Retirement Income Less Than An Hours Planning

less than an hour

Would You Plan Your Retirement Income In Less Than An Hour ?  New research, by Legal & General (a big UK insurance company) , shows that over one in ten (12%) of the nation’s retirees spent less than an hour researching, choosing and arranging one of life’s most important decisions – their retirement income.   Total time spent planning and arranging retirement income:   Time % of all respondents Less than an hour 12% 1 week or less 33% 1 month or less 43% 3 months or less 49% A year or over 16%   Yet, when it comes to their plans for their life after work, the nation’s retirees take their time to plan and … [Read more...]

Payday Mugging

Payday Mugging

Payday Mugging No one wants to be the victim of a mugging. We’re all shocked when something like this happens in our neighbourhood. There is outrage on the news, and column inches written in the press. My last post about how taking out a short term payday loan can have a long term negative impact on your credit rating made me realise that payday loans are nothing but a legalised financial payday mugging. So rather than being a payday mug – I think it’s right that this post should be about the alternatives to taking out a payday loan. Reading about students using payday loans to buy concert tickets, without realising the damage they are doing to their long term financial prospects, … [Read more...]

Payday Pain

pay day loan

Fancy some payday pain?   It seems as though taking out a payday loan can have long term repercussions on your personal finances. As well as having to pay eye wateringly high short term interest rates ( the highest I've seen is over 1750%pa) it seems as though there is now a long term sting in the tail for those desperate enough to fall for the marketing charms of the payday loan companies. Recently released mortgage application data in the UK shows that highly paid professionals such as lawyers, company bosses and other young professionals are having mortgage applications turned down because they have in the past taken out payday loans. Wow! It appears as though … [Read more...]

Writing A Spending Plan

Spending Plan

Writing A Spending Plan Tracking your income and expenditure is an essential first step in creating good money management habits. Back in August, after lifetime of "muddling through" I sat down and wrote my first ever monthly budget - it was a sobering experience. Like most first attempts they soon prove to be lacking in quality or detail and revisions are inevitable. So the first revision I'm making to my monthly budget is that I'm not going to use the phrase "monthly budget" again. The word "budget" has very negative connotations for most people, and creates an invisible barrier to action. Instead I think that the term "Spending Plan" seems far more positive, and positivity leads … [Read more...]

Frugal Or Mean ?

scrooge

Frugal or Mean ? There's a very fine balance between the two Given current circumstances - I think that I have to be brutally frugal, but intend to avoid being seen as mean at all costs. A good example of this fine balance came about yesterday afternoon. Let me tell you the complete - long winded story. Over the course of the last few days - I've decided to start writing down all my personal spending. If I've only got £286 a month to spend - then that's less than a tenner £10 a day!. So from the 1st of August I've started writing a log of my purchases. It already makes grim reading 1st. £3 sandwiches for lunch 2nd £4 Subway (lunch) £0.60 coffee machine 3rd £31.75 … [Read more...]

A Budget – At Last

A Budget - At Last In my last post I said ....... This evening I'm going to make a personal income and expenditure chart with an overall objective of increasing my income - and reducing my expenditure and paying off my debts (cards, tax etc). And I'm not going to start this process at the end of the month or the first day of the new month - I'm going to do it TODAY. Well, I did it - of sorts. But it took me longer than I first thought. By scrutinising the credits and debits on my bank statements for the last 3 months I've finally come up with my definitive list of regular expenses, for both domestic and business accounts. My expenses weren't as frightening as I at first thought they … [Read more...]