Better For Some, Worse For Others

Best Home For Your Savings

As Personal Debt Shrinks for Some, Others Face Crisis The way people spend money reveals a great deal about their financial attitudes. And if the recent uptick in consumer spending is any indication, UK shoppers are feeling pretty good about the economic recovery. But economic trends send mixed signals, so it makes sense to consider the big picture before jumping to conclusions. And though positive economic activity is good, by most measures, spending driven by debt is unsustainable. As many borrowers found out in 2008, taking-on too much debt leads to catastrophic outcomes. And though stop gap measures have been fortified within the mortgage industry, a new wave of debt is showing up, … [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...]

War On Utility Bills

War On Utility Bills

One mans war on Utility Bills Here in UK, as well as being famous for our warm beer, terrible weather and a now nonexistent empire – we are also famous for having more than our fair share of eccentrics. One guy Lee Beaumont has recently raised his head above the parapet by taking on a range of Utility providers in order to save money. His first attack in his war on utility bills came via installing a second phone line at his property and attaching a premium rate 10p/minute (about 16 cents) phone number to it - he gets 7p per minute paid into his account. His friends and family can call him via his usual low toll number, but when he signs up to any companies products and is requested to … [Read more...]

A Zero Day – On The Road To Frugality

A Zero Day - On The Road To Frugality Yesterday I recorded my first ever zero day. I've decided that a zero day - is one where I don't spend a penny (well a financial penny). Hopefully, this will be the first of many in my new regime of frugality. I took a packed lunch to work - saving the £3 I usually spend at the office café. And I also cycled to work for a change, therefore saving money on fuel. I usually buy my lunch from the office café, or from the local branch of subway - spending £3 or £4 a day which can add up to nearly £20 a week or £86 a month (£20 x 4.3333 weeks in a month) A really big saver is cycling to work instead of driving. I only live 3 miles away from my … [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...]