New Year’s resolution – get your finances in place by following these simple tips

Here we are in the New Year and again, we have a resolution to sort our finances out, once and for all. With the whole of Europe on an austerity drive, personal financial planning has never been more important, so below are 5 tips from Money Vista that will help you get your finances in order for 2012.

1. Forward plan to save each month

It can be daunting working out if or how much you can save every month, so you may need some help. There are various online tools that can assist you with your financial planning. This savings calculator, lets you explore how much your savings may be worth in future or, alternatively, how to reach a savings target.

2. Get that debt down to a minimum

As simple as it sounds, the first step in getting your debt down is not to require any new debt. Make it an absolute resolution not to take out any more loans and stop paying for things with credit. Cut up those credit cards immediately. Do not cancel your credit cards but if you ask, you can sometimes get a better deal. Try to get as close to a 0% rate as possible.

3. Have a financial clear out

Have you lost track of how many direct debits and standing orders are coming out of your account? It appears most of us have and the average person has 6 coming out at various points in the month. In some instances you may be paying for things you really don’t need, so make a point of reviewing each of these payments and cancel the ones that no longer benefit your life.

4. Protect your assets

There are many things to consider when protecting yourself in the future. Have you made a will? Do you stand to be hit by inheritance tax? Do you think you will need medical cover in the future? Do you think your family will? If any of these issues affect you, it is worth seeking financial advice. Money Vista is an online service worth contacting for help and advice on protecting your assets.

5. Think about retirement

Old age is something that none of us want to think about but unfortunately it’s inevitable. Life expectancy is rising, meaning we are going to live longer. Retirement planning is definitely something worth considering, knowing that you are better protected in the future.

Tags: service, planning, rate, debt, forward plan, austerity drive, medical cover, place

Advantages of currency exchange risk management for businesses

In every area of business, there are risks and variables you simply can’t control, but you still take measures to mitigate and protect against those risks, such as a health and safety policy or insurance. While it might not be as visible, the risk of currency exchange rates varying unexpectedly or dramatically can be just as much a danger for a business.

Forward Contracts

One of the most popular ways to control currency exchange risk is a forward contract. This is an agreement made now to carry out a currency exchange on a fixed date in the future. Usually you put up a small proportion of the cash now as a deposit, such as 10%. The key is that you also agree now the exchange rate you’ll use then.

There are several variations on a currency forward contract. For example, you can set a limit order, where you don’t set the completion date, but rather you set the exchange rate you want to deal at. Once the order is set-up, the exchange goes through as and when the market rate hits your chosen limit.

Stop Loss Orders

A stop loss order works in a similar way, but you set a trigger level based on the market rate moving in the “wrong” direction. To put it simply, a limit order means waiting to get a particular deal, while a stop loss order means setting down the worst deal you’ll take if things go wrong. Some companies will combine a limit order and stop order so they can control the full range of possible outcomes.

The Advantages to Businesses

Using forward contracts offers companies that deal with overseas clients and suppliers many advantages. At its simplest, it restricts the degree to which companies are exposed to currency fluctuations that could mean revenue (in pounds) from overseas sales drops or that the costs of importing supplies rises suddenly.

Forward contracts don’t just reduce risk, but in some cases they can offer 100% certainty. A good example is where you make a deal with a foreign buyer that they will pay you for an ongoing order in foreign currency in six months’ time. The problem is that you don’t know how much that payment will turn out to be worth in pounds. You can solve this by setting up a forward contract to exchange the payment into pounds at a set rate in six months, meaning you know exactly how much you’ll be getting, making cashflow forecasting much easier.

Tags: Risk management, limit order, exchange, agreement, order, exchange risk management, moving in the wrong direction, safety policy

Why you should be wary of low cost airlines

With the summer holiday season just around the corner there will be many people on the lookout for low cost flights and holidays so that they can get some time away without breaking the bank in the current climate. However, far too many people will be enticed by the remarkably low prices that are advertised by no frills budget airlines, little realising that once it comes to making the booking they could end up pay twice as much as they originally thought it would cost.

The problem with no frills airlines is that they appear to offer extremely good prices, which makes holidaymakers believe that they can get a really good deal. However, when you actually start making the booking you realise just how much more expensive it will be to travel compared to the amount you thought it would cost by the headline price. There are so many things that are added on as you go the cost can go up by double – in some cases even more.

This practice of adding on fees and charges as you go through the booking is known as price dripping and is a practice that no frills airlines are known for. Ryanair, for example, adds on all sorts of fees, from fees for checking in online, which you have to do anyway, to fees for baggage, priority boarding, and a hefty administration fee to top things off. What’s more these fees are all doubled because they are charged each way, so you could find that the price has suddenly shot up to two, three, five, or even ten times the amount you originally thought depending on what the original headline price was.

Many officials are concerned that these airlines are so shifty when it comes to the clarity of these charges. Whilst baggage and priority boarding are optional extras that the traveller can choose to add if they wish to do so other charges such as online check in fees and the administration fee is something that all customers will have to pay, so officials want to know why these charges are not just added onto the headline price. Many believe that these headline prices are misleading because they do not reflect other mandatory costs, which makes them look like they are a far better deal than they are.

One official said: “It’s ridiculous that a flight advertised at ten pounds can end up costing closer to a hundred. Even if the final cost represents a good deal, the customer still ends up feeling resentful when they come to hand their money over, especially when they’re charged again for the privilege of paying. Airlines shouldn’t be scared about being upfront with their prices.”

Tags: realising, dripping, administration fee, upfront, traveller, online check, climate

How many people will switch to save this year?

Many people will be hoping that this year is going to be a little more financially stable than last year, as many people experienced huge difficulties in 2010 due to the difficult financial climate and job losses. However, with the start of a fresh new year there will be a huge number of households that will be planning to try and trim their outgoings in order to stabilise their finances, and this will mean going through their finances carefully to try and make cutbacks.

Switching services and utilities has become increasingly easy for people over recent years, largely because of their ability to do this via the Internet from the comfort and privacy of their own homes. With such a wide choice of deals and providers available online many people have been able to save money on their utilities and services, and with increased access and improved knowledge on how to make the most of the Internet for saving money a rising number of consumers are now putting in the time to research and compare different services and provider rather than just putting up with what they have.

It has already been revealed in a recent survey that around a third of broadband users are planning to switch their broadband provider over the course of this year, with many planning to do so within the first few months of the year. Whilst cost will often play a large part in this decision many also base it on other factors such as customer service levels, billing, and quality of service.

It is not just broadband customers that are planning to take action when it comes to finding a better, cheaper, and more suitable service. As most people know the cost of energy usage has soared once again, and some of the big energy giants have increased their prices by more than others. This is certain to encourage a rising number of energy customers to take action and look around for a more affordable provider so that they do not end up paying a fortune for their gas and electricity usage.

For those that do want to make savings spending just a couple of hours online can make a big difference, as it could give you the chance to switch all sorts of services from utilities and broadband to insurance and financial services.

Tags: quality of service, fresh, stabilise, fortune, months of the year, Technology Internet

How you can save money in the New Year

At this time of year, with 2011 almost upon us, there will be many people working out what they want to do for their New Year’s resolution. Of course, there are some resolutions that are more common than others, and this includes saving money over the coming year. With finances tight for many people it is likely that a huge number of people will be making a promise to save money next year.

However, making a resolution to save money is easy enough but actually saving money is a different matter altogether. You need to be able to find the means to save cash, and this involves going through your income and outgoings to see where cutbacks can be made.

Often, people overlook the fact that they can quite easily cut back on the cost of their bills and shopping simply by making a few changes. With so many people in debt now officials are urging consumers to focus on putting any spare money towards paying off debts, and by cutting back on the amount that you spend you can get more disposable cash to put towards things like credit cards, catalogues, store cards, and other types of debt.

One thing that is well worth doing in the New Year is checking whether you can find better deals on services such as insurance, energy bills, and broadband. By seeking out more competitive deals you could save a fair amount of cash each month, which could be put to better use clearing off your debts – or if you are lucky enough not to have any debt to put into savings for emergencies or for a rainy day.

Going online and comparing prices of services such as these couldn’t be easier these days thanks to the Internet, and you will find that switching involves nothing more than the click of a button and maybe a phone call. Competition in the market means that you could get some great deals on your services, and you can compare them with ease when you go online.

Also, it is worth taking a look at your shopping habits to see if you can cut back on the amount that you spend. Resist the temptation to go shopping without a list, as otherwise you end up buying stuff you didn’t really need, and go a little further afield to find discount supermarkets that offer a range of goods at far lower prices than the supermarket giants. Also, consider shopping online – although there is a delivery charge you are less likely to start buying things randomly even though you don’t need them just because they are displayed temptingly in front of you.

Tags: outgoings, savings, disposable cash, Business Finance, saving, New Year, store cards, money

Don’t put up with the energy price increases

Many households have received something of a financial shock over recent weeks, with notifications from their energy suppliers that the cost of energy usage is set to increase. For those who have not yet been notified it is pretty much certain that they will soon be receiving their notifications, with gas and electricity prices being hiked up by a significant level for some customers.

However, officials are urging consumers not to simply accept the energy price increases, and instead to shop around for a better deal and leave their current supplier. More and more consumers are now said to be doing this, as they refuse to pay out more and more money each month in the current difficult climate. For many the effort of looking for another supplier is well worth it, as they can save a significant amount of money compared to what they would be paying if they went along with the price increases that their existing supplier is imposing.

Officials have said that if customers are now happy about the level by which their energy prices have increased they can contact their supplier and advise them that they do not wish to remain with them. Consumers will have to contact their suppliers within twenty days of the notification to advise them that they want to leave. The consumer then has fifteen days to find a new supplier, and during this time will remain with the existing provider and on the existing tariff.

Using a price comparison website you can browse and compare different suppliers in your area at a glance, so if you are informed by your existing supplier that your prices are going up, and you feel that you can get a better deal, it is well worth taking the time to compare different providers and deals to see whether you can get a better price on the cost of your energy usage.

If you are able to get a more affordable deal with a different provider you can then contact your existing provider, advise that you wish to leave, and you can then sign up to the cheaper provider, which means that your finances will not be hit so hard by energy price increases.

Many consumers are surprised by the amount that they are able to save on their gas and electricity bills each year by switching to another provider or deal, and this can sometimes amount to several hundred pounds a year.

Tags: Scottish Power, happy, bills, different suppliers, Dot-com, GBP, cheaper provider, Smart grid

Tighten your spending for next year

With all the uncertainty over the economy and job losses many people will be stressing over their finances and for many people sorting out their finances for the New Year will be a priority. It is always a good idea to start the New Year with a streamlined budget, as it means that you can focus on your finances and try to get them into some sort of order over the course of the year.

With this in mind it is a good idea to start now when it comes to trying to sort out your finances, and there are a few simple steps that you can take, which could help you to organise your finances more effectively, make your budget more manageable, and even reduce the amount of money that you pay each month.

The first step is to go through your finances with a fine toothcomb. You need to make a list of all of your income and all of your outgoings so that you know exactly what is going into your account and exactly what is coming out of it each month. This will allow you to see where you can make cutbacks and what changes you can make to benefit you in terms of your financial situation.

Many people have a variety of payment that they make for things that they do not even use, such as gym memberships even though they never get time to go, magazine subscriptions for magazines they no longer read, and various other payments that they may have forgotten about. Take the time to cancel anything like this, as it could mean big savings each month.

Once you have gone through your finances with a fine tooth comb it is time to see whether there is anything that you can reduce payments on by switching. Many people switch services such as their utilities, broadband, insurance, credit cards, and even mortgage in order to save money, and shopping around for a better deal could make a big difference to the amount that you have to pay out each month by reducing the cost.

Finally, look at any debt that you have and consider whether consolidation might reduce your repayments and get you a better deal. You could consolidate all of your debt such as credit cards, overdraft, and loans, into one, which would save you time and hassle each month and reduce your monthly repayment.

Tags: uncertainty, fine, month, list, broadband, amount, overdraft, credit

Beat the VAT rise and pick up your big ticket items now

As outlined in the emergency budget earlier this year, which was delivered by the Chancellor of the Exchequer, George Osborne, VAT is set to increase from the start of next year, rising from 17.5 percent to 20 percent, as the coalition government strives to make more money to clear the huge public deficit.

This will come as bad news for the many cash strapped consumers who are already struggling to make ends meet, because it means that price on many things will soar even further. This is why many people are now rushing to make their purchases in the few weeks that they have left prior to the rate of VAT increasing.

The items that many people are rushing to buy include big ticket items such as electrical items like televisions, fridge freezers, washing machines, and the like. Many are also rushing to book holidays before the prices go up, as the effect of even a small 2.5 percent increase on the cost of more expensive items can make a big difference.

Bearing in mind that VAT is set to increase by 2.5 percent at the start of the year it is a good idea to determine whether you are going to be making any big ticket purchases in the early part of next year, and then bringing the purchase forward if possible. This could save you the cost of the additional 2.5 percent, which on higher priced items can make a difference.

If you time it right you could get a bargain on your big ticket items. Directly after Christmas the price of many items is slashed by retailers, and the VAT increase is not set to come in until the start of January. This means that if you purchase your items between Christmas and New Yearn you could benefit from the lower prices from the sale, and you can avoid the VAT hike, which means that you could get a bargain.

In order to make the biggest savings plan you sales shopping, and try and work out which retailers are holding sales between Christmas and New Year so that you can plan your sales shopping accordingly. You should also consider planning ahead, and if you are considering anything such as booking a holiday make the booking early to avoid the VAT increase so that you pay less for your holiday.

Tags: time, chancellor of the exchequer, consumers, budget, increase, New Year's Day

Keeping friends and family entertained on the cheap

Christmas is fast approaching and after a particularly difficult year in terms of finances many of us are dreading the extortionate costs that tend to come with the festive season. Read more

Tags: christmas, thing, Gift, example, cooking

Reduce the cost of the Christmas food shop

The cost of Christmas can be high enough at the best of times, with households forking out for things like gifts and going out. However, the cost of food also adds to the financial burden over the festive season, and for bigger families in particular the amount being spent on food can quickly spiral out of control. With the cost of food having increased the situation will be even worse this year, and many families can ill afford to spend the amount that they will end up paying for food for Christmas.

There are some ways, however, in which consumers can try and reduce the amount that they spend on Christmas food, and in the current climate every bit helps, so it is worth making the effort now to reduce the cost of food shopping. One thing to remember is that a lot of the food people tend to buy for the festive season is not short life stuff – much of it can be frozen, such as party foods and buffet items, turkeys, ready made roasters, and frozen vegetables.

With this in mind it is a good idea to start looking out for special offers on the food items that you will need for Christmas now rather than leaving it until the last minute. By taking advantage of special deals as you see them, such as half price deals or two for one deals, you could dramatically reduce the amount that you spend on food overall for the festive season. It also means that you won’t have to worry about finding the money all at once to buy your Christmas food because you can buy it gradually between now and Christmas.

Another thing to consider is where you buy your food, as this can make a big difference to the amount that you spend. Many discount supermarkets that have sprung up over the past couple of years offer some good deals on many food items, and although most do not have the same special deals such as two for one deals on items the initial cost of the products is often considerably cheaper. When it comes to veggies for Christmas consider going to a market rather than buying from supermarkets if you want fresh vegetables, as this can often be cheaper as well as fresher.

Finally, resist the temptation to buy too much food for the Christmas period. Many people tend to forget that shops and supermarkets are only shut for one day, and they start stocking up for no reason with food that often ends up going to waste. Just buy what you need for the big day, and you can then determine whether you need to do another shop afterwards depending on what you have left.

Tags: short life stuff, food can, The cost, food, cost, frozen vegetables, discount supermarkets

Saving money on foreign currency

Whilst the traditional summer holiday period is now over there may be many people that are planning a winter break. For those that do not have children and do not have to take holidays at certain times of the year it is often cheaper and more relaxing to go away out of the typical summer months, and there are still some great places to go to get winter sun without the crowds.

Anyone that is thinking of going away over the colder months will need to get their finances sorted, and this includes ensuring that they have the currency that they need for when they go. These days there are many different ways in which to get foreign currency for your holiday, and it is important to try and get the most for your pound so that you have plenty of spending money whilst away.

There are now many ways in which you can get commission free foreign currency but the amount that you get per pound can vary depending on where you go. Often those with packaged bank accounts may find that they are able to get special deals on their foreign currency so it is always worth checking with your own bank to see what they can do for you.

The Internet provides a very effective way of finding the best deals on foreign currency as you can compare and browse the different rates paid from the comfort of your own home, and you can place your order online once you have decided which is the best deal for your needs. If you want the money delivered to your door you can often order it for delivery the next day if your order in time, but there is usually a delivery charge for this, although it will come by special delivery for your safety.

It is also advisable to purchase a combination of foreign currency and traveller cheques, especially if you are going away for more than a few days. Having traveller’s cheques will provide you with additional security in case your money goes missing, as you can get these replaced quickly and easily in most cases.

Some people leave getting their foreign currency until they get to the airport but this can be a costly mistake. If you want to collect it at the airport some foreign currency providers can arrange this, so you can order and pay in advance and collect when you get to your departure airport.

Tags: Currency, money, finance, foreign currency, Numismatics, case

Consumers fleeced over bill payment methods

Many people these days are keen to try and reduce their outgoings, and in the current financial climate with so many people struggling financially making cutbacks has become vital for some people. One of the ways in which many people try and cut back is through reducing their bills by doing thing such as switching providers, which can help to make significant savings.

However, one way in which many consumers are wasting millions of pounds a year between them on their bills is via their payment methods. Many people fail to realise that companies these days often charge a small fortune based on how the consumer pays their bills, and that by making a simple change to their bill payment methods they could make a significant saving.

Companies such as energy suppliers, home phone providers, and broadband providers often make additional charges to those that do not pay by direct debit. Most consumers have a number of choices when it comes to making payments on bills, such as direct debit, standing order, cheque, or in person at banks and post offices.

For those that do not pay by standing orders some companies such as broadband and utility providers apply an addition monthly or quarterly charge, which can really bump up the cost of services for the customer. For example, Virgin Media, which provides phone, television, and broadband services, will charge consumers an extra five pounds a month for failing to pay by direct debit, which equates to £60 a year. In addition to this the company charges extra when customers ask for paper bills to be sent to them.

In order to save more money on their bills consumers should set up direct debits wherever possible, as otherwise they can end up being charged a small fortune on the cost of their bills. There is also another benefit to setting up a direct debit for a bill payment, and this is because it can reduce the chance s of making a missed or late payment, which can also incur charges when the payment is on something such as a credit card or loan. These missed or late payments can also result in the consumer’s credit rating being affected, which can make it more difficult to get finance in the future and makes it more expensive to get credit due to higher interest rates charged.

Tags: payment, Payment systems, debit, finance, Direct debit, Standing order, loan, way

Finding a low cost winter break

At this time of year, when the nights start to draw in, the weather gets even colder and rainier than usual, and the prospect of the winter months brings on doom and gloom, many people start thinking about planning a winter break either before Christmas or afterwards, where they can soak up some sun, kick back and relax, and simply forget about their worries.

However, with Christmas coming up most people are on a budget when it comes to booking some time away, and most will be on the lookout for a bargain winter break. Getting away to the sun isn’t always cheap, but a number of steps can really slash the cost of a holiday, giving you something to look forward to without having to break the bank.

It is important to remember that the time of year that you book will affect the price you pay for your hotel as well as your flight. Holidays tend to be cheaper in the winter months, but can be more costly on certain weeks such as over the Christmas or New Year periods. Therefore you may find that going before Christmas such as late November or early December may be the best choice, or failing that waiting until after New Year, and jetting somewhere warm as others are heading back to work after the Christmas break.

In order to find the best price on a winter break you need to ensure that you compare prices on flights, hotels, or package holidays depending on your preferences. Many people these days prefer to book a package because of the number of small airlines and holiday firms that have gone bust, leaving many of those that booked separately unable to claim. However, if you do prefer to book your flight and hotel separately check and see whether you travel insurance policy will cover you, as some have now started to do, and ensure that you book with a credit card for extra protection under the Consumer Credit Act.

You should make sure that you also compare things such as travel insurance, airport parking, and if necessary car hire in order to get the best prices on these. Also, remember that whilst the headline prices on budget airline tickets may look cheap there are often additional extras that can really bump up the price, so you may end up paying far more.

Finally, do remember that you can often make a saving by booking your flight and hotel together, so it is worth comparing the cost of doing this against booking separately or a ready made package deal.

Tags: car hire, travel, holiday, winter, travel insurance

Be savvy when you shop online

These days a rising number of people are doing their shopping online, with many different people purchasing their groceries and household goods via the Internet. With so many shoppers trying to cope with various other commitments such as work and family getting the time to go to the supermarket and queue up can be very difficult. However, the Internet has given busy people an opportunity to get their shopping from the comfort of their own homes with the touch of a button and get it all conveniently delivered to the door.

There are a number of benefits available for those that do their grocery shop online. The first is that they can do their shop at any time of the day or night without even having to leave their home, providing total convenience. The second is that they can get their groceries delivered conveniently to the door at a time to suit. Finally, there is plenty of choice available online, so shoppers can quickly find what they want without having to wander around the supermarket scouring the shelves.

There are also some other very important benefit to doing grocery shopping online, and one of the most important is that potentially shoppers could make a fairly sizeable saving compared to going to the supermarket to make their purchases. There are a number of ways in which consumers may be able to save money when shopping online.

Firstly, those that shop online are less likely to be without a list or be shopping on an empty stomach, and both of these things can increase the likelihood of impulse shopping, which can really add to the final bill. Another thing to bear in mind is that there are often special offers for online customers, which can be taken advantage off to boost savings even further.

Whilst there is generally a delivery charge to have your shopping brought to the doorstep the time of day that delivery is arranged for can affect the price. Shoppers should therefore aim for off peak hours if possible so that the delivery charge is lower.

Finally, shoppers can use sites such as mysupermarket.com where it is possible to do your shopping online and then see which of the major supermarkets offers you the shop for the least amount of money, which means even greater savings for the shopper. The site also allows shoppers to switch branded items to cheaper one with the click of a button, making this a fast and easy way to make savings.

Tags: shopping online, online shopping, shopping, Retailing, likelihood, supermarket

Firms will have to stop forcing pensioners to retire

In his recent pre-election budget speech the Chancellor of the Exchequer, Alistair Darling, indicated that the Labour party was looking at scrapping the default retirement age, which would mean that firms would have to stop forcing pensioners to retire at the legal retirement age of sixty five.

At present firms can use their discretion with regards to retirement of workers that reach this age, but whilst they can allow them to continue working they can also refuse to allow them to continue to work should they wish to do so.

Under new reforms, should they go ahead, firms would have to allow workers to continue working if they want to. Alistair Darling indicated in his budget speech that the Labour party would either scrap the default retirement age or would increase the retirement age. He also indicated that the party was looking at giving older workers more rights with regards to being able to get more flexible working hours and conditions from their employers.

A number of campaign groups and charities have said that having the current retirement age in place is discrimination, as it means that older workers that feel perfectly capable of continuing to work could be forced to retire by employers simply because of their age, regardless of their abilities, health, and other factors. However, some believe that the plans will cause concern for some businesses who do not want to be stuck with older workers that refuse to retire.

In his budget speech Alistair Darling stated: ‘To enable people who want to work longer, we are consulting on reform of employers’ right to make people retire at 65. We are looking at options which include scrapping the default retirement age, raising it or giving employees stronger rights.’

Tags: retirement, Alistair Darling, pensioners, Social Issues, place, Ed Miliband, chancellor of the exchequer, speech alistair darling

Cutting back on mobile phone costs

Cutting back on a variety of costs has become a part of everyday life for many people in the current financial climate, as many are keen to try and save money on their outgoings because of financial difficulties and the risk of job losses. Read more

Tags: t-mobile, mobile phones, Wireless, Technology, Mobile telephony, Mobile phone, Subscriber Identity Module, Mobile telecommunications

Can comparison sites be trusted?

In the past anyone that wanted to look at finding cheaper prices on various products or services had to go to the hassle of ringing around or trawling the shops to try and get a better deal, which was quite frankly an inconvenience that put many people off trying to get a better deal. Read more

Tags: mobile phones, Electronic commerce, uswitch, Information technology management, online shopping, compare products, broadband, which, money expert, Price comparison services

Do you want faster payments from your bank?

For many people that amount of time that their bank takes to transfer money from one bank account to another can be a real problem, and whilst banks are supposed to adhere to regulations that have been formed by the UK Payments Council there are many banks that still do not carry out the same day transfers in line with the Faster Payments Scheme, which was brought in back in May of 2008. Read more

Tags: cheque, finance, bank, BACS, bank account, Payment systems

Is the recession finally over?

To many people it may feel as though the UK has been stuck in recession forever, and the recent recession has resulted in many businesses and consumers suffering hugely as a result of job losses, plummeting sales and profits, and financial and economic chaos. Read more

Tags: Economy of the United Kingdom, economics, recessions, Macroeconomics, Economic history, Late-2000s recession

Tips to make 2010 a money saving year

If you are one of the many people that have decided that their New Year’s resolution involves cutting back on costs and saving money then you may still be thinking of ways in which you can achieve your goal. Saving money and cutting back on your outgoings isn’t always easy, and you may have to think carefully about the different areas in which you can make cutbacks. However, there are actually a number of ways in which you can save money, and some of these are outlined below. Read more

Tags: finance, interest, insurance policies, Direct debit, debt consolidation

FSA cracks down on sale and rent back schemes

Over the past few years an increasing number of people have had to turn to sale and rent back companies to try and get themselves out of a sticky situation with their homes. Read more

Tags: sale and rent back, Renting, mortgage, Economy of the United Kingdom, finance

0.3 percent increase in retail sales for December

Figures have recently been released showing that in the month of December there was an increase of 0.3 percent in retail sales. Official figures proved disappointing when they showed that between November and December of last year retail sales grew by just 0.3 percent despite increased spending in the run up to Christmas. Read more

Tags: Late 2000s recession in Europe, Tax reform, last year retail sales, retail sales levels, Value added tax, Christmas and holiday season, Office for National Statistics

Stick to your New Year’s resolution to save money on your insurance costs

At the start of every year millions of people make New Year’s resolutions, which at the time they fully intend to stick to. Of course, as most of us know these resolutions simply melt away into nothing within a few weeks for many of us but there are the determine few that are able to stick out their resolutions. Read more

Tags: new year resolution, finance, life insurance, health insurance, Insurance

Are you hoping to get onto the property ladder this year?

Over the past couple of years first time buyers have been hit with a whole new problem. Following years of lack of affordability because of the sky high value of properties many first time buyers probably thought that their time had finally come when property prices started to plummet. Read more

Tags: Mortgage loan, mortgage, first time buyer, Subprime crisis impact timeline, Real estate

Look out for the new BOGOF deal from Tesco

As a nation Brits are suckers for special deals in supermarkets, and many of us are guilty of buying something that we didn’t even actually need simply because it was on special offer. Amongst the various offers that supermarkets have launched in the past are half price goods and buy one get one free deals, and both of these prove hugely popular amongst consumers. Read more

Tags: special offers, shopping, buy one get one free, bogof, money saving, tesco

Tips for Reducing Your TV and Broadband Bills

Television and broadband are very important to most people – so important, in fact, that most would rather cut back on other pleasures than reduce the service they receive from their telecommunications providers. According to a survey conducted by Ofcom, the television regulator, consumers say they would prefer to cut back on their holiday spending or eat less at restaurants than cut down on the amount of money they have to pay for TV and Broadband each month. Read more

Tags: tv guide, megabyte service, Digital television, deep discounts, British Sky Broadcasting, DVD rental store

Common scams to avoid

Scam artists and fraudsters have been around for centuries in some form or another, and in the past most have focussed their efforts on the more vulnerable people such as the elderly or low income people who are desperate for a way out of their situations. However, in the past few years scams have become more widespread and have resulted in a greater range of people being targeted. The global credit crisis has brought many fraudsters and scam artists out of the woodwork, and many are now using methods that are either very sophisticated or ones that are so simple and obvious nobody would think to question it. Read more

Tags: government agency, Lottery, Phone fraud, online scams, Scam letters, Spamming

Sort your budget out for 2010

Like many other people you may have experienced a great many difficulties in terms of your finances this year, and this is partly because many of us were not prepared for the onslaught of financial problems that were set to hit us, ranging from the recession and job losses through to increasingly difficult credit conditions. However, the last year should have taught most of us some valuable lessons in terms of finances, and one thing that many people will be planning to do for 2010 is try and sort out their finances. Read more

Tags: time, consolidation, store, operation, package, difference unsecured debts, magazines, lenders

Getting ready for the January sales

With Christmas almost upon us many people will be getting ready for the big day, and will be busy wrapping gifts, sorting out Christmas dinner, and organising visits to and from relatives. Read more

Tags: sales, january sales, Seasons, Boxing Day, online sales, discounts, christmas, Christmas and holiday season

Is your pet insured against Christmas chaos?

There is evidence to suggest that over the past year many cash-strapped consumers have been trying to save money in what is still a difficult financial climate, and one way in which some have done this is by reducing or cancelling insurance policies that are not legally required such as health insurance and pet insurance. Read more

Tags: anything, pocket, treatment, christmas, dogs catch sight, pooches, pet accident, pet insurance

Making your money go further over the festive season

In years gone by Christmas usually referred to just one day, which was of course Christmas day, and whilst preparations for the big day were made in the run up to Christmas it was not like it is today, where the two weeks leading up to Christmas were filled with festive events and parties and the week between Christmas and New Year was also filled with events and festivities that often usually cost money. Read more

Tags: Christmas spending, interest rates, Credit Cards, trimmings, finances, lucky ones

Save yourself some money this Christmas

Whilst Christmas is now only around the corner there are still plenty of people that simply haven’t had the time or spare cash to get their Christmas shopping done as early as they may have liked to have done it. Read more

Tags: Credit card, Pricing, Retailing, shopping, online shopping, Consumer behaviour, christmas, Gift economy, New Year's Day, Loyalty program

How to save money on your Christmas gifts

Whilst Christmas is an exciting and fun-filled time of year for many people it can also fill many people with dread, particularly in the current climate where money has been really tight for so many households. Read more

Tags: christmas gifts, special event, supermarkets, number, day, money saving tips, scheme

Tips on buying a used car

Although the government’s ongoing car scrappage scheme has been welcomed by many industry groups and has been viewed as a boost for the motor industry for many consumers it has made little difference to their ability to get a new vehicle. Whilst the scheme offers up to £2000 towards a new car if the consumer scraps their old vehicle, subject to eligibility criteria, the consumer still has to find at least another several thousand pounds to purchase the new car, and in the current climate this isn’t always easy of even possible. Read more

Tags: second hand cars, check, save on used cars, car, Everyone, Scrappage program

Saving money on a night out

Before the global credit crunch and the recession many of us were able to enjoy a few good nights out, and although the cost of going out could often be high most of us were happy to pay what we had to in order to enjoy the chance to get away from it all and spend some time relaxing. Read more

Tags: loved ones, Fandango, cinema discounts, student discounts, theatre discounts, Ticket

Is quantitative easing working?

When the Chancellor of the Exchequer, Alistair Darling, first announced plans for quantitative easing in the UK he said that £75 would be allocated for the scheme with an additional back up of a further £75 billion if necessary. Read more

Tags: Economic policy, recession, economy, chancellor, quantitative easing

Staying in and saving money

For those people that have become used to going out to socialise, which can of course work out to be quite expensive, the current financial climate will be have come as a real shock, as it may have forced them to cut back on their spending and start spending more time indoors.

With many people still fearful about their job security and about spending money unnecessarily spending time in the house has become increasing common even amongst those that once went out on a regular basis.

However, whilst it may seem that being stuck in the house will equate to a boring, uninspiring evening this is not necessarily the case, and you can actually enjoy a very cheap night in whilst having plenty of fun and entertainment.

More and more people are now staying in rather than heading off on an expensive night out, and this has been proven through figures such as those released by takeaway firms, where profits have been soaring as a result of people ordering a takeaway rather than going out for meals.

A rising number of people are now starting to realise the benefits of entertaining at home or spending nights in rather than out on the town, and it doesn’t have to involve being stuck in front of the box watching programmes that you don’t even like!

In fact entertaining at home has become so popular that industry officials have come up with the phrase ‘in-tertaining’.

One industry official said: ‘The recession has made people far savvier when it comes to saving money, and millions of us have worked out that in-tertaining is a great way to cut back without missing out. So much so that a whopping 57% of our monthly, paid for entertainment is now being consumed in our homes.’

If you enjoy going out to dine with friends then the perfect solution is to dine in your own home yet still enjoy the same company. You could look at creating a great dish for your friends and bring in a few bottles to go with the food, which will work out far cheaper than going out for a meal. Alternatively you can order a takeaway if you want something more casual, which again should work out much cheaper.

You could even have a ‘bring a bottle’ type evening, where each of your friends brings a dish and a bottle, and you can enjoy a buffet style evening with evening mucking in with the cost and cooking.

Going to the pictures can prove quite expensive if there is a group of you going, so why not look at renting a DVD, getting some popcorn in, and having a fun night in front of the box without the constant dirty looks and ’shusshes’ that you might get at the cinema if you so much as sneeze! Again, this is a great way to save money whilst enjoying entertainment in a casual and fun setting.

In fact, many people are already doing this, with a DVD rental specialist stating: ‘Since the start of the recession, our membership has more than doubled in size as people look to save that extra bit of cash while still enjoying themselves. Staying in has definitely become the new going out. Our members are renting more titles than before, they’re buying more DVDs from our shop and now they’re even accessing films and TV online through our new digital service – more ways than ever for them to enjoy an entertaining night in.’

Even romance doesn’t have to cost a fortune, as you can enjoy a delicious home cooked meal – and for those that aren’t too good at cooking many supermarkets now offer meal deals where you can get pre-made meals that simply need to be warmed along with sumptuous deserts and wine, and with the right lighting and music you can recreate a wonderful romantic night in with the added benefit of a private setting.

Tags: money tips, job, security, evening mucking, delicious home, spending money

Second hand sales soar in credit crunch

With the global credit crunch still affecting most household finances many people have been looking for inventive ways to boost their income, and according to a recent report many have started selling their unused items to try and bring in a little extra cash. Read more

Tags: industry officials, charity shops, global credit crunch, high chairs, second hand goods, area

Buyers of new builds in UK paying for rabbit hutches

It has been reported that new build properties in the UK have the smallest rooms in all of Europe, and industry officials have said that consumers who are shelling out huge sums of money for these newer homes are basically paying for rabbit hutches. Read more

Tags: Biology, buyers, Commission for Architecture and the Built Environment, study, small houses

Illegal speed camera means £1.5 million in refunds

It has been revealed recently that around 25,000 drivers are to be repaid a total of £1.5 million in fines as the result of an illegal speed camera that had been in operation for a decade. Read more

Tags: Road safety, Road transport, speed, didn, Dorset, speed camera, lorry

Ways to earn and save money online

Many of us are experiencing financial problems at present due to the difficult financial climate and the recession, and most of us want to find ways to try and improve out situations by savings more money or earning a little more. Read more

Tags: exchange, amount, business, price, Household, earn money online, money saving tips

Tips for Buying a Flat With Friends

Many times friends decide to pool their resources and buy a flat together. The combines resources and credit ratings gives them more borrowing power, which in turn allows them to purchase a larger flat in a better area of a city. Read more

Tags: best process, idea, house buying, group mortgages, document, way, Mortgages

Warning issued over HMRC message

Over the past couple of weeks authorities have had to issue warnings over a new email scam that was doing the rounds claiming to be from Her Majesty’s Revenue and Customs. Read more

Tags: hmrc email scam, Business Finance, email scams, scam, result, customs, fair, Fair Trading

Tips to make your money go further

In the current financial climate it has become increasingly important to most consumers to find ways to make their money stretch that little bit further, but it is not always easy to find ways to do this. However, there are a number of tips that could help you to make the most of your spending money, which could mean that you get to cut back on everything from your weekly or monthly shopping bill to the cost of entertainment and going out. Read more

Tags: save money, money saving tips, money tips, discount retailers, loyalty cards

Have a UK Holiday and Save Money

With the reduction in the value of the pound against foreign currencies, many people in the UK are rethinking their holiday plans for this summer. It promises to be a hot one, if the weather predictions prove to be correct, and most people will want to visit beach areas, of which there are plenty right here at home. Read more

Tags: holiday, fewer people, holiday bargains, british holidays, Simon Burns, National Trust, letsgowiththechildren, Simon

Have You Considered Swapping Homes Instead of Selling?

A new trend has arisen in the housing market among those wishing to either upgrade or downsize in their homes. With the housing market in a slump, many who would like to sell their homes are unable to do so because the prices have hit an all-time low. They would not be able to receive enough profit from the sale for it to be of any financial benefit for them. Read more

Tags: Direct Property Exchange, past year, process, housing market, single red paper, home swap, sell home

Tesco lost out to supermarket giants over Christmas

One of the leading supermarkets in the UK has admitted that over the Christmas period it lost out to its rival supermarket giants, with the weakest sales growth in nearly two decades. In the run up to Christmas sales levels for Tesco only went up by around 2.5 percent, which was far less than its rival supermarkets. Read more

Tags: tesco, sales figures, interest, supermarkets, torrid

You don’t have to sell up to make money from your home

The years of the property boom seem like they were a long time ago, but in reality it has only been a couple of years since the property bubble exploded with a resounding bang. During the years of the boom many homeowners in the UK made a killing on their investments, having seen the price of property soar in the UK. However, with property prices having plunged many have lost some or all of the equity in their homes, and this has left them unable or unwilling to sell their homes. Read more

Tags: Renting, Loss mitigation, Real estate bubble, home insurance, mortgage, Real estate, advertising boards

Low deposit mortgage numbers fall

Industry officials have reported that there has been a fall in the number of low deposit mortgages that are still on the market. This could cause huge problems for potential first time buyers, many of whom do not have much in the way of savings to put towards a deposit and none of whom have a previous property from which to take equity to put towards a deposit. Read more

Tags: low deposit mortgages, none, credit, substantial deposit, Real estate economics, Deposit account

MPs state loss of personal data should be classed as an offence

Instances of data loss and security breaches by banks, financial institutions and even government agencies have been at the forefront of the financial headlines over recent months, with one of the most major instances of sensitive data loss resulting from the loss of two discs containing the banks details of 25 million customers, which was lost by HM Revenue and Customs last year. Read more

Tags: Select, Instances, group, forefront, lottery winners, Driver and Vehicle Licensing Agency, loss, hidden problems

Next Page »