Top 5 insurance mistakes homeowners make

 Family Money Saving, Insurance, Money Saving, Savings Advice  No Responses »
May 032012
 

If you’re a member of the vast majority of the populous, home insurance won’t be at top of your list of favourite discussion topics. But whatever your personal feelings are about how thrilling (or not…) the subject may be, home insurance is something that no homeowner should be without.

household insurance

With this in mind, it is hardly surprising that so many homeowners are eager to get this “ordeal” out of the way as quickly as possible; for many, that means taking up the offer of the first policy which they are offered.

As with most aspects of life, it often pays to put in a little extra effort in order to reap the best possible results. Discussed below are the top 5 mistakes that homeowners make when sorting their insurance policy – read them, be aware of them and endeavour to not make them yourself…

1) Undervaluing contents – it’s shocking to see how many homeowners “sell themselves short” by not obtaining a proper valuation of their home’s contents. When asked about this, people will often complain that they find the valuation process difficult. A top tip to help with this is to think of how much it would cost to replace the items lost!
2) Excessive cover – having adequate protection is admirable and advisable, but having too much is tantamount to throwing money down the drain! Many of the unnecessary aspects of insurance policies are bundled into packages to try and make them more appealing; however, they can serve to bump up the price. It pays to be mindful of exactly what you need from your home insurance cover.
3) Small print – while trying to read the small print on some contracts will require the use of some rather thick lenses, it is always worth knowing exactly what you are paying for and how your insurance policy breaks down. More often than not, the small print will contain various stipulations and clauses that could mean the difference between you getting a pay-out or not if something does actually happen to your home.
4) Automatic renewal – buying home insurance once does not mean that you are buying it for life. Far too many people buy their policy and then totally forget about it, renewing it annually upon the prompt of a letter arriving on their doorstep. If you are happy with the price and policy that you currently have, then great! But you can’t be sure if you don’t check what else is on offer…
5) Play the field – if you don’t ask, you don’t get. This is as true in the home insurance sector as it is anywhere else in life. It is always worth checking if another insurer is able to offer you the policy you have (or even a better one) at a cheaper rate. Nowadays this can be done through online comparison websites; however, in the worst case scenario it still only needs a quick phone call to check!

 Posted by admin at 2:40 pm  Tagged with: ,

How to get cheap roadside assistance

 Family Money Saving, Money Saving  No Responses »
Mar 142012
 

Breakdown insurance does not have to be costly. Many companies offer cover to motor policyholders at a reduced cost, but it does vary in its scope.

The most basic type, roadside rescue, will help if you break down away from home. It will usually cost more to include home start cover, where your vehicle won’t start when you leave the house.

Policyholders with motor cover through RAC Insurance, for example, can take RAC’s breakdown cover,

including home start, as an add-on at a discount of up to 30 per cent.

Prices for basic breakdown cover start from £20 a year, but for total comprehensive back-up, including home start and travelling abroad, cover can cost more than £200. This is still less than the typical minimum garage call-out charge of about £100, plus £150 to be towed off a motorway.

The AA and the RAC are not the only 2 car breakdown providers. But being towed home if your car breaks down is just another form of insurance like any other and there are scores of cheaper alternatives. What about Greenflag and autonational.  There are a lot of Breakdown Recovery and Roadside assistance options out there.

 

Try to haggle down your existing breakdown policy provider to see if you can get it for less. It’s well worth a shot.

Tell them you’ll go elsewhere unless you get a better deal

Haggling success rates are high. After all it’s your money and there is more breakdown providers than there used to be.


 

 Posted by admin at 4:29 pm

10 ways go out more while spending less money in 2012

 Family Money Saving, Holiday Savings, Money Saving  No Responses »
Feb 212012
 
Spending quality time with your family and friends over the Christmas holidays may have reignited a passion in you for the company of others. This could be the year to explore some new passions in your life, get out the house and spend more time in the company of people that you love. Why not consider a few new hobbies? In the UK we are spoilt for choice for exciting places to visit, art and history to enjoy and delicious food to indulge in. If you’re willing to do a little research, you will find a wealth of cut price options available to you. You don’t need to break the bank to have a good time. Here are ten options that offer great times, adventure or simply entertainment that should suit almost everybody’s budget.

 

photo credit - http://www.flickr.com/photos/revstan/4170152250/

England’s picturesque towns and cities boast world-famous parks and public spaces that are available to anyone. Take a walk through your city and discover it afresh on a cold winters afternoon.
Take in some culture
Most of our great cities offer great galleries. And often these are free, so you can get your cultural fix and have something to discuss with your companions.
Volunteer your time
There is a wide range of volunteering opportunities in the UK allowing you to learn new skills whilst helping those most in need. This could be the year to get stuck in and make a difference.
Start saving those Tesco Club-card points
Great deals on reduced admissions to attractions such as Alton Towers Thorpe Park and the London Zoo can be grabbed via the Tesco’s deals brochure.
Enjoy cinema at off-peak times
Cine world currently offers one pound tickets for selected Saturday morning viewings for both parents and children giving access to Hollywood at a bargain price.
Get your shopping done online
A new internet innovation is the use of shopping vouchers to cut costs on a wide range of goods and services. A great way to treat yourself without breaking the bank.
Free swimming lessons
During school holidays many local leisure centres offer free swimming for under 16′s.
Travel by train
British rail’s ‘four for two’ offer can give stunning savings on rail journeys. If travelling to the capital you ticket can also grab you some great two-for-one deals at attractions. These include and Madame Tussauds and the London Sea Life Aquarium.
Fine dining on the cheap
Restaurant vouchers are a great way to feed yourself in style at a fraction of the typical cost.
Stay away on a budget
Hotels often offer cut priced accommodation for those who are quick enough on the draw. Bag yourself a bargain £19 Travelodge room by signing up their mailing list and awaiting the next offer.
Our country offers a multitude of experiences with which to reinvigorate the life and gain fresh perspectives. Whether you’re looking for a fresh set of challenges for your life, want to contribute to society, are interested in learning new skills 2012 is yours to revamp, re-jig and revitalise your lifestyle.
 Posted by admin at 11:38 am  Tagged with: ,

How to get Financially Healthy

 Money Saving, Savings Advice  No Responses »
Feb 052012
 

Have you ever wondered why some people always have money while others don’t? If you’re on the side which doesn’t have money, you could be Financially Drunk. What does that mean? Basically, that you can’t keep your finances in check and even though you work, there never seems to be enough.

Getting your finances back to a healthy place can be tough. It’s a little like losing weight: great in theory and hell in practice.

Why is that?

Much as eating habits can cause obesity, spending and saving habits can cause financial anorexia when one is out of balance with the other. How do you start getting financially fit?

Identify the Problem

This can be difficult when you don’t know where to begin. To start understanding your spending habits, you need to log them. Literally, write down each transaction so that you can see how much you are spending on clothes, entertainment, bills, etc. You can do this by carrying a pocket book and writing down the amount and what you bought right after you’ve made your purchase. Alternatively, you can use a smartphone app. Moneybook is excellent.

At the end of each month put all your data into a spreadsheet with the appropriate categories; clothes, food, entertainment, etc. Soon, you will have a clear picture of what is coming in and what is going out. More importantly, you’ll see in which areas you’re having financial problems. Is it that you spend too much money on entertainment, or is that that you’re just not paid enough in the first place?

Spending Too Much

If there’s enough coming in, but too much going out, then you need to examine the reasons why you’re spending all of, or more than, you earn. If something isn’t right in your life, you’re more than likely compensating for it by creating a habit that is causing you to spend unnecessarily.

We’ve all seen it in others: like the girl in the office who has to be wearing the latest designer clothing, but earns less than you do; or the colleague who overeats because they are bored. Both of these people have habits that are costing them money.

If you have a habit that is financially detrimental, it’s worth reaching out to help organisations or professionals, like therapists, that are qualified to help.

Not Earning Enough

If there isn’t enough coming in to start with, it’s likely that you’re underselling yourself professionally. Perhaps you’re just not good at selling yourself and feel bad about discussing money with your boss, or clients. If that’s the case, find yourself a coach, or mentor who is running a successful business, or doing well in their job and ask for some friendly advice over a cup of coffee. Take a course that will teach you how to deal with negotiating pay confidently and successfully.

Getting Out of the Rut

If you have a deficit and your dreams are on hold because of it, it’s good to get out of the rut and to a place where your goals feel possible again.

Get a second Job.

It doesn’t have to be waiting tables, although that can be lucrative in some establishments. Do you have a skill that’s marketable? Can you build websites, fix cars, or mend clothing? Can you solve a problem for someone else and charge them for that service? If so, you can turn that into a second income.

Pay Down Debts.

If you have credit card, or store card debt, it’s a good idea to pay it off as fast as possible because the longer the debt is hanging around, the more it’s costing you. There’s nothing wrong with having credit, but there is something wrong with a credit card statement you’re scared to look at.

Getting Cash Quick.

If your debts aren’t large – under 10k – it’s worth dedicating a period of time to making and throwing money at that debt. Heard of Ebay and Amazon? Dig out all your clutter and sell it off. Volunteer for a clinical trial. Companies like GSK medical trials pay up to £2000 or $2500 for healthy participants and will accept volunteers back for up to four trials a years.

Financial Sobriety is Possible

Taking control of your finances ultimately means taking control of your life. And there’s no better, or healthier feeling than that.

 Posted by admin at 4:28 pm  Tagged with: , ,

Earn a £5 voucher and clear out your clutter !

 Family Money Saving, Money Saving, Money saving for Children, Savings Advice  No Responses »
Oct 252011
 

As any parent will tell you, they always seem to have items that their children have outgrown or no longer need that they would like to see go to a good home. Now parents can turn these items into a £5 M&S voucher.

The website www.mygyko.com which enables you to sell, swap or giveaway to other parents is offering a £5 M&S voucher when you list 5 items on the site by the 31st October.

Parents who are looking for ways to earn some extra cash will find this an ideal place to sell outgrown uniforms and sport kits that are filling up their cupboards and garages. With the added incentive of earning a £5 voucher for listings made by the end of October, this half term is the perfect time for parents to de-clutter and sort out the items that their children no longer require.

With the site free to use for both the parents listing items and the parents acquiring items now is the perfect time to get listing.

Don’t keep GYKO a secret though help spread the word and you could earn another M&S voucher. Pass on the email addresses of 5 friends and you will receive a £5 M&S voucher.

It’s the new way to buy, swap, sell or give away unwanted children’s ’kit’ – from school blazers to boots, uniforms to unitards and trainers to toys.

GYKO is the free online local community marketplace for listing used, second hand, nearly new and pre-owned:

School wear
Dance wear
Science equipment
Clothes
Books
Sports equipment
Musical instruments
Audio equipment
In fact anything that your kids no longer want, need or can fit into!

So don’t waste money buying expensive new kit – get bargains on GYKO.

The free, friendly, fun alternative to eBay!

 Posted by admin at 1:12 pm  Tagged with: , , , ,

12 easy Money Saving tips

 Money Saving  No Responses »
Sep 132011
 

1 Look over your membership or season ticket to see what extra benefits are conferred. These might be entry to other venues or discounts in certain retail outlets, cafés or hotels.

2 Read the paperwork that comes with your credit card. It may offer, say, an extra 12 months’ or so warranty after the manufacturer’s warranty expires on such as electrical goods purchased with the card.

3 If you have opted for treatment on the NHS, or found yourself compelled to go down that route even though you had private medical cover, check if the insurer will make a cash payment in lieu of your using private hospital accommodation.

4 If the car windscreen smashes see if the insurer will replace it free of charge with no strings attached.

5 Consider if there is something that can be deleted from an insurance  policy which you are paying for but do not need.

6  Sometimes there is a requirement with certain types of home insurance that certain types of locks on door or windows or a burglar alarm will lower your insurance costs.  So it might be financially beneficial to ensure you have the type of locks secured on your property that the insurance company requires.

7  Car insurers are very inquisitive when calculating premiums and will hold policyholders to anything they have committed to. They will probably want to know whether a vehicle has been adapted and about any significant change in the miles driven. Is there a special undertaking about where it is kept? Perhaps it needs to be in a locked garage overnight.

8 With travel insurance, the activities section may have some shocks about cover for any dangerous, or not so dangerous, sports.

9Then there are those complicated deposit accounts which, as a quid quo pro for yielding a more competitive rate of interest, have complicated rules that are easy to flout accidentally. A single small cash withdrawal can, in some instances, lead to the rate on an account plummeting, and anyone with such an account needs to be aware of this.

10 Look out, too, for the type of fixed rate product whereby possibly 90 days’ interest may be deducted as a penalty if the saver backs out even before the start date.

11 Income protection policies need particular scrutiny. See what is deducted before an income figure is arrived at.  Find out whether the insured has only to be unable to pursue his “own” occupation before benefits become payable or if it has to be “any” occupation.

12 See if household cover will reimburse any cost incurred in reaching the source of a problem. This could involve wrenching up floorboards, for example, to get to a leaking pipe.

 Posted by admin at 4:20 pm  Tagged with: ,

Equity Release

 Money Saving  No Responses »
Sep 132011
 

Equity release is a way for homeowners to raise extra cash for their retirement. It is available only to those who own their home outright and are aged 55 or over.

You can receive a lump sum or take regular or occasional income and stay in your home until you die. 

The average amount of equity released is £47,323, according to Safe Home Income Plans (SHIP), the average equity release is £47,323. 

The equity release cash is most commonly used for home improvements, paying off debts or going on a dream holiday.

There are two types of equity release plan — a lifetime mortgage, and a home reversion plan.

There are generally three things that make people wary of equity release (1) their reluctance to reduce an inheritance left to loved ones (2) anxiety that it could be risky, poor value or complicated; and (3) concern it may reduce entitlement to means-tested benefits.

It is the first of these that can cause real problems for families. So you MUST discuss plans with your beneficiaries.

Equity release companies are much more respectable than in the past. Make sure you choose a provider that is a member of SHIP.

Its strict code of practice guarantees no customer will be forced to leave their home or owe more than their property is worth.

Since 2004, the FSA has regulated all equity release providers and brokers — so before dealing with anyone, make sure they are on the FSA register

 Posted by admin at 3:51 pm  Tagged with:
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