Is a Lifetime ISA a Good Way of Saving for Retirement?

Is a Lifetime ISA a Good Way of Saving for Retirement?

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I’ve talked about pensions a few times on this blog (in this post about the state pension, for example).

Today I’m looking at another possible way of saving for retirement, the Lifetime ISA (or LISA for short).

LISAs were launched in April 2017 with the aim of encouraging younger people to save. Despite some rumours they might be changed or even abolished, in his budget yesterday Chancellor Philip Hammond left them untouched. That’s good news, as LISAs offer some attractive bonuses and tax advantages for savers. They do have one big drawback for older people, though – you have to be under the age of 40 (though over 18) to open one.

Of course, I know many readers of this blog are older than that – but even if you are, this saving scheme may still be relevant to your children or grandchildren. So here are the basics you need to know…

Understanding LISAs

LISAs are designed for two specific purposes: buying your first home and saving for retirement.

How they work is that you can pay in up to £4,000 a year (lump sums or regular contributions) and the government will top this up with another 25%. As long as you open your LISA before the age of 40 you will continue to receive the bonuses on your contributions until you reach 50.

So if you pay in the maximum £4,000 in a year, the government will top this up to £5,000. If you pay in the full £4,000 every year from the age of 18 to the upper limit of 50, you will therefore get a maximum possible bonus from the government of £32,000.

LISAs are available from a small but growing number of providers (see below). As with ordinary ISAs, you can choose a cash LISA or a stocks and shares LISA (though not yet an innovative finance LISA). Note that the money you invest in a LISA counts towards your annual ISA allowance, which in 2018/19 (and also it’s just been announced 2019/20) is £20,000. So if you were to invest the maximum £4,000 in a LISA this year, you would be able to invest a maximum of £20,000 – £4,000 = £16,000 in an ordinary cash ISA, stocks and shares ISA and/or IFISA.

Your money will grow without any tax deductions in a LISA, and you can also withdraw without having to pay tax (though see below for restrictions).

Where Can You Get a LISA?

There are about a dozen LISAs on the market at present. There are three cash LISAs, available from the Skipton Building Society, Nottingham Building Society and Newcastle Building Society. The latter has only just launched and pays the highest interest rate of 1.10 percent at the time of writing, paid monthly.

If you’re using a LISA to save long term for retirement, a stocks and shares LISA will probably be a better option. Providers of stocks and shares LISAs include Hargreaves Lansdown, The Share Centre, and the online-only Nutmeg. I wrote about my experiences investing in a stocks and shares ISA with Nutmeg in this blog post.

So What’s the Catch?

Unfortunately, there are several.

One is that (as mentioned above) you can only use the money in your LISA for one of two purposes – paying a deposit on your first home or saving for retirement.

While you can access your money for other reasons, you will then lose 25% of the total, including your own contribution and the government bonus along with any investment growth. That means in many cases you will get back less money than you put in. (There is one exception to this rule, which is that you can withdraw all the money without deductions if you are terminally ill with less than 12 months to live.)

Also, unless you’re buying a first home, you can’t withdraw your money without penalty until you reach the age of 60 – unlike workplace and personal pensions, which you can access unrestricted from 55 onwards.

Another drawback may be that unlike pensions, money in a LISA will count if you have to apply for any means-tested benefits. So you could be required to withdraw your LISA savings (paying the 25% penalty) and live off those until your savings are below the means-testing threshold. LISAs also count as assets in bankruptcy or divorce cases.

Pensions Versus LISAs

For most people, pensions are likely to be their first and best choice for retirement saving.

A workplace pension in particular will benefit from employer contributions as well as tax rebates from the government. That combination is hard to beat, especially if you pay tax at the higher rate. Definitely don’t opt out of your workplace pension in favour of a LISA.

Nonetheless, if you have some spare cash you can afford to save in addition to your pension, opening a LISA is worth considering. It’s also a decent option if you don’t have a workplace pension – perhaps due to being self-employed – and you don’t pay higher-rate tax.

In any event, if you want a LISA and are approaching 40, don’t hang about. You can open a LISA for as little as a pound, and can continue to make contributions and receive the government top-ups till you are 50. The money will then carry on growing in your LISA and provide a nice little nest-egg for your 60th birthday!

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

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My Day Out on the Talyllyn Railway

My Day Out on the Talyllyn Railway

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I recently enjoyed a day out on the Talyllyn Railway, a heritage steam railway in Wales. It was an great day and excellent value as well, so I thought I’d take the opportunity to write about it here.

The railway starts in the town of Tywyn in mid-Wales, so I booked a short break there to provide a base for my planned trip on the railway. I stayed at The Arthur Guest House, a B&B on the coast road. Here’s a map showing the area…

Tywyn is pretty quiet, or at least it was when I visited at the end of September! It has a rocky rather than a sandy beach and not a lot in the way of tourist amenities (which may or not not be a good thing, depending on your point of view). I did get to see a couple of lovely sunsets, though…

Tywyn sunset

The Arthur Guest House, where I stayed, is small but comfortable, and the breakfasts were excellent. The price was also very reasonable – about £70 per night for a double room with single occcupancy.

The Arthur was about 10 minutes walk from the Talyllyn Railway main station, so I was able to leave my car at the guest house for the day.

The Talyllyn Railway

The Talyllyn Railway goes seven and a quarter miles inland from Tywyn Wharf station along the scenic Fathew Valley to Nant Gwernol. Here’s a map of the route, borrowed from the Wikipedia page.

Map of the Talyllyn Railway

The Talyllyn Railway is said to be the oldest preserved railway in the world. It opened in 1865 to bring slate from the quarry at Bryn Eglwys to Tywyn, where it would connect with the newly opened Cambrian Coast line and the national railway network. The line was originally owned by the quarry, but unusually it also ran a passenger service almost from the very start. You can read more about the history of the railway, and how it was taken over in 1951 by the Talyllyn Railway Preservation Society, on this page of the railway’s website.

The main station at Tywyn Wharf has a shop and a restaurant, and also a small museum devoted to the railway, which you can look round for free. There is no car park at the station itself, but there is a reasonably priced municipal pay-and-display with plenty of spaces about 150 yards down the road.

For my day out I bought a Day Rover ticket, which lets you travel all day on the line if you wish. I paid the donation fare of £19, which also gets you a £2.85 voucher you can use in the shop or cafes. I knew I would use the voucher on refreshments, but otherwise I could have paid £17.25 for a standard ticket without a voucher.

I went on my own, but if you have children (or grandchildren) the cost of tickets for them is surprisingly low. The Day Rover donation fare for an accompanied child is just £3 which includes a 45p voucher. If you don’t want the voucher, the fare per child is just £2.70.

If you wish, you can pay a £2 surcharge per journey to sit in a first class compartment. I did look at these but they weren’t much different from standard class, just with bigger and possibly more comfortable seats. I guess if you were there in peak season and there were lots of people wanting to travel, going first class might buy you a bit more space. It was pretty quiet on the day I went, though, and I found the standard compartments perfectly comfortable.

If you are a UK taxpayer you may be able to Gift Aid your fare. There is no extra charge for this, and it means the government will give the railway an extra 25% at no cost to you. Unfortunately I couldn’t do this as I don’t currently earn enough to pay tax.

My Day on the Railway

I set out in the morning from Tywyn Wharf station (photo below) and decided to start by going the complete length of the line and back again. I enjoyed the views, while keeping one eye on the excellent guidebook. The latter is available in the shop at a discount to people buying a ticket on the railway, which is a nice gesture.

Tywyn Station

There isn’t much at Nant Gwernol at the end of the line, but on the way back the train stops for half an hour at Abergynolwyn station (pictured below). There is a nice little cafe here, and I enjoyed a morning coffee and Bara Brith (Welsh fruit bread).

Abergynolwyn Station

Returning to Tywyn Wharf, I had a look around the shop and the museum, and lunch in the station cafe (a particularly tasty bowl of broccoli and stilton soup with a tuna mayo sandwich). Then it was back on the train again for a trip two-thirds of the way down the line to Dolgoch, where I got off to spend some time walking in this beautiful wooded area (see photo).

Dolgoch

Dolgoch has some stunning waterfalls, including this one…

 

I had a bit of time before the train back, and was pleased to discover a small tea shop offering hot and cold drinks, cakes and ice creams (apparently this is part of the nearby Dolgoch Hotel). As it had turned into a warm afternoon I bought an ice cream and sat outside in their garden to eat it. Then it was time to head back to Dolgoch station to catch the train to Tywyn (photo below).

Train arriving at Dolgoch Station

So that was my day out on the Talyllyn Railway. As I said earlier, a great day and excellent value for money. I went as a single person, but it would also be a good choice for couples and families, if you enjoy beautiful scenery and the romance of steam!

Finally, I should mention that just down the coast road from Tywyn (a 25-minute drive with some great sea views) is Fairbourne, which has a miniature steam railway (see photo below). I took the opportunity of going on this as well before I headed home.

Fairbourne Railway

The Fairbourne Railway is much shorter than the Talyllyn. It’s about two miles long. At the far end is the estuary from which you can get a ferry to Barmouth. A trip on the Fairbourne Railway is a pleasant way to spend an hour or two, and again with a day ticket you can travel up and down the line as often as you like (I did it twice). On my return to Fairbourne a volunteer kindly offered me a private tour of the engine shed, so many thanks for that!

Do just be aware that at the estuary end of the line the cafe is only open in peak season. There is, though, a good cafe on the platform at Fairbourne, and they don’t mind you taking food and drink bought there on the train with you.

As ever, if you have any comments or questions on this post, please do post them below.



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Link: how to Manage Your Money in Older Age

Link: How to Manage Your Money in Older Age

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A quickie today to let you know about a useful article titled “How to Manage Your Money in Older Age” on the Age UK Mobility and Handicare website.

The article includes advice on managing your money in later life from a number of UK money bloggers, including yours truly. As a matter of interest, here are the tips I provided, both of which are quoted in the article.

What would your main advice be for an older person wanting to manage their money well?

Don’t bury your head in the sand where money matters are concerned. Keep a close eye on your income and expenditure, and always be on the lookout for ways you can maximize the former and minimize the latter.

Just one example – use a comparison service such as Uswitch.com to see if you could save money on your energy and other utility bills. By switching to cheaper suppliers you could save hundreds of pounds a year for just an hour or two spent on the computer.

What financial mistakes do you think are most common for older people and what can be done to avoid them?

Sometimes with older people pride gets in the way of asking for help and support. That’s understandable, and in its way admirable. But for older people (especially those on low incomes) there are various welfare benefits they may be able to apply for – from Pension Credit and Council Tax Reduction to Attendance Allowance and Warm Home Discount. Nobody will come knocking on your door offering them, though! You need to be proactive about researching what you may be eligible for, perhaps using an online service such as www.entitledto.co.uk. Don’t then let misguided pride prevent you from applying. This is money set aside by the state for people in your situation and can potentially make later life a lot more comfortable for you.

I hope you enjoy reading the article – here’s the link again – and find the tips (including mine!) helpful. As always, if you have any comments or questions, please do post them below.

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Time Management: Boost Your Productivity with The Pomodoro Technique

Time Management: Boost Your Productivity with the Pomodoro Technique

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In my last post I shared my Top Ten Time Management Techniques. Today I want to go into more detail about one of the methods I mentioned, The Pomodoro Technique. I find this a great tool for improving my time management, lowering my stress level and boosting my productivity.

The Pomodoro Technique was devised by Francesco Cirillo in the 1980s. It splits tasks into focused 25-minute sessions called ‘pomodoros’ (from the Italian word for tomato), separated by short and longer breaks.

Applying the Technique

There are six basic steps to applying The Pomodoro Technique:

(1) Decide on the task to be done.

(2) Set your timer to 25 minutes.

(3) Work exclusively on the task till the timer rings.

(4) Take a five-minute break.

(5) Every four pomodoros, take a longer break of 15 to 20 minutes.

(6) Continue this cycle as required.

Obviously you will need a timer of some description for this. Cirillo himself originally used a tomato-shaped kitchen timer, which is how the technique got its name. Cirillo recommended using a mechanical timer, as he believed the physical act of setting it primed the user to start working.

The technique is quite flexible, though, and nowadays many people use timers on their computers or smartphones instead. Obviously, if your work requires the use of a computer, it can make sense to have the timer on this as well.

There are lots of free timer programs and apps you can use. Here are a few possibilities.

Marinara Timer is a web-based app, so it will work on any computer or operating system. You can keep it open in a tab on your browser. There are three different versions: a traditional Pomodoro timer, a more flexible one where you can change the session lengths, and a simple kitchen timer. It’s very flexible, and you don’t have to install anything.

Tomato-Timer is also web-based. If you want a simple, basic Pomodoro timer, this is for you. Just open the website, click the green Start button, and 25 minutes will count down. An audio alarm will sound at the end of the period. You can enable desktop notifications as well.

Clockwork Tomato is a free Android app. Just tap it and get working. At the end of 25 minutes your phone’s alarm will go off.

Arise is available from the Apple Store for iOS/OS X users. It describes itself as an anti-procrastination app. It incorporates the Pomodoro Technique among other methods.

Who Is Pomodoro For?

The technique works especially well for people who have to produce something that has to be reviewed by others. That includes designers, programmers, and (as I can testify myself) writers and bloggers.

But it can also work well for people such as support staff, who may use their 25 minutes to work through a set of tickets, then take a short break to refresh themselves and ensure they don’t get burned out.

And people who work with their hands, such as artists, gardeners and builders, can use the method to force themselves to take a step back at regular intervals to evaluate their work, take a rest, and plan what to do next.

Why Does It Work?

There are various reasons the Pomodoro Technique works so well.

  1. It makes starting a job less daunting. At the beginning of a large project the amount to be done can appear overwhelming. This in turn creates feelings of anxiety and the urge to procrastinate. But if you divide the work up into 25-minute sessions, suddenly it appears a lot more do-able.
  2. It helps you focus on the job in hand. For 25 minutes at a time you are working on one task and nothing else. This is much more efficient than trying to multi-task, which human beings are notoriously bad at.
  3. Each pomodoro becomes a mini-challenge. Completing your 25-minute goal is rewarding and gives you a little boost. It means you can relax and enjoy your breaks more too, as you will feel that you have earned them. All of this can make the working day more enjoyable and less stressful.
  4. It forces you to take regular breaks. Working in the same position (e.g. sitting at a keyboard) for long periods is bad for your health. Using the Pomodoro Technique, you can use the short and longer breaks to move around, get a drink, or even take a breath of fresh air.

More Tips

  • The rules of the Pomodoro Technique aren’t written in stone. If you get into a good flow, you may sometimes want to continue beyond the 25-minute limit.
  • Equally, you might find that 25-minute sessions are too long and you work better in 20-minute bursts. Experiment to find what works best for you.
  • Try to avoid getting interrupted during a pomodoro. If someone asks you a question, explain that you are in the middle of something and ask if you can get back to them in 10 minutes.
  • If you have to break off a pomodoro due to an unavoidable interruption, cancel it and start a new one (for a full 25 minutes) as soon as the opportunity presents itself.

The Pomodoro Technique works well for many people, but not all. Some jobs/activities clearly aren’t suitable for it, and others may not be all the time. In practice many users find they can only use it for part of the day, before other demands on their time make it impracticable. Often those periods are their most productive of the day, though!

I wish you every success applying the Pomodoro Technique. I hope it helps you manage your time better, reduce your stress level and boost your productivity!

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



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Ten Top Tips for Better Time Manaagement

Ten Top Tips for Better Time Management

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Young or old, we all lead busy lives these days. And even those of us who are retired or semi-retired often juggle a wide range of duties and responsibilities, from part-time jobs to managing our healthcare, looking after our house and garden to babysitting the grandchildren.

Time management is something I’ve always had an interest in, and as a freelance writer I’ve produced a number of articles about in the past. So today I thought I would share some of my top tips on managing your time better…

1. Know What Your Goals Are

The first essential step for better time management is knowing what you want to achieve, both in your work (if you’re still working) and your life more generally. Knowing your goals will help you plan better and focus on the things that will help you to achieve those goals.

2. Prioritize

One key principle of good time management is to do the most important things first. Every day, therefore, identify the two or three tasks that are most crucial to achieving your goals, and do them first. Once they are done, your day has already been a success. You can then move on to other things, or let them wait till tomorrow.

3. Make a ‘To Do’ List

This isn’t exactly an original idea, but it’s a powerful and important one. Either the evening before or first thing in the morning, make a list of all the things you want to achieve that day. Apply priorities to the tasks (see above) and tackle the most important first. Ticking off items from your list as you complete them is rewarding and will give you a sense of moving forward to achieving your goals.

4. Focus on One Thing at a Time

Human beings are notoriously bad at multi-tasking, so try to focus on one task at a time. A personal favourite tool for this is the Pomodoro Technique, which involves working in focused, intensive bursts with short breaks between them. Click here to read my in-depth post about the Pomodoro Technique.

5. Batch Process Routine Tasks

According to a recent study, a typical information worker who sits at a computer all day turns to their email program more than fifty times and instant messaging 77 times. If that sounds like you, one way you can boost your productivity is by ‘batch processing’ these tasks. In other words, set aside specific time-slots in the day for checking email, making phone calls, and so on, but otherwise stick to your priority tasks. Yes, people may have to wait a bit longer to get replies, but at a stroke you’ll be working far more efficiently.

6. Minimize Distractions

There are many ways you may be able to do this. One is to work from a different base where you are less likely to be interrupted. Some possibilities might include a café or coffee shop, a public library, or a meeting room that isn’t being used. Another option might be to ask your employer if you can work from home some days.

7. Have a Low-Tech Day

A further option you might try is a low-tech day. Switch off your internet connection and immediately a wide range of potential distractions will be closed to you. Unplugging your phone or putting it on voicemail will eliminate a further swathe. Obviously, you won’t be able to do this every day, but it’s well worth doing if you have an important project to complete or just a lot of work to catch up on. Even if that doesn’t apply, you should find that designating one day a week as a low-tech day greatly boosts your overall productivity.

8. Use the Four D’s

This is a great time management technique for dealing with incoming emails. The four D’s are Delete, Do, Delegate, or Defer.

To apply this method, the first time you open an email apply one of the Four D’s.

Delete: If you’re anything like me you can probably delete over half the emails you get immediately.

Do: If the email is urgent or can be completed quickly.

Delegate: If the email can be better dealt with by someone else.

Defer: Set aside time later for emails that require longer action.

The Four Ds technique is great for keeping on top of your inbox and reducing the time you waste on it. You can also apply the Four Ds to items on your To Do list generally.

9. Say ‘No’ More Often

For many of us saying no is difficult, especially to work colleagues or family members. Nonetheless, if you have to decline a request in order to focus on what is truly important to you, don’t hesitate to do so. Your time is limited and precious, so don’t waste it on things that you don’t enjoy and won’t contribute to achieving your personal goals.

A good response instead of automatically accepting requests is to say, ‘I’ll check my diary and get back to you.’ This will buy you time to think about offers and decide whether they are worth pursuing.

10. Use Waiting Time Constructively

We all have times in the day when we are waiting for something. This includes sitting in reception areas, doctors’ waiting rooms, queuing at the bank, driving or travelling on public transport, exercising, and so on.

Rather than waste this time, use it constructively. For example, you could listen to a podcast on a subject that interests you. Or just take the opportunity to reflect on your current goals and projects. These ‘down times’ can be great for stepping back and taking a broader view of your life and work. Always carry a notebook with you to record any thoughts or ideas you have at these times.

Finally, although it’s not a time management tip in itself, take care of yourself. That means getting enough sleep (experts say 7 hours a night is the minimum you should aim for) and sufficient physical exercise. None of us can be fully productive unless we pay some attention to these things, so give your mind and body what they need to refresh and replenish themselves.

I hope you find these tips helpful. If you have any comments or questions, or other time management tips to share, please do leave a comment as usual.



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Why You MUST shop around when buying Self-Storage Insurance

Why You MUST Shop Around When Buying Self-Storage Insurance

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Today I’m focusing on self-storage. This is hugely popular in the UK, which has nearly half the self-storage sites in Europe (according to their trade body, the Self Storage Association UK).

People use self-storage for all sorts of reasons. They include moving home, when you may have to store your furniture and possessions for a short period. It also includes moving in with a partner, when you need to store some items temporarily until you decide what to do with them (do you really need two washing machines, for example).

Another common reason is people moving abroad – perhaps on a one- or two-year work contract – and needing somewhere safe to store their belongings until they return.

Self-storage can be particularly attractive to older people, such as many readers of this blog. Perhaps you’re downsizing and don’t have room for all your belongings in your new home. Or you may simply have accumulated a large number of possessions over your lifetime and need somewhere away from your home to store them, so you don’t run out of space! You might also have things that for one reason or another – e.g. their size or value – you don’t want to carry on storing at home.

As mentioned above, UK residents are fortunate to have lots of options when it comes to self-storage, and it is of course important to shop around for the best price for the service you require.

A recent study by mystery shopping company ProInsight highlighted the particular importance of shopping around for insurance, however. In particular, it highlighted the importance of not automatically choosing the insurance offered by the self-storage company itself. More about this shortly.

Self-Storage Insurance

If you are going to use self-storage, contents insurance is normally compulsory. This will cover loss or damage to your stored contents caused by anything from water/oil leaks to attempted theft. Some household contents policies cover this, but the majority don’t, especially if the items will be in storage over a lengthy period.

All self-storage providers offer insurance, typically by arrangement with a particular insurance company or broker. What many people don’t realise, however, is that you can also insure your belongings separately, perhaps using an online insurance provider. As we shall see, potentially large savings can be made this way.

Mystery Shopping Research

The ProInsight study mentioned above used mystery shoppers to get quotes from 165 self-storage branches across the UK, covering 70 firms in total. They were chosen to provide a representative sample of self-storage providers, including large and small, general and specialist, business- and consumer-oriented. They included branches of all the top five self-storage companies in the UK:  Safestore, Big Yellow Self Storage, Access Self Storage, Shurgard Self-Storage and Lok’nStore.

The results were eye-opening, to say the least. In all but one case, savings could be made by using a third-party online insurer. In many cases these savings were substantial. For example, a Big Yellow branch in Bromley quoted a figure of £340.20 for a policy covering £5,000 worth of goods for three months. The same risk could be insured for between £21.30 and £44.85 elsewhere.

Richard Hannan of Surewise.com, the insurance company who commissioned the ProInsight study, said: “We were amazed to find that storage companies were charging an average of three times more for the same or very similar policies. Some of the prices that were being charged were highly alarming and in fact, we struggled to find a single self-storage company that was selling insurance for less than their online competitors.

“This means 99% of people who are insuring with their storage units will make savings by spending a few minutes online, and possibly considerable savings at that.”

It follows that if you are using self-storage over a long period, you could end up paying hundreds or even thousands of pounds more in insurance costs if you stick with the cover offered by your self-storage provider.

Obviously it’s important to compare like with like, and the self-storage companies have argued in their defence that online policies don’t always offer the same level of protection as their own. However, Richard Hannan said, “We have always covered a lot of these areas, such as water and oil damage, and ‘new for old’ but our new policies which are underwritten by SAGIC, have added all these additional cover areas such as moth, subsidence or sprinkler damage to combat these messages back from the storage units. SAGIC are The Salvation Army General Insurance Corporation.”

Surewise.com

The ProInsight study mentioned above found that in many (though not all) cases, the lowest cost online insurance cover provider was Surewise.com. Their Household and Business Self-Storage Insurance covers you against loss or damage to stored contents in the event of:

  • Natural disasters, including lightning, earthquake, storm, flood and weight of snow
  • Fire and explosion
  • Leaking water/liquid from fixed water tanks and pipes
  • Theft and attempted theft, with proof of violent breaking and entering (e.g. broken lock)
  • Falling trees, telegraph poles and lamp posts
  • Collision by any vehicle or animal
  • Impact by aircraft and other flying devices or items dropped from flying aircraft
  • Rioters, violent disorders, strikes, labour disturbances, civil commotion and malicious acts

Surewise.com say they will replace or repair any stored items damaged (with repair or replacement at their discretion). They provide an instant insurance certificate when you order online. If you are thinking of using self-storage, it is well worth checking their website to see how much you could save.

Summing Up

If self-storage is something you plan to use, be sure to shop around. There are lots of options in the UK, so take some time to research the market and find out which is best for your needs.

In addition – and very importantly – DON’T just accept the insurance offered you by the self-storage company. Assuming your ordinary home contents insurance doesn’t cover you, get quotes from online insurers such as Surewise.com. The great majority of self-storage companies allow customers to use third-party insurers, and in many cases you can save large sums by doing so, especially if you plan to use self-storage long term.

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

Disclosure: This is a sponsored post on behalf of Surewise.com, from whom I am receiving a fee.

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Review: Secret Savings by Jordon Cox

Review: Secrets to Saving: The Ultimate UK Couponing Guide by Jordon Cox

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Secrets to Saving: The Ultimate Couponing Guide is a book/ebook about saving money on your shopping by using coupons. I had heard good reports about it for a while, so decided to buy a copy for myself to find out more.

Secrets to Saving – as I’ll call it for short from now on – is written by a young man named Jordon Cox (also known as The Coupon Kid). Jordon claims it’s possible for anyone to save over £1,000 a year on their shopping by this method, with larger families obviously having the potential to save even more.

If you’re an oldie like me, the chances are you will already be familiar with couponing. In the past this typically involved cutting out coupons from newspapers and magazines and taking them to a local shop or supermarket to redeem them. The coupon might give you a discount or (if you were very lucky) a free product.

In Secrets to Saving, Jordon reveals that this method is still going strong, but even more offers are available online if you know where to look. He lists a number of websites where you can either access coupons directly or find links to sites where coupons are available. You will clearly need a computer with an internet connection and a printer to benefit from these sites, but I guess most readers of this blog will have those things anyway.

Jordon also discusses smartphone apps, which allow you to make big savings in the form of cashback on selected products. An example is the CheckoutSmart app, which regularly offers freebies from well-known brands. You just have to scan a picture of your receipt with the item in question on it (you can use your smartphone for this) and the price will be refunded to your CheckoutSmart account. From there you can transfer the money to your PayPal account. As long as you wait until you have earned £20 or more, no fees are charged for this.

Secrets to Saving also looks at advanced techniques such as ‘stacking’, where you combine offers to generate bigger discounts or even get items for free. Jordon explains that you can even make a profit in certain cases which can be set against other items in your shopping (though don’t expect to leave the store with more money than when you went in!).

Any criticisms? Only very minor ones. I found out that the link to the Money Saving Expert couponing page didn’t appear to be correct (somewhat ironic as Jordon works for them, but perhaps the URL has changed recently). Anyway, here’s a link that does work: https://www.moneysavingexpert.com/deals/

In addition, the book has a very short chapter about entering consumer competitions, which as Jordon says can combine very well with couponing. It would have been nice to see a bit more about ‘comping’, although it’s probably unfair to criticize Jordon for this, as that isn’t what Secrets to Saving is about. Maybe Jordon is saving his advice on this subject for his next book!

Overall, I was very impressed with Secrets to Saving: The Ultimate Couponing Guide. Although some of the methods I knew about already, it opened my eyes to a range of others, including some pretty weird ones (who knew that writing poems about your favourite products could be so profitable?!). As a writer myself, I was also impressed by how well written (and edited) the book was.

With its modest asking price – £10 for the print book or £2.49 for the Kindle e-book version – it shouldn’t take long to cover the cost of buying Secrets to Saving through the money you save on your shopping.

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

Disclosure: This post contains affiliate links. If you click through and make a purchase, I may receive a small commission for introducing you. This will not affect in any way the terms you are offered.

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Five Things You Really Need to Know About Monetizing Your Blog

Guest Post: Five Things You Really Need To Know About Monetizing Your Blog

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Today I am pleased to bring you a guest post from my fellow UK money blogger (and freelance writer) Ruth Hinds, who blogs at Ruth Makes Money.

Ruth’s post is about blogging, a subject I haven’t previously got around to covering on Pounds and Sense. But, of course, it’s a major way I make money myself these days, and it’s also an option that is both accessible and appealing to many older people.

Over to Ruth then…

 

Have you ever thought about starting a blog as a way to create an extra online income stream? Or do you have an existing blog that you write just for pleasure, and sometimes toy with the idea of turning it into a money-making machine?

Though I’ve been a freelance writer for the past seven years, it’s only around 12 months since I took the leap and created my own blog, dedicated to documenting my journey towards creating a full-time income online, and what’s worked for me along the way.

Whilst it’s relatively early in my blogging journey, I’m happy to admit that monetization was on my agenda from day one. As well as help people to create their own freedom away from the constraints of a traditional job, I was eager to learn the ropes quickly and add another income stream to my box of tricks.

It’s safe to say that I’ve reached that goal, and I’ve also learned a ton of valuable lessons along the way when it comes to creating a profitable blog. Here’s what you really need to know if you’re thinking about taking a similar path…

1. It’s a steep learning curve, and it pays to get started ASAP

I often see people saying that they intend to monetize their blog one day in the future, but they don’t yet feel ready to make that leap. They feel that there’s more to learn, or more experience they need to get under their belts, or they just find it all a little overwhelming. Though I completely understand – because there’s certainly a lot to get your head around – I do also disagree with waiting.

You see, making money from your blog takes trial and error. There are strategies to become familiar with, tactics to master, and you’ll undoubtedly get plenty of things wrong along the way. This is why I believe that it pays to start that learning journey sooner rather than later.

There’s also a valid point here that as you build your audience, it makes sense that they’ve seen your monetization efforts from the beginning. This way, you’re being transparent from the start, and there’s not a point where your readers can suddenly bring your integrity into question.

2. You don’t need a gigantic audience to start making money

We’ve all heard about the big name bloggers who are pulling in hundreds of thousands of pounds every year, and of course, these people often have millions of followers. It’s important to recognise though that there are plenty more bloggers with relatively small readerships who are earning a decent chunk of cash along the way.

What it really comes down to is the methods that you use. I personally decided to really drill down on affiliate marketing, and put my efforts into promoting my favourite matched betting software. By creating content that explained the matched betting process, answered common questions, and gave an insight into my own successes with leveraging free bets from online bookies, I started earning commissions within my first few months as a blogger, and they’ve continued to grow throughout the year.

3. Though some monetization tactics are definitely more realistic than others!

Though I’ve had great results from affiliate marketing, there are still some blog monetization techniques that my readership is simply too small to tap into effectively. A great example of this is running adverts in the sidebar. These typically earn me about $15 per month. They’re never going to make me rich, though they do cover my hosting and domain costs.

When you’re blogging, it can seem like your to do list is never ending. There are posts to write, content to promote, social media channels to keep on top of, and the reality is that you need to selective about what you do and don’t dip your toes into. Based on my experiences, I’d definitely suggest that new bloggers get super focused, and really run with just a couple monetization techniques so they can see the best possible returns.

4. Blogging can be a great way to get started with freelance writing

When it comes to the various money-making methods that go hand in hand with blogging, the possibility of starting a freelance writing business is definitely discussed less often. Perhaps it’s because it’s more hands-on, and couldn’t be classed as passive income. Still though, it’s worth discussing because it can be highly profitable, and also hugely rewarding.

When you’re putting your writing out there online on a regular basis, other bloggers and business owners start to pay attention. They get a feel for your style, your expertise, and the value that you could bring to their own content creation processes. And of course, you’re building a portfolio that you can use to pitch for projects that catch your eye.

I built my freelance writing business without the power of my own blog behind me. With hindsight though, I can tell that I definitely missed a trick. Starting a blog is a legitimate way to start a writing career, whether that be copywriting for businesses, or even feature writing for newspapers and magazines.

5. It won’t make you rich overnight, but building a generous income is very achievable

 If you’ve been around the block a few times with side hustles, then you’ll know that things take time. There are no overnight millionaires, and if something sounds too good to be true, then it probably is. And so if you’ve read income reports from big bloggers who claim to be pulling in massive amounts of money, then you may be a little bit skeptical. Is it all smoke and mirrors? Have you missed the chance to do the same? Or did they just get lucky?

What I know for sure from my year as a blogger is that it’s very possible to start earning money within your first few months, and if you commit to being in it for the longer term, the rewards are there for the taking. It takes time, and a dedication to learning the ropes, but I’m pleased to be in a position now where my blog consistently generates in excess of £800 per month. I don’t know about you, but I think that’s not too shabby for something that I only dedicate part-time hours to!

My only regret with blogging is that I didn’t start sooner. It earns me an income, it’s opened up countless opportunities, and knowing that I’m helping other people with their money-making adventures brings me a huge amount of satisfaction.

If you’re thinking about starting a blog, then why not bite the bullet and get stuck in?

Ruth blogs about genuine ways to make money online at RuthMakesMoney.com. She covers blogging, eBay reselling, and freelance writing, and loves helping people to build profitable income streams on their own terms.

 

Many thanks to Ruth (pictured) for an interesting and inspiring article.Ruth Makes Money

I have been blogging myself for a number of years, both here at Pounds and Sense and at Entrepreneur Writer and the former My Writing Blog (now closed).

Like Ruth, I would never claim that blogging is a get-rich-quick proposition. It takes time and effort to build a successful blog, and only then will the big rewards start to come.

But blogging is also a creative and fulfilling pastime that can help keep your wits sharp and generate at least a useful sideline income. And it’s something you can fit in as and when you have the time (and energy), so again it can work well for many older people. For all these reasons  – and more – I plan to cover blogging again on Pounds and Sense before too long.

As always, if you have any comments or questions, for me or for Ruth, please do post them below.

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Mobilexpression Review

MobileXpression: My Review of this Money-Making Research App

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A few months ago I came across a smartphone app called MobileXpression. It offered the opportunity to generate a sideline income by sharing some details of your mobile phone usage.

The company behind MobileXpression conducts research on mobile internet use. On their website they say:

The goal of MobileXpression is to develop a better understanding of the trends and patterns affecting the mobile Internet. Just as television uses ratings to determine which programs are the highest rated and most watched, MobileXpression uses the knowledge of its members’ mobile Internet habits to determine the popularity and importance of various mobile web sites and applications. Companies can then use this market research to make informed decisions regarding their mobile marketing strategies.

In exchange for letting MobileXpression access your mobile phone data, the company offers incentives. In the US these include a range of vouchers, but as a UK user the only one I have ever been offered is for Amazon UK. Amazon gift vouchers are almost as good as cash, of course, so I am perfectly happy with this 🙂

UK users of MobileXpression receive a £5 Amazon voucher by email after using the app for just one week. After that you are allocated 2 ‘credits’ every week you remain a member. Once you have 20 you can exchange them for a £20 Amazon voucher.

This has been working well for me, and I have now accrued over £100 worth of Amazon vouchers for very little effort. The only problem occurred on one occasion when there was a delay in issuing my voucher. I raised a support ticket about this via the app, and the voucher duly arrived a few days later.

Table of Contents

Pros and Cons

Based on my experience using the app, here’s my list of pros and cons for MobileXpression.

PROS

  • Rewards arrive reliably.
  • Anyone can join (you don’t have to be a heavy mobile internet user).
  • Once the app is set up, there is little else to do (just log in occasionally to claim your credits).
  • Amazon vouchers are a good reward and can be used to fund a huge range of purchases

CONS

  • You need to have a qualifying smartphone (you can check on the MobileXpression website if yours is suitable).
  • MobileXpression will have access to data about your smartphone usage, although they say they don’t monitor your calls.
  • Some people have reported that the app slows down their phone, although I haven’t noticed this myself.

Summing Up

Overall, I have been very happy with MobileXpression. Clearly nobody is going to get rich from it, but based on my experience it can provide a regular source of hassle-free, passive income in the form of Amazon vouchers.

If you have a suitable phone and aren’t too concerned about the privacy aspect of having your usage monitored, I therefore recommend giving it a go. The app is available for both Android (in Google’s Play Store) and iOS for iPhone.

If you have any comments or questions about MobileXpression, as always, please do post them below.

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Eating Healthily on a Budget

Guest Post: Four Steps to Eating Healthily on a Budget

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Today I am pleased to bring you a guest post by Araminta Robertson, who blogs at Financially Mint.

Araminta is a university student and she writes from a young person’s perspective. Today she shares some of her top tips for eating healthily on a budget.

One thing many older people have in common with students is that they need to watch the pennies. Araminta has some great advice for all of us on how to eat both frugally and healthily.

Over to Araminta then…

 

It’s not easy to combine healthy, cheap, delicious and quick. And yet, it is still possible. As a student, I’ve always had to figure out the best combination, and through a lot of practice I’ve realised that the methods I used could also be very useful for anyone in a similar situation.

So – here are four steps get that sweet combination of exactly what you’re looking for when you eat. Here we go:

1. Plan it

The first step is to figure out your ‘magic number’; how much are you willing to spend? What is your budget for food for one month/week?

Start with that number and work your way back. Then make a list of cheap healthy food that you and your family enjoy. Some examples are:

  • Beans
  • Eggs
  • Tomatoes
  • Frozen veggies
  • Pepper + onions
  • Almonds
  • Lentils
  • Squash/pumpkin
  • Oats
  • Canned goods
  • Yoghurt and cheese
  • Quinoa
  • Carrots
  • Aubergine
  • Kale
  • Sweet potatoes and potatoes

Now you’ve got your magic budget number, some general ingredient ideas. What’s missing? A recipe. And it’s at his point that I whip out Google and simple type in ‘ingredient recipe’, so ‘carrot recipe’ for example. I do a bit of research, look for something simple and cheap to make. Some great websites to find these are BBC Good Food and All Recipes UK.

Do a bit of a rough plan – find some ingredients, do some research and pick some recipes you’d like to try out during the week. Then write down the list of ingredients you’ll need to complete that plan. It’s always fun to try some exciting recipes and do some experimenting. More on this later 😉

2. Shop it

Time to do some exploring! If you want to stick to a small budget, go to discount supermarkets such as Aldi, Asda and Lidl. Bring your ingredients and grocery list and do the shopping!

A little tip: Don’t go shopping when you’re hungry, you’ll probably end up buying unnecessary stuff

What I normally do is one big shopping day a week and then some additional stuff from time to time. Pick a day to do your shopping for the week and buy it all at once. You’ll see batching is a huge productivity booster – no need to do mini shopping trips anymore! It’s also easier to budget week by week, this way it’s easy to know how much you spent on the shopping trip.

3. Cook it

Now to the exciting part.

What prevents most people from cooking is the ‘I’m rubbish at cooking’. We were all rubbish at cooking at one point, and you get better by doing more of it. The first pie you make might be a disaster, but the tenth one will be pretty tasty.

Once again, batching: pick a day to do all the cooking for the week (I like Sundays). Make it a fun activity; include the kids, the family, the dog, even. A proper event, an afternoon where everyone gets together to prepare meals for the week. Of course, if that’s not possible then simply cook it yourself – but an event is always nice.

Have your meal plan ready and then cook and freeze stuff for the week. Soup, rice and beans can last the week – whereas meat and potatoes aren’t very good at that. As you cook more and more you’ll figure out what can be stored and what can’t, and you’ll also end up preparing some more delicious recipes.

I normally produce large quantities of rice/pasta/sauce/ and freeze it or leave it in the fridge. Then when it’s time to eat I just have to make the meat/veggies

4. Try it

The most important when improving your cheap/delicious/healthy meals is to keep experimenting (I even do fancy Money Experiments). Try new ingredients (I’ve got an interesting vegetable called a ‘swede’ in my kitchen), new recipes and new dishes. You’ll slowly get better at it. Now I consider myself an expert at making something out of scraps – stir-fry it all.

Here are some examples of cheap budget meals I like to do:

  • Soup – mushroom soup, pumpkin, lentil, tomato
  • Curry – could be vegetarian
  • Pie/quiche
  • Tacos/wraps/quesadillas
  • Jacket potatoes
  • Chili
  • Fried rice – literally just veggies, eggs and rice
  • Omelettes/scrambled eggs
  • Stir-fry

Also keep on the lookout for discounts, sales and chances to save a little bit of money. Here are some good websites to get started: Money Saving Expert, Super Savvy Me and CheckoutSmart.

There you go! Four steps to eating well on a budget. The hardest part is simply sticking to it and being willing to try new things. But if you make it a fun event every week, you can turn it into a family activity and be held accountable to do every week. Next thing you know you’ll be cooking fancy quiches and amazing risotto. Keep trying!

What’s your favourite recipe? Comment below!

Bio: Araminta is creator of Financially Mint, a personal finance blog for university students written by an actual student. She interviews experts, does weird experiments and a ton of research to help her and others graduate financially intelligent.

 

Many thanks to Araminta (pictured) for an interesting and useful post. Do check out her Financially Mint blog as well!Araminta

I guess some of my older readers may be amused by her reference to the “interesting” vegetable called a swede. Swedes are a vegetable many of us baby boomers remember well from childhood, and not always fondly! I must admit I haven’t cooked with swedes for a while, but promise to put them on my shopping list again during the winter months 😉

Like Araminta I enjoy looking for recipes on the internet, and I often use the websites she mentions, and various others. My personal tip would be to take a few moments to read the reviews and comments that are often left by people who have tried the recipes. This feedback is invaluable, especially the ideas for tweaking/improving the recipe.

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



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