivia Bowen, who later tied the knot, are both worth £4.5 million. Meanwhile, fellow show alumni, including Dani Dyer and Kem Cetinay, walked away with lucrative deals following their stint.
The sun-drenched Mallorca villa can be a playground for romance, drama and everything in-between but it can also set unrealistic financial expectations – not only for contestants but fans too.
Whether you believe couples are in it for love or money, there are lessons we can take from Love Island ahead of this Sunday’s series finale to help us have a healthy relationship with our finances.
“I’ve got a text”
Never has a message been more anticipated than a Love Island text. Is it a challenge? Is it a recoupling? It’s the moment we all wait for in the show. In reality, however, it can be a totally different scenario.
When it comes to your finances, text messages fall into two very different brackets. Legitimate and dodgy.
Scams texts are often unprompted, random or unrelated to anything you’ve been doing lately. These messages look like the real deal but it’s always best to be suspicious and report any potential scams.
If you receive a message saying you have a parcel waiting at the Post Office but you haven’t covered the full cost of postage when you haven’t bought anything or you randomly hear from DVLA saying you’re due a refund on an overpayment on your car tax, be wary.
The National Cyber Security Centre recommends forwarding any suspicious messages to 7726 to allow your provider to investigate the origin of the text and take action if required. You can find out more about what to do here.
Then, of course, there is legitimate correspondence from financial companies – such as your bank, credit card provider, creditor or even Carrington Dean.
It’s important not to ignore any messages from trusted sources you are expecting to hear from – especially if they’re chasing for late payment as this can only lead to bigger problems.
Don’t be afraid to recouple
We’ll never forget Georgia from series four for “being loyal” and while that might be the ticket to £50k in the villa, it’s not when it comes to making the most of your money.
Sometimes loyalty isn’t everything when it comes to certain financial commitments.
Take your energy supplier, for example, it pays to shop around for the best deals. This is important now more than ever, as the big six energy suppliers recently announced record price hikes that could see costs increase by at least £139 in October due to a rise in wholesale prices.
We’ve all seen the adverts and read the articles about how switching energy suppliers can save you hundreds of pounds every year but jumping ship can still seem like a daunting process.
You may have got a great deal when you first signed up to your plan, however, things change so it’s important to stay on top of the latest deals.
Convenience comes at a cost and that’s something big energy firms rely on and will often discreetly increase the price of tariffs, betting that you won’t do anything about it.
Don’t let your loyalty cost you and don’t be afraid to find the best deals for you – switching is easier than you think.
Be honest about your situation
Remember Dr Alex from series four? He might have been celebrated for his hard work during the pandemic and campaigning for mental health support, Dr Alex wasn’t always the knight in shining armour we know him to be today.
During his time in the villa, he was called out by Alexandra for stringing her along. Now whether you’re team Alex or team Alexandra is your call, however, there’s still an important financial lesson to be taken from this.
It’s important to always be upfront about your situation to yourself and those closest to you.
Admitting you’re struggling with your finances isn’t easy. In fact, it’s one of the hardest things a person could ever do. But the longer you continue to ignore the situation, the worse it can become.
Opening up to close family and friends about your situation can be the first step. If you can’t afford every trip to the pub or an expensive staycation because of your financial situation, don’t be ashamed to let people know. They’ll often be more understanding than you think.
And if you’re worried about debt, there are trained experts on hand to talk through your situation and help you find a solution tailored to your needs.
Don’t get caught up in the hype
This is possibly the most important lesson of all.
While it might seem like the stars of Love Island have everything they could possibly ever need, you need to remember that not everything in the reality show is real life.
Often contestants are gifted clothes to wear during the series and are rumoured to be paid £250 per week for being on it.
What’s more, the contestants in the current series are being given financial management training to help them better deal with their money following their time in the villa – highlighting the importance of having a handle on your purse strings.
No matter how much or how little you have, it’s important to try to live within your means as much as possible.
Having a monthly budget can help keep track of income and outgoings as well as offering the breathing space to save too.
One of the most popular budgeting tips is following the 50/30/20 rule – a budget that divides your spending into three categories. Using this rule you’d spend 50% of your after-tax income on everyday expenses such as rent, food and childcare, 30% towards things you want such as subscriptions and 20% towards savings and investments.
You can find out more about the 50/30/20 budget here.
If you’re worried about debt, Carrington Dean can help. Carrington Dean is Scotland’s Debt Specialist and offers confidential advice to those in need.
