As you probably know, equity release is a method of unlocking funds tied up in your property. It is open to homeowners aged 55 and over (60 and over in the case of home reversion plans).
In recent years equity release has become increasingly popular, and even rising interest rates have done little to dampen this trend. So today I thought I would look at the main reasons people are opting for equity release. I am indebted to my colleagues from Equity Release Supermarket for providing information (based on their internal data) on the top reasons people are releasing equity, as well as which reasons are seeing the biggest increases.
The table below shows the top reasons people have been using equity release over the last six months.
Rank
Reason for equity release
1
Repay mortgage
2
Home improvements
3
Debt consolidation
4
Supplement income
5
New/second home purchase
As the table shows, repaying a mortgage is the number one reason over 55’s have released equity. The data shows that, on average, 21.1% of completed cases planned to pay off an existing mortgage with the money released.
Home improvements are the second most common reason, with an average of 17.9% of borrowers raising money for a renovation project.
Debt consolidation is the third most common reason for equity release, at a slightly lower average of 13.7%. Interestingly, when looking at the data by month, using equity release for debt consolidation peaked at 18% in December 2022.
The data also reveals which reasons for equity release have increased in popularity over the last six months, with home improvements seeing the biggest increase, growing by 7.7%.
Gifting money is becoming an increasingly popular reason to release equity too. In the last four months alone, gifting money that has been released through an equity release scheme has risen by 2%.
“Equity release is available for homeowners over the age of 55 who wish to free up some of the money, tax-free, that has been built up in the equity of their home. The interest rate is fixed for life and the plan is repaid when the homeowner dies or moves into long term care.
“It is perhaps unsurprising that repaying a mortgage is the top reason for equity release. As interest rates and living costs continue to rise, borrowers will be looking for ways to reduce their monthly payments. By using an equity release scheme, such as a lifetime mortgage, to pay off your existing interest only mortgage you will no longer need to make monthly payments unless desired. This can help make monthly savings and alleviate financial pressures, especially for those who have seen their mortgage payments rise in recent months due to interest rates.
“It is interesting to see that gifting money through equity release has risen over the last six months. Money gifted through equity release becomes exempt from inheritance tax, provided that the gift giver lives for seven years afterwards. Inheritance tax can significantly reduce the amount of wealth that you may be able to pass on, so we often find that many people turn to equity release as a strategy for reducing the impact it will have on an estate.
“In this uncertain economic climate, it is more important than ever that borrowers are getting advice on what product options are available across the whole equity release market. For anyone considering equity release, we would suggest discussing your plans with one of our equity release advisers.”
My Thoughts
If you’re looking for a way to release money from your property – whether to pay off debts/mortgages, fund specific purchases, assist children or other family members, or just make later life more comfortable – equity release is certainly something you may want to consider.
The main downside is – of course – that ultimately there will be less money to pass on to your beneficiaries. All reputable providers, however, offer a no-negative-equity guarantee. They may also be able to arrange plans where a certain amount of cash is guaranteed to remain in your estate, if you so wish.
Equity release interest rates in most cases are fixed for life, so you will know from the start the liability you are taking on. Of course, the longer you remain living in your home, the larger the debt eventually payable from your estate will be.
If you think equity release may be right for you, you will need to discuss this fully with an independent adviser before proceeding. As well as Equity Release Supermarket other well-known firms in this field include Key Equity Release and Age Partnership. The Equity Release Council has a full list of members on its website.
The adviser will discuss your needs and circumstances, and – assuming they think equity release is right for you – make a recommendation from the range of products on the market. You can, of course, speak to two or more different advisers if you wish before making any final decision.
Thank you again to my colleagues at Equity Release Supermarket for their assistance with this post. As always, if you have any comments or questions, please do leave them below as usual.
I recently returned from a three-day break in Aberdovey (Aberdyfi in Welsh). This is a small town on the mid-Wales coast. It was the first time I’d been to Aberdovey, though I’d heard good reports about it from friends.
I stayed in a two-bedroom apartment with a wonderful view across the estuary. I booked through Airbnb. I’ll say a bit more about the apartment below.
I should mention that although I travelled (and stayed) on my own, I met up with an old friend from Birmingham there. David recently lost his wife, for whom he had been caring for several years, so I thought he might appreciate a bit of company on his first solo trip away (I enjoyed his company as well, of course). David stayed at a pub/hotel called the Penhelig Arms. He liked it there, though car parking could be a bit of an issue. It appears their car park has been turned into a beer garden!
Aberdovey is about five miles south of Tywyn and 10 miles north of the university town of Aberystwyth. Here is a map of the area from Google Maps…
Accommodation
As mentioned, I stayed at an Airbnb property in Aberdovey. Under Airbnb’s rules I’m not supposed to reveal exactly where it was, but the location was certainly convenient. It was opposite the main car park, beyond which was the sea. The beach was around two minutes’ walk away, and all the restaurants, cafes and shops were within easy walking distance (not that there are very many – Aberdovey is only a small place).
You can read more about where I stayed on this page of the Airbnb website (you can also read my post about booking a holiday with Airbnb here). The apartment had a good-sized master bedroom with a comfortable double bed, and a smaller second bedroom with twin bunk beds. The latter would have been okay for children but adults might find it a bit of a squeeze.
The apartment had a decent-sized bathroom with (unusually these days in my experience) a bath with a shower over it. The shower worked well and there was plenty of hot water. I did try having a bath on my last night and found the taps very stiff, though. Possibly they don’t get used very much! I reported this to the host as I thought she would want to know, but it was no big deal, obviously.
The living room had a stunning view across the estuary (see photo below). It was quite spacious and had a good quality flat-screen TV (though no DVD player). The kitchen area just off the living room had all the facilities you would need/expect, including a toaster, fridge, sink, cooker, dishwasher, and so forth.
The apartment had gas central heating. As it was April I definitely appreciated this in the evenings and early mornings. There was a main thermostat in the living room and all the radiators also had thermostatic valves.
The apartment had free wifi which worked perfectly during my stay (not always the case in my experience). Although central, the location was quiet and peaceful, and I slept very well.
Finally I should say that communication from my Airbnb host (Irene) was excellent. She sent me very detailed instructions about how to get there, where to park, local amenities, and so on. One big plus was that residents in the apartment can use a council parking permit which allows them to park in the car park opposite (and various other places in Abverdovey) free of charge at any time. I left my car in the car park opposite, which was perfect for me.
Financials
As Pounds and Sense is primarily a money blog, I should say a few words about this.
I paid a total of £480 for my three-night stay. This was made up as follows:
£150 x 3 nights = £450
Cleaning fee £30
I was charged an initial deposit of £225, with the balance of £255 taken from my card a fortnight before my visit. The total price worked out to £160 a day. Obviously that’s not cheap but I thought it was reasonable bearing in mind the high standard of the accommodation and the convenience of the location.
Things to Do
As mentioned earlier, on this break I met up with an old friend, David. We spent some of the time together and some separately, which worked out well.
On our first full day we went on the Talyllyn Railway together (see photo below). This is a heritage steam railway that runs inland from the town of Tywyn, a short drive up the coast road from Aberdovey. I last went on the Talyllyn Railway five years ago (as described in this blog post) and was very happy to do so again.
We bought all-day tickets for £25 each and went all the way up the line and back in the morning. We then had lunch (tomato soup and a bread roll, both very good) at the station cafe in Tywyn. After that we travelled part of the way down the line to Dolgoch. Here we disembarked and spent an hour exploring the picturesque woodland with its many streams and waterfalls (see photo below). We then caught the last train back to Tywyn.
On our second full day we did our own thing. I stayed in Aberdovey, had a good wander round and got to know the place a bit better. I particular recommend the Medina Coffee House (picture below), where I went for both morning coffee and afternoon tea. You can sit inside or out here and enjoy a range of drinks, meals and snacks.
David went to Machynlleth, about 15 minutes drive away. Among other things, he visited the Centre for Alternative Technology (CAT). As a retired builder he was very interested to see some of the innovative building techniques being demonstrated here and said he would like to have stayed longer.
I met up with David each evening for a main meal. On two nights we went to the Penhelig Arms where he was staying. They serve traditional pub food, but none the worse for that. Their prices were very reasonable, and David got a 20 percent discount as a hotel resident, which was a nice touch (they also extended the discount to my meals, which was kind of them).
On the other evening we bought fish, chips and mushy peas from Aberdovey’s only chip ship (photo below). This was a stone’s throw from my apartment. We took it back to the apartment and sat watching the sun set over the sea while enjoying our meals. The food, the view and the company were all excellent!
Final Thoughts
As you may gather, I enjoyed my short break in Aberdovey, and am happy to recommend both the town and the accommodation where I stayed for a short break.
Aberdovey is a lovely place to relax and chill out. With its beautiful beach it could also be a good destination for families with young children. Older children and teenagers might find the lack of other entertainments a bit limiting, however. Although it’s not my thing, there are various water sports you can do there, including sailing, canoeing, sailboarding and paddle-boarding. There are also some lovely walks (and cycle rides) from the town.
In addition, the proximity of the Talyllyn Railway, Machynlleth and Aberystwyth offers good opportunities for days out. Aberdovey definitely isn’t a place you would go for the nightlife, though – even the fish-and-chip shop closes at 8 pm!
As always, if you have any comments or questions about this post, please do leave them below.
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Today I thought I’d set out my views on where best to seek advice on tax-related matters. From feedback received I know that this is a topic that concerns a lot of people, especially the growing number who are turning to ‘side hustles’ to help make ends meet.
I’ve been self-employed for around 30 years now and have quite strong opinions on this subject, especially as I see a lot of dodgy advice about tax being bandied about. So let me start by setting out the two places that in my view you shouldn’t generally turn for tax advice (and you definitely shouldn’t rely on).
1. Social Media
I am thinking especially here about Facebook groups and online forums (or messageboards). These are popular places for people with a shared interest to ask (and answer) questions about subjects that concern them.
I belong to various groups and forums aimed at UK writers and bloggers, and get a lot of useful information and support from them. However, I regularly see people asking questions on them about tax matters, and I’m not at all convinced that this is useful or sensible.
What typically happens in these cases is that other members weigh in with their advice and opinions. Although these are offered with the best of intentions, they are often contradictory and sometimes downright wrong. I imagine that in many cases the original questioner ends up more confused than when they started. Or – perhaps worse – they proceed on the basis of dubious advice which could result in them facing fines and penalties or, conversely, paying more tax than they need to.
Most people in these groups are not trained accountants, but that doesn’t stop some of them airily dishing out tax advice anyway. Replies beginning with phrases such as ‘I’ve always understood’ or ‘I’m pretty sure that’ or ‘As far as I know’ or ‘I could be wrong, but’ should always be regarded with considerable scepticism.
Groups also often have ‘gurus’ who claim (and may or may not have) a deeper knowledge of these matters. Their pronouncements may be treated as akin to holy writ by other members. Again, be cautious about blindly following advice from these individuals, even if they apparently have qualifications and/or professional experience. I have seen advice from such people that is definitely wrong or at least highly questionable, but nobody in the group dares challenge them about it. This happens in other fields as well as tax, incidentally.
I would also extend my caution about getting advice from social media to blogs (yes, including mine). I have seen some good advice on blogs, but also plenty I would regard as debatable to say the least. Definitely don’t take anything you read about tax on a blog as gospel, even if the person in question does have thousands of followers!
2. HMRC
Yes, you read that correctly. In my view, HMRC should seldom be your first port of call for tax advice.
There are various reasons for this. One is that, when you phone HMRC, the person you will generally speak to is a call handler. They will (or should) obviously have a reasonable working knowledge of how the tax system works, but they are definitely not expert in every aspect. If you ask them complex questions about (say) what expenses you can and can’t claim against income or what counts as a capital gain as opposed to taxable income, you are likely to get different and contradictory advice according to whom you speak to. Or they may simply tell you that advising you about this is outside their remit.
In addition, it’s important to bear in mind that HMRC are not in business for your benefit. Their job is to maximize tax revenues for the government. They can’t and won’t advise you on how to legally organise your affairs in such a way as to minimize your tax liabilities (which every taxpayer is perfectly entitled to do).
That being said, there are certain occasions when you can and should contact HMRC. This is when you have specific questions about your taxes, e.g. whether a certain tax payment has been received, what is your tax code, when is your next tax payment due, and so on. The call handlers should have this information easily accessible on their computers and will be happy to pass it on to you.
So Where Should You Turn for Tax Advice?
You may have guessed already, but if not I won’t keep you in suspense. The answer is a professional accountant.
Accountants are trained and experienced in all aspects of the tax system. They have both theoretical and practical knowledge of how the system works and how the (complex) rules are typically interpreted by HMRC. And they have to keep themselves up to date with the endless legal and procedural changes.
Also, unlike HMRC, an accountant is four-square on your side. They will advise you on the best way to organize your affairs to minimize your tax liability. They will answer any questions you may have, e.g. what records you need to keep. When the time comes, they will (if you want them to) compile your accounts and submit the relevant figures to HMRC in your tax return. And if any queries or problems arise, they will act on your behalf to try to resolve them.
A further benefit of having your accounts prepared by an accountant is that HMRC will know that a finance professional – someone who speaks their language – has compiled them. Other things being equal, this is likely to mean they will be more inclined to accept the figures and not dispute them.
Even if you prefer to prepare your own accounts (perhaps using accounting software online), having an accountant check your work (and maybe submit it on your behalf) can be a shrewd policy and reduce the risk of HMRC querying your tax return.
Even if you aren’t running any sort of business, there may still be a case for getting an accountant to help with your taxes. Many older people, for example, have multiple streams of income, from stocks and shares to ISA accounts, property rentals to pensions. Some of this income may be taxable and some not, and varying tax rates and tax-free allowances may apply. Most accountants are more than happy to provide a service to people in this situation as well.
There is, of course, one drawback to engaging an accountant, and that is the cost. This will probably amount to a few hundred pounds a year (maybe more in some cases). Not to pay this, however, is in my view a false economy. A good accountant is likely to save you at least as much in unnecessary tax as they cost you. And the reassurance (and relief) of having a finance professional available at the end of a phone when any queries with taxation arise is impossible to put a price on (but extremely valuable).
After thirty years of self-employment (and being semi-retired now), I still wouldn’t dream of not having an accountant. And since I’m mentioning this, a shout-out here for my own accountant, Rob Ollerenshaw, who has looked after my tax affairs for over twenty years. I recommend him without reservation to anyone in the North Birmingham/South Staffordshire area, or indeed further afield (he tells me he has clients as far away as Cornwall!).
So those are my thoughts about where best to get tax advice, but what do YOU think? Please post any comments or questions below as usual.
This is a revised and updated version of my original post.
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Spring is in the air, so it’s time for another great giveaway on Pounds and Sense! This one is themed around Mother’s Day, which this year is on Sunday March 19th.
I have clubbed together with some of my fellow UK bloggers to provide a bumper bundle of prizes that will amaze and delight any mum! As you will see, they range from an adult micro scooter and helmet to a bamboo underwear set, a luxury silk pillowcase and eye-mask to a ‘home spa’ face-and-body gift set.
The total value of all the prizes is over £550. And the best news is, it’s entirely free to enter!
This giveaway has (again) been organized by Rowena Becker, who blogs atMy Balancing Act. No small amount of effort has been involved in arranging and co-ordinating this event, so many thanks again to Rowena for her hard work and dedication.
Without further ado, then, I’ll hand you over to Rowena to introduce the giveaway…
And we’re back! This time to spoil your mum. Or perhaps you can win yourself some treats! We have over £550 worth of incredible prizes! This is not only a giveaway but also a great Mother’s Gift Guide to help you get ideas and inspiration for your mum or the special lady in your life this Mother’s Day.
KEEP SCROLLING DOWN TO ENTER AND FOR THE FULL LIST OF AMAZING PRIZES!
The Prizes
Adult Micro Scooter and Safety Helmet
Micro Scooters are renowned for producing the most robust scooters for all the family. From toddler ride-ons, three-wheeled wonders, 2 wheel scooters for older kids plus their multi award winning adult range, there is something for every member of the family.
Founded and run by two mums, Micro are B Corp certified. Their range of eco-scooters and accessories made from recycled bottles means more families can tread lightly on the planet.
Hopping on a two-wheeled adult scooter – whether it’s to do the school run, journey to work or for weekend family time – makes it easy and fun to get from A to B. Exploring the world on two wheels is a greener, cleaner and cheaper way to get around.
THE PRIZE
Any adult Micro scooter
Any adult Micro scooter helmet
Total prize value of £215
Cocoonzzz Silk Pillowcase and Eye Mask
At Belledorm, they understand the importance of a good night’s sleep. For over 45 years, this family-owned company has been dedicated to providing UK customers with exceptional bedlinen that helps them rest easy.
They don’t just sell bedding – they offer a solution. Sleep is the foundation of our daily lives, and the right bedding can make all the difference. That’s why they are passionate about providing soft, cozy, and luxurious sheets, pillowcases, and duvets that make you feel like you’re sleeping in a dream. From the moment you slip into bed, you’ll experience a sense of comfort and calm that carries you through the night and prepares you for the day ahead.
Here we are offering the chance to win a Cocoonzzz Silk Pillowcase and Eye Mask Bundle made from 100% pure mulberry grade A silk. Unlike cotton or linen, silk glides over your face and reduces the stretching and pulling that causes lines on the skin. Sleeping on silk has proven beauty benefits: it reduces lines and wrinkles, helps you wake with a hydrated glowing skin, and is hypo-allergenic and temperature regulating.
Treat yourself or your mum to the best!
Buyagift: Treat Her Gift Voucher
Not sure what to get your mum? Look no further than Buyagift! The Treat Her Gift Voucher or Experience Box is the ideal gift, with a selection of over 2,955 afternoon teas, relaxing spa days and adrenaline adventures for her to choose from. We have one Treat Her Gift Voucher for our lucky winner.
Framed Best Selling Print of your choice from ink & drop
Win a framed Best Selling Print from Ink & Drop! Our lucky winner can choose a bestselling print of their choice in 50 x 70cm size.
There’s an incredible selection of unique prints to choose from in a range of different styles, from vintage antique prints, cheeky altered art paintings, pop art, dark decor, and street art graffiti prints.
Ink & Drop’s incredible posters will look amazing on any wall and best of all, the prize will arrive already framed, ready to hang straight on the wall!
Home Spa Face & Body Set With Cosmetic Bag – Mimosa & Petitgrain
Treat your mum with this gorgeous home spa face and body gift set which comes with a beautiful cosmetic bag. This gift set includes a luxurious combination of Pure Lakes Facial and Body Skincare products for an indulgent home spa experience. It includes a Face Mask, Salt Scrub and Body Butter. The Mimosa & Petitgrain blend has both a sweetness and woodiness that balance beautifully to really infuse the senses. The set includes:
Bentonite Clay x 25g
Rosehip Seed Soap Free Facial Cleanser x 30ml
Neroli & Geranium Flower Water Toner x 30ml
Mimosa & Petitgrain Salt Scrub x 80g
Mimosa & Petitgrain Shea Body Butter x 80m
Collagen Shots from Rejuvenated
Indulge mum this Mother’s Day with Rejuvenated’s multi-award-winning Collagen Shots. The brand’s multi-award-winning collagen drink contains the perfect blend of hydrolysed marine collagen (10,000 mg,) antioxidants, vitamins and hyaluronic acid to plump, smooth and hydrates the skin. The amazing formula also helps to promote healthy blood sugar levels, strengthen connective tissue, alleviate menopausal symptoms and support joint health. We have 30 servings of collagen shots for our lucky winner.
Bamboo Underwear Set from Positive Outlook
Help all mums feel extra special this Mother’s Day with Positive Outlook. We have a gorgeous bamboo underwear set for our lucky winner. Our winner can mix and match bamboo briefs and bralettes in their desired size and colour for the perfect fit and style of their choice.
Positive Outlook’s underwear is not only extra comfortable and super stylish but also kind to the planet, making it the perfect gift for any mum who wants to secure a bright future for the planet and their children.
Crystal Candle from Wakuda
This crystal candle was lovingly made to awaken your feminine energy and celebrate all that is beautiful within us. With the beautiful home scent of aqua blossom and coral this inner goddess crystal candle smells divine and instantly teases your senses, lifts and makes you smile.
~Snow Quartz~ This stone is known for its soft feminine energy that will align your chakras and balance your yin and yang. It is a stone that represents purity and will help you connect with and appreciate your inner goddess.
~Rose Quartz~ This is the stone of universal love and self-love. Connecting to the heart chakra, the rose quartz will promote inner healing and feelings of peace while dispelling negative energy and replacing it with loving vybz.
Signed Copy of Coming Home
One lucky mum can win a signed copy of Coming Home: A Guide to Being Your True Self. This gorgeous book aims to help readers break free of self-limiting beliefs and the expectations of others. It will help you rediscover your passions and become the person you really want to be. Along with Gillian’s own story, she sets out practical exercises for readers to try, Coming Home reveals how one ordinary woman turned her life around and how others can do the same.
* As an Amazon Associate I earn from any qualifying purchases
The Bloggers
This Gift Guide and Giveaway have been organised by My Balancing Act, a busy mum’s guide to getting the most out of your days, in collaboration with the family finance blog, Savvy Dad.
The amazing UK blogs behind this giveaway all offer fantastic content from parenting, finance and recipes to travel, days out and much more! Check their blogs out below for top tips and inspiration.
You can enter the Giveaway by completing as many Rafflecopter widget entry options below as you like. All entries will be collected and one winner will be randomly chosen. Good luck!
The giveaway will run from 11:59 am on 7th March 2023 to 11.59 pm on 19th March 2023.
The winners will be notified by email from rowena@mybalancingact.co.uk
The winner will have 7 days to respond after which time we reserve the right to select an alternative winner.
This prize draw is in no way sponsored, endorsed or administered by, or associated with, Facebook, Instagram, Twitter, YouTube, BlogLovin or Pinterest.
Prize draw open to over 18s only. Age verification may be required to receive some prizes.
If any prizes are out of stock then we will do our best to find a suitable replacement but cannot guarantee it.
Anyone who unfollows before the giveaway ends or doesn’t complete the required entry action will be disqualified.
The prize is non-transferable, non-refundable and cannot be exchanged for monetary value.
We may be using a parcel service or Royal Mail for some of the prizes and their standard compensation will apply in the event of loss or damage.
Some items may be sent directly by the supplier and we do not have responsibility if these go missing and we cannot replace them.
In the unlikely event one of the companies withdraws a prize we cannot offer an alternative.
The winner’s name will be stated on some or all of our bloggers’ websites and announced on Twitter and other social media channels. It will also be displayed on the Rafflecopter entry. By entering this prize draw you give your permission for this.
Please note the winner may have the same name as you, so if you see your name displayed, be aware that you are not the winner unless you have been notified by us.
The prizes won’t arrive in time for Mother’s Day and there may be some delays in receiving prizes.
Good luck, and I hope a Pounds and Sense reader wins this fabulous prize bundle!
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I have always had a feature on Pounds and Sense allowing readers to sign up to receive updates any time a new post is published.
It recently came to my attention, however, that these updates, which were meant to be sent automatically, have not always been going out. Although I’ve looked into this, with my admittedly limited technical skills I’ve been unable to figure out why it was happening or how to put it right.
I have therefore taken the ‘nuclear option’ and signed up with an alternative mailing list service called MailPoet. This has worked perfectly in my initial trials.
I don’t just want to import the old list of subscribers to MailPoet. I suspect many people will have forgotten they signed up for updates and I don’t want to be accused of spamming. So if you’d like to receive – or continue receiving – updates every time a new post is published (and other very occasional emails) please could I ask you to sign up to the new service? All you have to do is go to any page on Pounds and Sense and enter your email address in the box near the top right. Click on Let’s Keep in Touch and confirm when requested. Of course, you can cancel any time via the link at the bottom of every email.
I do apologize to existing subscribers that this service hasn’t been working as it should, but hopefully with the new service that will be a thing of the past now.
Finally, just a very quick reminder that you can also follow PAS on Facebook and on Twitter.
Thanks again for being a valued reader of Pounds and Sense 🙂
As always, if you have any comments or questions about this post, please do leave them below.
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Today I am pleased to bring you an expert guest post on a subject that unfortunately affects growing numbers of middle-aged and older people.
Separation and divorce can have a massive impact on your finances, so it’s important to be prepared and take advice as appropriate. Senior divorce lawyer Natalie Lester explains…
It’s always sad to see a marriage come to an end but it is particularly so when a couple have been together for 30 or 40 years. Unfortunately, divorce rates for those of retirement age are on the rise and our family law and divorce team have found a significant increase in the instructions received from those aged 55 and over.
There are several likely reasons for the increase, some of which include:
Life expectancy. People are living longer and many couples find they have grown apart by the time they get to their sixties and their children have left home. People often have many years ahead of them after they retire, and this can cause them to re-evaluate their life.
Reduced stigma. Throughout the 60s, 70s and 80s, there was a negative attitude and stigma towards divorce and divorcees. Today, we see a far more accepting attitude towards divorce in a more liberal society.
Female equality. In contrast to a few decades ago when women were far more likely to become housewives rather than pursue their own career ambitions, married women today often earn as much or even more than their husbands. Greater financial equality provides a greater sense of freedom so women of all ages are now more confident to end a marriage that has broken down.
Meeting new partners. This has become easier thanks to online dating websites and because retirees are more active in retirement., there is less fear that getting divorced will result in spending the rest of one’s life single and alone.
Menopause. This can be a particularly challenging time for couples and both partners can feel confused and concerned as they navigate the respective changes. Inevitably, it can highlight existing struggles, further damaging the connection between couples.
Divorcing and remarrying later in life typically involves added legal complexities. To address some of these, we have set out some top tips below:
Dividing assets on divorce after a long marriage
While it is always important that divorce settlements are divided fairly and in a mutually satisfactory manner, this issue is more crucial for older couples because after a long marriage, there is often a large matrimonial pot at stake. In addition, and in contrast to their younger counterparts, silver-splitters may be reliant on their pensions with no chance of acquiring new wealth through work. After a long marriage, assets are usually split 50/50.
The family home is often one of the most valuable assets in the matrimonial pot. There are various ways in which the court may decide to deal with this asset and it is important that you obtain legal advice to consider the options available. This will usually include selling the home and dividing the proceeds, transferring the property and buying the other spouse out or if there are multiple properties, one spouse retaining the home and the other spouse retaining another property. Court proceedings are a last resort and divorcing couples should take a constructive approach and consider all alternative dispute resolutions options to reach an agreement.
Like the family home, a couple’s pension is another key asset which needs to be divided up and the courts have extensive powers to deal with pensions upon divorce. One option (and the most common) is a pension sharing order. The order will state what percentage of your spouse’s pension pot you will receive. This share will be removed from the pension and placed into a pension in your sole name (some providers allow for internal pension transfers so that you can keep your pot within the same scheme). Pensions are a difficult area and you may need a pension expert to determine the real value of a pension pot and to advise on the various options. A good divorce lawyer will be able to advise on whether this is necessary.
Preparing for unforeseen circumstances
Loss of capacity. If one of you lacks capacity, then a litigation friend may be required. A litigation friend is someone who helps a “protected person” with their legal issues. This can be a parent, guardian, a family member or friend. If that is not possible, they will need to be represented by the Official Solicitor. The Official Solicitor acts for people who, because they lack mental capacity and cannot properly manage their own affairs, are unable to represent themselves and no other suitable person or agency is able or willing to act. It is important to consider who should step in as your litigation friend should you lose capacity to provide instructions to your lawyers. Your divorce cannot proceed until you have someone (other than your lawyer) acting on your behalf.
Wills. It is important to get a holding Will whilst you are going through the divorce process. If you were to die without a Will, the intestacy rules will kick-in. This would mean that your spouse would automatically inherit some or all of your estate. This is irrespective of the fact that you may be separated. A new Will should be drawn up once the divorce is finalised.
Protecting your wealth in new relationships including re-marriage
If a new relationship is on the horizon, it is important to think about getting a living together agreement drafted which will help protect your property should the new relationship fail.
Likewise, If remarriage is on the cards, a prenuptial agreement should be considered because a future marriage breakdown could significantly impact your financial position and any commitments you may have to children from a previous marriage. A lawyer specialising in succession planning will also be able to advise you on how to ringfence assets you may wish to pass to your children.
It is always wise to pay extra attention to tax planning after a long marriage. We encourage our clients to speak to an accountant, who can help with tax planning early on in the process.
While there is a lot to think about when getting divorced at a later stage in life, readers should remember that with the right advice, the process can be straightforward. Where possible, we always advise our clients to keep lines of communication open with their estranged spouse and to aim for a “good” divorce. By being open about your plans and finances, you are more likely to stay on amicable terms with your spouse which will benefit your wider family including any children, no matter how grown up they are! This will also help you to move the process along, not only saving time and money on legal fees, but also enabling you both to start what can be an exciting new chapter in your lives.
Today I have a collaborative post with my friends at HSBC Life for you. It’s about home insurance and how well people really understand it.
Let’s start with the most basic question, though…
What Is Home Insurance?
Home insurance provides financial protection in the event of something happening to your property (i.e. home) or your possessions. There are two main types of home insurance, contents and buildings.
Contents insurance covers your belongings for loss or damage caused by fire, theft, flood and other disasters. Buildings insurance covers the structure of the building itself, including the walls, floors, ceilings, roof, etc.
While contents insurance is generally optional (though highly recommended), buildings insurance is likely to be compulsory if buying your home with a mortgage. People who are renting will not normally require buildings insurance as this is the landlord’s responsibility, but they may still wish to take out contents insurance.
You can have separate buildings and contents insurance, but if you need both it will usually work out cheaper to get a combined policy. This may also make life simpler when the time comes to make a claim.
Home insurance clearly isn’t the most exciting of subjects, with most people regarding it as a necessary evil. But of course, if the worst happens, having the appropriate insurance cover may stop a misfortune turning into a catastrophe.
HSBC recently commissioned a study from market research company YouGov about people’s attitudes to home insurance. They polled 2,000 people in the survey, the fieldwork for which took place in May 2022.
Survey Results
The main questions asked in the HSBC survey are set out below, along with the results.
What are the main reasons people do or don’t have home insurance?
30% say it is expensive
18% say it is comforting
41% say it gives them peace of mind
49% say it is necessary
31% say it is reassuring
How much time does the average person spends researching their home insurance?
47% up to 1 hour
17% 1-2 hours
7% 1 day to 1 week
Where they do their research, if at all?
60% use price comparison websites
16% recommendations
12% customer reviews
What consideration is most important to them if they do select an insurer?
69% say price
71% say quality of cover
38% say reputation
Even for those who have purchased, do they understand what they’re buying?
72% say they understand what they have purchased
10% say they do not understand
Finally, what proportion have made a claim on their home insurance before?
39% of respondents have made a claim before
61% of respondents have not made a claim before
My Thoughts
One thing the HSBC survey results suggest is that many people don’t fully understand home insurance or give it the careful consideration it merits. In these times of rapidly rising living costs, that could be a serious mistake.
I would offer two main pieces of advice. First, think carefully about what home insurance you require. Do you need both buildings and contents insurance, or just one or the other? Think also how much cover you need, based on the value of your belongings (for contents insurance) and of your property (for buildings insurance). In the latter case, you should insure for total rebuilding costs rather than just market value, as this is what you would have to pay if your house was destroyed by fire, flood or some other disaster.
And second, shop around for your home insurance, as prices vary widely. Using a price comparison service such as GoCompare can be a smart strategy, though bear in mind that not all insurers appear on these platforms (Aviva, Zurich and Direct Line are three that don’t).
I also recommend using cashback sites like Top Cashback, as these frequently offer cashback to people taking out home insurance from companies listed with them. They may also offer cashback to anyone purchasing via a price comparison service listed on the cashback site, giving you the best of both worlds.
I’d also highly recommend reading my blog post How I Saved £511.08 on my Annual Home Insurance. And yes, I really did save that much. Though as you’ll see I had clearly been paying over the odds for my home insurance for some time. I had separate buildings and contents insurance which, as mentioned above, typically works out more expensive. What’s more, I had lazily allowed both policies to keep rolling over year after year without checking whether better deals were available. Don’t make the same mistakes I did!
Many thanks again to my friends at HSBC Life for sharing their survey results with me and allowing me to reproduce them.
As always, if you have any comments or questions about this post, please do leave them below.
This is a collaborative post.
If you enjoyed this post, please link to it on your own blog or social media:
Christmas is coming, so here’s a chance to make it extra special for one lucky winner!
I’ve joined forces with some of my fellow UK bloggers in this festive giveaway with prizes valued at over£800 in total. You can read about all the amazing prizes below and see photos as well!
Entering the giveaway is free of charge and full instructions can be found below the list of prizes. There are multiple ways to enter, and the more you do, the better will be your chances of winning. But note that where an entry requires following a social media account, you will need to continue following this account until the winner has been drawn on 20 December 2022 (or as soon after that as practicable). Before the winner is announced the organiser will check that they are still following the account in question. If not, they will be disqualified and another winner drawn.
2022 has undoubtedly been another challenging year. Although we are (touch wood) emerging from the pandemic now, the cost of living crisis is hitting many families hard. Whether you win this giveaway or not, I wish you and yours a very happy and peaceful Christmas 2022. Here’s hoping that 2023 is a brighter and more prosperous year for all of us 🙂
This giveaway has been organised by my fellow blogger Rowena Becker, who blogs at My Balancing Act. Please check out her blog and those of the other talented UK bloggers taking part (listed further down the page). And read on for full details from Rowena of all the prizes on offer and how you could win this mammoth bundle!
The Great Festive Gift Guide Giveaway 2022
We are back for another Festive Giveaway! Some of the UK’s top bloggers have united to bring you the most amazing holiday bundle of prizes. Last year’s giveaway proved to be very popular and this year’s is just as exciting, with so many prizes for one lucky winner to make their family Christmas dreams come true. In fact, we have over £800 worth of festive goodies and gifts!
KEEP SCROLLING DOWN TO ENTER AND FOR THE FULL LIST OF AMAZING PRIZES – We’ve saved some of the best till last! This is not only a giveaway but also a great holiday gift guide with ideas for the whole family this festive season.
The Prizes
PAJ GPS ALLROUND Finder 4G, a GPS Tracker for vehicles, cars, people and objects
The PAJ GPS ALLROUND Finder 4G will help our lucky winner protect what they love! The small and handy device has an SOS emergency button and alarm. Splashproof, it offers flexible use with a battery that lasts about 20 days with an active tracking time of approximately 1h/day and up to 40 days in standby mode!
The Online Tracking Advantages include:
Real-time location and live tracking. Its location will be updated every 30 seconds (even sooner if the tracker is changing direction)
365 days’ route information
SIM card will always search for the best available network
Tracking in over 100 countries
Built-in vibration sensor. As soon as the tracker is moved, an alarm will be sent via email or as push notifications via the app
We have a PAJ GPS ALLROUND Finder 4G as part of our prize bundle.
Jurassic World REAL FX Baby Blue Dinosaur Toy
This is the must have Christmas Toy this year for any dinosaur fans and we have one Jurassic World REAL FX Baby Blue Dinosaur Toy from WOW! STUFF for our lucky winner! The hyper-realistic Real FX Baby Blue makes genuine Velociraptor life-like roars, chatters, snarls and purrs, just like in the Jurassic World Dominion movie. She also replicates the actual size from the Jurassic World movies. You can hold and control Baby Blue and activate protect, lunge, battle and bite actions. Simple to operate Real FX Baby Blue makes an incredible gift for Jurassic World fans of all ages, from kids to adults!
Merlin Theme Parks Anytime Choice Voucher from Red Letter Days
Get set for an exhilarating day to remember! Our winner can spend a fun-filled day out for two people with anytime entry to a Merlin theme park with a Merlin Theme Parks Anytime Choice Voucher from Red Letter Days. The prize includes entry to either: Alton Towers Resort, Chessington World of Adventures Resort, LEGOLAND® Windsor Resort or THORPE PARK Resort.
Snuggle Slipper: Navy blue suede NSPCC rainbow slip-on slippers from Start-Rite
To mark Start-Rite’s 230th birthday, they’ve partnered with the UK’s leading children’s charity, the NSPCC to create an exclusive Snuggle slipper with a joyful rainbow design. The traditional moccasin style slipper, Snuggle, can now help to support thousands of children across the country and for every pair of Rainbow slippers sold, Start-Rite will make a donation to the NSPCC.
Crafted from a navy blue suede upper, with a bright rainbow motif and lined with snuggly faux fur, these slip-ons are sure to keep your little ones’ feet comfy and warm around the house. Our lucky winner can choose a Snuggle Slipper in the available size of their choice and you can check out the full range of slippers here.
A Swimsuit and Goggles from Halocline
You’re going to love the new styles from Halocline Swimwear! You can get your New Year off to a fresh start by winning a swimsuit and goggles of your choice. Pick your favourite design from their new range of ladies’ swimsuits at Halocline and team with a pair of goggles.
Many styles in Halocline’s collection are made from Econyl® recycled nylon yarn, which is created using waste plastics that would have otherwise ended up in the ocean.
You’ll love the fit of a Halocline swimsuit – there are styles for all shapes and sizes. There are longer length styles for the taller swimmer, swimwear with bust support, plus size swimwear and, for those looking for a bit more coverage, they even have legsuit and kneesuit swimsuits.
Not only that but the lovely people at Snow Windows are also giving our lucky winner their new One Snowy Night Scented Candle. The candle has a delightful scent of myrrh and tonka bean. Tom at Snow Windows designed the beautiful imagery . And there’s even a QR code in the candle box so you can see a video of him hand spraying the design in snow spray! Keri at Snow Windows worked with the fabulous team at Molecule to create the fragrances to stimulate your senses, create a festive mood and provoke festive memories for years to come.
Individually hand poured with love and care in a farmhouse workshop using a blend of coconut and rapeseed wax, essential oils and botanical perfume oils. They contain absolutely NO nasty phthalates, paraffin, palm , beeswax or artificial additives. The slowly burning candle features a crackling wood wick.
Milk and White Chocolate Christmas Jumpers from choconchoc
The clever folk at choconchoc have managed to combine two of our favourite Christmas traditions – the Christmas jumper and chocolate! The artisan chocolatiers have combined the two to bring you their festive Chocolate Christmas Jumpers Gift Box. These festive treats are made from a blend of the finest dark, milk and white Belgian chocolate. Each box contains four chocolate jumpers featuring Christmas reindeer and penguins and we have one box for our winner to enjoy.
Personalised Fleece Blanket from VistaPrint
Our lucky winner has the chance to get cosy with their own unique personalised fleece blanket, worth £45.00. Whether you’re looking for a fun yet practical gift or just want to add something new to your home design, personalised fleece blankets are a memorable keepsake and VistaPrint has a wonderful selection to choose from, all of which can be easily customised with your own personal messages and photos of your friends, family or even your pets!
NEW LIFE PRO Frying Pan 20cm
This is the perfect gift for any kitchen lover. It will also help you make the Christmas dinner in style! The NEW LIFE PRO frying pan is more environmentally friendly than most frying pans. It’s made of high quality 100% recycled aluminium from Europe and is produced with up to 95% less energy than conventional aluminium pans.
Produced in Switzerland, the thick base stores and distributes heat perfectly. The durable 3-layer non-stick coating reinforced with ceramic particles, is ideal for low-fat frying. It has an ergonomic stainless steel stay-cool handle and it is suitable for all hobs, including induction.
The easy cleaning saves time and water. The packaging is made of 100% recycled paper. NEW LIFE PRO from Kuhn Rikon is a range of pans produced with the aim of creating a greatly reduced impact on the environment.
Utensil Set from Mason Cash
Another wonderful gift for anyone who loves cooking, the gorgeous range of kitchen utensils from Mason Cash will put a smile on any home baker’s and cook’s face! The winner will receive the following from the set:
Innovative Kitchen Turner & Rack Grabber: Ideal for turning meat and vegetables in pans or oven trays, the slots allow liquid and oils to run free when stirring or lifting food. The handle is specially designed to pull out and push in oven racks when checking on bakes.
Innovative Kitchen Solid Spoon & Jar Scraper: The Baker’s Spoon with Jar Scraper is ideal for beating, stirring and blending. This 3-in-1 utensil features measurements for 1 tablespoon, 1 teaspoon and 1/2 teaspoon on the spoon head and a silicone jar scraper and spatula on the handle.
Innovative Kitchen Slotted Spoon: The Slotted Spoon with Egg Separator is a specially designed 2-in-1 utensil. The spoon is ideal for stirring and draining food in water, sauces or oils and the slots on the spoon head are designed to separate egg whites from yolks. The grooves on the back of the spoon handle allows the spoon to sit on a Mason Cash Mixing Bowl or Pudding Basin, making separating your eggs easy.
Innovative Kitchen Spatula: The Spatula is perfect for stirring mixes and scraping bowls and pans clean. The head can be removed and used as a bowl scraper and the small spatula is perfect for spreading frosting onto cakes and scraping the inside of jars.
Innovative Kitchen Whisk & Reamer: The Whisk and Reamer is a specially designed 2-in-1 Utensil. The stainless steel balloon whisk is perfect for whisking eggs, cream and cake mixtures and the reamer handle is perfect for juicing lemons and limes.
NORDIC WARE Cosy Village Pan
This lovely cast aluminium non stick cake tin features six unique cottages. The intricate cosy village cake pan detailing makes them fun and easy to decorate so your guests and family will love having their own mini cottage cake. The cast aluminium non stick cake tin is made to last so you can use time-after-time. The interior non-stick coating on the muffin moulds pan makes for easy release and quick clean up time after baking.
Opinel Gardeners Gift Set
This 3pc Opinel Gardening Set makes a beautiful Christmas gift for any garden lover. Presented in an attractive wooden display box, the set includes a folding saw, garden knife and pruning knife, all with beautiful beech handles and VIROBLOC safety locking ring.
Kids Against Maturity Card Game
Are you ready to laugh out loud with your kids this Christmas? Good, because this game will have the whole family in stitches! Kids Against Maturity is the perfect way to spend quality family time together. Made and played by parents, the game includes age-appropriate toilet humour and funny innuendos for the adults. It can be enjoyed by the whole family and is the ideal game to keep everyone entertained on Boxing Day!
The Fuzzies Game
The Fuzzies is the must have game this Christmas! Create gravity-defying towers out of the fuzzy little balls. The aim of the game is to not knock over the tower as you skilfully remove the colour of fuzzy that you’ve drawn from the cards using either tweezers or your fingers. Sounds simple right?! Wrong! The rules state you can not get out of your seat! Once you’ve removed your fuzzy you can stick it anywhere higher on the tower. The Fuzzies is so much fun for all ages.
Mickey’s Christmas Carol
Another fantastic game for the whole family to enjoy, Mickey’s Christmas Carol is both festive and fun! Focusing on simple gameplay and collaboration, players work together to complete their story tableau – Christmas Past, Present and Future from this timeless classic. Puzzle tableaus depict iconic moments from the story, and players must complete them in order before Scrooge wakes on Christmas morning. The game includes a wooden Scrooge mover to track your progress and six beautifully illustrated scenes inspired by the Disney classic.
RAINBOW Notebook from Belly Button Designs
This lovely RAINBOW notebook is perfect for writing down all your dreams and ambitions for 2023. With a gorgeous rainbow on the front cover and the words Dream Big, it makes a lovely gift for Christmas.
Christmas Robins China Mug
This beautiful new bone china Robins Mug from Belly Button Designs is perfect for Christmas. The lovely robins will get you in the festive spirit. We have one gorgeous mug for our lucky winner as part of the prize bundle.
Magic and Cheer Luxury Scented Christmas Candle
You will be transported to a festive wonderland with this lovely citrus led scented Magic and Cheer Candle in a tin from The Copenhagen Company. The fragrance is entwined with a blend of delicious Christmas spices including cinnamon and cloves, sweetened with a touch of vanilla and held together with the warm and woody notes of sandalwood and cedar.
CARDOLOGY Peter Rabbit Christmas card
This lovely Peter Rabbit keepsake Christmas gift from the iconic Beatrix Potter stories will make Christmas extra special for your little ones. This officially licensed handmade 3D pop up Peter Rabbit Christmas Card brings to life, all of the characters, like Peter Rabbit, Flopsy, Mopsy, Cottontail, Jemima Puddleduck and Mrs Tiggywinkle as they decorate the Christmas tree.
This is a beautiful Christmas card that can be kept on display long after the event and can be brought out year after year as a Christmas decoration. A keepsake Christmas gift for the memory box, especially with the addition of a pull out notecard insert so your message won’t be on show when the card is displayed. The packaging cleverly reverses to become a beautifully designed gifting envelope, making it a lovely gift and card for a loved one.
This card is produced under licence from Penguin Ventures.
Forever Living – Smoothing Exfoliator
This smoothing exfoliator won the Woman & Home Beauty Award 2021 in the Best Exfoliator category. It is eco-friendly using natural jojoba and bamboo – no nasty plastic microbeads. It combines ingredients that gently reveal healthy, glowing skin. Round jojoba beads massage the skin and penetrate hard-to-reach places for ultimate cleansing while sustainably sourced granules of bamboo delicately remove dead skin cells.
Natural extracts including bromelain, papain and lemon essential oil help regenerate the skin. Bromelain, an enzyme obtained from pineapple, destroys keratin, a protein in dead skin cells. Papain from papaya is rich in vitamins A, C, E as well as pantothenic acid, better known as B5—a water-soluble vitamin crucial for healthy skin. Lemon essential oil then richly moisturises and hydrates the skin for a youthful glow.
Grape juice extract and other antioxidants ensure effective and gentle exfoliation to reveal glowing skin. Designed to be used 2-3 times a week, exfoliated skin feels silky and smooth and is primed for better absorption of subsequent skincare products.
This stylish pink handbag from Amazon Fashion makes a beautiful gift for someone this Christmas. Amazon Fashion have the perfect present, whatever your budget.
The Bloggers
In order to be able to bring you this incredible giveaway some of the UK’s top bloggers got together and contributed. A massive thank you to our bloggers for making someone’s Christmas extra special! The bloggers taking part are:
You can enter the Christmas Giveaway by completing as many Rafflecopter widget entry options below as you like. All entries will be collected and one winner will be randomly chosen. Good luck!
The giveaway will run from 11:59 am 3rd December 2022 to 11.59 pm 19th December 2022.
The winners will be notified by email from rowena@mybalancingact.co.uk
The winner will have 7 days to respond after which time we reserve the right to select an alternative winner.
This prize draw is in no way sponsored, endorsed or administered by, or associated with, Facebook, Instagram, Twitter, YouTube, BlogLovin or Pinterest.
Prize open to over-18s only. Age verification may be required to receive some prizes.
If any prizes are out of stock then we will do our best to find a suitable replacement, but cannot guarantee it. The prize for the Innovative Utensils only includes what is listed and not the full set in the picture.
Anyone who unfollows before the giveaway ends or doesn’t complete the required entry action will be disqualified.
The prize is non-transferable, non-refundable and cannot be exchanged for monetary value.
We may be using a parcel service or Royal Mail for some of the prizes and their standard compensation will apply in the event of loss or damage. Some items may be sent directly by the supplier and we do not have responsibility if these go missing and we cannot replace these.
In the unlikely event one of the companies withdraws a prize we cannot offer an alternative. The winner’s name will be stated on some or all of our blogger’s websites and announced on Twitter and other social media channels. It will also be displayed on the Rafflecopter Entry. By entering this prize draw you give your permission for this.
Please note the winner may have the same name as you so if you see your name displayed, be aware that you are not the winner unless you have been notified by us. We cannot guarantee the prizes will arrive in time for Christmas and there may be some delays in receiving prizes.
Good luck, and I hope that a Pounds and Sense reader wins this amazing giveaway!
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Being a pet parent can be an enriching experience or an abject disaster, depending on how prepared you are. Whether you are looking to bring a fluffy, four-legged friend into your home or you’re looking for something more exotic, there are several things you should keep in mind when bringing any animal into your family.
Consider All the Costs Involved in Pet Keeping
When we consider adopting a pet, the cost may not be your first consideration, but it should be. Aside from the adoption fees and the cost to feed your new friend each month, there are several other costs you will need to consider when you’re budgeting for a new pet. According to some sources, the estimated cost to keep a pet dog in the UK is around 1,875 GBP a year, which excludes any adoption fees or travel costs associated with bringing your new companion home.
Unexpected veterinary bills can also involve hefty costs if you’re not prepared. To keep these unexpected costs to a minimum, consider taking out pet insurance from Petsure for your new family member.
Prepare for a Long-Term Companion
While our furry, scaly, or feathered companions may not have the same lifespan as us, with some exceptions, it is essential that you research how long your pet’s average lifespan is in captivity before you adopt. Many people don’t consider that some fish can reach the ripe old age of 15 years old or that some reptiles have been known to exceed the 60-year mark. This is a huge time commitment and not one that should be taken lightly.
Pet-Friendly Properties and Pet Proofing
Thanks to the popularity of pet ownership, with an average of 62% of UK households owning at least one pet, many residential properties allow pet ownership in some form. However, while the average landlord may not have an issue with a small dog or cat, you should always check to see if they have any restrictions before starting any adoption process. This is particularly important if you plan to adopt a large dog breed or an exotic pet like a lizard or snake.
Even smaller animals that require some outdoor exercise time, like rabbits and guinea pigs, may not be welcome in all complexes. Once you’ve checked that your pet is welcome, ensure that your property is ready for them too. If you live in an area with open gardens, you may need to make a plan to install a fence or barrier to keep your pet within your property.
Get Your Whole Household On Board
While you may be super excited to adopt a new family member, pets tend to take over households. Whether it’s a cute kitten looking to make mischief under the sofa or a ball python that enjoys the occasional frolic around the living room, animals should be allowed some freedom to play outside of your bedroom. So, make sure your whole household approves of the new addition before you bring them home. Also, keep in mind that you may need to rely on the people in your house to take care of your animal when you are away, so making sure they are comfortable with your critters should be a top consideration.
Whether you are looking to add a cute fluffy hamster or a large scaly tortoise to your family circle, doing your research is key to a long and happy future together. And remember to always keep the animal’s needs and care requirements in mind before making any adoption decisions.
This is a collaborative post.
If you enjoyed this post, please link to it on your own blog or social media:
Investing can be confusing, and it’s easy to lose track of where your money is going. Thankfully, Microsoft Excel has many tools that can help you effortlessly track your investments.
Excel offers many ways for users to easily track their investments, such as by tracking the value of their portfolio over time, analyzing past performance, and comparing how different asset classes performed in similar market conditions.
Excel can also help investors stay on top of balances and transaction activity across multiple accounts. It allows them to visualize how these transactions affect their total wealth over time. This information can help investors decide when to invest more or pull out some cash for other uses.
Excel can be beneficial for investment tracking, especially if you’re saving for retirement and want to see how much progress you’ve made over time.
You can either enrol in Excel training to learn a few tips or tricks to analyze your investment data (which will serve you well for life), or you can follow the guide below for a quick solution.
Create a Portfolio
A portfolio is a collection of individual investments held by an investor. A typical portfolio will include stocks, bonds, mutual funds, exchange-traded funds (ETFs), options, and other securities.
If you’re looking to create a portfolio in Excel, here’s how to do it:
1. Open up the spreadsheet application on your computer,
2. Click on ‘File’ and select ‘New’.
3. Select ‘Blank Workbook’ from the new screen’s drop-down menu. This will open up a new file for you to start creating your portfolio in Excel.
4. Type the heading ‘Accounts’ in one of the columns. The accounts should be listed from largest to smallest by value or assets under management (AUM). We recommend listing these accounts as rows instead of columns to make it easy to track.
5. Create columns for the type of investment you have in your portfolio against each account. These include cash accounts, bonds, fixed-income funds, stocks and equity funds, commodities, and other assets like real estate or intellectual property rights.
6. Now create another column with the heading ‘Shares/Investment’ and enter the data for each investment appropriately.
7. You can add columns related to Date, Security Name, Number of Shares or Units Owned, Purchase Price Per Share/Unit (or Cost Basis), and Current Market Value Per Share/Unit (or Current Value). In addition, add columns for Cost Basis (the original purchase price), Gain/Loss Per Unit, and Total Gain/Loss For All Units (for each security).
8. You may also want to include columns for Percent Gain/Loss.
9. Save the spreadsheet as an Excel file and then close it.
Use the ‘Difference Formulas’ in Excel
Excel’s most useful feature is its ability to calculate differences between two numbers. For example, if you have a list of investment values and you want to know how much money you have made since your purchase, you can try the following method:
1. Click the cell where you want to calculate the difference between your asset’s current price minus its original purchase value.
2. Type the equal sign ‘=’ and then select the cell containing the current value of your investment.
3. Type the minus sign ‘-‘ and then select the cell containing the original purchase price of the investment.
4. Press enter, and the difference will be calculated.
5. Now click and press the small square at the end of that cell (containing the difference), and drag it downwards to calculate the difference of each dataset automatically.
Use the ‘Percent Return Formulas’ in Excel
To track the return on investment over time, you can use Microsoft Excel’s percent return formulas. These formulas calculate the percentage increase or decrease in an investment’s value over time.
The formula for percent return is: (Current price – Purchase price) ÷ Purchase price
Here’s how you can apply the percent return formula in Excel:
1. Select the cell where you want the percent return formula to be calculated.
2. Type the equal sign ‘=’ and add an open parenthesis ‘(‘.
3. Select the cell containing the current value of your investment.
4. Type the minus sign ‘-‘ and select the cell containing the original purchase price of your investment and then close the parenthesis ‘)’.
5. Now, type the forward slash ‘/’ and select the cell containing the original purchase price.
6. Press enter, and the percent return will be calculated.
7. To make values appear as percentages, right-click on the cell, select the option of Format Cells, and select Percentage under the number tab.
8. Once done, click and drag the small square at the bottom right corner of your percent return cell and copy the formula for the rest of the dataset.
Use Advanced Excel Features to Customize your Sheet
Functions in Excel are a way for you to manipulate data in Excel programmatically. They can be used to perform calculations, transform data, and create new values.
You can find a list of all built-in functions in the Formula tab menu in Excel. To access it, click on any cell, navigate to the Formula tab and choose the ‘Insert Function’ option. The Insert Function dialogue box will appear, from where you can choose the function you are looking for by going through the list.
Here are the 10 most popular functions in Excel:
SUM function
IF function
LOOKUP function
VLOOKUP function
MATCH function
CHOOSE function
DATE function
DAYS function
INDEX function
FIND, FINDB functions
The best way to learn about each function is by using it. Try out different arguments and see what happens.
To Conclude
Excel is an excellent way to track investments because it saves and calculates dependable data. Also, you can use the program to graph your data and see how they change over time.
Thank you to my friends at Acuity Training for an informative guest article.
I use Excel spreadsheets for keeping track of my self-employed earnings and send them to my accountant once a year so that he can produce my annual accounts from them.
I do also use Excel for keeping track of my investments, but only in a very basic way. This article has inspired me to be a bit more ambitious with Excel and use formulas to automatically calculate the total and percentage returns from my investments, and so forth.
As always, if you have any comments or questions about this post, please do leave them below.
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