Savings advice - How to get started on the road to financial independence.

Understanding savings

Getting into the saving habit is easier than it sounds and will give you greater long-term security and peace of mind. There's no time like the present to develop savvy saving habits that can help you become financially independent.

·         Do you have any extra money sitting in your current account?

·         Not sure how much interest you’re making on your savings?

·         Do you think you could save more if you changed some of your spending habits?

·         Are you hoping to splash out on something special in the future, but don’t know where the money will come from?

   

Answering yes to any of those questions means you should consider how you could make your money work harder for you – both in the short and long term. And that means: saving.

Of course, thinking about tomorrow when today's demands are so pressing can be difficult. However, with housing and retirement costs rising, plus all those other costs along the way such as your children's education or even the threat of redundancy, it's more important than ever that you get smart about saving.

Why save?

There are many reasons why people save, but here are the three main ones:

1) So you're safely covered for life's unexpected twists and turns.
As a rule of thumb, it's a good idea to have at least three months' worth of living expenses saved up to protect yourself and your family in case you can't work due to an accident, illness or unemployment. However, if you're like a lot of people, you may not have this much available.

The average person could only last 52 days if they found themselves out of work (this is based on average monthly outgoings of £1,445 and average accessible savings of £2,474), and many people only have savings of £500 or less.

You may never need to use this money but knowing it’s there puts your mind at rest, especially in a volatile economy.

2) To create a lump sum for improving your lifestyle – and your family's lifestyle – in the future.
A deposit on a house? Tuition fees for your children when it's time for them to go to university? A comfortable retirement? At some point in the future, you will probably need to have access to a sizable amount of money that you can either use all at once or draw on over time. Either way, you should start saving toward that day now, because the sooner you start, the sooner you will reach your goal.

3) So you can buy a particular item in the future that you can't afford right now.
This is the exact opposite of buy now, pay later - which was the prevailing attitude in the recent boom times. Wouldn't it be great to have money in the bank you could use to buy the things you wanted or needed without increasing your debts?

How safe are your savings?

You may be worried that if you tie your money up in a savings account, it won't be protected. However, the Financial Services Compensation Scheme is an independent body that serves as a last resort to cover most deposits, including savings, paid in to retail bank accounts. So, if for some reason your bank couldn't return your full savings deposit, the majority of your money would still be protected.

Would you be interested in stock market? Check this out.Technical Analysis Course Singapore
6-week profitable technical analysis masterclass - your critical foundation to trading stocks, forex & cfds.

Budgeting - Money management guidance to help you make smart financial choices

.Developing your budget

Keeping a budget may seem like a bit of a hassle but it could end up saving you a small fortune. Here's some practical budgeting tips.

The basics of building your budget

Drawing up a budget is something that’s personal to you and your circumstances. To make an effective budget plan, be honest and make a note of what’s coming in and what’s going out each month.

Once you can see where your money goes, you'll be able to work out how much money you have left to spend after you've taken care of your bills. That way, you’ll not only be saving money but making decisions that could change your finances for the better.

What's coming in

To draw up a budget plan, you should start by jotting down all the money coming in to your household each month, such as salary, tax credits, child benefit, etc.

What's going out

Next, you should write down all your household’s basic living expenses. This includes regular commitments, everyday spending and occasional spending. To help you do this, use your bank statements.

Commitments
Regular financial commitments are those you need to pay every month such as the monthly repayment due on a mortgage, a second mortgage if you have one, rent, electricity, gas and so on. Remember to factor in any annual, quarterly or one off commitments, such as car tax and insurance. To calculate this, take the yearly premium and divide by 12.

As part of this, make sure you work out how much you owe your creditors. Enter a total for all your priority debt payments and your monthly payments to loans, credit cards and other credit debts. Priority debts are those that could have serious consequences if they're left unpaid (for example, your mortgage or your rent). You should not risk losing your home, for instance, or being without electricity, gas or water.

Everyday spending
This list should include anything and everything that you spend money on during a month, whether it's pocket money, pet food, eating out or public transport. Try keeping a spending diary for a month so you can really see where your money is going on a day-to-day basis. If you identify areas where you're overspending, ask yourself if that spending is absolutely necessary and look for ways to cut back.

Don't forget – be honest with yourself and try to include everything you spend. Whether it's an impulse buy when you're out shopping or a regular mid-afternoon latte or a quick takeaway because you didn't feel like cooking, those seemingly small daily purchases can soon add up.

Occasional spending
This type of spending doesn’t happen very often but you need to make sure you factor it into your budget all the same. This could include money spent on Christmas, birthdays, holidays and clothing.

What you would like to save

Write down how much you would like to save each month. You should also jot down some future savings goals, for example, a deposit for a house or a nest egg for your retirement.

Once you have all your income sources and outgoings listed (including debts and savings), you can see what the difference will be and how much you have left over to spend. A good way to check how much you spend in total is to check the ‘total debits’ versus ‘total credits’ on your monthly bank statements.

How to avoid online fraud

As Britons shop online in record numbers, we explain how to protect your money from internet fraud.

Here are the top tips to protect yourself from fraud

- Install security software on your computer. Many banks offer a free package to customers.

- Never open or respond to suspicious-looking emails. Your bank will never email you asking to send personal details

- Many phishing attacks claim your account security has been breached. A bank would never send such an email.

- Forward phishing attacks to your bank to investigate

- Never write down your pin. Memorise it.

- Regularly change passwords on your accounts and avoid using the same one for all your online accounts.

- Shred all unwanted bank and credit card statements.

- Avoid exposing middle names or dates of birth on social networking sites as these are often used as passwords

- Be alert for phone scams – fraudsters still cold-call victims to get personal details

Cyprus Wholesale Prices
Now in cyprus wholesale prices for laptops like lenovo, dell, hp, compaq, sony vaio, desktop computers, mobile phones like nokia,samsung, htc, lg, motorolla and excellent prices for mp3 and mp4 players, tv monitors and consumer electronics

What are Prepaid Cards and How Do They Work?

What are prepaid cards?

Prepaid Cards look just like regular credit and debit cards, with a card number, magnetic strip and chip. They can also be used to make purchases and withdraw cash just as you would with a regular credit or debit card too.

However, there is one major difference; as prepaid cards aren't linked to a bank account or credit facility there is absolutely no risk that you can go overdrawn or run up any debt as you can only spend the balance you have available.

How do they work?

You top up your prepaid card with cash just as you would a pay-as-you-go mobile phone or prepaid gift card Then, when you come to make a purchase or withdraw cash from an ATM the value of your transaction is automatically deducted from your card balance.  Once you've used up all the credit loaded on your card you won't be able to make any further purchases until you next top up.

What are the advantages?

Prepaid cards are becoming an increasingly popular means of spending and for good reason. Some of the benefits they provide are:

·         Convenience - 
Prepaid cards both look and can be used like normal credit and debit cards which makes them a convenient means of spending both on and offline. What's more, many prepaid cards are backed by major payment service providers such as Visa and Mastercard and so can be used anywhere these payment methods are accepted both in the UK and overseas.

·         No credit checks -
There are no credit checks carried out when you apply for a prepaid card and this makes them particularly suitable for individuals who have a poor credit history or find it difficult to get a regular debit or credit card elsewhere.

·         No credit facility -
Prepaid cards aren't linked to a bank account or credit facility so there is no risk that you will spend more money than you have available. This means that it's impossible to go overdrawn or run up large bills unlike more traditional spending cards. Once your card has run out of credit, you simply won't be able to make any more transactions until you top up.

·         Budgeting -
Because you can only spend the money you have loaded onto your prepaid card they are particularly useful if you need to stick to a budget. Most prepaid card providers offer online account management so you can keep an eye on your outstanding balance and purchase history too which makes keeping track of your finances simple.

·         Overseas spending -
Many prepaid cards allow you to make purchases and withdrawals both in the UK and overseas so they can be a convenient and more secure alternative to carrying foreign currency when you travel abroad. There are a number of specially designed prepaid travel card available and these tend to offer very competitive rates for spending and withdrawing cash overseas.

·         Sharing money - 
Most providers will be able to issue multiple cards for a single prepaid account and this makes for a convenient way to share money with friends and family without opening a joint bank account.  For example, prepaid cards can be used by couples and flatmates to jointly budget and pay bills, by parents to help teach their children the value of money and monitor their spending, or to securely send money to those travelling overseas.

What are the disadvantages?

The main disadvantage of using a prepaid card rather than a debit or credit card is that most providers levy a number of charges that can make these cards a more expensive option for spending.  For this reason, choosing a card that is going to provide you with value for money is a must. 

Additionally, many prepaid card providers place restrictions on the way you can spend on your card.  In particular, many do not allow you to make pre-approved transactions such as those used by pay-at-the-pump petrol stations, car hire firms and during any other purchase for goods or services that requires an initial authorisation for funds to be made before the full value of the transaction is known.  As such it's important to familiarise yourself with the terms and conditions of any card you're interested in before you apply so as to make sure that it can be used to make payment in the way you need it to.

Where can I use a prepaid card?

Most prepaid cards can be used to make purchases online, over the telephone, by mail order and in shops, basically anywhere you would usually spend with a credit or debit card. You can also use them to withdraw cash at ATMs.

How do I load cash on to a prepaid card?

This will differ depending on which provider supplies your card. However, most prepaid cards can be loaded with cash either directly from your back account using an online transfer or in person at a bank, Post Office or PayPoint retailer.

Are prepaid cards secure?

One of the distinct benefits of prepaid cards is that they are not linked to a bank account or credit facility. This means that should a fraudster get hold of your card details there is a finite amount of damage they can do as they can only withdraw the cash you have credited on to your card and nothing more. 

Additionally, most prepaid cards will be chip and pin enabled. This means that, just as with credit and debit cards, anyone using your card to make a purchase or withdraw cash will need to enter a secure code before the transaction is authorised, again making them a secure way to spend.

If you discover your prepaid card is missing you will simply need to contact your card provider and they will place a block on the card so that it can't be used by anyone else.  Some providers will also compensate you for any lost credit, although this isn't standard practice for all providers.

Do prepaid cards improve your credit rating?

Prepaid cards aren't in any way linked to your credit report so unfortunately it is not possible to improve your credit rating with careful spending and good financial practice, although this is of course a good idea anyway!

Credit Debt Loans For Bad Credit Financing
Programs & services covering * credit cards * mortgages * financial aid * loans * investing * debt * business * insurance * retirement * taxes * banking and more. Make money online with our financial services affiliate program.

Top tips for buying insurance

If you’re thinking of buying an insurance policy, and you don’t have millions of pounds to play with, here are some tips to ensure you get the best value policy for your money:

1)     Shop around. 

While renewing your existing policy may seem like the easy option it’s rarely the cheapest. New customers very often get the best deals and discounted rates. So don’t automatically renew with your current insurer when your policy comes to an end.

2)     Pay in full, upfront. 

When choosing options for your renewal quote - or a brand new quote - an insurer may give you the option of paying in monthly instalments. However, if at all possible, pay the full amount upfront. That's because you may be charged a hefty interest rate on monthly repayments (sometimes 30% APR or even more). If you don't have the cash to hand, consider paying on 0% purchases credit card. Just make sure you clear the balance before the interest-free period comes to an end.

3)     Don't under/over-insure.

Sounds obvious but make sure you’re paying for the right level of cover. Under-insure and you risk some of your possessions not being covered, should the worst happen. Conversely, many people over-insure by using the market value of their home as the rebuild value – they are not the same and you could end up paying for far more cover than you need.).

4)     Don't double up. 

Don't make the mistake of doubling up on cover and spending more than you need. For example, many of us buy extra insurance in-store to cover the loss, damage or theft of valuable items, like jewellery. Millions of us already have personal possessions cover as part of our home insurance policies - meaning that these sort of items are already covered. 

5)     Only opt for insurance you need.

While insurance is essential for financial security and all round peace of mind, it is important you only opt for a level of cover relevant to your needs -- and at the best available price. Remember, not everyone needs everything: the key to buying insurance is only to insure against risk you cannot afford to take. Make sure you can  tell insurance from the rip-offs.

Cheapest Car Insurance
Comparexpress provides the best car insurance quotes that suits you in 2 minutes. Find the cheapest motor car insurance from trusted insurance companies now and save $$$!
National Flood Insurance Program Dwelling Form Policies
We are the only place you can find free professionally recorded insurance policies & case law. Please check out our new national flood insurance program dwelling form policies audio book.

The secret ways banks penalise you

I really don’t think you should ever pay for a packaged current account.  There’s very little point in paying a monthly fee - which could cost anything from £5 to £25 - unless you’re likely to make full use of extra benefits on offer.

Typically, packaged current accounts offer all the usual banking services plus added perks such as AA breakdown cover, travel insurance, mobile phone insurance and ID Theft protection for free. You may even be entitled to preferential rates on the bank’s own product range. But freebies like these still don’t justify the expense of paying for banking.

No such thing as a free bank

Even ordinary current accounts, which don’t charge a monthly premium, aren’t actually what you would call ‘free’. After all, every single one of them has a charges list as long as your arm, and somewhere along the line you will end up shelling out for something. But that doesn’t mean you shouldn’t limit these costs as far as possible. Here are four ways you can beat your bank at its own game.

1. Disappearing interest

You may not think of earning little or no interest on your current account as a cost, but that’s effectively what it amounts to. Remember, there are almost 80 accounts which pay absolutely no interest, which means you’re actually lending your cash to the bank for free. Even worse, if you tend to keep a healthy balance in your account, its real value is gradually being eroded when inflation is a high as it is now. You can ensure your bank pays you, rather than the other way around, if you switch to high-interest current account..

2. Overdraft charges

Going overdrawn is another way so-called free banks can really sting you. In fact, the overdraft charges from some banks are truly extortionate. Lloyds TSB is a classic bad example. From December, not only is the bank planning to penalise its customers with a monthly usage fee when they go into the red using a planned overdraft, but they’ll also continue be hit with a high EAR on overdraft borrowing. So effectively account holders will be penalised twice for the same thing - and they probably won't even realise it until their statement arrives. It’s a shame Lloyds has seriously let itself down here when it does pay generous rates on reasonably high in credit balances.

If you do tend to slip into the red every month, don’t just put up and shut up! Bear in mind there are 5 ways to get and yet some overdrafts are more expensive than payday loans– why should you pay high interest rates when you don’t have to?

3. Extra costs to avoid

Current accounts and credit cards always come with an array of sneaky extra costs. If you accidentally exceed your credit card limit, you’ll be charged £12. If you pay your bill late, you’ll be charged another £12. Worse still, returned items - which occur when there’s insufficient money in your current account and your bank refuses to honour the payment - will likely cost a good deal more.

There’s not a great deal you can do to stop these charges other than to avoid triggering them in the first place. So do your best to play by the bank’s rules or you will live to regret it. Use our free online banking service to keep up-to-date with all your accounts using a single log-in to lovemoney.com. That way, you'll be able to keep track of what's going on with all your different accounts.

You should also watch out for miscellaneous fees on other banking services. The cost for a banker’s drafts is truly extortionate with many banks charging £20. You’ll also be charged for just about anything your bank can get away with. Think duplicate statements, stopping cheques and CHAPs payments to name just a few.

Making Money with YouTube – How to Do It

Many people believe that making money with YouTube can only be done if you’re a partner. However, this is not the only way.

What you’ll need

-       A  YouTube Account

-       An internet access

-       A video camera or a webcam

-       A blogger account, and

-       Subscribers to your accounts

 This is How to Do IT.

 Start out by creating your YouTube account if you don’t already have one. People who have the most subscribed lists are able to make a lot of money. They are promoted by YouTube and can capitalize on their videos. You do not have to be one of these people in order to enjoy making money with YouTube.

Look at the videos that have been posted lately by the most famous people on YouTube, and respond accordingly within the comments for that video. This may get you to be a favourite of the person who posted the video.

After finding these videos, make a video about these videos, since people will search for videos related to these. This will get you a good base of views. Once you have this, you can start working on a blog. People subscribed to your YouTube account will notice that you have a blog and likely want to support you.

In order to start making money with YouTube,

...you can start a free blog or post a blog on your own personal website.

...Add Google Ad-Sense so that you will have ads for your blog. This will be your income, and you get paid per click

After setting up your ads,

...be sure to post in your blog and update often.

...Make a video response to another popular video,

...and add the link to your blog this time.

...Talk about the video, but don’t give the viewers all of the information about them.

... Have them click the link if they want to learn more about it.

To keep making money with YouTube,

...continue to promote your personal blog in your videos. The more people that visit your blog, the more likely they      are to click on your ads, which will add to your revenue.

...Be sure to keep your content interesting, and

...updated frequently so that people will come back to see your new updates.

This will also give you credibility among your viewers and readers. It’s possible that you may start seeing revenue as soon as the first day you put your blog up and recommend that people come to see it.

How fast you start making money with YouTube may depend on how fast the list of your subscribers begins to grow. You can earn up to thousands of dollars every month. In addition to this, you can apply for partnership with YouTube.

To do this,

...you must have at least 500 subscribers.

...Ad-Sense should also be put up next to your videos.

If you are denied partnership, you will still be making money with YouTube, so you will not be at a loss. You can also reapply for partnership at a later date.