Monthly Archives: February 2017

Save money by planning your summer holidays now

Dreaming of a summer holiday?

Dreaming of a summer holiday?

The price of summer package deals is soaring, with places like Mallorca, the Canaries and Portugal in great demand as ‘safe bets’ with a lot of cheaper destinations considered vulnerable to terror attacks. And that’s before you consider the strength of the Euro against the pound.

Google Trends figures show us that web searches for certain hot phrases are higher in January/February now than at any time of the year other than mid-summer, when most people are searching for the best crumbs of what’s left.

The term Package deals was searched more in the week 5-11 February than at almost any time in the previous 12 months, while Flights to Algarve reached a 12-month peak. Other terms to be significantly higher than at other times were Hotels in Spain, Flights to Portugal and Flights to Alicante. Continue reading

How do you manage shared finances?

manage-shared-finance_300x200Managing your finances and your relationship can be quite a balancing act. Share a credit account? Then you share credit report information too.  

It can mean you’re more linked than you think. If you have applied for credit together, lenders will usually look at both of your credit reports when working out any future credit applications, even if it’s only for one of you.  

To mark Valentine’s Day, we asked some of our favourite finance, family and budgeting bloggers to share with us how they’ve managed to balance love and money, and what their tips are to make shared finances – and sharing outgoings in general – as harmonious as the day Cupid’s arrow first arrives.

Joint finances, joint decisions

Emma from EmmaDrew.Info: “My husband and I earn significantly different amounts which we really struggled with. We now put all of our earnings into our joint bank account, which covers our joint spending. What really helped us was that we now both withdraw the same amount of “pocket money” from the joint account, meaning that we have a level footing. This has made such a difference to how we feel about our money and I would recommend it.”  @emmadrewinfo 

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How could joint finances affect your credit rating?

Share a credit account? Then you share credit report information too.  Sharing finances can mean you’re more linked than you think, as lenders will often look at both of your credit reports when assessing your credit. 

If and when you apply for credit together, lenders will be able to see your partner’s financial information too and may use this when they make a decision about you when you next apply for credit. So we’ve put some tips to help you get up to speed with shared finances and credit.

Five top things you need to know about love and money

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  • Financial association means that your credit report can become linked to someone else’s through joint financial activity. This could be applying for a mortgage, opening a joint credit account, or in some cases even being on the same broadband or utility contract.

 

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  • Your credit report will only contain your financial information, but will show the name of anyone you share a financial connection with. If you share a credit application, each of you would see the other’s name in the section of your Experian Credit Report entitled ‘Financial Associations’.

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How often do you use your credit card?

Credit cardsIn January we asked our Twitter audience how often they use your credit card, and over 3500 of you replied.*

Over half of those who responded (53%) said they use their credit card at least once a week – with over one in four (27%) saying they use it every day.  Just over one in five (21%) said they use it monthly, while just over one in four said ‘other’.

We also asked How much of your credit card balance do you pay off every month?**
41% said they pay off the full balance of the card , while 18% told us they make sure they pay the minimum payment. A further 29% said they pay only what they can afford.

Finally, we asked What’s your priority when deciding to switch or compare cards***.
43% told us that reducing the interest they pay was the biggest priority, while 32% said that it depended on which rewards and benefits were available.

A wide range of responses such as this could mean that different credit cards may suit different people.  Think about what you actually want a credit card for. Is it for doing the weekly shop? Making a large purchase?  Or paying off a current debt at a better rate? Continue reading