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...]

November Spending Plan and To Do List

November Spending Plan

Lets start off with the plans I set for last month before I get on to November spending plan. I'm not really happy with my progress, like I've said in a previous post, "Old Habits Dies Hard" and this has proved to be the case in November. I've not really achieved what I set out to at the start of the month and to be honest am a little disappointed with myself. October has been a month of distraction - my in laws moved in with us at the start of the month, and to say its caused a domestic upheaval is something of an understatement. Anyway - after a month of seemingly endless Atlantic storms blowing across - the sun is shining this morning and I feel as though I'm going to have a much … [Read more...]

How Big Should Your Emergency Fund Be

how big should your emergency fund be

How big should your emergency fund be? An emergency fund is an amount of money that you put away for when a rainy day comes. Rainy days can come in an infinite variety – from the gearbox packing up on your car, to your roof leaking, or being made redundant – the list is endless. Its money that you can call on quickly to fix these events in life which you know will come but don’t know when they’re coming. Events which are just that bit bigger than your usual monthly budget can cope with. I think that having an emergency fund is an essential part of developing a financial plan and the first thing I’ve done since deciding to turn my financial life around is save £1,000 (or $1,600) which … [Read more...]

Cutting Your Costs

Cutting Your Costs

After sitting down and drawing up a spending plan, cutting your costs is the next step on the road towards financial freedom. Take a good long hard look at your spending plan / budget – especially the big ticket items like your mortgage, insurances and domestic utilities. These large expenses are where you should concentrate your energy because these are the areas where you have the opportunity to make the biggest savings. When was the last time you reviewed these high ticket items? Check your credit report to ensure that there are no mistakes which might be costing you thousands – if your credit score is impaired – it can affect your ability to borrow at reasonable rates. Cutting … [Read more...]

Protecting My Family With Life Insurance

Protecting My Family With Life Insurance

How I’m Protecting My Family With Life Insurance I've just added £20.45 (approx $32) to my monthly expenditure and I’m glad. I read a recent survey by Legal & General (one of the UKs big life insurance companies), which states that 73% of parents said their top financial priority was to ensure their children are looked after if they were unable to look after them themselves. However in contrast he research revealed that 46% of parents had no form of Life Cover and less than a third had Critical Illness Cover. Even less had either Income Protection or Family Income Plans, which can provide a valuable tax-free income to your dependents in the event of critical illness or … [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...]