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, pet accident, treatment, pooches, dogs catch sight, christmas, pet insurance, pocket

Dixons tries new tactic to beat retail rivals

High Street retail giant Dixon’s has decided to try a new tactic when it comes to beating rival retailers in the run up to Christmas. The retail giant has realised that whilst consumers want to save money on the cost of their purchases in the current difficult financial climate they also don’t want to risk purchasing something that they know little or nothing about for the sake of saving a few pounds, as this could mean that they end up with a totally unsuitable product. Read more

Tags: Electronic commerce, High Street, Advertising Standards Authority, number, business

2008 set to be ‘a tough year financially’

2008 is “going to be a bit of a shock” and a “tough year financially” for consumers, according to a financial expert.

The end of fixed rate mortgages and the rising price of gas and electric bills both contribute to the more pessimistic financial outlook for next year, says AWD Chase de Vere.

Susan Hannums, savings manager for AWD Chase de Vere, said: “I think it is going to be harder to save, but the thing we need to drum in more than anything else is that we’ve got to start paying off and get away from using credit all the time.”

She added that borrowing “is really what got us here in the first place”.

Consumers need to think of other methods of saving to “turn things around”, concluded Ms Hannums.

Research from Credit Action earlier in the year revealed that total personal debt in the UK has reached £1.25 trillion.

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Savers missing out on tax breaks

Almost half of all British adults are knowingly paying too much tax, but refuse to do anything about it, Britannia has claimed.

New research from building society revealed that 48 per cent of UK adults have never had an ISA account and are failing to make the most of tax free savings.

Of those without an account, Britannia was shocked to discover that as many as 30 per cent did not even know what an ISA is.

“Our research reveals that there are many misconceptions about ISAs and people just don’t understand how they work,” said Neville Richardson, Britannia Group chief executive.

“It’s a shame that many of those who are saving are unnecessarily being taxed twice – firstly on their income and then again on their savings. This means 48 per cent of adults are financially worse off by missing out on tax free returns on their savings.”

Customers can open an ISA at any point during the year and are allowed to save £3,000 in cash and invest £4,000 into stocks and shares every year without paying any tax.

As of the beginning of the next financial year (2008/09), adults will be able to save up to £3,600 in tax-free cash and £7,200 in tax-free stocks and shares every year.

Tags: neville, anything, percentage, Britannia Group, savers, shame, income, half

Consumers advised to save for Christmas

Despite the fact summer has just arrived, consumers are being urged to start thinking about Christmas and begin to save now.

While most people will be considering what summer clothes to add to their wardrobe, Fool.co.uk suggests that people should in fact already be putting money aside to provide themselves with a healthy spending pot by the time the festive season approaches.

We are now well into the second half of the year and there are only around 130 shopping days left before Christmas.

However, most consumers are not saving anything for the festive period despite the fact that we spend more at that time of year than at any other point in the calendar.

And it’s not just presents, with a host of celebratory events meaning we spend huge sums on food and drink, whether at home or at bars and restaurants, during the Christmas period.

As a result the New Year often sees a significant increase in people suffering debt problems, meaning it is important to begin saving now to avoid the post-Christmas blues being combined with hefty credit card bills.

Tags: debt, shopping, Opinions, summer, festive season approaches, huge sums, period, anything

First-time buyers making sacrifices

First-time buyers are prepared to give up many of their creature comforts in a bid to get onto the property ladder.

That is according to research from Abbey, which shows that 53 per cent of people are willing to give up their holiday, while 49 per cent would be prepared to not drink alcohol.

Many potential buyers (21 per cent) say that they would sacrifice their independence by moving back to their parents’ home while saving for a mortgage.

A total of nine per cent of those asked are willing to take even more drastic action by splitting from their partner if it meant that they could buy a home sooner.

“With first-time buyers struggling to get onto the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances,” said Nici Gardiner, head of mortgages at Abbey.

“However with a typical first-time buyer taking as long as five years to save up a five per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long.”

Recent figures from the Royal Institute of Chartered Surveyors show that accessibility has got 230 per cent worse in the last ten years due to very sharp increases in house prices.

Abbey says that the average first-time buyer needs to raise £32,784 in order to get onto the property ladder, the equivalent of 81.8 per cent of the average joint income.

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