Tag Archives: savings

How will the National Living Wage increase benefit you?

8 Mar

In April 2016 the National Living Wage law will be enforced, so if you’re 25 or over you could be seeing an increase of 50p hour in your wage slip! It makes no difference if you’re paid weekly, monthly, part-time, full-time, by cash, by BACS or by cheque – you are entitled.

Previously employees over 25 were entitled to a minimum wage of £6.70 per but with the new rules in place your employer is required by law to pay you at-least £7.20 per hour. In a recent Government survey 70% of workers have said they will feel more positive with the wage increase and 59% agreed they would be more motivated whilst at work.

Although this is the biggest minimum wage increase in several years it can be hard to picture the impact it will have on your life, so to make things easier we’ve made a list of what the extra income could get you over a year if you were working 35 hours a week.

  • An all inclusive 4* week long holiday to Majorca for a family of four

  • A brand new 64gb Iphone 6s Plus

  • 2 x GT 27.5 Aggressor Mountain Bikes

  • 1,216 Chocolate bars

  • £880 towards the deposit of a house using a help to buy ISA

  • A Louis Vuitton classic Speedy 40 Handbag

  • 6,083 Bananas

  • A Samsung UE50JU6400 Smart Ultra HD 4K 50” LED TV

  • 3,650 Nappies

Whether it’s going to go towards a luxury treat or help towards your monthly bills the increase is going to benefit households all across the UK with only just over 3 weeks until it takes effect.

Prices and figures are based on market searches as of March 2016 and may vary.

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The Money Advice Service

12 Aug

By now, you will probably have seen one of the adverts for the Money Advice Service on TV (you know the ones, where the small child or old lady shocks the rest of the family saying “MA can help”).  The Money Advice Service is a free, financial advice service offering independent, sales-free, jargon-free information on all matters relating to personal finance.  It provides clear, unbiased money advice to help people make informed choices.

They have a website, phone line, YouTube channel, online chat facility, and even hold face to face appointments, to discuss any money issues, including:

  • Personal Budgeting
  • Savings and Investments
  • Protection
  • Credit and Borrowing
  • Retirement Planning
  • Taxation
  • Benefits

The five key principles of the service are:

1. “On my side”: the service is impartial from the Government and the Financial Services Industry.

2. Supportive: the service provides information and guidance to enable users to make better decisions and take positive steps towards improving their finances.

3. Preventative: Money Advice Service is not a symptom-focused, crisis response service like debt advice. Rather the aim is to help prevent  financial difficulties and address the underlying route causes of poor financial decision making, including knowledge, financial literacy and money management skills.

4. Universal: the service is free and available to all.

5. Sales free: the service does not sell or make recommendations about specific products or types of product.

For more information visit the website: www.moneyadviceservice.org.uk.  Through the website you can access a Budget Planner and complete a Financial Health check, as well as finding out more about various financial issues.

How do I fund my business?

5 Nov

The easiest and cheapest way to fund your business is to provide the money yourself from savings.  You may need to start out offering limited services to make some money without too much expenditure, and then put your profits back into the business to buy more stock or equipment.  Try to get a couple of jobs before you do any real marketing so that you can get a bit of money coming in, as well as some feedback!  You don’t want to market too early and have to turn people down because you don’t have the right equipment.

Many people do employment alongside self employment when they’re getting started.  This is a great way to have some regular income to support the more unreliable income of a new business.

Speak to your Job Centre Plus advisor to find out if there is any funding available for your business.  Ask for a benefits calculation, or do one yourself using the Benefits Adviser Service to see if you will qualify for any Tax Credits when you are self employed.

You can also look into getting a bank loan, but this can be expensive, so it’s worth trying to avoid this if possible.  It might be that you start out very small, and look into bank loans when you are confident your business will be a success and you need funding to grow and expand your business.