Get the right car loan

Money Saving No Responses »
Mar 092011

 

There are 2 main types of car loans, Secured Car Loans and Unsecured Car Loans.  A secured car loan provides the lender with an item of security; in the event that you cannot repay the loan, the lender can take possession of this item, which, in the case of a secured car loan is usually the car itself.  Unsecured loans do not require an item of security. These loan tends to have higher interest rates and the loan amount offered is usually smaller.

Speciality Car loans are aimed at a different group of people, offering advantages from which they would benefit. A specialised loan offers advantages from which one particular group of target customers would benefit. Specialised loans are either secured or unsecured.  Many lenders offer: Student Car Loans, which often allow students to postpone repaying the loan until they have completed their studies; and used car loans, which give you the freedom to choose from a wider range of cars.  It is not always advantageous to apply for a specialised car loan, even if you fit into the target consumer group; although there may be additional benefits, these are often counteracted by unfavourable terms in other areas. For example, although a bad credit loan may allow you to borrow a larger amount than a normal loan, the interest rate will be much higher, and will cost you much more.

Choosing the right car loan can save you one can save you hundreds or even thousands of pounds. It is important to shop around, as car loans vary hugely.  Loans are offered by banks and building societies, online car finance companies, and many supermarkets. Most of these lenders are now available to contact online, which makes applying for a loan quick and easy.

Posted by at 2:44 pm Tagged with:

7 steps to get out of debt

Money Saving No Responses »
Mar 032011

Step one: Work out income and expenditure

Sit down and work out exactly how much you owe and who you owe it to. Be honest or you’ll only store up more problems for the future. If your debt repayments take more than 20% of your net monthly income you are entering a danger zone and must take steps to cut back.

Step two: Budget

Once you know how much you owe you can draw up a budget. Be realistic and work out what you can afford to repay and still stay within your budget.

Step three: Cut your daily spending

Take a set amount of money out of the bank at the beginning of the week and leave your debit and credit cards in a safe place. That way you cannot spend more than you have in cash.

Step four: Organise your bills

Make sure you are paying all your utility bills by direct debit. It’s much easier to manage and it is also cheaper as most providers offer discounts for direct debit payments.  This is probably the easiest way to cut your bills. You can do it today simply by calling your bank with the details of your energy suppliers.

Step five: Switch utility suppliers

You could save hundreds of pounds each year on your gas, electricity, water and phone bills by switching. It is best to switch your energy and phone suppliers before you set up direct debits or you will end up having to change them again.

Step six: Sort out your bank account

If you’re a customer of one of the big four – Barclays, HSBC, Lloyds and NatWest – then you’re probably not getting the best deal on your overdraft or interest rates.

The rise in the number of internet banks means there is far more choice, so it makes sense to switch and take advantage of offers such as fee-free banking and lower overdraft rates.

Step seven: Switch your mortgage

The mortgage is probably your biggest expense each month, so it’s important to ensure you have the best possible deal. Speak to an independent financial adviser or a mortgage broker about your remortgaging options.

Remember to take into account any transfer charges from your current provider and any legal fees for switching. Weigh up the all-in cost of remortgaging before you decide if it’s worthwhile, you may still find that the savings you’ll make with a new mortgage will more than cover any transfer expenses.

Posted by at 11:29 am Tagged with:

Slash the cost of going out

Money Saving No Responses »
Mar 012011

There is a number of ways to cut down the cost of going out in your local area.  Here are a few ideas:

  • look out in the local and national press for special offers on eating out, like two for one, vouchers and discounts for particular groups of people. You can also subscribe to www.vouchercodes.co.uk and get weekly alerts about the latest offers
  • check out local museums, libraries, parks and wildlife centres for free activities for children and families
  • check out cinemas, leisure centres and theatres for reduced prices on certain days…our local cinema only charges (Adults and Children) £1 to see any movie on a Saturday morning
  • check out the Adult Education Centre or your local council for details of low-cost adult education classes
  • check the local and national press and your local authority website for discount schemes like local authority leisure cards
  • check to see whether you can travel more cheaply by buying a season ticket or booking tickets in advance
  • you may be able to share lifts to work – do an internet search for ‘car share scheme’ to check if there are any schemes in your area
  • compare the cost of petrol at petrol stations to make sure you’re buying the cheapest.
Posted by at 4:03 pm Tagged with:

Grants to insulate your home

Money Saving No Responses »
Feb 032011

All home owners, occupiers and tenants are eligible for grant funding of between 50% and 100% towards cavity wall and loft insulation. 

Grants cannot be offered after you have insulation installed or if you do the work yourself. The installation MUST be carried out by an accredited installer, who will offer the grant at the time. If you apply here, an accredited installer will get in touch as soon as possible. 

  The list of criteria below allows you to see if you are eligible for Cavity Wall Insulation or a Loft insulation grant. If you are NOT eligible for the FULL 100% grant, you can still apply for a partial grant of 50-70% and under certain circumstances, more. 

 You should be eligible if you receive: 

  • Attendance Allowance
  • Child Tax Credit (annual income of £15,460 or less)
  • Council Tax Credit (which must include a disability premium)
  • Disability Living Allowance
  • Disability Pension
  • Housing Benefit (which must include a disability premium)
  • Income Support (which must include a disability premium)
  • Income-based Job Seekers Allowance
  • State Pension Credit
  • War Disablement Pension (which must include a mobility supplement or Constant Attendance Allowance)
  • Industrial Injuries Disablement Benefit (which must include a mobility supplement or Constant Attendance Allowance)
  • Working Family Tax Credit (annual income of £15,460 or less)

To find out more about the government grants available look on the following web-site 

http://www.government-grants.co.uk/

Posted by at 4:22 pm Tagged with:

How to buy a Cash Isa!

ISA's, Money Saving No Responses »
Feb 032011

There are a number of ways Cash ISA’s can be opened up including by going into a Bank or Building Society Branch, by post, over the telephone or over the internet. 

The 2 main rules for choosing the best Cash ISA are 

1. Go for the highest interest rate, alongside 

2. The most flexibility in regards to your financial situation 

Flexibility with ISAs usually means instant access, so that you can withdraw your money whenever you choose. Some ISA accounts pay a higher interest rate but are Notice Accounts meaning you have to give 30 days, 90 days or even 180 days notice to access your money. Your money is in effect locked up. 

Most people want instant access. However those with large cash savings are often happy to lock up part of their money for a certain period of time in order to earn a higher interest rate. 

This is why it’s important to look at your own financial situation in relation to the flexibility of the Cash ISA on offer. 

If in doubt always seek flexibility even though it may mean accepting a lower interest rate.  I would prefer to accept a rate of 3% with instant access to my money rather than 4% but having to give 90 days notice to access it. 

Many banks and building societies have a £1 minimum to open an account, although the better paying ones might require over £1000. 

Check to see if there is a limit to the number of cash withdrawals that you can make before losing interest. 

Most Cash ISA accounts are instant access but some, often the ones with the best interest rate, have penalty restrictions such as only 4 cash withdrawals allowed per year. 

Some ISAs which on paper offer great rates of interest may include what they call a ‘bonus rate’. This is an interest rate boost for a period of time but after that has expired savers often find the rate of interest is not so competitive. 

Check to see if there is a limit to the number of cash withdrawals that you can make before losing interest. 

  

Posted by at 4:10 pm Tagged with:

Halloween on a budget

Money Saving No Responses »
Oct 252010

If you don’t want to spend a fortune on Halloween Decorations why not take a look at these Lovely Halloween Printables. Free to download and great fun to make.

We found these great printables along with some fab halloween Recipes over at Kaboose.com like this bloody and ghoulish punch.  It is an American site but has lots of money saving ideas for a great Halloween.

Bloody punch

  • 3 cups (500 mL) cranberry juice
  • 1-1/2 cups (250 mL) apple juice
  • 1-1/2 cups (250 mL) grape juice
  • 2 cups (500 mL) caffeine-free cola
  • 1 cup (250 mL) frozen strawberries
  1. In a large punch bowl, combine the cranberry juice, apple juice and grape juice. Stir, then refrigerate until you’re ready to serve. At the last possible moment, add the cola, the strawberries and, of course, the Floating Hand of Death (directions below).

Floating Hand

  1. In a measuring cup or jar, stir a few drops of green food coloring into some water — not too much, just enough to give it a slightly decomposed tint. Pour the greenish water into a disposable rubber glove (the stretchy kind — make sure it’s not powder-coated inside) and tie the top securely. Place in the freezer for several hours or overnight. At serving time, peel the glove off the hand and deposit icy hand in chilled punch. Yum.
Posted by at 3:22 pm Tagged with:

Start Saving for Christmas

Family Money Saving, Money Saving No Responses »
Sep 222010

christmas star

Prepare to groan: as of today there are just 94 days until Christmas. For those who are cash strapped or simply humbuggish, we suggest the best ways to prepare for this year’s festive season …

1. Start setting money aside, and earn some interest on your savings in the meantime. The market leading easy access account is the AA Internet Extra account, paying 2.8%, according toMoneysupermarket.com.

2. Earn money while you spend by applying for a cashback credit card: it may even arrive in time for this year’s Christmas spending rush. TheAMEX Platinum Cashback card pays 5% cashback on purchases in the first three months, returning up to a maximum of £100. The card then pays cashback of up to 1.25%. There is also 0% interest on purchases in the first six months. However, you will only benefit from if you can afford to pay the bill off after the first six months.

3. If you can’t afford to pay off your credit card in full, use a card which charges zero interest to make your Christmas purchases. Tesco’s Clubcard credit card is offering the longest 0% period at 13 months for purchases and nine months for balance transfers (subject to a 2.9% transfer fee), according to Moneynet.co.uk. You’ll also earn one Clubcard point for every £4 spent.

4. Planning to go away for Christmas? People who apply for the Flybe Spend & Fly Mastercard before 31 October and use it once or more before 31 December will get two bonus return flight vouchers. The voucher has to be used within 12 months and can be used anywhere on the Flybe network. All the cardholder has to do is pay the taxes and airport charges.

5. Use discount vouchers wherever possible. It isn’t cheap, it’s sensible. Given the way pizzas have gone up in price over the past few years I suspect they have been included in the price anyway, and that certain retailers expect them to be used. Take a look at the Guardian’s selection of the best discount vouchers available.

6. If a mobile phone, including this year’s must-have iPhone 4, is on your shopping list, visit the cashback and voucher site Quidco to see what deals are on offer. This week, for example, it’s got a £70 cashback offer on all iPhone 4 Vodafone contracts bought through Phones4U until 22 September.

7. Recycle you old phone if a new one appears in your stocking: it could help pay off some of the bills you’ve clocked up. Several internet-based firms pay for old phones – Mazuma Mobile is just one of the sites where you can get a valuation by simply typing in your current model. As with anything, it’s always best to scour around for the highest value, and if you don’t think you’re getting enough eBay is always a sensible back-up.

8. Trugging around from shop to shop buying groceries is exhausting and time consuming, but the one time of year when it is really worth doing is Christmas. Once again, check out prices online before you hit the shops: try mysupermarket.co.uk for a comparison.

9. A big part of Christmas in our household is the local Pantomine, but tickets can be pricey. Instead, why not try and get your hands on free audience tickets for the plethora of festive TV and radio shows on at the BBC. Visit the website regularly for updates on ticket availability for the latest shows.

10. Do an Allegra McEvedy and plan scrupulously what you are going to eat in advance of Christmas. Check your cupboards while drawing up your shopping list: you are bound to have a can of leftover chesnuts or marzipan lurking in there somewhere. Try to make some space in your freezer before and during the Christmas: this will enable you to freeze leftovers instead of wasting them, and allow you to make the most of any Christmas offers on seasonal food.

From an article on the Guardian.  Photo Credit – http://www.flickr.com/photos/vickyb

Posted by at 6:36 pm Tagged with: , , , ,
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