Tag Archives: financial planning

How to budget for the year ahead

The monthly financesTo get 2017 off to a bright new start and set yourself some achievable financial goals, we asked some of our favourite finance and budgeting bloggers to tell us their best tips for how to budget for the year ahead.

Francesca from the super From Pennies To Pounds blog said: “Make sure you allow yourself some wriggle room in your budget for some fun things as this will make you much more likely to stick to your budget.” 

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The best financial advice I heard in 2016

financial planningThere’s nothing quite like the end of the year for taking stock of your finances, and budgeting for the year ahead.

So to help us out, we asked some of our favourite finance and budgeting bloggers to tell us the best financial advice they’d had this year.

Cass from family blog Diary Of A Frugal Family told us: “This year I’ve found out that changing energy suppliers is so much easier than I thought it would be. 

I’d been putting it off for ages because I thought it would involve lots of time and energy for not very much return but it took me a total of about 10 minutes and I saved enough each month for a treat takeaway. ;-)” 

Nicola, who runs budgeting blog The Frugal Cottage, has this to say: “When you invest, you are always going to take a risk. However, if you’re in it for the long term, then ignore the ups and downs that happen daily and enjoy the ride.”

And Francesca From Pennies To Pounds told us she’d learned this year that: “You can only squeeze so much out of your budget – earning more money should be one of the key focuses when you are paying off debt or working towards a financial goal.” Continue reading

What do the new pension freedoms mean?

retired-couple-in park-300April 2015 saw the introduction of ‘pension freedoms’, which essentially gave those aged 55 and over wider access to their pension funds.

In previous years, this meant being able to take a quarter of their ‘defined contribution’ pension (ie: one based on how much they paid into it) as a tax-free lump sum, but invariably using the rest of the money to buy an annuity designed to pay out an income each year for the rest of your life.

Video: How we manage money has changed over the generations

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What kind of financial future is in store for us?

What kind of financial future is in store for us when we’re older? With house prices higher than ever and the cost of living making putting away savings a real challenge for many, there is plenty that may make some feel the glass is half-empty rather than half-full.

Almost half (44%) the people asked in a new Experian survey of over-55s[1] say they are concerned about their financial future, with over half (56%) worrying about not having enough savings and (55%) not having disposable income.  In fact, 40% have concerns over high monthly bills.

Video: Money through the generations – the future of money

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The pressure of running the Bank of Mum and Dad

poor family counting money to pay bills at homeThe Bank Of Mum and Dad is often thought of as a bottomless pit of financial assistance for children needing a leg up after they’ve ‘flown the coop’ – but a third (33%) of parents have been under financial pressure as a result of bailing their children out financially.

Over half the parents Experian surveyed[1] last month said their children (aged 18+) have ‘used’ the Bank of Mum & Dad an average of four times –  and to the value of £6,000 –  since becoming financially independent.

Some recent findings have also shown that parents will provide £5bn this year to help offspring on to the property ladder.

*Check out our tips for young people breaking away from the bank of mum and dad*

The slippery road to financial independence
Our research found that 41% of parents were called upon as their child had no savings to cover for an unforeseen expense, with almost a quarter (24%) admitting that their child is simply bad at managing money and ran out of money. 15% of children had to ask for help as they had got themselves into a debt they couldn’t afford to repay. Continue reading

Where will you retire to?

It used to be that the retirement dream was to leave the city and head for the seaside – if not the year-round sun of the south of Spain, then perhaps the clean air of the British coast.

But could it be that the emergence of the ‘Smarties’ – Senior Market Town Retirees – is set to change that?

retired-couple-in park-300These tend to be couples and singles aged 65-plus, who have chosen to move to green and pleasant market towns for their retirement . Places with a thriving community of all ages, small enough to have a ‘villagey’ feel but large enough to have all the regular amenities and social needs that they would be used to.

“Old age and retirement used to be a more homogenous group,” explained Richard Jenkings from Experian.

“In the past people would go on holiday to the seaside and then a lucky few would then retire to those same resorts. Today we still see this happening, but a rising trend is for better-off retirees to move not to the traditional sea-side resorts, but instead to pleasant, often historic, cathedral cities and quality market towns. Continue reading

Planning for your long-term financial future

The Queen turns 90 this week – happy birthday ma’am! She may be just a decade short of getting a card from, um, herself (!), but she’s clearly in no hurry to retire just yet. 

Twitter poll - what age do you plan to retire?  

It’s never easy to know how much you’ll need to have set aside for your retirement. So it can be useful to think ahead and start planning for the long-term financial future.

How much might you need?
Everyone’s circumstances are different of course, but some factors can be common. If you’ve paid off your mortgage, that would free up a large part of your outgoings. However, if you are helping to fund your children in their quest for homes/studies/weddings etc, then that can push costs right back up.

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5 money-saving ways to plan your summer holidays

Dreaming of a summer holiday?

Dreaming of a summer holiday?

It may be cold outside, but for savvy money-savers now is a great time to start thinking about where we might go in the summer.

Many Britons will be aiming to make 2016 the year to take a dream holiday or go travelling, and there are lots of advantages to forward thinking, especially if you’re on a tight budget – here are five things you might want to think about.

1. Book at the right time
Getting an early start on your holiday booking can make it easier to find a bargain. Continue reading

Budgeting For The Year – guest post from Provident

budgeting image-300Guest blog post supplied by Provident 

We know that many people budget daily, weekly or monthly. For our customers, budgeting is a way of life and many know how much comes in and out of their account by the penny.

How you budget can be dictated by how and when you get paid, but have you thought about looking at your finances for the whole year?

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