Saturday, 28 September 2013

Best Use of Direct Savings Accounts



The act of saving money is a worthwhile endeavor that allows you to be able to afford certain things like gadgets, clothing, food, and many more. It also gives you a sense of value. In building your sense of value, you are also growing as an individual capable of achieving many things. You are also instilling in yourself a sense of delayed gratification in saving money for a goal that you want to reach. May it be a long overdue vacation or a pricey gadget, the only way you are going to be able to do this is by saving.


Set up a Direct Savings Account

In setting up a direct to savings account, you are constantly putting hard earned money from your paycheck directly to a savings account. It will require you to be a bit frugal in yourlifestyle as you will not have enough cash on hand to spend but by doing this, your savings account constantly grows. 



By having minimum cash on hand due to most of your earnings going straight to the savings account, you will still have some cash to spend. This will mean that you must be smart in choosing what to spend on. 

You must also remember that there is a reason why you are saving. In having a reason, you will feel very motivated to continue being smart about spending the cash that you have. It is a great example of the end justifying the means as you will get gratification in being able to go on holiday or to buy that high tech gadget that you have been dreaming about. So go and create that straight to savings account so that you may achieve your heart’s desire.

Wednesday, 21 August 2013

PPI Compensation Bill Reaches £18 Billion



The latest reports that banks and lenders have increased the funds available for repaying mis sold PPI to over £18billion – a truly staggering amount – simply serve to confirm that this is a scandal that has not gone away. Indeed, many more people are making claims as the public becomes increasingly aware of the right to get back the fees on mis sold policies. The Financial Ombudsman, which deals with disputes between lenders and consumers, has reported a slight decrease in the numbers of people claiming, but still handles over 2000 cases each day.


Biggest Scandal of All Time

The payment protection insurance (PPI) scandal has been called the worst of all time to hit the UK finance industry, and rightly so: over a course of many years, several million people were sold policies that were either of no use to them or that they did not want, and a recent ruling by the High Court means all fees on so-called mis-sold PPI policies must be repaid to the customer. With the three biggest banks in the UK – Lloyds Banking Group, RBS and Barclays – heading the list of names involved it is clear that mis-selling has been widespread throughout the industry.

 

Calculating the Payment

The average PPI payment is currently around £3000, but there have been many that were considerably more; the amount in each case is determined by the individual circumstances, as well as the size and type of credit agreement concerned. The added awareness that has come with all the publicity has led to many people using websites with an online PPI calculator, such as www.PPICalculator.co.uk  to get an idea of how much they may be awarded. This is a convenient way of an advance warning, but must only be taken as an estimate.


An Ongoing Saga

One notable aspect of the scandal has been a fall in confidence on the part of the consumer; the man on the street no longer trusts the financial industry after discovering it has been selling products outsidethe regulations. It remains to be seen how – or if – this can be restored any time in the near future.

Are You a Compulsive Shopper?



Differentiating what you want and need may be a really difficult endeavor, especially if you are a compulsive shopper. In being a compulsive shopper you have a weakness in wanting to shop. A good way to save on money is to shop in places that have sales and discounted prices. This will go a very long way in saving you some money as the clothes, gadgets and other items are cheaper than originally priced. It is a best of both worlds situation that you are able to obtain what you desire and save a little money while spending.

Look For Sales

Looking for places that have sales and bargained prices are an efficient way to save money. It is a way for you to be able to buy certain items while saving money as those items are cheaper than originally priced. You may also get selected items at a buy-one-take-one rate which will allow you to have more than you planned for. You will be able to give these buy-one-take-one items as a gift for your loved one, friend, or family member. 

 
In shopping in places that are on sale, the money that you save may be used for a vacation fund that you may use to visit places and countries that you have never been to before. You will be able to experience the various cultures and wonders that the country has to offer. It is a worthwhile endeavor that will allow you to discover more about yourself as well as the country that you visit because you mind and outlook becomes different when you visit other countries. You become a more cultured person as you save from buying in places that have sales and discounted prices.

Tuesday, 2 July 2013

3 Essential Money Saving Tips



There are various ways to save money which can make all the difference between living beyond your means and living well. Therefore, there can be no doubt that saving money has desirable consequences. To be in debt is not a positive state of affairs and this can lead to much decline and problems. To stay financially secure means that you have to be wise in your spending habits.
Here are some tips for saving money.

Use Cash Rather Than Credit Cards
Credit cards are the best way for companies to make money. You need to make sure that you use cash instead as this can boost your chances of spending less. You need to be able to use credit cardsonly for limited purchases.

 
Make a List of Essential Items
Make a list of the basic necessities that you need to purchase and ensure that you do not go beyond a certain list of items. There is no doubt that sticking to your basic essentials will enable you to spend your money wisely.

Limit Your Spending
Make sure that you spend wisely and do not live beyond your means. This is the key to saving money. There is very little emphasis on how to save money nowadays. Heightened consumerism has glorified spending on excessively fancy items. To counter this mindset, you need to be more proactive in limiting your spending.


There can be no doubt that saving money is a key to living well. If you spend beyond your means, then you will definitely not be able to do anything about improving your living standards. Living in debt is a terrible problem. You need to be able to avoid this if you want to live a happy and comfortable life.