Looking after your mental health

Looking After Your Mental Health in the Coronavirus Crisis

At the risk of stating the obvious, the last few months have been stressful for all of us.

As mentioned in this post last month, a YouGov survey in May found that over a third of respondents (39%) reported a decline in their mental health since March 2020, when the lockdown and other anti-virus measures started. A month on, it’s quite likely that figure would be even higher.

I’ve certainly noticed that I am feeling more stressed and anxious than usual, and I’m luckier than many. Although I live alone, I do have a large house and garden, and also have the advantage of years of experience of working from home. How people in tower block flats have been coping is hard to imagine, particularly if they have young children they are home-schooling as well.

I was keen to find out what methods other people are using to preserve their mental health in these challenging times, so I asked some fellow UK money bloggers what worked for them. I was intrigued by their varied replies, so I’ve set out their comments below. I’ll share some of my own thoughts and experiences afterwards

What Are Other Bloggers Doing?

Emma from Bee Money Savvy says, ‘Writing lists has been my saviour these last few months. I get down if I don’t feel like I’ve achieved much in a day, so having a list of things I’ve managed to do (even small things like eating a healthy breakfast or putting a wash on) has helped me feel somewhat productive and more positive about the day I’ve had.’

Bex from How to B Welthy says her strategies include reading self help books e.g. Good Vibes, Good Life, along with breathing exercises, meditation, getting a good night’s sleep and going out for a walk. She adds that she suffers with mental health issues constantly, though, not just in lockdown.

Collette from Cashback Collette writes, ‘Ive been trying really hard to get outdoors at least once a day either for a walk or a jog – sometimes with my fiance or on my own to clear my head and get some fresh air and vitamin D. I’ve also found I’m in a much better mood and feel more positive on days I speak to friends and family, so I have been chatting to them as much as possible.’

Claire from Money Saving Central says, ‘I have been having an hour to myself in the garden or upstairs every day, once my partner gets in from work. I am not used to all this background noise of iPads, TVs, and children whilst I am trying to work. I really need to sit quietly for just an hour to let my head breathe.’

Blogging duo Joleisa from Joleisa.com say, ‘We have been doing two things really to help us keep sane: crafting, and checking in virtually on elderly friends. We’ve always thought that showing concern for others gives you a boost too.

Jennifer from Monethalia says, ‘What’s really helping me is exercising every morning. I’ve never been a gym person but since lockdown happened, I’ve started doing home workouts.’

Nicola from The Frugal Cottage says, ‘I’ve been trying to stay in a routine and focus on finding something positive each day. This is easier on some days than others!’

Pete from Household Money Saving says, ‘I have been watching old box sets on Netflix. I’ve found it comforting to watch something familiar that reminds me of calmer times.’

Charlotte of Charlotte Musha says, ‘Gardening and in particular weeding have been the best thing for my mental health during lockdown. It’s one of those small jobs that make a big difference, so you always feel like you’ve achieved something.’

Laura from Harley Counselling writes, ‘I’m a talking therapist and counsellor, and one of the top tips I’m giving to my clients is to actively build a positive structure into their routine. Designating certain days for activities which we know are good for us gives us a sense of rhythm and familiarity. Things like going for a walk or run, meditation, reading, journalling or gardening can be really restorative and give us space to order our thoughts.’

Katie from Student Skint says, ‘The first 6-8 weeks it was running errands to help give me a reason to get out of the house. But now since rules have eased a bit, it’s making plans to see other people. I find that if I have plans with a friend (or friends) a couple of times a week then it feels more ‘normal’ because I’m seeing and speaking to the people I usually would in person.’

Dan from The Financial Wilderness writes, ‘I meditate. Personally I use the Headspace app which is fantastic, but there are other great resources both free and paid out there.
I always though meditation was a bit, er, ‘woo-woo’ and was deeply skeptical, but I can honestly say after trying it for some time I really notice the benefits, feel calmer and am able to control my thoughts a lot better.’ Dan adds, ‘I am also really enjoying picking up my PlayStation again. I loved gaming throughout my teens but find life is often too busy to be able to – it’s been lovely to rediscover that pleasure.’

Zoe of Eco-Thrifty Living comments, ‘I wrote a blog post about how to deal with anxiety on a budget. I have suffered from anxiety and panic attacks in the past and have found things that have helped me. They include doing CBT – I link to some free online self help workbooks in the post, running, drawing and doing a risk register. Not mentioned in the post, but I also find hypnotherapy downloads can be really helpful.’

Joseph who blogs at Thrifty Chap says, ‘Photography. I have a photography YouTube channel and have previous discussed how my mental health benefits from it.’

Bear from Save Like a Bear writes, ‘For me it’s a combination of things: 1. Spending 99% of my social media time on 1-1 conversations rather than anxious scroll holes.
2. Taking a time out to cook dinner from scratch every night no matter how busy I think I am. This has been a good way to get creative and use up what’s in the cupboards because of shopping very rarely too.
3. I’ll echo all the great comments above about what a difference a bit of daily exercise/fresh air/vitamin D makes. I use those walks to listen to podcasts so learning something each day feels like a productive distraction.
4. Having a shutdown routine at night because sleep is so important.
5. This is a very money blogger thing to do, but I had a financial audit and made sure my money was exactly where I wanted it/changed a few systems. It’s one way to feel in control when the world is out of control.

Si of Financial Expert says, ‘I’ve been using the Headspace app for 10 minutes each morning to gain a 10 minute window of calm before I begin work. It must be working, as it’s three months in and I now look forward to it.’

Nicola from My Savings Journal says, ‘I’ve tried to let go of my own self-imposed ideas on how productive I should be and the desire to maximise every moment of my time. Instead, I’ve let myself explore hobbies, enjoyed time working on my blog, and tried new ways of keeping my home organised. It’s definitely helped to keep my anxiety and stress levels at bay, as well as creating a new “normal” in terms of balancing relaxation with productivity.’

Michelle from Time and Pence says, ‘I have made sure that we, as a family, have gone out on regular long walks so we have plenty of time out of the house. I believe that has been the real key to coping. While at home, lots of gardening, video chats and games with family and friends. And also we bought my son a keyboard for his lockdown birthday so we’ve all enjoyed learning how to play using tutorials on YouTube.’ And she adds, ‘My mom is shielding due to COPD and she ordered herself lots of painting by numbers, with all the equipment. She set herself a little art studio up at home and she has loved it. It’s made a massive difference to her.’

Rhian of Rhian Westbury says, ‘To keep my mental health high during this period I try and maintain a routine. I need to maintain a good sleeping pattern to maintain good mental health so I wake up every morning at near enough the same time as I would if I was going into the office. And I don’t stay up really late and maintain my normal bedtime. The routine helps me to continue as much as normal during this time.’

Emma of TuppenysFIREplace says, ‘We moved to the Lake District last year so we could spend more time on the fells, only to find they’ve been closed since lockdown. We are not used to being together quite so much so decided we needed to plan our days to counter this. We have regular ‘date nights’ at home where we dress up as if we were going out, and we have at least one TV/internet-free night so we can focus on quality time together. Makes up for the little spats that happen during the day!’

Finally, Marie who blogs at Broke Girl in the City shared a link to her post titled Coronavirus: Top Tips For Coping With Anxiety and Stress. Number one in this is Be Kind to Yourself, a piece of advice I do very much agree with (see below).

Thank you very much to all my money blogging colleagues for sharing their thoughts. I do hope you found them as interesting as I did, and they may have given you one or two ideas for coping strategies you could try as well.

  • One thing that did surprise me a bit is that nobody mentioned baking, which I know has been very popular during lockdown. I was also surprised that there was little mention of video gaming, as I hear lots of people during this time have been escaping into the virtual worlds of Animal Crossing (see picture below), Stardew Valley, Minecraft and so on 🙂

Animal Crossing

My Own Coping Strategies

So what have I been doing to try to preserve my sanity through this challenging period?

As mentioned in my earlier update, I am finding daily walks therapeutic. I especially enjoy a walk after breakfast, and intend to keep this going even after the crisis is over.

Like many of my fellow bloggers (see above) I find it helpful to have a daily routine. After I return from my walk, I generally do a few hours’ work, usually on the blog or any other paid work (writing, editing or proofreading) I may have. I try to stop at lunch time and do other things from then on, though – I am meant to be semi-retired, after all!

I aim to speak to somebody every day, if not in person then over the phone or (occasionally) via Skype. Living alone I think that’s super-important. In the afternoons I go for another walk, or shopping, or spend some time working/relaxing in the garden.

I have a love-hate relationship with social media nowadays. On the one hand, it can be great for keeping in touch with friends and family, and I also use it as a source of news and information. On the other hand, with Twitter especially, there can be a lot of negativity, rudeness and even outright hatred (especially when politics raises its head). If I spend too long there I can feel my stress levels start to rise. I try to limit my time on social media – and recommend everyone else does likewise – but that isn’t always easy, as it pulls you in insidiously.

In the evenings I usually make an effort to cook something nice rather than relying on convenience foods (though they have their place). As mentioned before I typically seek out some escapist entertainment in the evening. This often involves watching one or two episodes of a box-set, even if it’s something I’ve already seen. Recently I have been re-watching the detective series Bergerac with John Nettles which – as you probably know – is set on Jersey. I enjoy the stories but also the lovely island scenery, which reminds me of holidays there and in Guernsey with Jayne in happier times.

  • Finally, when I am feeling particularly anxious, I find CBD Oil for Anxiety helpful for calming me down and helping to get a restful night’s sleep. Based on my experience it’s definitely worth a try!

Further Advice

I think my top tip to anyone who is struggling with their mental health at the moment is don’t be afraid to reach out for support if you need it. Speak to friends and family, and to health professionals if appropriate. There is also some great advice about looking after your mental health during the pandemic at www.mind.org.uk/coronavirus.

Money – or the lack of it – can obviously cause stress as well. The YouGov survey mentioned earlier found that nearly a quarter of people (24%) are avoiding talking about finances with friends and family, for fear of burdening them or making them anxious. The same survey also found that 36% of people said that the pandemic had already had a negative impact on their personal finances, with 35% trying to cut costs during lockdown.

As I have said before, talking to someone about your financial worries can be very helpful. Personally I’m a fan of having a personal financial adviser (here’s a link to my blog post about why – despite being a money blogger – I have a personal financial adviser). But even if you don’t, talking to friends and family about money matters can help you put things into perspective and reduce levels of stress and anxiety. You may also enjoy reading reading this article (in which i am quoted) about how to cope with common causes of stress.

Above all else, though, be kind to yourself, and don’t suffer in silence. And equally, if you know someone who may be struggling – or you just haven’t seen or heard from them for a while – reach out by phone or at least message them to check they are okay. It may be a cliche, but we really are all in this together. And pretty much everyone is struggling in their own way.

So that’s how I and my fellow UK money bloggers are getting through our days at the moment. But I’d love to hear what works for you. Are you baking for Britain or painting pebbles, writing your memoirs or tending your virtual island? Please post any comments or questions below as usual!

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UK Bloggers Summer Giveaway 2020

Win a Garden Furniture Set in the UK Bloggers Summer Giveaway 2020!

I’ve joined forces today with some of my fellow UK bloggers to put together a giveaway of a Maevea Rattan-Effect 4-Seater Coffee Set from B&Q. You can see a photo of it above.

This set is currently on sale for £541 on the B&Q website. Details – copied from the site – are as follows:

Create your own space in your garden with this modular rattan design Maevea coffee set.

Easily change the configuration when you have guests over, or want to try something a little different.

The space saving design is easy to store and keep tucked away in a corner when not being used.

The armchairs store behind the sofa for easy storage.

Easy to clean glass top table.

Features

  • removable cushion covers
  • exclusive to B&Q with a 2 year guarantee
  • this coffee set is modular – it has 4 different orientations
  • Armchair: 565 x 62 x 770mm
  • Table: 520 x 360 x 925mm
  • Sofa: 1550 x 700 x 795mm

You can see more information about the set (and more photos) on the B&Q website. If the chosen prize is no longer available when the draw is complete, another suitable garden set will be substituted.

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 this great prize 🙂

UK Bloggers Summer Giveaway 1

Some UK bloggers have teamed up to offer you a fantastic giveaway for this summer, organised by Emma Drew. Keep reading to see who is involved and how to enter.

UK Bloggers Summer Giveaway 2

Tummy2Mummy | Peggy May | Chilling With Lucas | Stapos Thrifty Life Hacks | Two Plus Dogs | Moneysaving Superhero | Photographyish | You Have to Laugh | Thrifty Chap

UK Bloggers Summer Giveaway 3

The Diary of a Jewellery Lover | A Rose Tinted World | MTBLM | Craft Hustle Directory | Paternal Damnation | Missing Sleep | Real Home and Living | Stressed Mum | Bronni

UK Bloggers Summer Giveaway 4

So Nostalgic | Hawkes at Home | The Coffee Shop Nomad | Mummy Vs Work | Home in the Pastures | Hollie Plus | Girl On a Pension | Wotawoman Diary | Spilling Life Tea | Becca Blogs It Out

UK Bloggers Summer Giveaway 5

Savvy Squirrel | Me, Them and the Others | My Three and Me | Miss LJ Beauty | Life After Blood Cancer | My Balancing Act | Our House, Our Home | The Mini Millionaire | A Money Minded Mum | Vegan etc | Lindy Loves | Looking After Your Pennies

UK Bloggers Summer Giveaway 6

The Life of Dee | Francesca’s Growing Patch | Youth n Trends | Wander and Luxe | DeborahStansil | Sunshine and Rain | Pounds and Sense | Nishi V | Side Hustle Directory

UK Bloggers Summer Giveaway 7

Free Budgeting Tools | My Blog My Business | Mrs Pinch | Our Adventurehood | SueFoster.Info | My Savings Journal | Birds and Lilies | Mum on a Budget | Nine to Three Thirty | Love Petals | Lisa’s Notebook

UK Bloggers Summer Giveaway 8

Prize Warriors | Mum’s the Nerd | Petals And Planes | Doing My Best | Travel Bugs | Mum’s Money Corner | My Tunbridge Wells | Charlotte Musha | That Copper Life | Renovation Bay-Bee | Money Saving Nat | Extreme Frugal Living | Frugal Living UK | The Free From Mummy | Binancially Inclined | Best Things To Do In York

UK Bloggers Summer Giveaway 9

Adventures of a Yorkshire Mum | Melanie’s Fab Finds | Helen Craddock | At Home With Kayla | Brunch or Breakfast | Futures | The Somerset Foodie | Dungarees and Donuts | Just Average Jen | Mums The Wurd | Budgeting for Students | Gin and Cocktail Bars

UK Bloggers Summer Giveaway 10

Skinny Spending | Chatting Food | Frugal Blogger Eats | Money’s on the Mind | Accidental Hipster Mum | CharleySaves | Coffee and Cwtches | Mummy Saver Money Maker | Brit on a Budget | The Money Builders | Thrifty Husband | My Beautiful Mess

UK Bloggers Summer Giveaway 11

Building Online Sales | Drewmies | Make Money Without a Job | A Thrifty Gamer | This Money Works | Maternity Money | Amy Pigott | Scottish Outlander | Parent Blogging Secrets | Create Joy Everyday | A Life of Lovely

The Prize

UK Bloggers Summer Giveaway 12

We are giving away a rattan effect 4 seater set from B&Q (depending on stock availability).

Should the chosen prize no longer be available when the draw is complete then we will choose another suitable garden set.

Enter Now

The competition will run from 15th June until 30th June 2020 (midnight).

A winner will be drawn from the Rafflecopter entries and checked before being contacted.

Once contacted and the prize has been arranged, the Rafflecopter widget will display the first name and first initial of the winner’s surname.

Simply complete any or all of the entry options in the widget.

Good luck!

a Rafflecopter giveaway

One final 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.

Good luck, and I really do hope you win this fabulous prize. But even if you don’t, I hope you enjoy entering and discovering some other amazing money bloggers!

As always, if you have any comments or questions about this post, please do leave them below.

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Make money as a freeklance proofreader or editor

Could You Make Money as a Freelance Proofreader or Editor?

As you may know, for many years I made my living primarily as a freelance writer. But I also had a sideline as a freelance proofreader and editor.

Obviously the skills required are closely related, and I enjoyed the variety of proofreading and editing work. I still do a bit today, though I am semi-retired now.

So in this post I thought I would discuss how to make money as a freelance proofreader and/or editor.

Let’s start with the basics, though…

What Do Proofreaders and Copy Editors Do?

Proofreaders perform a final check on the text of books and other written documents before they are sent to be printed. They mark up any errors they find using a standard set of proofreading marks (usually BS 5261 part 2). These corrections are then incorporated by the typesetter before the book goes to print.

Proofreaders are typically asked to work in one of two ways. They may be sent the author’s original typescript with the copy editor’s corrections marked on it, along with a copy of the proofs. In this case they are required to check that the typesetter has carried out all the editor’s instructions and not inserted any errors of his/her own. This task is known as reading against copy.

Alternatively, the proofreader may simply be sent a set of proofs and be asked to read through them checking for any errors (e.g. spelling, punctuation or factual mistakes). This is known as a straight (or blind) reading.

Either way, proofreaders generally make two marks per correction: one in the margin and another in the text itself. The idea is that the typesetter can glance down the margins to see where a correction might be required, and then look across the line in question to find it. This reduces the chances of a correction being overlooked.

Copy editors are involved at an earlier stage of the publishing process. They generally work with the author’s original typescript. As well as correcting spelling and punctuation mistakes, their task also includes correcting grammatical errors, checking for bias or possible libel, and generally polishing the text so that it reads well and conforms to the publisher’s house style. They also apply ‘weights’ to section headings (H1, H2, H3, etc.), so that headings and sub-headings are properly printed and arranged in a logical hierarchy.

Copy editing is a more creative task than proofreading, and also more demanding. Many freelances start off as proofreaders and perhaps graduate to copy editing later.

  • Both proofreading and copy editing are increasingly done electronically. That means working on screen, on a word-processed document rather than on paper. The underlying skills required are the same, of course, but you won’t be required to make the traditional proofreading (or editing) marks. You will, though, be expected to use ‘tracking’ to ensure that any amendments you make are easy to see (and can be reversed if the author or publisher dislikes them!).

What Do I Need to Get Started?

To start with, you must have an interest in language and a love of good writing. A good grasp of grammar, spelling and punctuation is essential, though you can take courses if you are not as strong in this area as you ought to be.

You will also need to learn the standard proofreading marks. These are reproduced on various websites (e.g. this one) and in a number of published books, e.g. The Writers’ and Artists’ Yearbook (see below).

You should also have a good modern dictionary to check spellings and usage, and – for copy editing at least – a style guide such as the Oxford Guide to Plain English (see below).

Clearly you will also need a computer and an internet connection. Even if you are working on paper in the traditional way, this will still be required for corresponding with clients, marketing your services, invoicing and record-keeping, and so on.

Who Will My Customers Be?

Your main clients will be book, magazine and newspaper publishers. You may also obtain work from businesses looking for someone to edit and proofread their brochures, newsletters, annual reports and so on. Writers and aspiring writers may also require your services – in the case of the latter, they may be hoping you can bring their work up to a publishable standard.

Other potential customers include design houses, advertising and public relations agencies, printers and typesetters.

How Much Can I Make?

For freelance proofreading, the NUJ (National Union of Journalists) Freelance Fees Guide recommends a minimum rate of £24.00 an hour and for copy editing a minimum of £28.00 an hour. In practice you may not always be able to get NUJ minimum rates when you are starting out. Equally, however, you may be able to negotiate rates above the NUJ minimum as you gain experience.

How Can I Sell My Services?

You could start by sending a mailshot to publishing houses offering your services. A good selection can be found in The Writers’ and Artists’ Yearbook, mentioned above. This is a highly competitive sphere, however, so it may be best to focus on those publishers who are active in areas where you have some specialist knowledge. If you are a keen birdwatcher, for example, you might decide to target specifically those publishers who produce ornithological titles. When you write, don’t forget to mention any relevant qualifications and experience.

Local businesses and advertising/PR agencies are also well worth trying. In addition, you could try advertising your services in publications likely to be read by potential clients. Several proofreaders advertise regularly in journals such as The Author and Writers News, and this can be a good way to attract business from writers. You could also try advertising in local business magazines and directories (online and off-).

Having your own website/blog and perhaps a Facebook page to promote your service is also highly desirable.

Where Can I Get More Help?

There are various distance-learning courses you can take in proofreading and copy editing. One long-established commercial provider is Chapterhouse. They offer a range of introductory courses in proofreading and copy editing. These cover the basics and will help you discover whether proofreading and editing is something you enjoy and have an aptitude for.

More advanced (and expensive) courses are offered by the Publishing Training Centre. These include short, classroom-based courses, online tutor-guided courses (leading to the award of a certificate of achievement from the Publishing Qualifications Board), and e-learning modules. If you want to gain an industry-recognized qualification, studying with the PTC is probably the way to go.

The professional organization for freelance proofreaders and editors in the UK (and overseas) is the Chartered Institute of Editing and Proofreading (CIEP). Members receive a regular newsletter and discounts on various publications. They are also entitled to a listing in the Institute’s Directory of Editorial Services. CIEP also run workshops and online training courses in proofreading and editing.

Final Thoughts

Freelance proofreading and/or editing can be a great part-time sideline, or even a full-time business. No special tools or equipment are required, so it’s quick, cheap and easy to get started. It’s reasonably paid, and you can work from home at hours to suit yourself.

It’s also suitable for older people and people with disabilities, with the one proviso that it becomes a little harder if – as in my case – your eyesight isn’t as good as it once was.

  • I am, however, still available for small- to medium-sized proofreading and editing projects – so if you need any help in this department, please do drop me a line!

I hope you have enjoyed reading this post. If you have any comments or questions, as always, please do leave them below.

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Crisis Thoughts June 2020

My Coronavirus Crisis Experience – June Update

A couple of months ago I wrote this blog post about my experience of the coronavirus pandemic and lockdown. Two months on, I thought it was time I provided another update.

As I said before, I live on my own since my partner, Jayne, passed away a few years ago. I am lucky to live in a fairly large house with a good-sized garden, so being mostly confined to home hasn’t been as big a challenge for me as I’m sure it has for some. Also, I am well used to working from home, having done this for the last 30 years or so.

Of course, that doesn’t mean the crisis hasn’t affected me in a variety of ways. As Pounds and Sense is primarily a money blog, I will (again) start off with that…

Financial

At the time I wrote my last update, world stock markets were in free fall. I was naturally concerned to see my equity-based investments – and in particular my pension fund – tumbling in value. Being 64 and semi-retired with my SIPP in drawdown, this was particularly worrying for me. But I tried to follow my own advice and avoid panicking and selling up.

Thankfully, in recent weeks stock markets have made an astonishing recovery. I am pleased to say that my pension fund and other equity-based investments are mostly back to near pre-Covid levels (and even in some cases above them).

Below is a copy of the six-month chart for my Nutmeg stocks and shares ISA. At one point this was down to just over £10,000 in value, but in just a few weeks it has climbed back to over £15,000. Admittedly I did put in an extra £1,000 when the markets were (as things stand now) close to their lowest point. Even so, it’s been an impressive rally.

Nutmeg chart June 2020

Assuming there is no major second wave of the virus – and world-wide there has been no sign of that so far – I am hopeful that the recovery will continue over the longer term. Of course, there are likely to be bumps along the way, and in the short term at least we face the likelihood of an economic recession. Even so, I am keeping my fingers crossed for a recovery over the next year or so, and am continuing to invest cautiously where I see value.

As mentioned in this recent post, I did also decide to invest £7,000 – the proceeds of another maturing investment – in another vehicle for Buy2LetCars. As regular readers will know, I’ve had one (new) car with this car loan investment platform for about two years now, and the monthly repayments have been coming through like clockwork. So I decided to invest my £7,000 (the minimum investment with Buy2LetCars) in another car – a pre-owned one this time, of course.

I particularly liked the idea of investing again with Buy2LetCars, as they lease vehicles to key workers such as nurses and other NHS staff (along with teachers, prison officers, police, and so on). These people all need cars for their (essential) work. They are responsible individuals, and have every incentive to look after the vehicles (though as they are fully insured, investors don’t bear any risk from accidents themselves).

Unfortunately Buy2LetCars don’t tell you who has leased ‘your’ car, but I like to think the ones I have bought are providing transport and security for two hard-working NHS nurses at this moment 🙂

In May I received a modest but nonetheless welcome payment from the government’s Self Employment Income Support Scheme (SEISS). I was pleased to hear recently that the government is extending this for a further three months, albeit at a slightly lower rate. It does help a lot at this uncertain time, and I know for many self-employed people it has provided a lifeline.

Personal

Thankfully I have managed to avoid contracting the virus so far. I know a local family who probably all had it, but they are thankfully well recovered now.

I also know people who have been badly affected by the lockdown. One young man of my acquaintance was furloughed from his job and became depressed alone in his bedsit. He started drinking excessively and wound up in hospital, where he spent several days being detoxed and having his liver checked out. Thankfully he doesn’t appear to have suffered any long-term damage, but it does demonstrate the stress many people are under right now. As I’ve said before on PAS, it’s more important than ever to keep in regular touch with friends, relatives and neighbours, especially if they live on their own.

As for myself, I am doing my best to keep on an even psychological keel. Like everyone else, there are things I am missing. Top of the list is seeing friends and relatives, going for days out, pub lunches, and so forth. I am also missing swimming (which is probably affecting my fitness as well). And I am really missing seeing my hairdresser. For the first time in my life, I have been wishing that, like many men of my age, I had gone bald 😉

At least two concerts I booked tickets for were cancelled. I have also had to cancel two holidays this year (so far). I have just one other holiday arranged, a short break in Minehead in September. I am optimistic that this will still go ahead, though how exactly it will be affected by social distancing and other anti-virus measures remains to be seen.

I am very glad that the panic buying has stopped now, though certain things can still be difficult to buy locally. Supplies of flour, eggs and rice are still variable, and I found it more difficult than expected to get a bag of compost for the garden. Supermarket shopping – as I’m sure you know – is a very different experience these days. You have to allow time for queuing outside beforehand, and expect to be marshalled inside the store as well. But things generally are far better than they were, so I’m certainly not complaining.

I still take daily walks – sometimes even two now as the rules about that have eased. I particularly enjoy going out in the (fairly) early morning. The air seems fresher and there are fewer people about, so less need for zig-zagging to preserve social distancing. I also find it sounds more natural to say ‘Good morning’ or just ‘Morning’ to people I pass. ‘Good afternoon’ is a mouthful and makes me sound like the village policeman, while ‘Hello’ just sounds lame. It’s a shame English doesn’t have an equivalent all-purpose expression to the French ‘Bonjour’!

As the crisis has continued, I have been watching less and less TV. Partly there hasn’t been much that has captured my interest, and my attention span for things like films has reduced. In addition, I have found the endless debate about the virus – and especially the negative tone of much of it – depressing and demoralizing. Instead I have been watching a lot of catch-up comedy and drama, and DVD box-sets.

Among the latter, I am enjoying Deep Space Nine, a Star Trek spin-off series (actually seven series) that I mostly missed first time round. And for light relief, I am watching The Brittas Empire, a 1990s sitcom with Chris Barrie set in a leisure centre. I highly recommend this for a bit of undemanding, escapist fun!

I have also just finished re-watching The Singing Detective by Dennis Potter, again on DVD. If you haven’t seen this, it’s a brilliant, multi-layered, musical drama serial, superbly written and acted. Since I first watched it I have acquired a lot more experience of hospitals (where much of the action takes place) so that has given me a new perspective on the show. I was also struck that in the days when it was made, there was clearly nothing unusual about patients being allowed to smoke in their hospital beds. How times have changed!

Finally on the subject of media, as I indicated above, I have become disillusioned with much of the reporting around the pandemic, which has become increasingly negative and politicized. But I do enjoy following Professor Karol Sikora on Twitter. Professor Sikora is a well-respected cancer specialist with a doctorate in immunology. He offers a positive and generally optimistic view, informed by science and statistics. He doesn’t have a political axe to grind and is willing to give the government credit for things they have done well and criticize things they have done badly. If you want one person to follow for unbiased news about the pandemic with a measure of cautious hope for the future, I highly recommend checking out his Twitter page.

Moving on, one other thing I’ve noticed in recent weeks is that I’m not spending as much money as I did before. Obviously I’m paying less for stuff like petrol, public transport, meals and drinks out, and so on. But I have also become more miserly about buying other things, even online. I’ve cancelled all my magazine subscriptions, and also been actively looking for other opportunities to save money. From what I have seen and heard, I am not alone in this. I guess it comes down to the strange and uncertain times we are living through. I think that, both consciously and unconsciously, I am trying to save as much as I can to try to ensure that I have a decent financial cushion whatever the future holds.

And finally, I realized the other day I haven’t spent any actual cash since the lockdown began! Payment by card is preferred everywhere and in some places is the only payment option accepted. The pandemic has probably accelerated our progress towards becoming a cashless society.

So that has been my experience of the coronavirus crisis to date. I do of course appreciate that I am in a fortunate position compared with many other people. I hope you and your family are coping in these strange and worrying times as well. I’d love to hear your thoughts and experiences. If you have any comments or questions, as always, please do post them below.

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Applying for pension credit

My Experience of Applying for Pension Credit

In this recent blog post I discussed how over-75s may be able to avoid losing their free TV licence by claiming pension credit.

As I said then, I have recently done this myself on behalf of an elderly couple who are friends of mine. As promised, today I’ll be sharing my experience of the telephone application process. I hope anyone thinking of doing this themselves or on behalf of elderly friends or relatives may find this helpful.

But first, let’s recap on what pension credit is…

Pension Credit

Pension credit is a state benefit for people above retirement age who are on a low income. It can be paid to single people or to couples. It is usually paid weekly, though you can also choose to have it paid fortnightly or monthly.

Along with attendance allowance – which I discussed in this recent post – pension credit is one of the most under-claimed benefits. According to the Department for Work and Pensions (DWP), around 40 percent of eligible people, or two in five, fail to claim it. That’s an estimated 1.5 million eligible households in the UK who are missing out.

Pension credit actually comes in two parts – guarantee credit and savings credit. Guarantee credit boosts your weekly income to £167.25 if you’re single or £255.25 if you’re a couple (all figures correct as of March 2020). You may be eligible for guarantee credit if you have reached state pension age and your total income is less than these amounts (even if you own your own home). If you have under £10,000 in savings and investments this will not be taken into consideration. If you have over £10,000, it will be assumed that you earn £1 a week per £500 of savings and investments (equivalent to an interest rate of 10.4%). This will be added to your total income when working out your eligibility.

Savings credit is meant to be a reward for those who have saved for their retirement. It’s worth up to £13.73 a week for a single person or £15.35 for couples. To qualify, you must have a minimum income of £144.38 a week if you’re single, and £229.67 a week if you’re in a couple. For every £1 by which your income exceeds this amount, you get 60p of savings credit – up to the £13.73/£15.35 maximum. If your income is less than the £144.38/£229.67 savings credit threshold, you won’t qualify.

While for most people pension credit won’t be a huge amount, it has the big advantage that it acts as a gateway to a range of other discounts and benefits. The free TV licence for over-75s is just one of them. Pension credit recipients may also get reduced council tax (or free if awarded guarantee credit), free NHS dental treatment, help towards the cost of glasses, help with the cost of travel to hospital, cold weather payments, automatic entitlement to the Warm Home Discount, help with rent, free home insulation and boiler grants, and more. All of this means it is well worth applying for, even if you’re not certain whether you qualify.

Checking Your Entitlement

The government is keen that anyone eligible for pension credit should claim it. To that end they recently launched a free online calculator you can use to work out whether you qualify and how much you might get.

You can use the calculator anonymously to check your entitlement (or someone else’s), either as an individual or a couple. You can’t actually apply via the calculator, though. It is just for guidance, to help you decide whether it’s worth putting in a claim.

The calculator asks a variety of questions about your circumstances and current income, including any pensions or other benefits you may receive. The latter may actually improve your chances of getting pension credit. For example, if you receive attendance allowance and/or carer’s credit (as my friends do) this can improve your chances of qualifying. When I did this on behalf of my friends, the calculator showed that they should be eligible for a payment of just over £10 a week.

As mentioned above, the results on the calculator are for guidance only, and there is no guarantee that you will receive the amount shown. However, in my friends’ case it definitely confirmed that applying would be worth doing.

Applying for Pension Credit

By far the easiest way to apply for pension credit is to phone the DWP’s Pension Credit Helpline on 0800 991234. You will need to have your National Insurance number, information about your income, savings and investments and your bank account details to hand.

If you’re applying on someone else’s behalf, the DWP like you to have the person concerned with you at the time. The call handler spoke briefly to my friend to confirm her personal details and that she was happy for me to take over the application process.

It turned out to be a two-stage procedure. Initially I spoke to a male call handler who asked a list of questions about my friends’ circumstances and their finances. This was basically the same set of questions I had answered on the online calculator. It was reasonably straightforward, and at the end he informed me that my friends did indeed appear to have a valid claim, so he was going to put me through to his colleague who would take me through the actual application.

This meant that I had to answer the same set of questions again from another DWP employee – a woman this time, as it happens. This did strike me and my friend as rather a waste of everyone’s time. We wondered why the answers I had given initially couldn’t just be passed on to the second person, but I suppose the DWP must have their reasons.

Anyway, we duly went through all the questions (and a few more) again. I would, incidentally, comment that the young woman I spoke to – who told me her name was Jenny – was extremely pleasant and helpful. At one point we went off at a tangent and started talking about our favourite cakes (well, it was tea-time by then). I felt she went out of her way to help us, and she certainly made the whole application process a lot less stressful.

After going through all the questions, Jenny said she would need information about how much exactly was in my friends’ bank accounts and when their (small) private pensions were paid in. This could have been problematic, as it involved logging in to my friends’ online bank accounts and finding this information there. But Jenny was patient and flexible about this, and in the end we found all the information she needed.

The whole process took a little over an hour. if you have to break off half-way through that is possible and you can ask for a reference number so you can complete the application another time. But I really wanted to get the whole thing done and dusted in one call, and thankfully – with Jenny’s help – we achieved that.

The Outcome

After about six weeks my friends received a letter from DWP saying their application had been successful and they had been awarded pension credit.

The amount was the same as had been shown on the online calculator. It was about £10.50 a week, going up to almost £12 in April (I’m sorry I can’t remember the exact figures). This money was savings credit rather than guarantee credit, but that makes no difference as far as the free TV licence is concerned. If you are over 75 and qualify for either type of pension credit (or both) you are entitled to a free TV licence.

We then submitted the short application form to the TV licence people, with a copy of the first page of the DWP letter confirming the award of pension credit. We haven’t heard any more since, but presumably my friends will receive their free TV licence in the coming weeks.

So that was my experience of applying for pension credit on my friends’ behalf. I hope it has encouraged you to proceed with your own application if you are considering making one. If you get to speak to the lovely Jenny in Scotland, do pass on my regards to her!

And if you have any comments or questions about this post, of course, pleased free free to leave them below as usual.

This is a fully updated repost of my March 2020 article.

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How to make money from affiliate marketing

How to Make Money From Affiliate Marketing

Today I’m looking at a method for making money online I have used for many years, including (of course) on this blog.

Affiliate marketing entails promoting other people’s products and getting a proportion of the sales generated as commission.

In a way affiliate marketers are like freelance salespeople, but rather than visiting potential buyers in person, they simply have to get them to click through to their merchant partners’ websites via their affiliate links.

Why Affiliate Marketing?

For home-based entrepreneurs, affiliate marketing offers a great opportunity to make money online with a minimum of hassle. One beauty of the method is that you don’t actually have to supply the product or service you are promoting. Once you have delivered your prospect to the merchant’s sales page, the rest is up to them. You can simply sit back and await your commission!

A further benefit is that when someone clicks on your affiliate link, in many cases a tracking cookie is applied to them. These vary in duration from 24 hours to six months or more. If the prospect returns to the merchant’s website at any time during this period, as the referring affiliate you will still be credited with any commission generated.

Affiliate marketing can be great for earning a sideline income, but if you’re prepared to put a bit more work in, the returns can be substantial. Some so-called ‘superaffiliates’ allegedly make six-figure incomes this way. Of course, when first starting out your earnings are likely to be more modest than that, but there is no reason why in time you could not emulate their success.

There are lots of ways you can apply the affiliate marketing method. They include blogging, email newsletters, social media, and more. In fact, if you have any sort of online presence, the chances are you could boost your income through affiliate marketing. In this article I will look at some of the most popular (and effective) approaches. But before we get to that, let’s look at how it works in a bit more detail…

Getting Started

To become an affiliate marketer you will first need to be an online publisher. If that sounds daunting, don’t worry. It could simply mean setting up a free blog using Blogger.com, which you can do in 10 minutes or less. Or you could use social media and/or build a mailing list (all discussed in more detail below)

You can then apply to become an affiliate with one or more merchants. Affiliates are supplied by the merchants with special links and other advertising tools, and can place them on their websites. No particular technical expertise is required, just the ability to copy and paste a bit of code.

If someone visits your site and follows your affiliate link to the merchant’s site and buys something there, you will get a proportion of the money they pay as commission. Special tracking systems are used so that merchants know where customers have been referred from and pay affiliates their due.

Commissions vary widely. The biggest are typically paid in respect of downloadable products, such as e-books and software. Commissions of 50% or more are routinely paid for such products. By contrast, with physical products, where the merchant’s profit margins are typically much lower, your commission may be just a few percent. Of course, with an expensive item, even a commission of a few percent can be a significant amount.

Large companies such as Amazon run their own affiliate programmes. Many smaller companies, however, use the services of affiliate marketing platforms to run affiliate operations on their behalf. Some well-known affiliate marketing platforms include ClickBank, Commission Junction and Awin. As a publisher you can apply to join any of these platforms and will then be able to promote any of the merchants listed on them (though sometimes the merchant will need to give their approval as well).

I will now look at the platforms mentioned in a little more detail…

Affiliate Marketing Platforms

  1. Amazon

Amazon is of course the world’s favourite online store. They sell a huge range of products, from books to clothing, cameras to garden equipment, computers to groceries.

Their affiliate programme is called Amazon Associates and any online publisher can apply to join. As long as your site looks reputable and has some relevant content, you are likely to be accepted.

Amazon does not offer especially generous commission to affiliates, currently starting at around 1% and going as high as 12% in limited cases. There are various good reasons for choosing to promote them, though. As well as the huge range of products on offer, Amazon have an excellent reputation for value and customer service. If you can get customers to the store, there is every chance they will buy something there.

A further consideration is that if a customer makes other purchases at the same time, you will also receive commission for these. In the run-up to Christmas in particular, when people often make multiple purchases, this can give your affiliate income a real boost.

  1. ClickBank

 ClickBank is an affiliate marketing platform. They list downloadable manuals and software in a wide range of categories, with commission of up to 80 percent paid by vendors. If you sign up as an affiliate with them you can immediately start promoting any of the thousands of products in their marketplace.

  • My top tip for new ClickBank affiliates is to focus on products with a “gravity” between 20 and 100. Gravity is a score given by ClickBank that shows how many affiliates have earned a commission by promoting that product during the last three months. Lower than 20, and it’s probably not selling very well. Over 100, and the competition from other affiliates will be intense.
  1. Commission Junction

While ClickBank focuses solely on downloadable products, Commission Junction is an affiliate marketing platform covering a huge range of products and services. They list thousands of merchants, in categories from travel to legal services, beauty to sports and fitness.

As a publisher you start by applying to join Commission Junction. Once you have been accepted, you can then browse the merchant offers and apply to promote any that catch your eye. Some merchants automatically accept all applications, but others like to approve affiliates themselves. This normally only takes a day or two.

Commission rates on CJ vary considerably, but they are clearly set out on the site. Once you have been approved, you will be able to download affiliate links and advertising banners for the merchant in question. You will be able to monitor sales by logging in to your CJ account. Payments are then made monthly by direct transfer to your bank account.

  1. Awin

Awin has lots of well-known consumer brands on board, and is a very popular platform among UK bloggers. It operates in a similar way to Commission Junction (see above). You have to pay a small fee (£5) to register as an affiliate with them, but this is refunded once you have earned enough commission to qualify for your first payout.

Blogging

In my view one of the best ways to make money from affiliate marketing is through blogging. If you don’t have a blog already, you can easily set one up at Blogger.com, the free blogging platform run by Google. Ideally, though, I recommend setting up your blog using a self-hosted WordPress platform (like Pounds and Sense). There is more of a learning curve with WordPress, but you have the freedom to configure your blog exactly as you want it.

The best type of blog for this purpose is a niche blog – that is to say, a blog devoted to a particular interest or activity. That could be anything from gardening to fishing, photography to computers. You can then write about this subject on your blog and include affiliate links to relevant products and services.

One of the best ways of doing this is by publishing reviews, with affiliate links to the product (or service) concerned. If a reader is inspired to buy after reading your blog review, as long as he/she visits the merchant’s site via your link, you will receive a commission.

Of course, if you’re going to do this, you will need to give a balanced review of whatever you are promoting. Emphasize its good qualities, certainly, but don’t be afraid to mention any shortcomings as well. Readers will be more inclined to believe you – and trust you in future – than if you simply hype any product you are selling to the skies.

  • Another tactic that can work well is to offer a free, downloadable bonus to anyone buying via your link. This can be especially effective with business opportunities and software products. You could offer a complementary product such as a user guide or case study. Ask people to email you a copy of their receipt and send them your bonus in the same way.

Naturally, for this type of marketing to work, you will need to attract a steady stream of interested visitors to your blog. A full discussion of how to do this is outside the scope of this post, but there is of course plenty of free information on this subject online (see also Taking It Further, below).

List Marketing

Affiliate marketing also works extremely well in conjunction with running a mailing list or online newsletter. If you have a list of people interested in a specific topic, you can email them with a series of affiliate offers relevant to their interest, and potentially make multiple sales to the same buyers.

Running a niche blog, as mentioned above, gives you a great opportunity to start building a list. All you need do is add a sign-up box on the front of your blog.

One thing I strongly recommend, though, is opening an account with a mailing list management service such as GetResponse or Aweber. These services handle subscribe and unsubscribe requests automatically, together with changes of email address. They also ensure that any would-be subscriber must click on a link in a confirmation email before being added. This ‘double opt-in’ method ensures you have proof they did actually subscribe to your list if any accusations to the contrary are made later.

There are many other benefits to using a mailing list service. For example, most such services will monitor how many people are opening your messages, and even let you selectively remail those who didn’t read them first time round.

  • As with affiliate reviews, another good tactic is to offer potential subscribers a ‘bribe’ for signing up. A short report or e-book could be a suitable choice. Choose a downloadable bonus if at all possible, as the process of getting it to your subscriber can then be automated.

Social Media

You can also promote affiliate offers through social media such as Facebook, Twitter and Instagram.

A word of warning is in order, however. The social media platforms all have their own rules about affiliate marketing and what they will and won’t allow. That means affiliate links may be frowned upon and in some cases banned. There are ways around this, e.g. you can convert your affiliate link using a link-shortening service such as the free tinyurl.com. This may work, but it’s not guaranteed! There are also rules to follow about disclosing promotional posts and/or affiliate links (see below).

A better method, in my opinion, is to use social media to help drive traffic to your blog posts, where your money-making affiliate links are located. Another option is to create a dedicated landing page which is designed to get visitors to click on your link (you could also use your landing page to sign people up for your newsletter). You will need your own blog or website to host a landing page, but you can also get basic landing pages for free if you join an autoresponder service such as Aweber.

Once you have a landing page, you can link to it from Facebook or other social media with no fear of being blocked or banned.

Affiliate Disclosure

In the UK (and most other countries) there is a legal requirement to make clear that you are using affiliate links for marketing purposes. This is to avoid consumers being misled.

In the UK this area is overseen by the Advertising Standards Authority (ASA). They publish guidelines which do not in themselves have the force of law but are based on the relevant laws.The guidelines are not always as clear or specific as one might like, but a guidance document relating to ‘influencers’ (which includes bloggers and social media personalities) can be downloaded here.

The main point made in the ASA guidelines is that it should always be clear to a visitor to your website (or whatever) when they are reading an advertisement or clicking on an affiliate link. There are no hard and fast rules about how exactly this must be done, so different people take different views. Personally with Pounds and Sense I have a general Affiliate Disclosure page, and also include a separate disclosure paragraph in any post with affiliate links or other commercial associations. At the start of each post it will also say if it is (for example) a sponsored post. I have never encountered any problems using this approach, but obviously it is something everyone needs to decide for themselves based on the guidelines.

If you also use email marketing, you can (and almost certainly should) include a note near the end of every email such as, ‘The sender of this email has an affiliate relationship with the authors of the products mentioned and may receive compensation from them in the event of a purchase.’

More Top Tips

Here are a few more tips for maximizing your income from affiliate marketing…

  • Promote products you can genuinely recommend, preferably because you’ve used them yourself, or at least based on solid evidence.
  • Talk about what you like and don’t like. Be honest with your readers and build trust. People are far more likely to buy things you recommend if they have learned to trust you in the past.
  • Take any opportunity to promote products in passing, as well as in dedicated posts. For example, in a gardening blog, if you’re talking about a particular plant species, you might mention in passing a supplier from whom you have received good specimens in the past. Low-key recommendations such as this can be surprisingly effective for generating sales.
  • Don’t put all your eggs in one basket. Promote multiple affiliate products. Better yet, diversify across all income streams. In other words, use affiliate marketing, but also use other forms of income generation such as selling your own product, offering a service, or selling advertising space on your blog.
  • Although most affiliate offers involve a payment per sale, in some cases merchants will pay for other outcomes, e.g. a quotation request (for insurance perhaps). As you gain experience it is worth looking out for such offers to promote, as they can be very lucrative. The same goes for recurring subscriptions.
  • Create a ‘Tools I Use’ or ‘Things I Love’ page on your blog. Many readers will enjoy seeing a handy list of your favourites, plus it’s an easy way to promote some affiliate links.

Taking It Further

Once you have made your first few commissions from affiliate marketing, the chances are you will want to take it further to increase your earnings from it.

Key to this is driving more potential buyers to your website. I have provided some tips above, but if you want to boost your income to the next level, you might want to consider engaging an SEO (search engine optimization) company – like my friends at the UK-based Lojix, perhaps.

Lojix are a digital marketing agency offering affordable SEO, pay-per-click advertising management, PR, marketing and website design services. They say they will work with you to increase the number of leads that you get from your website, whether that is an increase in orders from an e-commerce site or an increase in sales leads for businesses that are service providers. They say they work with businesses that require just a local presence right up to companies that trade all over the world. I asked my colleagues at Lojix what were their top tips for boosting your income from affiliate marketing, and they came up with the following:

1. Don’t be lazy by copying and pasting descriptions of products you want to promote. If your marketing strategy involves getting organic visits – which should be top of your list – Google is likely to ignore your content if you do this and won’t rank your site high in their search results at all.

2. If you are just starting out with your site or blog you should probably go down the niche route, as trying to get organic visits from Google for popular products will be difficult.

I definitely agree with both these points. There is much to be said for researching search terms and targeting those that have reasonable traffic but not so much competition that it’s hard (or impossible) to compete. A reputable, professional SEO agency such as Lojix can assist with this. If you think they might be able to help you – without any obligation – please do drop them a line.

Closing Thoughts

Affiliate marketing is a great way to make money online, with a minimum of hassle and expense. It is therefore ideally suited to home-based entrepreneurs. The method can be applied in many different ways, though blogging and email marketing are especially effective.

It has a further advantage in that once you have published, say, a product review on your blog, it will remain there indefinitely, potentially generating further affiliate fees for you over a long period. One review I wrote some years ago on my former freelance writing blog (for a self-development product) made me well over £3,000 in total.

Obviously, not all of your affiliate promotions are likely to prove as profitable as this, but the beauty of affiliate marketing is that you can promote almost anything you like. If one offer doesn’t perform as well as you hoped, there is always something else you can try.

Good luck, and I hope you make lots of money from affiliate marketing!

As always, if you have any comments or questions about this article, please do post them below.

Disclosure: This is a sponsored post on behalf of Lojix.

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Do You Have Enough Savings for Emergencies?

Do You Have Enough Savings for Emergencies?

One thing the virus pandemic has brought home is how ill-prepared many of us are for sudden emergencies that impact on our finances.

In a short space of time many people have been thrown out of work and/or seen their income plummet, due in part to the virus but also to the measures taken to control it.

Obviously in future there will be enquiries to determine what things government did well and what they did badly, and what lessons need to be learned. But for all of us it has been a wake-up call on how quickly things can change, and the importance of being prepared for a sudden, unexpected hit on your finances.

Of course, that need not mean another pandemic. It could just as well be an accident or illness, losing your job, or a sudden change in your domestic circumstances.

In general financial experts say you should aim to have at least three months’ worth of income in an easily accessible form to cover sudden emergencies. This will give you breathing space to respond and (hopefully) get your finances back on an even keel. The reality is, however, that many of us are not fortunate (or prudent) enough to be in this position.

A survey of 2,000 UK adults by OnePoll commissioned by online banking website Raisin produced some eye-opening results…

Survey Findings

The key findings of the Raisin survey are summarized below:

  • The average savings amount of a person in the UK is £9,633.30.

  • Men have almost double (£13,140.61) the average savings of women (£6,869.84).

  • The lowest average savings in the UK are found in the East Midlands (£6,438.48) followed closely by Northern Ireland (£6,710.00).

  • Londoners have by far the highest average savings with £28,978.40. This is more than double the second-placed West Midlands (£13,318.35).

  • Almost 1 in 5 of those aged 55 or over (approaching or at retirement age) has just £1000 or less in savings.

When asked ‘How much, to the nearest pound, do you have in your savings account(s) today?’ 848 of the 2,000 respondents declined to answer the question. Of the 1,152 people who did, replies were as follows:

  • 6.5% said they have no savings whatsoever.

  • 26% said they had less than £1,000 saved.

  • Using the Trimmean mean, taking the middle 66% of responses to give a realistic figure excluding outliers, the average savings of a person in the UK is £9,633.30.

Regional Variations

  • Those living in London have more than four times the savings of those living in the East Midlands.
  • The lowest average savings in the UK are found in the East Midlands (£6,438.48) followed closely by Northern Ireland (£6,710.00)
  • London has the highest average savings by far with £28,978.40. This is more than double second placed West Midlands (£13,318.35)

Age Variations

The survey found that in general, as you might expect, those in older age groups tend to have more savings:

Average Savings

% With £0 in Savings

% With £100 or Less in Savings

% With £1000 or Less in Savings

18 to 24

£2,481.16

10.83%

27.50%

50.83%

25 to 34

£3,544.16

12.38%

21.78%

42.08%

35 to 44

£5,995.92

7.91%

12.99%

33.33%

45 – 54

£11,013.99

6.34%

11.22%

25.85%

55 and Over

£20,028.60

2.23%

7.59%

18.08%

It’s not all good news for older people, though. Almost 1 in 5 of people aged 55 or above in the survey had less than £1,000 of savings.

The average savings among over-50s are admittedly almost double those of the 45s to 54s (and more than double the national average). But £20,028.60 – the average savings of someone over 55 in the UK – is still less than the national average salary of a full-time employee (£28,677 according to the most recent Government data).

It’s important to note that these findings don’t take into account other assets (such as properties or businesses) people may own. They do, however, represent a large cohort of people who are approaching retirement age and don’t have any significant savings to cushion them from financial turbulence.

My Thoughts

Overall, the Raisin survey indicates that many of us are ill-prepared for any crisis that may affect our finances.

Older people in general are slightly better off, but there are still large numbers heading towards retirement with almost nothing in reserve. That is especially alarming for those who – for reasons such as ill-health or caring responsibilities – are unable to work and dependent on state benefits.

There are, of course, no easy answers. I do appreciate that many people have barely enough income to cover their day-to-day spending. And the appeal of putting money into a savings account has undoubtedly reduced in recent years due to the ultra-low interest rates on offer.

Nonetheless, I do still think it’s essential for everyone to have some accessible savings for emergencies. And the earlier you start saving – even if it’s only small amounts – the more time your money has to grow.

Personally I am currently keeping most of my ’emergency savings’ in a Santander 123 Lite account (as discussed in this recent blog post). This doesn’t pay interest, but you do get cashback on a range of household bills. Even with their £1 a month fee, I am earning around £50 a year tax-free (cashback minus fees) from this account, which in this low-interest-rate environment is at least something. Santander is protected by the Financial Services Compensation Scheme (FSCS) which protects savers with UK banks against losses of up to £85,000 if the bank fails. I am therefore confident that my cash will always be available quickly if I need it.

Another savings option that might suit some people is Raisin (who sponsored the survey mentioned above). They say their ‘free one-stop online savings solution has been designed to help you earn more money from your savings. With a range of partner banks offering FSCS-protected savings accounts with competitive rates in one place, we take the hassle out of finding the right savings account for you.’ On their website Raisin also say they plan to launch an easy access savings account of their own soon.

I hope you enjoyed reading this post and found it informative. I’d love to hear what you do about emergency savings and where (if you have any) you keep them. As always, any comments or questions can be posted below.

Disclaimer: I am not a professional financial adviser and nothing in this post should be construed as individual financial advice. You should always do your own ‘due diligence’ in financial matters, and seek advice from a qualified financial adviser if in any doubt how best to proceed.

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How Our Mental and Financial Health has Changed Since Lockdown

How Our Mental and Financial Health Has Changed Since Lockdown (Infographic)

Today I have an eye-opening infographic for you from my friends at National Conversation Week, which I mentioned a few days ago in this post.

The infographic is based on a YouGov survey commissioned by Paymentshield as part of National Conversation Week, which this year runs from 11-18 May.

Among other things, the survey revealed that money is currently the third-biggest concern for the public, following fears for friends and family, and health worries. More than a third of respondents (39%) also reported a decline in their mental health since March 2020. Thirty-eight per cent of people said their financial worries had increased during the coronavirus outbreak.

About National Conversation Week

National Conversation Week aims to get people talking in a bid to improve the nation’s well-being, at a time when people are facing unprecedented challenges and are separated from each other. In particular, this year’s awareness week encourages conversations about money, to tackle increasing financial worries among consumers.

Financial organisation Paymentshield has teamed up with independent financial research company Defaqto and mental health charity Mind to emphasise the importance of financial conversations, and the close relationship between financial and mental well-being.

Financial worries have a huge impact on mental health, and talking to someone about the situation can be very helpful. However, the survey found that nearly a quarter of people (24%) are avoiding talking about finances with friends and family, for fear of burdening them or making them anxious.

As well as the effect on mental health, coronavirus is affecting consumer behaviour. Thirty-six per cent of people say that coronavirus has already had a negative impact on their personal finances, with 35% increasingly trying to cut costs during lockdown.

During periods of financial uncertainty, people tend to consider their outgoings and can be tempted to make risky financial decisions based purely on cost alone. Despite the increase in money worries and a drive to cut costs, 92% of people had not spoken to a professional financial adviser. Doing so could help alleviate concerns and provide greater understanding of each individual’s situation for peace of mind.

Jennifer Ripley, Head of Marketing at Paymentshield, said:

“The current situation has affected everyone in different ways. People are facing a variety of challenges, from health worries to loneliness, and concerns about loved ones on top of financial difficulty and uncertainty. National Conversation Week aims to encourage safe, socially-distant talking as a way of alleviating some of those worries. In particular, we want to raise awareness that a simple chat about money can help, especially when it comes to making risky financial decisions. This week, we urge everyone that is worried about finances to talk to a professional financial adviser.

“Our research found that 41% of people are actually talking to friends and family more during the lockdown, through messages, video calls, and phone calls. We’re calling on the nation to keep the conversations going, so people can help to cheer each other up and take care of each other during these tough times.”

The annual awareness week, founded by Paymentshield, is now in its fourth year. For more information, resources and advice, or ways to get involved, visit: http://www.nationalconversationweek.co.uk

My Thoughts

Thank you to my friends at National Conversation Week for the information above and the infographic. There are some pretty shocking stats in this, including the fact that nearly 40% of people admit to their mental health declining since the start of the pandemic.

So it really is essential to reach out for support if you need it right now, whether for financial, mental health or other reasons. Speak to friends and family members, and to financial experts if appropriate (here’s a link to my blog post about why I have a personal financial adviser). There is also some great advice about looking after your mental health during the pandemic at www.mind.org.uk/coronavirus.

Above all, though, be kind to yourself, and don’t suffer in silence. And equally, if you know someone who may be struggling – or you just haven’t seen or heard from them for a while – reach out by phone or at least message them to check they are okay. It may be a bit of a cliche, but we really are all in this together. And pretty much everyone is struggling in their own way.

As always, if you have any comments or questions about this post and/or National Conversation Week, please do leave them below.

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Hiro review

Win a £5 Amazon Voucher (or Other Mystery Prize) With Hiro

Hiro is a brand new new mobile phone app currently offering a range of incentives just for downloading it and answering a few quick questions about the smart tech you have in your home.

Hiro say that in future they plan to offer members personalized discounts on home insurance and similar products based on their home technology – from Amazon Alexa devices to smart thermostats, doorbell cameras to smart locks.

Right now, though, there is nothing to buy. They are simply looking to build a community of people who may be interested in saving money on insurance in future. And to do this they are offering gifts for downloading the app and signing up. These range from £5 Amazon gift vouchers to £5/£10 Hiro credits, and lots of other weird and wonderful things as well. Here’s how it works…

Grab Your Free Prize

Start by downloading the Hiro app from Google Play or the Apple Store. Open the app and here is what you should see…

Hiro signup

Enter your first name, (mobile) phone number and email address in the appropriate boxes. Where it says ‘Referral code’ (highlighted above) please enter nic637, then tap on ‘Become a Hiro’.

You will then be presented with a short questionnaire about your use of smart tech in the home. When I did this, the app told me that with my modest complement I would be eligible for a 17% discount on my home insurance. That’s nice to know, though of course it won’t mean much until Hiro start selling actual insurance.

They say as well that even if you don’t currently have any smart technology, they will be making recommendations and special offers, and explaining the extra discounts the tech in question can bring you.

In addition, once you’ve answered the questions, we will BOTH be eligible for a prize (or mystery box, as they call it). Here’s the screen you should see…

Hiro prize

Just tap on the the orange box (see screen capture above) to see what you have won.

Of course, once you have signed up you will get a personalized link as well and be able to share this with friends and family. Any time someone signs up using your link, both of you will win a prize. As I said above, there is nothing to buy now and no obligation in future.

Good luck, and I hope you win something almost as exciting as a mansion full of puppies 🤣🤣🤣

As always, if you have any comments or questions about this post, please do leave them below..

Update 19th May 2020 – I have just heard that Hiro aren’t offering Amazon vouchers as prizes at the moment. Other prizes such as Hiro credits are still on offer.

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National Conversation Week

Let’s Talk About Money – National Conversation Week Starts Today

Today I am sharing some information about National Conversation Week, a collaborative initiative between financial organizations Paymentshield and Defaqto, together with mental health charity Mind.

What is National Conversation Week?

National Conversation Week – which this year runs from 11 to 18 May – aims to get people talking in a bid to improve the nation’s well-being, at a time when we are all facing unprecedented challenges and are separated from one another. This annual awareness week, founded by Paymentshield, is now in its fourth year.

Through safe conversations via phone, video calls, or any other socially-distanced method, people can bring comfort and care to one another during the current crisis. National Conversation Week reminds people to get in touch, and encourages creative ways of connecting with friends, family, neighbours, acquaintances, online communities and professionals, to give and receive much-needed support.

In particular, National Conversation Week hopes to encourage conversations about money, to tackle financial worries. A recent YouGov study of over 1000 GB adults, commissioned by Paymentshield, revealed that finances were the single biggest concern when asked to select from a list of 7, with 32% of respondents admitting that money is the thing that worries them the most – ranking higher than work, family, friends, fitness, housework, and hobbies. This is likely to have increased following the outbreak of coronavirus, with many people facing additional financial difficulty and uncertainty.

Financial Worries and Mental Health

Financial worries have a huge impact on mental health, and talking to someone about the situation can be very helpful. Shockingly, Paymentshield’s research discovered that 41% of people rarely ask for financial advice when they need it.

According to financial experts at Paymentshield, during periods of financial uncertainty, people tend to consider their outgoings and can be tempted to make risky financial decisions based purely on cost. Seeking the help of professionals is especially recommended during these periods, to avoid being left vulnerable if, for example, you cancel an insurance policy and are no longer protected, or swap to a cheaper policy without understanding how to avoid higher compulsory excess fees. National Conversation Week raises awareness of the benefits of talking to financial advisers, so that people can have a better understanding of what they can do if their circumstances have changed.

As part of the awareness week, a variety of free resources and information have been released. This includes mental health information from Mind, which is National Conversation Week’s charity partner for the second year in a row.

Stephen Buckley, Head of Information at Mind, says:

“The coronavirus outbreak will have a long-term impact on our economy – we’re likely to see another recession as the nation attempts to get back on its feet. We know there is a strong link between issues like debt, unemployment, poor housing and poor mental health.

“So, it stands to reason that factors like job insecurity, unemployment, low paid work and redundancy could have a knock-on impact on mental health. Unfortunately, we know these kinds of factors disproportionately affect people who have existing mental health problems. That’s why it’s important that financial support and support with wider social issues are there for people when they need it.

“Speaking about these issues and asking for help may seem daunting but sharing your worries can be a real relief and is often the first step in getting the help you need. We’re supporting National Conversation Week in the hope that it will encourage people to speak to a friend, family member, or another trusted individual about how you’re feeling.”

Jennifer Ripley, Head of Marketing at Paymentshield, says:

“We might not be able to see each other face-to-face, but that doesn’t mean that conversations have to stop. We know that right now is a particularly worrying and challenging time, especially with so much uncertainty, and whilst people are cut off from their usual support networks. It’s more important than ever before that we stay in touch, especially when it comes to financial conversations. Money is one of the biggest contributors to poor mental health. We’re calling on the nation to keep the conversation going – from video calls with a financial expert, to a chat with grandparents – and support each other.”

Independent financial research company Defaqto is also supporting this year’s National Conversation Week. Its independent comparison tools can be used alongside conversation on many websites (such as this one) to gain a better understanding of the overall value and quality of a financial product.

To mark the start of the week, Paymentshield has also launched an online quiz to help people find out more about their financial personality, and how conversation could benefit them. Why not try it out now to see what sort of financial personality you have? I am ‘Budget Bobby’, apparently!

More Resources

For more information, resources and advice, or ways to get involved, visit: www.nationalconversationweek.co.uk.

For advice and support looking after your mental health at this time visit www.mind.org.uk/coronavirus.

For more information and tips visit www.mind.org.uk/money.

Thank you to my friends at National Conversation Week for sharing the information above and, in particular, raising the very important issue of mental health and financial awareness at this challenging time. I strongly recommend checking out the website resources mentioned. And I’d like to endorse the advice that if you have money worries, don’t bury your head in the sand. Speak to friends and family members, and to a financial expert if appropriate (here’s a link to my blog post about why I have a personal financial adviser).

As always, if you have any comments or questions about this post and/or National Conversation Week, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media: