If you’re looking for a fun and free way to boost your income, free lottery websites are definitely worth a look.
These sites offer the opportunity to enter free daily or (less often) weekly draws, with the prizes financed by advertising revenue. You simply register for each site and enter the details required, whether it’s your postcode, your birthdate, a set of emojis, or whatever. Then all you have to do is check them every day to see if you have won.
At one time there seemed to be dozens of these sites. Some have closed over the last year or two, but there are still a number around. The following will get you started…:
Some of these lotteries offer incentives for introducing new players. These vary, but typically include extra bonuses if you win. Disclosure: some of the links above include my personal referral code.
The first in the list, Pick My Postcode, is my clear favourite. They offer multiple chances to win each day – and in the days when they were called Free Postcode LotteryI was lucky enough to win it!
Pick My Postcode also have the largest prizes. The main daily prize – which I won – can be over £1,000. When I had my win, the prize was £1,200, though as one other person in my postcode area also claimed, the prize was split between us. So I got £600 plus a small bonus – not a life-changing amount, but certainly a day-changing one 😀
There are plenty of smaller prizes on Pick My Postcode as well, from £10 upwards. If you don’t do any of the other free online lotteries, at least do this one 🙂
With most free lottery sites you have to go back to them daily to see whether you have won. Personally I use a Firefox add-on called Morning Coffee which lets you save a list of sites and open them all with a single action. I can then quickly check them all. This takes five minutes at most, so it isn’t a big chunk out of my day.
Good luck with your free online lottery entries. If you have any comments or questions, please post them below (likewise if you know of any other free online lotteries). And if you have any big wins yourself, I’d love to hear about them!
This is a fully updated repost of my original article on this subject published in January 2017.
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Today I’m sharing some thoughts about the role of property in retirement planning. The post is partly inspired by recent research and insight from retirement planning specialists Just.
In association with Opinium Research, Just surveyed 4,000 adults from all over the UK to discover what they think and feel about property, including their views on owning versus renting, how property affects their attitude to their current and long-term financial plans, whether they thought of their property as a home or an investment, what impact property ownership has across the generations, and more.
When looking at those in their 50s, the research revealed that this age group turned out to be (in some respects anyway) the most pessimistic age group.
Survey Results
The survey threw up some interesting – and in some cases concerning – findings for the 50s age group. Key points arising included the following:
Whilst those in their 50s are building up towards retirement, half (47%) feel unprepared and hit a ‘pessimistic peak’.
Among homeowners who don’t feel prepared – not having enough to retire on (52%) and not having enough to do what they want (45%) is the biggest concern. Ranking these above other concerns such as debt and handing down wealth to their children.
1 in 4 (23%) don’t know how to fund long term goals. And this goes up to almost half of renters (43%), compared to 16% of homeowners
It has become noticeably more difficult to get on the housing ladder – and this affects over a quarter (26%) of people in their 50s, who are still renting.
The impact on retirement is one of the biggest concerns for those now unable to buy, as property remains a core component of household wealth.
Even those on the property ladder are struggling to juggle their priorities and plan for the future.
You can see more information about the survey, and other findings from it, on Just’s My Home My Future website.
My Thoughts
At the age of 63 I am a little older than this age group, but I can definitely relate to these findings, both in respect of my own experiences and those of friends and relatives.
I believe that property should play an important – and arguably essential – role in every person’s retirement plans. And owning your own property puts you in a far stronger financial position than if you are renting.
One obvious reason for this is that your property can be a source of extra money if and when you need it in retirement. This can work in a variety of ways…
If you own your property and have equity in it (i.e. its value its greater than any outstanding mortgage/s) you can release some of this by downsizing. By selling up and moving somewhere smaller and cheaper, you may be able to release a chunk of cash that can be used to fund major purchases and/or invested to provide you with extra income.
If you don’t want to move, you may be able to use equity release to access some of the money tied up in your home. At one time equity release had a slightly dubious reputation due to the risk of going into negative equity, but nearly all lenders now offer a No Negative Equity Guarantee (NNEG) which ensures a borrower can never owe more than the value of their home. Equity release is nowadays a well accepted – and increasingly popular – method for releasing funds tied up in a property. Modern ‘lifetime mortgages’ in particular offer great flexibility for drawing down funds when you need them, with repayment only required when you die or go into long-term care.
Another option for generating income from your home is to rent a room in it. Under the government’s Rent a Room scheme you can charge up to £7,500 a year in rental without having to pay tax on it. This can work well for people in family homes whose children have flown the nest.
Owning a property also presents other opportunities to generate money from it. An example is renting out your driveway or garage, which I discussed a while ago in this blog post.
I am fortunate in that I own my home outright. The mortgage I took out with my late partner Jayne was paid off around ten years ago with the aid of a modest windfall. I also have various pensions and investments.
No-one can see what the future holds, but knowing that I could potentially release a substantial sum from my home if the need arises is obviously reassuring – especially in case in my old age I have to go into long-term care.
The latter is obviously a major concern for many older people. A recent report from Just revealed that 88% of people who have organised long-term care for a family member said they were shocked at how expensive care is, and 75% were surprised by how little financial support the state provides.
Further Thoughts
One thing that struck me particularly in Just’s My Home, My Future survey was the number of middle-aged (and older) people who are still renting, often through necessity rather than choice. Just found that non-homeowners in their 50s tend to be those who haven’t been able to buy their home (43%) rather than those who haven’t chosen to buy (21%).
This is clearly a concern for those affected, and for society generally. These people will be cut off from an important potential source of income in later life. If they have to go into long-term care, much of the (considerable) cost may have to be borne by their family, who may or may not have the means to do so.
A serious discussion needs to take place about how social care in Britain is funded, and specifically the balance between what is paid by the state and by the individual. Government policy in this area has been mired in confusion for years – and with the current political turmoil over Brexit it’s hard to see the situation improving any time soon.
In the meantime, it’s clearly desirable for everyone to get on the property ladder as early as they possibly can, so they are able to build up equity in their home and access the additional cash and income property can provide in later life. Whilst it remains unclear how much any of us will need to contribute to the cost of our own care, having a source of money to fund this if needed is all the more vital.
As always, if you have any comments or questions about this post, please do leave them below. I would especially like to hear your thoughts if you are 50 or over on how you plan to fund your retirement and the role you see for property in this. Check out also the #MyHomeMyFuture hashtag for more about this subject on social media.
For further advice on planning for retirement, I recommend checking out the government’s Pension Wise website, which includes detailed information about pension saving. If you are over 50 you can also book a free telephone or face-to-face appointment with an adviser who will go through the options with you.
Disclosure: This is a sponsored post on behalf of Just Group plc.
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Today I have a post for you on how to save money on clothing.
Like it or not, we all have to spend money on clothes. And over a year those costs mount up.
Any of my friends will tell you that clothing isn’t my specialist subject, so I asked my fellow UK money bloggers for their advice on this subject. I’m pleased (and grateful) to say that they came up trumps 🙂
So here, without further ado, are the UK money bloggers’ top tips on how to save money on clothes shopping…
1. Kirsty Holden from The Money Saving Mum says, ‘Go to outlets! My new fave shop is a local Next outlet. I’ve always been a Primark girl but honestly the quality is getting worse and I only ever buy from there now if it has a red tag on it 🤣 I would never normally go into Next and pay their prices but the outlets are fab!’
2. Fiona Elizabeth Hawkes from Savvy in Somerset writes, ‘Buying second-hand from charity shops can save you a fortune and means you could afford brands you might not otherwise be able to, meaning better quality clothing for less money. Also they often have lots of brand new clothes that have never been worn with the tags still attached.’
3. Emma Jackson from Bee Money Savvy says, ‘If you’re a student, make sure to check to see if the retailer offers student discount either through the UNiDAYS app or the TOTUM/NUS card. Student discounts can save you anything between 5% and 20% at most major retailers.’
4. Laura Dempster from Thrifty Londoner writes, ‘If I’m looking for something specific I always check eBay first! I’ve got brand new jeans for £15 instead of £30 just by looking on eBay. I’ve also found that brand new books are often cheaper on eBay than Amazon.’
5. Stephanie Addison from Debt Free Family advises, ‘Buy winter clothes at the end of winter. Likewise, buy summer clothes at the end of summer. They are so much cheaper then, when the shops need to clear out.’
6. Emma Bradley from Emma’s Savvy Savings says, ‘Voucher codes – shopping online gives you extra discounts via voucher codes (quick Google search) and/or Top Cashback and Quidco. You can also try on the clothes in the comfort of your own home and not feel pressured or rushed into buying.’
7. Lisa Garwood-Cross of Living Thrifty says, ‘Take a look at websites like Everything 5 Pounds. They are often selling end-of-line high street items brand new for a fraction of the price. There may be limited sizes but the website often has loads to choose from. You won’t know which brands they are until they arrive, but you’d be amazed at what you can get for a fiver!’
8. Emma Bradley from Emma’s Savvy Savings adds, ‘Another one is not so obvious but use a personal shopper. They really are brilliant at finding and putting together outfits that suit your body shape. This saves money as you don’t buy things that you later regret and store in your wardrobe with the tags still on!’
9. Francesca Henry of From Pennies to Pounds says, ‘If it’s for a special occasion, ask your friends and family if they have anything that you can borrow first. You can return the favour – it works particularly well if you have a lot of weddings to go to!’
10. Faith Archer from Much More With Less says, ‘Pick up clothes with your food shopping. I’ve nabbed great basic T-shirts and workout gear from supermarket ranges like Tu at Sainsbury’s and George at ASDA, and they tend to offer a wide range of sizes. Great for bargain school uniform too, especially in the Tu 25% off sales.‘
11. Nikki Ramskill, who blogs as The Female Money Doctor, says, ‘I save small amounts of money every month and then when the sales are on, buy what I need then. Knowing WHAT I need really helps before I go. Do I really need another pair of jeans, when actually it’s work dresses I am lacking, for example. Saving money to have a few big shops a year to search for key pieces and creating a capsule wardrobe saves me so much money.’
12. Hayley Muncey of Miss Manypennies writes, ‘Try looking on Facebook buy/sell groups in your area. People will often have a clear-out and offer a huge bundle for free or very cheap. Then you can look through, pick out anything you like, and pass the rest on again.’
13. Claire Roach from Daily Deals UK says, ‘I clothes swap with friends – we both get to refresh our wardrobes that way for nothing. I have asked on Facebook as well once and got a great response. I got three new dresses and got rid of three that I hadn’t worn for years.’
14. Lynn James, who blogs as Mrs Mummypenny, recommends, ‘Create a capsule wardrobe! My friend Claire came shopping with me and created a wonderful capsule wardrobe for me. Everything goes with everything. And from maybe 10 items of clothing I have 20+ outfits, all timeless styles and colours. I still wear all the clothes now, bought three years ago.’
15. Emma Maslin from The Money Whisperer says, ‘I hate clothes shopping and do most of it online. I am on the email lists for my favourite brands so whenever they have a sale or promotion, I get notified and I buy then.’
16. Jennifer Graudenz of Monethalia comments, ‘I like going to fashion outlet stores and buy from their clearance sections. There isn’t as much choice, but getting as much as 90% off the normal retail price is possible.’
17. Clair Louise of Thrifty Clair says, ‘Sites like Everything 5 Pounds [also mentioned by Lisa of Living Thrifty, above] and Single Price sell ex-high street stock for a fiver an item. If you’ve got a good eye you can get some amazing items for a fraction of the original cost.’
18. Katie Schulten of Student Skint says, ‘If you’re planning on buying something brand new that’s not an immediate buy, try it on in store so you know your size then search online – eBay, Depop, Facebook marketplace, etc. – for someone selling the same one brand new with tags for much cheaper…you know it’ll fit! Just check the description for the reason they could be selling.’
19. Andrew Young from Capital Matters writes, ‘Don’t buy too cheap and don’t buy too expensive. To use an example from my own life, I used to buy £20 shoes. They rarely lasted more than six months. I switched to £45 (on-sale) Ralph Laurens. They’ve lasted years and they’re still going strong, effectively saving me money. But anything priced above that? Likely just a waste.’
20. Katie Watkins from Katie Saves says, ‘Ask for vouchers for birthdays and Christmas. I know some people don’t like giving/receiving vouchers but as I never buy for myself I look forward to having vouchers specifically to buy anything new I need.’
22. Scott Dixon of Thegrumpygit.com writes, ‘I have just been to the Sainsburys Tu sale and bought a pair of jeans on the half price rack that still qualified for the 25% off (£16 down to £5.50 less £3 on a £20 spend with a Nectar card coupon = £2.50). I also got another pair of jeans £16 & trainers £14 with 25% off. Wait for the annual Tu sales at this time of year, go with a coupon and search through the 50% off rail is my tip!’
23. Jim Gall of Money Blog Scotland writes, ‘I shop in GAP a lot and they ALWAYS have discounts on. Their high street stores almost always have 40% off, and the online store always has discounts on. Plus if you install the app, you get a voucher code which means you get a further 5% off on top of your original discount. I have NEVER paid the listed price for anything in GAP. And it’s all good quality stuff which lasts for ages.’
24. Finally, Sian Melonie, who blogs as Little Miss Frugal, is another fan of cashback websites. She says, ‘If there is something that l have my eye on from a particular store, I always check Top Cashback and Quidco to see what cashback offers are available from the store I’m wishing to purchase from. It’s then essentially free money back!’
Thank you so much to all my fellow UK money bloggers for sharing their top tips. I hope you will agree there are some great money-saving ideas and resources listed here.
I guess I should offer a tip as well, so mine is to sign up with the loyalty scheme of any clothes store you shop at regularly. Being a gentleman of a certain age, two stores where I often shop for clothes are Marks and Spencer and Debenhams.
I have a Sparks card from M&S, which gets me special offers and discounts from the store and the occasional freebie. And I have a Debenhams credit card, which (among other benefits) earns me points every time I shop there. These are then converted to Debenhams vouchers every three months. Note that I don’t advocate borrowing on a credit card as the interest quickly mounts up, but as long as you pay off your balance in full every month there won’t be anything more to pay.
Finally, please do check out the money blogs listed above – they are all linked from the blog names – and sign up to follow any you enjoy.
As always, if you have any comments or questions on this post, please add them below. I would also love to hear any other tips you may have for saving money on clothes shopping.
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Today I have an eye-opening infographic for you from my friends at Edinburgh IFA about pension mis-selling.
If you watch the TV news, you may be aware that there has been a spate of stories in recent months about pension mis-selling.
In particular, some people have been persuaded to transfer valuable final salary pensions to unsuitable, often high risk, investment schemes, potentially putting their future income and security at risk. Of course, the advisers concerned typically pocket large sums in commission for this.
There is, however, some hope for victims of pension mis-selling, as the government has set up a compensation fund to help them. Here is the infographic with further information.
Thank you to Edinburgh IFA for their detailed and informative infographic.
If you think you (or a friend/relative) may have been mis-sold a pension or badly advised about a pension transfer, then – as the graphic says – you may be eligible for compensation from a £120 million fund set up for this purpose by the government. You can make a claim to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).
The FSCS only looks at complaints if an organisation has entered liquidation or administration. If – as is more likely – the organisation you wish to complain about is still trading, you will need to apply to the FOS.
You do need to act quickly, as if you are going to complain there is a time limit of six years from when the product was sold to you, or three years from when you noticed that you had been mis-sold – whichever is the later.
If you wish to complain about being mis-sold a pension, the first step is to contact the adviser (or SIPP provider) in question. They are obliged by law to have a complaints procedure and respond within eight weeks. If they don’t respond, or you are unhappy with their response, you can then file a complaint with the FOS. If they agree that you were badly advised, they can award you compensation of up to £150,000. More detailed information about the complaints procedure is available on the Edinburgh IFA website.
If you don’t feel confident going to the Pensions Ombudsman yourself, you can use a claims adviser. Edinburgh IFA say they are happy to put anyone in this position in touch with an independent financial adviser (IFA) in their area who will provide initial advice free and without obligation. Despite the company name, they offer a nationwide service (not just Edinburgh!).
Or if you don’t want to use them, any IFA specialising in pensions should also be able to help you. The website Unbiased.co.uk can locate suitable independent financial advisers in your area for you.
Either way, if you think you have been a victim of pension mis-selling, don’t bury your head in the sand. Compensation may be available if you act now. In any event, it costs nothing to find out more.
As always, if you have any comments or questions about this post, please do leave them below.
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A couple of weeks ago I got home from a short break to find a letter and glossy leaflet on my doormat extolling the benefits of batteries for solar panel owners.
The letter said the company had purchased a list of names of local solar panel owners including my details. That put my back up a bit, as I’m not keen on having my personal information bought and sold. But I guess it’s publicly available info, so there isn’t really anything I can do about it.
Anyway, while I didn’t reply to the sales letter, it did inspire me to do a bit of research into solar energy storage batteries and whether they are worthwhile. That turns out to be quite a difficult question to answer. It doesn’t help that much of the information online comes from solar battery suppliers and installers, who are not exactly unbiased.
So here are my thoughts, based on what I have been able to find out in conjunction with my own experiences as a solar panel owner.
The Idea
The idea behind solar batteries is simple and appealing.
Solar (photovoltaic) panels generate most power when the sun shines, but this is probably not when you need it the most. If they are generating electricity in the day when you are out at work, some of that power is likely to be going to waste. (Yes, you might be able to sell some back to the grid, but most home-owners are paid a – low – ‘deemed’ tariff for this based on the total amount of power their panels generate. It makes no difference to this how much of the electricity generated you use yourself.)
If you have batteries, though, these can be charged by your panels when they are making more electricity than you need, and then used to provide power at other times (e.g. in the evening) when you need it. This should reduce the amount of electricity you have to buy, thus cutting your bills. It may also give you a backup in the event of power cuts (although don’t bank on this – see below).
The Reality
That all sounds great in theory, but the reality is a lot more complicated.
First of all, solar storage batteries are still new and, to a degree, untested technology. They are also expensive. To have batteries supplied and fitted to an existing solar panel installation is likely to cost anywhere from £5,000 to £10,000.
Solar batteries also have limited lifespans. Because the technology is so new, nobody is really sure how long they will last, but I have seen figures of 5 to 15 years quoted. That means you are likely to need to replace your batteries at least once during the 20- to 25-year working life of your solar panels.
It’s also worth bearing in mind that all batteries become less efficient over time, reducing the amount of electricity they are able to store.
My Calculation
I thought I would look at my own solar panels as an example, to see if the sums added up. First of all, here is a chart showing the total amount of electricity generated by my panels since they were installed in 2011.
As you can see, the maximum my panels have generated is just under 3,000 kWh in 2015 (after that the output declined somewhat, for reasons discussed in this blog post). For the sake of my calculation, though, let’s use a figure of 3,000 kWh for the amount of power my panels generate annually.
Now, to work out how much power could be saved by installing batteries, we need to know what proportion of power generated is surplus to my requirements and currently ‘wasted’. Because I work from home and am here in the day most days, I can’t believe this is any more than 30 percent. In reality it is probably less, but I’ll use 30% for my calculation.
Let’s now assume that batteries would allow me to save the whole of that 30% (in reality that’s highly unlikely for reasons I’ll discuss shortly). That means I would be saving 3,000 kWh x 30% = 900 kWh. The electricity companies in my area currently charge in the region of 20p per kWh (including VAT), so the saving on my bill would theoretically be worth 900 x 20p = £180 a year. Assuming the cost of buying solar batteries and having them installed was an optimistic £5,000, that means it would take 5000/180 = 28 years for the cost to be recouped – well above the expected lifespan of the battery (or the panels, for that matter).
Even if I was out a lot in the day, to the point where I could save 60% of the power generated by my panels if I had batteries, the breakeven period would be 14 years. And remember, this is also assuming the highest possible output from my panels every year and 100% battery efficiency, neither of which will be the case in reality.
Complications
There is one thing you may have noticed that I didn’t account for in my calculation, and that is the fact that electricity prices go up every year. That will, of course, have the effect of increasing the potential savings from batteries and reducing the time it takes to break even. If electricity prices go up dramatically, that will certainly make solar storage batteries more attractive.
On the other hand, there are some negative factors to take into account as well. Here are just some of them.
1. Batteries are not 100% efficient. Some energy is lost charging the battery and then releasing energy from it. The technical term for this is round trip efficiency. Typically this figure is around 80%, meaning that for every 5 kWh going in to your battery, you will only get 4 kWh of useful electricity out.
2. You can only charge a battery to its maximum (100%). If on a sunny day the batteries become fully charged, any surplus energy generated after that will simply go back to the grid.
3. If you discharge a battery fully this can significantly reduce its life expectancy. Technically this is known as Depth of Discharge, or DoD for short. Most manufacturers specify a maximum DoD for optimal performance. For example, if a 10 kWh battery has a (typical) DoD of 90 percent, you shouldn’t use more than 9 kWh of the battery before recharging it. In practice, an electronic charge controller prevents over-discharging (and over-charging) from happening. The effect of this is, of course, to reduce the amount of useful energy a battery can store.
4. Batteries become less efficient over time. This varies according to the type and make of battery, but typically over 10 years efficiency will reduce by 30%. Again, this reduces the amount of electricity batteries can store and the potential savings to be made. If you are unlucky and your battery fails completely just as the warranty expires, you could be looking at a large overall loss.
5. If you use batteries to store power, this may involve sacrificing the payments you would otherwise receive for exporting power back to the grid. This may not matter if you are getting a ‘deemed’ payment based on electricity generated (as is the case for many owners currently). But with the new generation of smart meters which can measure how much electricity you are actually returning to the grid, you will certainly end up making less money this way if you divert excess electricity to batteries instead.
6. As well as the cost of buying and installing solar batteries, there is also VAT to take into account. At the time of writing this is 5%, but it is going up to 20% in October 2019. This would add £1,000 to the price of a £5,000 battery installation.
7. Finally, although solar batteries may give you a backup power source in the event of power cuts, it appears this cannot be relied on. A survey of solar battery owners by The Consumer Association found that several people reported that in the event of a power cut, their batteries stopped working as well. That is despite promises made by sales people that this wouldn’t be the case.
My Conclusions
As I said earlier, this is a complicated field and I make no claim to any special expertise on it. However, based on my own data and research, here are the conclusions I have reached.
1. If you and/or other family members are typically at home in the day, it is doubtful whether you will save enough money by installing batteries to cover the cost, let alone make any profit. The same may apply if you use electricity in the day for other purposes when nobody is there in person, e.g. washing laundry, heating water, running a dishwasher, etc.
2. If nobody is in your home for most of the day and you aren’t using any significant amount of electricity during daylight hours then the savings from batteries may be more worthwhile. But bear in mind that you are still likely to be around (and using electricity) at weekends, early mornings, evenings, holidays, sick days, and so on. And some household appliances such as fridges and freezers go on using electricity all of the time.
3. If the price of energy rises sharply, solar batteries may become a more attractive proposition. However, they are expensive to buy and install, and have various limitations (discussed above) which may reduce the benefit you get from them. They will probably also have a shorter lifespan than your panels, meaning they will need replacing at least once over the lifetime of your panels. And they will in any event decline in efficiency over time.
4. Likewise, if battery prices fall – and the technology improves – that will increase the attractiveness of solar batteries in future. But of course, if you are considering whether to get batteries now, you can only base your decision on what is currently available.
5. If you are buying a new home and/or new solar panels, buying batteries at the same time is likely to be more cost-efficient (and involve less hassle) than retro-fitting them. In this article I am mainly addressing existing solar panel owners.
6. I am also looking at this primarily from a financial standpoint. There is a case to be made for installing batteries to help contribute to the fight against global warming and climate change, although there are obviously also environmental costs involved in battery manufacture. In any event, it is for each individual to decide how important this is to them and whether the environmental benefits of having batteries with their solar panels really do stack up.
7. Some companies are currently making a big push to promote solar batteries, and it does appear to me that some of the claims made on their behalf are exaggerated to say the least. If you are thinking of getting solar batteries, be sure to do your own ‘due diligence’ and don’t believe everything you read on company websites or are told by pushy salespeople. In particular, be very sceptical about pie-in-the-sky estimates over how much money batteries may be able to save you. I found one website claiming that 75% of the power generated by solar panels is typically wasted, which is frankly laughable.
8. Don’t, either, be swayed by arguments that you need to order now before VAT rises to 20% in October. This is (unfortunately) true, but it doesn’t make the case for installing batteries any stronger.
In summary, for most existing solar panel owners, I don’t believe that installing batteries is likely to make economic sense at present. I don’t, therefore, intend to do so myself. If prices come down and the technology improves, however, the equation may change (and reducing or scrapping the VAT would help too). This is something I will continue to monitor, and if I change my mind in future I will of course let Pounds and Sense readers know!
So those are my thoughts, but what do YOU think? I’d love to hear from you, especially if you have solar batteries yourself or are actively considering them. Please feel free to post any comments or questions below.
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Today I have an eye-opening infographic for you. Do you ever wonder how you compare with the average Briton when it comes to spending your pay cheque? Are you content with your rainy-day fund or do you worry you haven’t got as much squirreled away as your friends or colleagues?
Worryingly, it appears most Brits are spending more than they bring in each month. Moreover, there is a steady shift from cash and cheques toward plastic and electronic payment methods.
According to the Office for National Statistics, British households have spent more than they received for an unprecedented nine consecutive quarters, amid a longer squeeze on real incomes. What’s more, households across the country have been net borrowers in every quarter between October 2016 – when living costs started to rise after the Brexit vote – and December 2018.
Check out the full infographic by Peachy below which neatly reviews the key household spending statistics in the UK:
Personally, I find the saving stats at the end of the infographic especially worrying. Large numbers of people say they have no savings whatsoever (and even £100 is a tiny amount really).
Living from one payday to the next is a precarious existence, though as the graphic indicates many UK citizens do exactly this. Nonetheless, it makes you very vulnerable when a sudden change of circumstances occurs that reduces your income or increases your expenditure.
An example from my own experience is when, almost five years ago, I was diagnosed with prostate cancer. My treatment involved two months of radiotherapy, requiring daily trips of 30 miles each way to the Royal Stoke University Hospital in Stoke-on-Trent. It was simply impossible for me to go on working during this time, so (as I was self-employed) my income took a big hit. Fortunately I had enough in the bank to cover my lost earnings during this time. If I hadn’t, it would have added to the already considerable stress I was under. (And yes, I’m doing fine now, thank you.)
i think it’s particularly important for older people to have some savings set aside. Not only are health problems more likely as you get older, your long-term earning potential reduces. Nobody should be entering later life with nothing in the bank to tide them over if – or more likely when – the need arises.
So I strongly believe everyone, whatever their age, should do their utmost to build a savings pot. Of course, for people on modest incomes that’s not always easy. So I recommend a two-pronged approach of reducing your outgoings and boosting your income (e.g. by starting a side hustle).
Saving money and making money are, of course, subjects I cover regularly on Pounds and Sense. By doing these things, you should hopefully build up a pot that will stand you in good stead when life hands you those inevitable lemons.
I guess another reason people aren’t saving as much – or at all – these days is the very low interest rates on offer from banks and other savings institutions. In itself that isn’t a good enough reason for not having a savings pot, but of course it does mean it’s extra important to look around for the best deal you can find.
In addition, once you have enough cash savings to tide you over for a few months, it’s good to think about investing some of your extra money for potentially higher long-term returns. Again, investing is a subject I cover regularly on Pounds and Sense. I won’t go into detail about this now, except to say that a good starting point is a tax-efficient Stocks and Shares ISA (I like Nutmeg’s automatically diversified robo-adviser platform myself). And you should put as much money as you can into your pension, of course.
As always, if you have any comments or questions about this post, please do leave them below.
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I’ve talked about matched betting a few times on this blog. To recap, it’s a way of making risk-free (and tax-free) cash by taking advantage of bookmaker special offers and promotions.
While matched betting doesn’t present a source of passive income – you do have to put a bit of time and effort in, especially at first – it really is risk-free as long as you apply the method correctly. Even if you do make the odd mistake – and many people do when starting out – it may not cost you any money. Even if it does, the overall profits should quickly cancel out any losses incurred.
Since the last UK domestic football season ended it has been a quiet time for matched bettors, but with the start of the new 2019/20 season all that is about to change. The first match in the Premiership is on Friday 9th August, with the other leagues in England and Scotland starting this weekend.
To be clear, you don’t have to be a big football fan to look forward to this (I’m certainly not). No, the reason to anticipate the new season so keenly is the host of money-making opportunities it will present for matched bettors.
For one thing, the bookies will be pulling out all the stops to attract new clients and get current and former clients back onside. I expect to see a flood of offers on the football in the coming weeks, giving the potential to generate some tasty risk-free profits by applying matched betting principles.
For those who have yet to try this sideline-earning method, matched betting initially involves taking advantage of bookmakers’ welcome offers to generate risk-free profits. These offers typically entail getting a free bet when you place your first paid bet. As a matched bettor you can take advantage of this by backing one outcome of an event with an online bookmaker and at the same time laying it (betting it won’t happen) on a betting exchange.
You will therefore break even (or make a very small qualifying loss, depending on the odds) on your initial bet. But this will qualify you for a free bet from the bookmaker. And by backing and laying this to the appropriate stakes you can guarantee yourself a net profit no matter how the event in question pans out.
Matched betting really is that simple, with the welcome offers at least. However, you do need an understanding of how to apply the method and (in particular) how betting exchanges work. You also need access to calculators and oddsmatching tools to ensure you are staking correctly at the best possible odds to maximize your profits. Unless you are very confident, therefore, I highly recommend signing up to a matched betting advisory service.
I cut my teeth with Profit Accumulator and still recommend this as a great service for people who are new to matched betting.
More About Profit Accumulator
Profit Accumulator is a marched betting advisory service suitable both for those brand new to matched betting and for experienced matched bettors.
You can join PA free initially and they will provide details of two bookmaker offers you can take advantage of straight away, with in-depth tutorials (including videos) on how to do them. These offers should make you around £45 in net profit.
If you wish to proceed further, you can then pay to become a Platinum member and get access to the full range of offers and services. The latter include an oddsmatching tool and calculator for finding profitable bets to use with bookmaker welcome offers and maximizing your returns from them. And, of course, you will get access to hundreds more offers, again with step-by-step tutorials for doing them.
You also gain access to more advanced tools, including Acca Matcher, Each Way Matcher, and more. These allow you to boost your profits and continue to make money even when you have exhausted all the bookmaker welcome offers (which will take a long time!).
A further advantage of joining Profit Accumulator is that you get access to the busy members’ forum, where you can get any questions you may have answered by more experienced members and/or the team behind PA.
If you think matched betting may be for you, therefore, I highly recommend that you click through to the Profit Accumulator website to see what they offer and sign up for the free trial. By joining today you will be perfectly placed to take advantage of the flood of bookmaker offers in the coming weeks.
As ever, if you have any questions or comments about matched betting or Profit Accumulator, please do post them below.
Disclosure: As well as being a member of Profit Accumulator I am also an affiliate for them. If you join and become a paying member after following any of the links in this post, I will receive a commission for introducing you. This does not affect in any way the cost of the service to you or the benefits you receive.
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Today I have another great giveaway to share with you.
I’ve joined forces with some of my fellow UK Money Bloggers to put together a giveaway of FIVE Marks & Spencer ‘Afternoon Tea with Flowers’ Hampers.
These hampers sell for £50 apiece on the M&S website. The full contents are as follows:
Pure origin Assam teabags (125g/50 bags)
British raspberry soft set jam (113g)
British strawberry soft set jam (113g)
All butter shortbread fingers (28g/pack of 2) x 3
Cherry and sultana bar cake (520g)
Swiss chocolate extra smooth milk chocolate truffles (62g/pack of 5)
19 x Mixed pink roses
Two Reusable gift boxes
In the event of supply difficulties, or with discontinued products, M&S say they reserve the right to offer alternative goods or packaging of equal quality and value. If you need to know about any possible allergens in the contents, full information can be found on the M&S website.
Here then are all the details you need to enter, provided by my colleague Emma Drew (who is co-ordinating this event). Good luck! It would be great if a Pounds and Sense reader wins one (or more) of the prizes 🙂
This summer, some of the UK Money Bloggers have come together to offer you the chance to win one of six great prizes from Marks and Spencer. We have five hampers worth £50 each plus one £20 gift bag to give away. Keep reading to find out how you can enter.
Who are the bloggers behind this giveaway?
The UK Money Bloggers are a group of bloggers, podcasters, and influencers in the UK who are passionate about helping you to improve your finances. Whether you want to make more money, spend less, understand investing or pay off debts, we all contribute something unique to the community. Here’s who we are:
You can win one of five M&S ‘Afternoon Tea with Flowers’ hampers worth £50 each, or the runner-up prize of a £20 M&S ‘You’re the Bees Knees’ gift bag.
The rules
The giveaway is open until midnight on 31st August 2019, when the winners will be chosen.
The giveaway is open to UK residents only.
Winners will be contacted by email from hello@emmadrew.info
How to enter
You can enter by completing as many of the Rafflecopter widget entry options below as you would like. You can also enter daily by tweeting from the Rafflecopter widget.
One small point is that if a winning entry comes from following someone on social media, Emma will check before awarding the prize that the winner is still following the account in question. If they aren’t, they will be disqualified and a new winner drawn. So, please, don’t follow and immediately unfollow, as your entry won’t then count.
Once again, good luck, and I really do hope you win a hamper!
