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: ,

Insurance discounts

 Savings Advice  No Responses »
Mar 142012
 

Ask for a discount 

We are big fans of simply asking insurance companies if there is any way that we can save money.  Ask what is the best deal they have, what are the terms and conditions of the deal and what are the discounts.  Insurance companies after all are only businesses and sometimes they will accept lower margins to increase their customer base.

You might qualify for discounts by being: accident free, for having a low mileage each year or for living in a low crime area.  The theory is simple if you don’t ask for a discount you may not get the discount.

 Posted by admin at 4:29 pm

Save money with these cleaning tips

 Savings Advice  No Responses »
Mar 142012
 

1. Don’t use expensive cream cleaners; use a teaspoon of bicarbonate of soda – it works just as well.

2. Vinegar is good for cleaning surfaces such as glass, if you have an old spray bottle fill it with half vinegar and half water for a great mirror and window cleaner.

3. Essential oils are good for general cleaning and very economical as you need so little. A couple of drops of tea tree oil on a damp cloth will disenfect surfaces.

4. Unless your clothes are very dirty try using half the recommended amount of washing powder – it really well.For whites add a teaspoon of bicarb. for extra whitening. We have found that supermarket’s own brand washing products are as good and, of course, much cheaper than the expensive brand name washing powders. 

5. If you do need a special cleaning fluid for a particular job look for it in the bargain shops first like 99p stores, cheap supermarkets etc.


 

 

 Posted by admin at 3:02 pm

Common Mistakes when Planning for Retirement

 Retirement Planning, Savings Advice  No Responses »
Feb 212012
 
Planning for retirement can be a minefield for inexperienced minds – one wrong move could cost you the nest egg you’ve spent your life working for.
Today we give you some top tips on how to avoid the traps and pitfalls of planning for your retirement.
Retire based on your bank balance instead of your birthday.
Many people spend their lives counting down to the day when they retire – when really they should be counting the cash in their pocket. Some people make the mistake of retiring almost penniless at 65 despite fluttering away most of their cash in their forties and fifties. Meanwhile, though most people save for their retirement few do it using a great deal of commence sense or commence with a clear understanding of the end goal. They do it with a random series of cash injections and one off payments and they often end up far from where they need to be. Check your state pension forecast  to see how much you could look forward to in your pension pot.
If asked when you’ll retire, your answer should be an amount, not a year. Plan towards that amount and retire when you reach your goal.
Watch out for risky decisions
In the early years of your pension when you’re in your 20s and 30s, it is acceptable to take greater risks in the hope of receiving greater returns. If you lose money, you have decades to make it up. This safety net no longer applies as you get closer to retirement and you can’t afford to operate at the same risk level.
As you age it’s wise to ditch potentially dodgy investments. If the financial crisis has taught us anything, it’s that you need to learn to manage your risks as avoiding large losses is as much a part of investing as making gains. As you get older a host of new risks come into play. A serious condition, redundancy or divorced could all significantly impact your emotional and financial well-being. The goal is to consistently manage your risks in order to increase your odds of a rewarding retirement.
Avoid retiring with too much debt.
An increasing number of people are entering retirement age without pension, savings in the bank and a big mortgage. Some even have credit card debt or unpaid car loans. Work is not an option for many beyond a certain age so it could be 30-year retirement with all these obligations and a growing family to feed. Having debt increases risk and reduces cash flow. You should aim to retire debt-free and with income at your disposal. If you retire with debt, you will spend years paying for past purchases instead of using your income to live the life you’ve dreamed of.
Don’t go it alone seek professional advice.
Preparing for retirement is a risky business and going without a competent adviser at this stage could be a big mistake. However, there are online services such as MoneyVista, which can help make the process easier and arm you with all the info you need before visiting an advisor.
Plan Plan Plan.
The last and most valuable tip of all when it comes to planning for your retirement is to plan like your life depends on it. There is an array of tools – such as the savings calculator, which can help you figure out where you need to be in terms of your finances. So keep doing your research – as the saying goes “knowledge is power”.
 Posted by admin at 11:25 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: , , , ,

Haggle to save money

 Savings Advice  No Responses »
Oct 062011
 
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Photo Credit - http://www.flickr.com/photos/buddawiggi/

We are only to willing to haggle over prices when in overseas  markets, but most of us are reluctant to quibble about the cost of goods and services back home.

Recent research shows that three quarters of us are too shy to haggle for a better price in the UK, and this is costing us an average of £220 a year.

Figures from Standard Life show that most adults have 11 financial commitments to be paid each month. Haggling on everything from insurance premiums to the cost of mobile, broadband and energy bills could, therefore, soon add up to hundreds of pounds in savings.

Some companies are more likely to negotiate on price than others. Research revealed that almost 80 per cent of Sky TV, broadband or home phone customers who tried to barter down costs secured a better deal, while 72 per cent of those who had tried to get a better deal from Virgin Media reported that they were successful.

Similarly, 73 per cent of AA customers who had haggled said they ended up with a cheaper deal on their breakdown cover.

Energy firms weren’t as keen to offer discounts, according to the Moneysavingexpert.com site. It found only 40 per cent of customers who had tried to haggle got a better deal.

B&Q and Comet, for example, offer to beat prices at any shop within a 10-mile radius by 10 per cent. PC World offers the same price-beating policy, but covers a 30-mile radius. John Lewis’s “never knowingly undersold” policy even extends to purchases online, but bear in mind it will only consider retailers that also have a high street presence.

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 Posted by admin at 4:04 pm  Tagged with: ,
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