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.
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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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Today I have an infographic for you from my friends at ecommerce platform Quill. It sets out some of their top tips for working from home, and especially making the most of technoiogy.
While the purpose of technology is to make life easier, working from home comes with its own set of challenges. But with time – and by following some basic tips and guidelines – remote work can go from feeling like an uneasy compromise to becoming an accessible, convenient and comfortable way of working.
Whether you’re a technology guru or a novice, remote work shouldn’t feel like an obstacle course. Technical problems such as lagging wifi, for example, can be resolved by means of an upgraded modem or network extender. Other common consequences of working remotely, however – including loneliness and lack of motivation – are more difficult to tackle and can negatively affect efficiency and productivity.
Fortunately a few changes to your remote working approach can make a huge difference. From your choice of attire to the design of your workspace and how you communicate with colleagues, this graphic shares a few simple but effective hacks to help overcome remote-working challenges.
Many thanks again to Quill for their infographic and tips. I have been working from home for over 30 years myself now, so I do generally agree with all of the above. I have very occasionally been known to work in my pajamas but have to admit this is best avoided really!
I definitely agree it’s best to have part of your home as your designated workspace. Ideally this could be a separate study or office, but at least a quiet corner where you can set up your equipment and files and not have to pack everything away at the end of the day. Growing numbers of people are now using garden sheds or extensions for home working, and this can also be a good solution.
Garden office pods are another option that is growing in popularity. These can provide a space-saving refuge in which you can avoid noise and other distractions and focus on getting your work done.
I also think that if you’re working from home, it’s vital not to let yourself become isolated. It’s very important to keep up connections with colleagues, friends and family. Home working can be especially challenging if you like and are accustomed to having colleagues to talk to. You really do need to build some social interactions into every day if possible – ideally face to face, but at least via the phone and/or social media. Your mental health may depend on it 🙂
As always, if you have any comments or questions about this post, please do leave them below.
Disclosure: Posts on Pounds and Sense may include affiliate links. If you click on one of these and go on to make a purchase or perform some other defined action, I may receive a commission for introducing you. This will not affect in any way the price you pay or the product or service you receive.
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I recently returned from a three-night break in Barmouth in Wales. The town is also known by its Welsh name of Abermaw.
Barmouth is a traditional Welsh seaside resort. I’ve visited a few times over the last few years but haven’t actually stayed there for over 25. I thought it was high time I rectified that!
On this occasion I stayed at Tyr Graig Castle, a hotel I discovered online and booked via Booking.com. I’ll say more about the accommodation below.
Barmouth is about ten miles south of Harlech. The nearest large town is Aberystwyth. Here is a map of the area from Google Maps.
Accommodation
As mentioned above, I stayed at a hotel called Tyr Graig Castle. Unfortunately I neglected to take any photos of the exterior, but you can see the view from my bedroom window in the cover image (including a length of parapet!). There are, of course, more photos on the hotel website.
Tyr Graig Castle is a characterful Victorian building, originally constructed in the late 1890s. it retains the style of the Victorian era, with stained glass windows, wood panelling and highly decorated floors and ceilings.
Tyr Graig is a traditional Welsh name and translates as ‘House on the Rock’. It stands about 200 feet above Barmouth, overlooking Cardigan Bay, across which can be seen the Llyn peninsula and Bardsey Island. The building was completed in 1892 as a family home for W.W. Greener, a famous Birmingham gunsmith. It was designed in the Gothic style that was popular at the time. Its unique shape was chosen by Mr Greener himself. It resembles both a medieval castle and an open double-barrelled shotgun when viewed from above.
I stayed in a first-floor turret room. This had round walls, and windows providing stunning views across the bay. There was a small bathroom with a shower rather than a bath. While generally I found the room perfectly comfortable, I did find the lighting rather dim. There was no ceiling light, just some uplighters on the walls and bedside lamps with low-powered energy-saving bulbs. My eyes are admittedly not the best these days, but I had to use the torch app on my phone in the evening to see well enough to read!
The breakfasts (and optional evening meals) at Tyr Graig Castle are served in the dining room and adjacent conservatory. The latter has wonderful views out to sea and there was a bit of a rush to get one of the four window tables (see photo below). Early risers had a definite advantage here! I was pleased to discover that they recently reinstated the breakfast buffet, where you can help yourself to cereal, fruit, yogurt and so forth. You could then order a cooked breakfast which was brought to your table. These were excellent and set me up for the day 🙂
You could also opt to eat in the restaurant in the evening. Like most guests (as far as I could judge) I chose to do this, as Tyr Graig Castle is a little way out of the town centre and other dining options in the area are limited unless you want to drive. The food was good and the portions were generous. My only slight criticism is that the menu was the same every night. There was a reasonable choice, but a bit more variety day to day (even if just a daily special) would have been appreciated.
The service from both the staff and the charming owners (Mike and Trudy) was uniformly excellent. The hotel had free wifi which worked perfectly during my stay (not always the case in my experience).
One other observation is that this is the first time I had stayed in a hotel – as opposed to self-catering – since the days of the pandemic. I was pleased to discover that by and large things are back to normal now. One small difference is that I was asked at check-in if I wanted my room serviced every day. It was the first time I can remember being asked this, as pre-Covid it would have been assumed. But I guess some people are still nervous about having someone else in their room even if they aren’t there at the time. So I do understand why the hotel ask this now.
Financials
As Pounds and Sense is primarily a money blog, I should say a word about this.
I paid £336 for my three-night stay at Tyr Graig Castle, which works out to £112 per night (including VAT). Considering that included a substantial breakfast as well, I thought the price was very reasonable.
The optional evening meals were, of course, extra. The prices were, I would say, good value as well. I paid around £25 a night for my evening meals, which included a main course and dessert (or cheese and biscuits) and coffee. I generally had a small bottle of sparkling water with the meal, but if I had gone for wine or beer, that would obviously have pushed the price up a bit.
Things to Do
I won’t give you a full account of everything I did while I was there, but here are a few highlights.
Harlech
Harlech is about 20 minutes’ drive north from Barmouth (or a short train journey on the scenic Cambrian line). I spent my first morning here.
Harlech has some charming shops and cafes, and a long, sandy beach. But it is probably best known for its stunning castle (see photo above).
Harlech Castle was built by Edward I during his invasion of Wales between 1282 and 1289. Since then it has had a long and interesting history, including serving as the home and military HQ of Owen Glendower, the Welsh prince who led a long-running war of independence with England during the late Middle Ages. UNESCO considers Harlech Castle, with three others at Beaumaris, Conwy and Caernarfon, to be one of “the finest examples of late 13th century and early 14th century military architecture in Europe”, and it is classed as a World Heritage Site.
Admission to Harlech Castle costs £8.30 for adults or £7.70 for seniors (over 65). You can also buy a family ticket for two adults and up to three children for £27.40. Children under 5 receive free entry, as do people with disabilities and their companions. All prices are correct as at September 2022.
Harlech Castle is impressive and well worth a visit. You can climb the stone staircases in several of the towers and walk along the battlements (obviously you need to be reasonably fit to do this). From up here you can enjoy spectacular views across the sea and towards the mountains of Snowdonia. At ground level there is a room with some information about the castle and its history. I was glad to have this, as the ticket office had run out of guidebooks in English and only Welsh language ones were available.
I should maybe also mention that Harlech Castle has an excellent cafe with plenty of seating inside and out. I enjoyed a very nice cappuccino and cake here!
Portmeirion
Portmeirion is a beautiful Italianate village created by the architect Clough Williams Ellis. These days it is probably best known as the location for the 1960s cult TV series The Prisoner, starring Patrick McGoohan. I drove here in the afternoon after spending the morning in Harlech. It’s a wonderful place to while away a few hours.
There is an admission fee to get into Portmeirion, At the time of writing (September 2022) this is as follows:
Adult £17.00
Concessions £13.50 (this applies to anyone aged 60+ or a student with a valid student ID)
Children £10.00 (5-15 years)
Children (under 5 years) Free
There are also discounted family tickets for various permutations of adults and children.
You can also get free admission (in the afternoon) by booking a minimum two-course lunch at Castell Deudraeth; this is part of the Portmeirion estate, a short walk from the village itself. Free admission to the village is also available if you book a spa treatment or afternoon cream tea there.
More information is available on the Portmeirion website. One thing you may need to know is that they don’t allow dogs (other than guide dogs) into the grounds.
Fairbourne Railway
The Fairbourne Railway is a miniature steam railway. It’s a bit of a drive to get there from Barmouth, as you have to cross the estuary, which entails driving several miles inland and back again. However, you can get a ferry (actually a motorboat) from Barmouth seafront that takes you to the far end of the Fairbourne Railway in under ten minutes. This costs the princely sum of £2.50 (September 2022 price) and provides some wonderful views of Barmouth and the railway bridge. Highly recommended!
If you are energetic you can also walk from Barmouth to Fairbourne via the railway bridge (which isn’t open to cars). On this visit I ended up walking to the Fairbourne Railway and then getting a ferry back.
A one-way trip on the Fairbourne Railway costs £7.60. Alternatively you can buy a Day Rover ticket for £11.50 which entitles you to go up and down the line as many times as you like. This is obviously better value! You can choose whether to travel in an open or closed carriage (it all costs the same). There is a small museum at the Fairbourne end of the line with information about the railway’s history and some exhibits. There is also a separate room housing a large model railway. This is free to enter, but you have to insert a coin to watch the train go round 🙂
The ticket office at Fairbourne incorporates a cafe selling drinks, sandwiches and snacks (no cooked meals though). At the Barmouth Ferry end of the line there is also a cafe but this is only open during the peak summer months.
Final Thoughts
I enjoyed my short break in Barmouth and am happy to recommend both the town and the hotel where I stayed for a short break.
As mentioned above, Barmouth is a traditional Welsh seaside resort, and none the worse for that. It has a clean, attractive promenade and a beautiful sandy beach which goes out a long way to the sea. It is hard to imagine it getting overcrowded!
There is plenty to do for families with children, including a funfair and amusement arcades. There are various restaurants and fast food outlets along the seafront. There is also a railway station with regular trains to Pwllheli in one direction and Aberystwyth and beyond in the other. Road connections are good as well.
Also worth checking out while you are there are Ty Crwn, a 19th century lockup for drunks and petty offenders (picture below). There is also a small museum near the seafront dedicated to the town’s maritime history. Entry to this is free, though donations are appreciated.
Finally, as mentioned above, I recommend taking a stroll across the half-mile-long railway bridge over the Afon Mawddach river. This is the longest timber viaduct in Wales and one of the oldest in regular use in Britain (it opened in 1867). It offers some stunning views across the estuary. You can also walk on to Fairbourne and the Fairbourne Railway (see above).
As always, if you have any comments or questions about this post, please do leave them below.
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I’ll begin as usual with my Nutmeg Stocks and Shares ISA. This is the largest investment I hold other than my Bestinvest SIPP (personal pension). Withdrawals from the latter are still on hold, incidentally, to avert the risk of pound-cost ravaging.
As the screenshot below of performance last month shows, my main portfolio is currently valued at £19,292. Last month it stood at £20,344 so that is a fall of £1,052.
Apart from my main portfolio, I also have a second, smaller pot using Nutmeg’s Smart Alpha option. This is now worth £2,921 compared with £3,091 a month ago, another fall of £170.
Here is a screen capture showing performance since January 2022. As you can see, I topped up this account in February this year.
There is no denying that these falls are disappointing, especially with my Smart Alpha portfolio now worth less in total than I have contributed to it. As I’ve noted previously on PAS, however, you do have to expect ups and downs with equity-based investments. And this year there has been no lack of volatility, caused by rising inflation, the war in Ukraine and the aftermath of the pandemic (among other things).
About my only consolation is that things could have been even worse if – paradoxically – I’d opted for a lower-risk level with my investments. In their latest blog update, Nutmeg reveal that low and medium-risk portfolios actually performed worse overall last month than high-risk ones. I have copied below their explanation for this:
By design, Nutmeg’s low- and medium-risk portfolios have more exposure through ETFs to assets that are priced in sterling and with limited foreign currency exposure. As you will have seen in the headlines this week, the pound hit an all-time low against the dollar with markets initially placing little faith in the chancellor’s tax-cutting and pro-growth agenda.
This year it has been rewarding to hold foreign currency with sterling particularly weak versus the dollar. Some of our high-risk portfolios have benefited from currency moves, while low- and medium-risk portfolios have not. They haven’t lost money from having low foreign currency exposure, they just haven’t benefited from it.
Secondly, low- and medium-risk portfolios by design have more exposure – again through ETFs – to government bonds, which in ‘normal’ times are considered something of a safe haven and have much lower volatility than equities. After all, it is still highly unlikely that the UK government would default on its debts.
In a nutshell (no pun intended) low- and medium-risk Nutmeg portfolios hold a higher proportion of investments in pounds sterling and UK government bonds. These are normally regarded as lower risk, but last month both took a particular hammering. So in comparison nominally higher-risk portfolios like mine actually performed somewhat better.
This is one more reason I’m glad I opted for higher risk levels with my Nutmeg portfolios (9/10 for my main one and 5/5 for my Smart Alpha). If you haven’t yet seen it, you might also like to check out my blog post in which I looked at the performance over time of Nutmeg fully managed portfolios at every risk level from 1 to 10 . I was actually pretty amazed by the difference risk level makes, with higher-risk ports over almost any period of three or more years in the last ten generating significantly better overall returns. If you are investing for the long term (and you almost certainly should) opting for a hyper-cautious low-risk strategy may not be the smartest thing to do.
Since I started investing with Nutmeg in 2016 – and despite everything that has happened this year – I have still made a total net return on capital of £4,977 (35% or 52.35% time-weighted) on my main portfolio. So I can afford to be philosophical about the recent falls. Indeed, I am considering topping up my Nutmeg investments again now while asset values are depressed.
You can read my full Nutmeg review here (including a special offer at the end for PAS readers). If you are looking for a home for your annual ISA allowance, based on my experience over the last six years, they are certainly worth considering.
Moving on, my Assetz Exchange investments continue to perform well. Regular readers will know that this is a P2P property investment platform focusing on lower-risk properties (e.g. sheltered housing). I put an initial £100 into this in mid-February 2021 and another £400 in April. In June 2021 I added another £500, bringing my total investment up to £1,000.
Since I opened my account, my AE portfolio has generated £76.51 in revenue from rental and £63.58 in capital growth, a total of £140.09. That’s a decent rate of return on my £1,000 investment and does illustrate the value of P2P property investment for diversifying your portfolio when equity markets are volatile.
I now have investments in 23 different projects and all are performing as expected, generating rental income and in most cases showing a profit on capital as well. So I am very happy with how this investment has been doing. And it doesn’t hurt that most projects are socially beneficial as well.
To control risk with all my property crowdfunding investments nowadays, I invest relatively modest amounts in individual projects. This is a particular attraction of AE as far as i am concerned. You can actually invest from as little as 80p per property if you really want to proceed cautiously.
Another property platform I have investments with is Kuflink. They continue to do well, with new projects launching almost every day. I currently have around £2,500 invested with them in 14 different projects. To date I have never lost any money with Kuflink, though some loan terms have been extended once or twice. On the plus side, when this happens additional interest is paid for the period in question. At present most of my Kuflink loans are performing to schedule, though two recently had their repayment dates put back by three months.
My loans with Kuflink pay annual interest rates of 6 to 7.5 percent. These days I invest no more than £200 per loan (and often less). That is not because of any issues with Kuflink but more to do with losses of larger amounts on other P2P property platforms in the past. My days of putting four-figure sums into any single property investment are behind me now!
Nowadays I mainly opt to reinvest the monthly repayments I receive from Kuflink, which has the effect of boosting the percentage rate of return on the projects in question
Obviously a possible drawback with Kuflink and similar platforms is that your money is tied up in bricks and mortar, so not as easily accessible as cash savings or even (to some extent) shares. They do, however, have a secondary market on which you can offer any loan part for sale (as long as the loan in question is performing and not in arrears). Clearly that does depend on someone else wanting to buy it, but my experience has been that any loan parts offered are typically snapped up very quickly. So if an urgent need arises, withdrawing your money (or part of it) is unlikely to be an issue.
You can read my full Kuflink review here. They offer a variety of investment options, including a tax-free IFISA paying up to 7% interest per year with built-in automatic diversification. Alternatively you can now build your own IFISA, with most loans on the platform (including the one shown above) being IFISA-eligible.
My investment in European crowdlending platform Nibble continues to perform as advertised. My latest investment was in their Legal Strategy. These are loans that are in default and facing legal action. Nibble buy these loans at a heavily discounted rate and then seek to recover as much as possible of the money owed. The minimum investment is 10 euros and the minimum period is six months. I invested 100 euros for 12 months initially at a target annual interest rate of 12.5%.
The Legal Strategy comes with a deposit-back guarantee. This is a guarantee to return the full investment amount at the end of the investment period and a minimum yield of 9% per year. The actual yield depends on how successful recovery efforts prove, so in practice you may end up with a return of anywhere between 9% and 14.5%. All has gone to plan so far, but I will obviously continue to report on this in the months ahead.
Moving on, I had another article published on the always-excellent Mouthy Money website. This one is entitled My Odd Smart Meter Story and Why Despite This I Still Recommend Them. In the article I discuss my rather strange experiences with a smart meter, which stopped working after I switched supplier and then rather mysteriously started again two years later! As per the article title, I do still recommend getting a smart meter, especially in these times of soaring energy bills.
Also in September I enjoyed a final (probably) short break of the year in Barmouth in Wales. I stayed at a Victorian Gothic hotel called Tyr Graig Castle. I was lucky with the weather, and enjoyed visiting nearby Harlech and Portmeirion (see cover image) as well as Barmouth itself.
I shall be publishing a full review of my short break in Barmouth soon. In the meantime, here is a photo of a rather splendid sunset taken from the hotel restaurant…
Finally, I know a lot of people are extremely anxious about the cost-of-living crisis. As I said last time, though, it’s important not to panic. I recommend a three pronged-approach of maximizing your income, minimizing your expenditure, and budgeting carefully (using your resources as effectively as possible, in other words).
Bear in mind, also, that a range of government support measures have been announced to mitigate the worst effects of the crisis. This government Help for Households website has a useful summary of all the help available and is regularly updated.
In the meantime, please do check out some of the other posts on Pounds and Sense for additional advice and resources, especially in the Making Money and Saving Money categories.
That’s all for today. As always, if you have any comments or queries, feel free to leave them below. I am always delighted to hear from PAS readers
Disclaimer: I am not a qualified financial adviser and nothing in this blog post should be construed as personal financial advice. Everyone should do their own ‘due diligence’ before investing and seek professional advice if in any doubt how best to proceed. All investing carries a risk of loss.
Note also that posts may include affiliate links. If you click through and perform a qualifying transaction, I may receive a commission for introducing you. This will not affect the product or service you receive or the terms you are offered, but it does help support me in publishing PAS and paying my bills. Thank you!
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Today I am looking at Buy Now Pay Later (BNPL). This is a retail payment option that has grown massively in popularity over the last year or two. It is most often used online but is also available at some physical stores (e.g. New Look).
Most people’s first contact with BNPL comes when they are shopping online and it appears in the list of payment options.
As the name suggests, BNPL allows you to buy a product (or products) now and pay later. This typically involves paying a deposit followed by a short series of instalments. You may also be offered the opportunity to pay the entire sum after 30 days with no initial deposit.
So if – for example – the product/s in your basket cost £90, with BNPL you may be able to purchase with a down payment of just £30 and two further instalments of £30 at 30-day intervals.
One big attraction of BNPL compared with credit cards is that generally if you pay your instalments on time, you will not be charged interest. The BNPL firms make money by taking a commission from the retailer, which means they don’t need to charge anything to customers.
Another possible attraction of BNPL is that you won’t normally be required to complete a formal (‘hard’) credit check. You will just be asked a few quick questions and will be told there and then if you are eligible. The fact that you applied for BNPL won’t generally appear in your credit file or affect your personal credit score (whereas applying for a credit card certainly will).
This is likely to change in future, however, with greater regulation coming to the sector from 2023. Hard credit checks may be required from then on, in response to fears that BNPL is encouraging some people to spend more than they can afford.
BNPL is offered by a range of financial services companies, the best known of which in the UK are Klarna, Clearpay and LayBuy.
Who Uses BNPL and For What?
Research from HSBC shows BNPL has become the second most used form of finance behind credit cards (see graphic below). Women are more than twice as likely as men (43% v 21%) to use it.
The HSBC survey found that BNPL was most popular among 25-34-year-olds, with nearly half saying they had used it in the past year (49%), followed by 18-24s (45%) and 35-44s (45%).
As regards what it is used for, the survey found that clothing was the most frequent purchase type with BNPL, followed by food & beverages, shoes, appliances & electronics, and games & toys. This is summed up in the graphic below.
What Are the Pros and Cons of BNPL?
In the HSBC survey, those using BNPL said they valued it over other forms of finance because of the ability to spread payments (20%). They found it quick and easy to use (15%) and more affordable (13%) – with 87% of people who had used it in the past 12 months saying they were likely to use it again in the next year.
BNPL is also popular among people who like to try before they buy (typically with clothing). By buying this way, you may be able to try your purchase without any monetary outlay and return it with no further commitment if you don’t like it.
Sixty percent of BNPL users in the HSBC survey did express some caution, however, saying one of the top three drawbacks was it was too easy to get into debt or overspend. One in five listed lack of availability as a key disadvantage (20%), while one in ten (12%) said the fact it didn’t build their credit score was an issue.
These concerns were also raised by those who hadn’t yet used a BNPL service – with 62% saying one of the main barriers to use was it appeared to be too easy to get into debt or overspend, and nearly one in three (30%) saying that was the primary factor.
Thanks again to my friends at HSBC UK for allowing me to share their survey results and graphics.
With the current cost-of-living crisis, many of us are feeling the pinch at the moment. So it is easy to see the attraction of BNPL for helping budgets stretch a little bit further.
In my view, BNPL can be a sensible option if you need short-term credit and are confident you will be able to repay the money over the period specified. One big attraction is that most BNPL offers do not involve paying any interest as long as you stick to the terms of the agreement. Neither is using BNPL likely to affect your credit score (though it won’t help build it either). And, as mentioned above, payment-in-30-day offers can allow you to try before you buy without any up-front financial outlay.
Some BNPL firms also offer longer-term credit up to 18 months. A hard credit check is required for this and interest will be charged, so this is more like a personal loan. Interest rates tend to be high and you may end up paying back considerably more than you borrowed. I do not recommend going down this route, unless you really don’t have any viable alternative.
Of course, BNPL does have the potential for encouraging overspending and drawing you into debt you then find difficult to repay. If you miss any of the scheduled payments, penalty fees and/or interest may be charged and your credit rating may also be adversely affected. Ultimately, a debt recovery agency may be called in. If you think this is a risk, it may be better to wait and save up before making a purchase in the traditional way.
As always, please feel free to leave any comments or questions about this post below. I would also be very interested to hear from any readers who have used BNPL themselves. What did you use it for and why? And would you do it again?!
I recently returned from a four-night break in Lavenham in Suffolk.
Lavenham is said to be England’s best-preserved medieval town, with over 300 listed, timber-framed houses (see cover image). But I must admit I had never heard of it until I read that my favourite Pink Floyd tribute band, Darkside, were performing there in August. It seemed a great opportunity to see the band and visit somewhere new at the same time. As I live in Staffordshire I normally head west towards Wales for my UK short breaks, so it felt quite strange to be driving east on the A14 instead!
I stayed in a beautiful, self-contained cottage in the heart of Lavenham, which I booked through Airbnb. I’ll say more about the accommodation below.
Lavenham is around five miles north-east of Sudbury. The nearest large town is Bury St Edmunds. Here is a map of the area from Google Maps.
Accommodation
I stayed in a charming, self-catering cottage called The Hay Loft in the centre of Lavenham. It had two bedrooms and bathrooms, so was actually larger than I needed.
I originally booked it so my sister Annie could join me for some of the time. Sadly she broke her wrist in a fall the day before, however, which meant she couldn’t come after all. So I had plenty of room to spread myself out!
This being an Airbnb property, I am not supposed to say exactly where it is, but I guess I can reveal that it’s in a very convenient, central location. There was plenty of free parking on the road outside and in the village itself. The location was quiet and peaceful (in the evenings especially) and I slept well throughout my stay. You can see a photo of the front of the cottage below.
You can read more about the accommodation on this page of the Airbnb website. It had an open-plan lounge/kitchen/dining room on the first floor, and two bedrooms and bathrooms (one ensuite) downstairs. That’s a slightly unusual configuration, but I was actually very grateful for it as my visit coincided with a four-day heatwave. Being downstairs, the bedrooms stayed comfortably cool. Electric fans were thoughtfully provided, though.
The cottage had all the facilities you could want for a short (or longer) stay. The kitchen area was well equipped with a gas cooker, microwave, fridge/freezer, dishwasher, toaster, sink, and so forth.
The cottage had free wifi which worked perfectly during my stay (not always the case in my experience). There was also a small garden at the front, down some steps from the gate. This was well tended and pleasant to sit out in (when it wasn’t too hot!).
Financials
As Pounds and Sense is primarily a money blog, I should say a word about this.
I paid £550 for my four-night stay, which works out to £137.50 per day. I thought that was very reasonable bearing in mind the size and standard of the accommodation and the convenience of the location. Obviously as this was self-catering no meals were included, but there was more space and better facilities than you would get in any comparable hotel or B&B.
Things to Do
I won’t give you a blow-by-blow account of what I did while I was there, but here are a few highlights.
The Guildhall
Lavenham Guildhall is an impressive timber-framed building. It was originally built in the early 16th century for the Guild of Corpus Christi, an alliance of wealthy local merchant families. In later years, as Lavenham’s wool trade declined, it served as a bridewell (prison) and workhouse. More recently in WW2 it housed a social club for American troops and also served as a restaurant around that time.
The Guildhall became the property of the National Trust in 1951 and it was subsequently opened to the public as a local history museum. It has a range of interesting exhibits, though I did find some of the material about the building’s use as a prison and workhouse a little depressing. My favourite room housed an exhibition dedicated to Lavenham in WW2, including posters and other interesting documents from that period.
At one end of The Guildhall, with its own entry from the square, is the National Trust tea-room. This serves the usual range of snacks and light lunches. It also has a very pleasant garden outside. You don’t need to pay for admission to the Guildhall to use the tea room or sit in its garden.
Little Hall
Little Hall is a late 14th century hall house on Lavenham main square. First built in the 1390s as a family house and workplace, it was enlarged, improved and modernised in the mid-1550s, and greatly extended later. By the 1700s it was giving homes to six families. It was restored in the 1920s/30s.
Little Hall was restored by the Gayer-Anderson brothers, who were both soldiers. They filled the house with art and artefacts collected during their extensive travels, many of which can still be seen there. It is privately owned – by a trust, I believe – and open to the public most afternoons for an entry fee of about £5.
I enjoyed visiting Little Hall and hearing about its long and varied history from the volunteer guide. It also has an attractive walled garden. It doesn’t have any refreshment facilities, but then again the Guildhall tea-room is just a stone’s thrown away!
The Church of St Peter and St Paul
My Airbnb hostess Sheila told me that the Church of St Peter and St Paul was a ‘must see’ in Lavenham and she wasn’t wrong. To quote from the Wikipedia article about it, ‘It is a notable wool church and regarded as one of the finest examples of Late Perpendicular Gothic architecture in England.’
When I arrived a service was just ending and there were quite a few people milling around. While it’s obviously a beautiful building, it is also a busy parish church. I enjoyed browsing in the second-hand bookshop and spent some time admiring pictures by local artists in an exhibition by the main door. But what really impressed me most were the magnificent stained glass windows, such as the one below.
Final Thoughts
As you may gather, I enjoyed my short break in Lavenham and am happy to recommend both the village and the accommodation where I stayed for a short break.
Lavenham is a lovely place to relax and chill out. It is full of beautiful, historic buildings to admire (and photograph) and several you can visit to get a sense of the village’s long history.
Of course, my initial reason for going was to see Darkside (pictured at the foot of this post), and that was inevitably a highlight for me. The concert took place in a large marquee (‘Lavenham Air Theatre’) in a field between the church and the local tennis club. It was a magical setting as the sun went down and a full moon appeared in the clear summer sky. And yes, the band did perform the classic Pink Floyd album Dark Side of the Moon!
Although I didn’t eat out in the evenings, there are some highly regarded pubs and restaurants which if I hadn’t been on my own (and staying in a self-catering cottage) I would certainly have tried. I had lunch at the National Trust tea-room at The Guildhall on two days. Another day I had a delicious light lunch at The Nook, a cosy bookshop-cum-cafe just down the road from the church.
There are also some lovely circular walks from Lavenham (ask at the tourist information office near the Guildhall for more details). And a bit further afield there are other National Trust properties such as Melford Hall and Ickworth, and the historic village of Long Melford. Because it was so hot during my stay I didn’t really want to go out in my car (which doesn’t have working aircon). But if – or more likely when – I return, I will certainly explore this beautiful area a little more widely.
As always, if you have any comments or questions about this post, please do leave them below.
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Today I am sharing some information and advice from my friends at Smart Money People, the UK’s largest financial services review site
With UK inflation now running at around 10 percent (and forecast to go even higher), many people are feeling the pinch right now. For the large number who have little or no savings to fall back on, borrowing may be their only option to make ends meet.
Research on Borrowing
New research undertaken by YouGov on behalf of Smart Money People shows that the UK’s adults will borrow £101.1 bn on new credit cards, loans, overdrafts and other forms of new credit arrangements in the next 12 months.
The company found that 71% of people currently have less disposable income than they would usually have on average per month due to the current rise in the cost of living. This is leading people to consider other ways to make ends meet:
Two-fifths (40%) of UK adults will have some form of credit over the next year due to the cost of living crisis (i.e. rising prices for fuel, energy and food).
Borrowers predicted they would look to borrow an average of £5,259 each.
43% of people who will take out new credit are already worried about how they are going to meet the terms of their repayments.
A fifth (21%) of the adults who say they expect to take out a new form of borrowing in the next 12 months, will do so to cover day-to-day expenses. This is equivalent to 8% of the adult population as a whole, or 5.5 million people.
One in ten (10%) people borrowing over the next 12 months will do so to consolidate existing debts.
The bulk of this new borrowing is predicted to occur during autumn (15%) and winter (32%). A further 13% were unsure exactly when they would borrow but expect it to be when energy price rises affect them.
Smart Money People’s survey also revealed that the most popular type of credit in the next 12 months will be a credit card: 34% of expected borrowers say this will be their preferred method of credit.
Based on the survey, the other most popular types of borrowing in the next year are expected to be an agreed overdraft (17%) and Buy-Now-Pay-Later (15%), a relatively new form of credit where the method of payment is in instalments with low or no interest rates.
Twelve percent of people stated they would borrow from family and friends.
Other Findings
Other findings from the survey include:
68% of people are more worried about their finances now than during the pandemic.
36% of people are unsure whether they have the best financial products for the current situation.
Jacqueline Dewey, CEO of Smart Money People said: “We know that many people have very little, if any, savings to help them get through this period of high inflation, and if they have already made cutbacks, they have almost no choice but to turn to credit.
“Providers will do credit checks for some forms of lending but Buy-Now-Pay-Later schemes do not apply the same rules, and of course, family and friends don’t either, so it is entirely possible to accumulate a worrying level of debt very quickly.
“Anyone who needs to take out a new credit card or another form of credit would be wise to check out the company and the contract and not simply jump at the first provider who will lend to them. Take time to understand if they have good customer service and offer channels that suit your style of managing money.”
Guidance for Borrowers
Smart Money People offers the following guidance for people who are considering taking out a new form of credit:
Borrow responsibly: if you miss a repayment your credit score will be affected for six years.
Don’t simply borrow from the provider who will lend you the highest amount.
Check you understand the product: what you will owe and by when.
Does the interest rate look reasonable compared to other lenders?
You may be penalised if you pay back the debt early – understand the T&Cs.
Find out if the lender has a reputation for good customer service by checking ratings on a financial review site.
When borrowing from family and friends, make sure both parties agree on how and when monies will be repaid.
If you are struggling to make repayments, speak to the credit provider as early as possible to avoid defaulting on a payment. They should work with you to find an affordable means to repay.
My Thoughts
Thank you to Smart Money People for their help in compiling this article, and in particular for their valuable tips and advice about borrowing sensibly.
I would say, though, that borrowing to pay bills should only ever be a last resort. At the risk of stating the obvious, any money you borrow will sooner or later have to be repaid, probably with interest. And credit card borrowing, once the interest-free period has elapsed, is one of the most expensive ways there is to borrow money.
if you’re worried about your finances, before taking on any type of credit, my top tip is to ensure you’ve done everything possible to maximize your income, minimize your expenditure, and budget smartly (using your existing resources to best effect, in other words). These are all subjects I cover regularly on Pounds and Sense, especially in the Making Money and Saving Money categories. By doing these things you may be able to reduce the amount of money you need to borrow, or even avoid the need entirely.
Remember, also, that the government has already set out a range of financial support measures, with more promised when a new prime minister is (finally!) in post. You can find a useful summary of support currently on offer from the government and local authorities on this official web page.
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