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Top tips for spring cleaning your finances

Dale Lovell — Thu, 27 Mar 2014 16:28:11 GMT

After a long, cold and wet winter, spring has finally sprung. That means it’s not only time to get your house in order, but your finances too.

While sorting through bank accounts and credit cards might not be the first thing on your mind this spring, a quick once over and your finances will be looking as good as new.

Saving often results in you being forced to do things you don’t want to do, like cutting back on groceries, wearing a sweater instead of turning on the heater, or skipping your morning coffee.

Well, you don’t have to. These top tips will help your finances look spick and span with no compromise.

Claim your tax perks

That dental or medical cover you were offered when you started your new job is known as ‘benefits in kind’. Any of these benefits are helpful perks that could help your salary go a little bit further as they’re often tax-free. It’s worth seeing what you could be entitled to.

Pay into a pension

A pension is the best way to protect your financial future and earn cash at the same time. With a workplace pension your employer often pays in to the fund as well as you. Don’t worry if your employer doesn’t offer one, they’ll soon have to as workplace pensions roll out across the UK. Pensions also benefit from tax relief, so every £80 you pay in is actually worth £100.

Max out your ISA

While interest rates might be on the low side, ISAs give you the opportunity to save up to £11,520 (up to half of which can be cash) without paying any tax. The threshold is in line with the financial year, so make sure you deposit your savings before 6^th April to use up your allowance. It’s also worth noting that the allowance will rise to £15,000 in July this year – all of which can be cash.

Claim child benefit

If you’ve got kids under the age of 16 (or 20 if they remain in education), you are probably eligible for Child Benefit. If so, you could be benefitting from at least £20.30 a week. You’re entitled to £20.30 for your eldest child and £13.40 for every other child. So, a family with two kids would get an extra £140 in their pocket each month.

Overpay your mortgage

No one likes to pay more than they have to. However, by paying over and above your usual mortgage payment could save you thousands of pounds. While the interest rates on mortgages are currently low, this could soon change. Pay an extra £100 on your mortgage and you can save £17,000 over 20 years.

Consumers feeling upbeat about jobs, housing and more

Ian Houghton — Tue, 04 Mar 2014 08:41:22 GMT

UK consumers have more than a few reasons to smile according to the latest research with figures showing that they are feeling increasingly upbeat as the economy improves.

The latest figures from the Lloyds Spending Power Report show that factors such as the government’s Help to Buy scheme are helping Brits feel more optimistic about their financial prospects.

Those living in Greater London led the way when it came to positive sentiment in relation to the housing market, with 54%¹ of Londoners feeling this way.

Overall the increase positive sentiment about the housing market climbed by 3% this month to 44%.

The number of people who thought that the employment situation in the UK is ‘not good at all’ also fell by 2% month-on-month while it also decreased by 12% year-on-year.

UK consumers also felt that things were on the up when it came to their personal finances, with research showing that more than half (57%) would describe these as ‘excellent’, ‘very good’ or ‘somewhat good’.

Commenting on the figures, Philip Robinson, Director of Personal Current Accounts, said: “With consumer sentiment continuing its upward trend, together with the highest positive levels seen to date towards personal finances, 2014 continues to show signs of a more stable year. We should all continue to pay attention to spending habits though, as this can help you save more towards the end of the month and feel more in control of your own finances.”

Those questioned as part of the survey also revealed that they felt more confident in their ability to pay off their debt, with the balance of opinion ‘between those who feel they will be able to pay off much more of their debt versus less’ rising from 7% to 11% this month.

The improved confidence in their ability to meet debt repayments, such as credit card debt, may be due to the fact that more people plan to plough any money left over in the month into savings (up from 65% to 71% between December and January).

Sources:

http://www.lloydsbankinggroup.com/media/press-releases/2014/lloyds-bank/spending-power-report/

£8.9 billion: That’s how much the nation has slashed off its credit card balance

Dale Lovell — Thu, 06 Feb 2014 13:17:50 GMT

Consumers have repaid £8.9bn¹ in outstanding credit card balances during the last five years, suggesting they are altering the way they use their cards.

Industry body, the UK Cards Association, said credit card debt has decreased by 13% since 2008, despite an increase in spending by £26bn.

It suggests customers are using their cards more wisely and that they are paying off outstanding balances a lot quicker than ever before.

They are also making the most of all of the 0% introductory offers that are currently flooding the market.

The association used data from the Bank of England, as well as its own figures, to reveal that outstanding credit card balances fell from £65.8bn in 2008 to £56.9bn last month.

According to the body, the proportion of credit card balances that bear interest has also fallen, from 81% to 60% in 2013.

Consumers are paying off more bills in full each month, which helps to generate a positive credit score and comes at a time when spending is on the increase.

Consumer spending on credit cards rose by 20% from £133bn to £159bn across a five-year period until December 2013.

The online retail sector has driven growth according to the association, as almost half of all online card spending is done on a credit card.

The build up to Christmas, and the sales period shortly after, saw a great deal of online purchasing as people battled it out for last gasp gifts.

Richard Koch, head of policy at the UK Cards Association, said: “We’ve seen a steady decline in the level of debt across the credit card market in recent years.

“Consumers are now using the interest-free periods that credit cards offer and then paying off their balances faster.

“Responsible lending is at the heart of the industry, and the vast majority of consumers use their credit card prudently.”

With pressures to stay debt free mounting, paying off a credit card presents an opportunity to carefully manage finances and to stay debt free.

Sources:

http://www.thejournal.co.uk/business/business-news/consumers-cut-89bn-outstanding-credit-6651010

Consumer confidence in economy increases, but financial concerns remain

Ian Houghton — Thu, 23 Jan 2014 20:00:17 GMT

Consumer confidence in the UK economy is considerably higher at the start of 2014 than it was at the same time last year.

The Lloyds Bank Spending Power Report for December showed that consumer sentiment has risen by 21 points*throughout the course of the year.

With the economy showing signs of recovery, there was an improvement of 93 points throughout 2013 to finish the year on 206 points.

However, the gains in confidence are failing to translate into improving sentiment with regards to personal finances, which has seen little change during the past year.

Those in London have the most positive view towards their personal finances, with 18% saying they are either good or excellent.

This is despite essential spending growth easing to about 1% which partially reflects a reduction in fuel spending during December.

As a result, spending on fuel was a concern for 79% of respondents although these fears should ease in the wake of the recent cuts following the green levy changes. Cash back on fuel spending may also help consumers to earn as they spend.

Despite 77% of respondents saying the economy was not in a good state in December, it still represents a massive improvement since December 2012 when 91% of people felt the same way.

The situation was especially concerning to those in the 55-64 age bracket while those aged 25-34 were the most optimistic.

This highlights the fact that the recovery is still in the very early stages and that a full recovery could still be some way off.

There were varied views on the housing market too as Greater London had the highest proportion of people with a positive viewpoint despite 19% of people feeling the housing market is “not good at all”.

This was the third highest proportion after Scotland and the North West while sentiment towards the employment market has also improved.

When compared with December 2012, negative sentiment towards employment market has dropped from 42% to 29%.

Meanwhile the figure for those who reported an overall positive outlook towards the jobs market has more than doubled since December 2011.

Sources:

*http://www.lloydsbankinggroup.com/media1/press_releases/2014_press_releases/lloyds/2001_Spending_Power.asp

Five easy ways to manage your credit card

Ian Houghton — Wed, 22 Jan 2014 20:00:16 GMT

Used wisely, credit cards can relieve the financial burden weighing down many a cash-strapped household. While they act as a financial crutch in times of need, failing to manage your credit cards with due care and attention can leave you with a broken bank account. Here are five tips to help you get the most out of your credit card:

Use your card for select purchases

It can be a good idea to use your card to purchase expensive items, since they will be protected under section 75 of the Consumer Credit Act. This means that your credit card provider shares equal responsibility for the goods or services supplied. This means that you can put a claim into your credit card providers in instances such as a company going into administration. It is important to note that this only applies to goods valued between £100 and £30,000.

However, try to avoid using your credit card for regular purchases as you could become overly reliant on your card which could cause trouble later down the line.

Pay off your balance

Repaying in full is great if you can, but you will be required to at least make minimum payments each month, otherwise you will face falling into arrears.

However, if you find a card with a 0% interest balance transfer period, you can transfer the balance without incurring interest for a period of 12 months or more. This 0% interest period may not apply to new purchases.

It is also important to consider the APR or annual rate of interest on your credit card, as this will affect the repayments you make.

Take advantage of online repayment tools

To get an idea of how long it will take you to repay your credit card balance why not take advantage of online credit card calculator tools such as those offered by the Money Advice Service? These will help you to budget for your repayments in advance.

Make payments on time

Timing is equally important as amount when paying off your balance. Have a thorough read-through of the terms and conditions and then plan around these. Budgeting can be a great help in avoiding late fees.

Many credit card providers also give you the opportunity to manage your credit card online, and you can even set up text alerts in many cases to remind you when you are nearing your repayment date.

Do your research

Rather than opting for the first credit card offered by your bank or other provider it is important to assess which credit card is right for your needs. Each credit card on the market will come with its own range of benefits; the Asda Money Credit Card offers unlimited cashback, for example.

What are today’s families really spending their money on?

Ian Houghton — Thu, 19 Dec 2013 14:00:15 GMT

Looking after your home is the largest financial outlay you will make every single week* according to recently released data detailing an average family’s spending.

The Office for National Statistics (ONS) has released figures for 2012 which shows the average household spend every week was £489, down from £526 in real terms, a decade ago.

An increase in the costs of fuel has meant a cut back on travel but spending on clothes, gym memberships and holidays has continued unabated.

According to the ONS, spending less on travel frees up funds for essential items such as food but it is the rising costs of energy that are causing most concern.

In 2012, £68 a week was going towards household bills per household, the first time that travel has not been the largest single cost.

Cold winters in 2011 and 2012 contributed to greater spending on heating bills while recent increases to energy bills are unlikely to have improved matters.

Last year families spent £64.10 on transport which was a dramatic fall from in 2001-02 when the average spend was £82.10 in today’s prices.

The cost of fuel has meant fewer journeys according to the ONS while around £61.50 is spend every week on recreation and cultural activities.

Variations in the figures also occurred with the richest 10% of households spending £1065.60 a week, compared to only £189.30 for the poorest 10%.

It suggests that those people in credit are using their funds to buy goods and treat themselves despite the relatively poor economic climate.

Regional variation was also observed, with those in London spending an average of £571.60 compared with those in the North East who spent a lower £408.70.

Britons are spending more on fashion too, with the average weekly spend hovering around the £23.40 mark, up from £15.30 spent a decade ago.

Meanwhile, spending on household services and goods decreased from £35.70 to £28.50 while the amount spent on eating out at restaurants and staying in hotels reduced by around £10 to £40.50.

All figures were adjusted for inflation but it seems a lot of today’s families are looking at ways to stretch their budgets that little bit further.

Sources

*http://www.dailymail.co.uk/news/article-2521821/Families-spending-revealed-Biggest-cost-heating-looking-homes.html

Where can your contactless card take you? From 2014 it’ll be the London Underground

Ian Houghton — Tue, 03 Dec 2013 14:00:18 GMT

Contactless payments are becoming increasingly popular, with recent research revealing that UK consumers made a staggering 51 million purchases using NFC-enabled technology in the past year*.

Now it seems that contactless payment cards, such as the Asda Money Credit Card, are set to offer consumers a ticket to ride after Transport for London (TfL) announced the roll-out of contactless bank card payment technology on the tube network in 2014.

London buses are already accepting contactless payments and the latest news from TfL may mean the consumers will only need to reach for one card to see them through a day out in the capital.

The changes come as part of a planned overhaul of the tube network, which will include a new 24-hour weekend "night tube" service starting on some lines in 2015, a 20% increase in capacity on the Northern line from 2014 and Wi-Fi coverage rolled out to include all below-ground Tube stations by the end of next year.

Shashi Verma, TfL director of customer experience, said: “It is the first time this has been done anywhere in the world and will be a paradigm shift for micropayments. We have nine million Oyster users now of whom there are about 5.5?million adults paying a pay-as-you-go fare. They will all be able to use contactless payments and will save time as payments will never be refused as long as funds are there.”

Allaying concerns relating to contactless card security Mr Verma added: “Concerns about cloning a card are unfounded. If a card is presented by accident we will refund the fare. If it’s been used fraudulently such as lost or stolen then the banking industry will give a cast-iron guarantee customers can reclaim that money.”

In order for contactless payments to be accepted software upgrades have been completed on around 15,000 card readers at stations.

Contactless payments will be introduced on the Tube, DLR and London Overground, as well as zone six train stations where the Oyster card is accepted, from summer 2014.

Sources

* http://news.idg.no/cw/art.cfm?id=00C6C8C0-D85E-2725-FF266676FDE3F079

This year's must have Christmas toys infographic

KatieFawcett — Fri, 22 Nov 2013 11:12:58 GMT

Each Christmas there’s one toy that every child wants… one toy that shines above the rest as the Christmas toy of the year.

At ASDA Money we’ve been reminiscing about the Christmas toys that stand out from our own childhood – the top toys that we were so excited to get and spent sleepless nights hoping that Santa would leave in our stocking for us.

That’s why we’ve picked the best ones and put them all on our Christmas infographic. So from 1975 to 2013, we’ve got everything from Rubix Cubes to Playstations, Furbies and Barbie Dream Houses.

Perhaps you’ll even spot a toy from your own childhood!

Copy the below to embed this infographic on your website or blog:

<iframe width="620" height="2385" style="border: none; overflow: hidden;" src="http://money.asda.com/christmas-toys-infographic/"></iframe>

Do you remember any of these toys from your childhood Christmases? Maybe your own children are asking for one of the top toys for 2013.

Share our infographic on Facebook, Twitter and Google+ and reminisce with your friends about your favourite Christmas toys.

At ASDA Money we know that you want to give your family a good Christmas, but sometimes you need a helping hand. That’s why we’re offering 0% interest on all purchases over £200 on Asda Direct for 6 months from date of purchase*– so that you can give your family the presents they deserve without the financial burden.

Representative Example:

Standard Purchases:14.9% p.a. variable.

Representative 14.9% APR variable.

Total amount of credit: £1200.

Subject to status. Applicants for credit must be aged 18 or over and UK resident.

*For purchases of over £200 online at Asda.com/direct (after any applicable discount): No interest shall be charged on qualifying purchase(s) for the six months following the date of purchase(s). After the six month period the interest rate for Standard Purchases applicable to the account is then payable on any remaining balance of the purchase. To qualify, purchases must be made at Asda.com/direct on a valid Asda Money Credit Card in a single transaction. The promotion may be withdrawn or extended by Asda Money at any time without prior notice.

£13bn: That’s how much us Brits are planning to spend on Christmas gifts

Ian Houghton — Tue, 19 Nov 2013 14:00:12 GMT

Britain’s consumers are filling their sacks with more presents this year as people are more willing to splash their cash amidst an improved economic backdrop.

Tills are and will continue to ring along to Christmas songs across the country as consumers shop for gifts.

The latest figures reveal that this year Brits are pulling out all the stops to make Christmas as memorable as possible.

The average consumer is spending £28.70 on each present*, an increase of £1.70 from 2012.

As a result the UK economy is expected to receive a special Christmas present of its own with a £13 billion boost.

What’s changed?

Consumer confidence is on the up and as the economy is showing signs of recovery; the picture for the Christmas 2013 is set to be very different compared to the same time last year.

Hotel chain Travelodge conducted a study using 2,500 people and found Brits will up the ante on their Christmas entertaining this year.

Figures show Brits are buying an average of 12 presents in comparison to less than 10 last year.

This Christmas is tipped to be the best since 2007 according to retail analysts at the Ulster Business School at the University of Ulster.

After five years of an economic downturn it’s only right people want to celebrate as the economy is beginning to recover.

More, more and more

This year will certainly go out on a high as consumers are increasingly shopping online; meaning that spending on Christmas parties and this year’s festive dinners is just a spree-worthy click away.

Those living in Northern Ireland are set to lead the way when it comes to Christmas spending, with the average festive season spend in Northern Ireland coming in at a staggering £619.89, that’s £141.01 more than consumers in England.

Brits will certainly be going all out as they plan to celebrate in style and free themselves from excessive budgeting.

For those who want to exercise more financial restraint during the festive season, you can find advice and guidance on money management on the Money Advice Service’s website.

Sources

*http://www.mirror.co.uk/news/uk-news/christmas-2013-brits-to-spend-2786476

Millions of Brits have less than £10 a month after essential bills are paid

Ian Houghton — Tue, 05 Nov 2013 14:00:13 GMT

Millions of Brits are surviving on less than £10 a month once essential bills have been paid, despite the UK’s improved economic outlook.

New research conducted by thinkmoney has revealed that one in 11 adults in Britain (or 4.5 million people) are getting by on less than £10 a month in disposable income once their financial commitments have been met*.

While average disposable income stood at £224.50 across the UK, further figures from the research showed that 25% of Brits have less than £50 to play with after bills – with this figure standing at a higher 31% for those aged between 18 and 24.

18 to 24 year-olds were also revealed as the age group with the lowest amount of disposable income (£174.20 on average) while those in the over 65 age group had higher than average disposable income (£269.50).

On a regional basis, disposable income was highest in the capital (£261) and the South East (£244), while those in the North East (£199) and Wales (£181) had the lowest levels of monthly disposable income.

16% of those living in Wales also revealed that they had less than £10 a month after bills had been paid.

The research also revealed a gender divide when it came to disposable income with men having 43% more disposable income than women – this was £272.50 and £190.20 respectively.

Commenting on the figures, Ian Williams, director of communications at thinkmoney, said: "It's stressful not knowing if you will have enough money to pay the bills and afford added extras each month.”

Here are some top tips for how to save on your bills and boost your disposable income.

• Compare the deal offered by your utilities and other providers to ensure that you are getting the best deal

• Check if you are entitled to any benefits you are not currently receiving

• Assess your budget and identify which areas of spending you could cut back on

If a lack of disposable income means you have turned to credit, it is important to find the best card for your needs.

Sources

*http://www.financialreporter.co.uk/view.asp?ID=13702

The smartphone watch and other items on our 2013 wish list

Ian Houghton — Tue, 05 Nov 2013 14:00:09 GMT

We all have our own personal list of goodies which we’d like Father Christmas to bring us as the festive season slowly approaches but what are some of the most popular items on this year’s wish list?

From the smartphone watch to the robotic cleaner, here are the top things we want to replace any lumps of coal under our trees in 2013.

Smartphone watch

The latest branch of ‘smart’ technology, smartphone watches have certainly caught the public attention. Known as wearable tech, they combine the basic time-telling function with smartphone notifications and interaction to give you the ultimate accessory.

Although still in its infancy, smart watches are already being heralded as the latest tech trend so anyone who gets one this Christmas will be ahead of the curve.

OLED TV

With big brands debuting the next generation of large OLED TVs at this year’s CES (Consumer Electronics Show) it’s hardly surprising that these mammoth displays have made our wish list.

With HD and 3D viewing becoming more popular, we all want to get our hands on the best model and that means investing in a smart TV with fantastic display clarity.

Games consoles

Whoever your preferred manufacturer is, Christmas 2013 is sure to see a fair share of next generation games consoles.

Expanding on the internet connectivity and motion detection already offered to provide greater multiplayer benefits and even the ability to share games with other users in some cases, we can’t wait to spend the holidays discovering the latest features of new consoles.

Robotic cleaner

Robotic technology has always been popular and we’d all secretly like to wake up to our own little mechanical companion under the tree. While the technology behind full-size robots capable of independent thought is still a little out of our reach, robotic vacuum cleaners are very much a reality and we’d love to see one sweeping up the pine needles under our tree come December 25.

When working out your Christmas budget it’s important to factor in how you will manage any credit used for season treats. Using a credit card with a 0% interest period, will mean that you can save on interest costs for a pre-specified period of time.

The Asda Money Credit Card is offering 0% on purchases over £200 for 6 months at Asda Direct.

Britain’s homes suffer in uncertain economic climate

Ian Houghton — Tue, 08 Oct 2013 14:00:22 GMT

Nothing has escaped the economic uncertainty triggered by the recession, and our homes are as much victims of the crisis as our holidays, cars and household bills.

Current inflation figures mean that income isn’t rising at the same rate as the cost of everyday essentials, leaving household budgets tighter than ever.

This means that families have had to revise their budgets once again and figures show our homes are taking the hit.

A new report from Family Action, supported by Lloyds Banking Group’s Money for Life Programme, revealed that nearly 60% of people said the state of their homes had either deteriorated or stayed the same over the past five years.*

Only 36% said their home was in better condition than it was five years ago – which is hardly surprising considering Brits have been reining in spending on maintenance and essential household items.

One in 12 Brits didn’t spend a penny on these in the past year, while 17% did not know how much they had spent. Around 21% were concerned they could not afford what they were spending on their homes – a figure which rises to 32% among young people aged 24-35.

Since they are frequently excluded from mainstream credit, low income families are often forced to stump up more for essential goods and services.

This can create a vicious circle of debt and poverty, leaving people unable to afford basics such as beds and fridges in the worst cases.

Thousands of individuals apply for Family Action’s grant programme every year, requesting financial help to buy a bed, carpet and other items for a new home.

Overall Brits find setting up a home more expensive than they had anticipated. Some of the “surprisingly expensive” costs were removal expenses (cited by 25% of British adults), buying new furniture (23%) and paying for essential appliances such as cookers, fridges and washing machines.

If you use a credit card for any of your payments, it is important to secure the best interest rate and benefits for your needs.

Sources

*Polling by YouGov, carried out for the report.

http://www.huffingtonpost.co.uk/david-holmes/families-struggle-with-cost-looking-after-homes_b_4042281.html

How is the UK’s economy faring?

Ian Houghton — Tue, 24 Sep 2013 14:00:22 GMT

Britain’s economy was dire straits when it got entangled in the clutches of a recession a few short years ago. Families and businesses alike have suffered through all manner of austerity measures and are still enduring the repercussions, such as low interest rates.

As the recession has subsided, the UK has come out the other side somewhat worse for wear – but is there a silver lining in sight?

GDP

Gross domestic product (GDP) makes a considerable difference to the health of an economy. After four years of stagnation, UK GDP is finally shifting upwards. GDP was a considerable 1.5% higher in June 2013 compared with the same time last year and growth expectations continue to be revised up*.

Economic output

Despite growth in the first months of the year getting the economy off to a positive start, economic output in the UK remains well below the peak witnessed in the first quarter of 2008. However, the Office for National Statistics (ONS) has cited higher estimated output across a number of industries, coupled with rising export demand.

Retail spending

It’s a sign of good things to come when consumers have the confidence to go out and spend their hard-earned money. The volume of retail sales has been inching up steadily since April and a 3% increase was recorded between July 2012 and July 2013**.

House prices

This surge in consumer confidence may be down to increasing house prices, with the Nationwide house price index showing that they were up 3.9% in July. House prices are no longer falling in real terms; in fact, the sector is growing at its fastest rate since 2006.

Interest rates

It’s not all good news, however, with Bank of England governor Mark Carney saying that interest rates will only be revised when the unemployment rate falls below 7% - which could be as long as three years.

Joblessness currently stands at 7.8%, but only when it drops below 7% will the Bank of England re-examine interest rates***.

If you are planning to use a credit card for your spending, a cashback credit card can help you earn as you spend.

Sources

*http://www.moneyobserver.com/news/13-09-20/uk-economic-forecast-brightening

**http://www.moneyexpert.com/news/the-economy-the-definitive-signs-that-making-recovery/800582297

***http://www.bbc.co.uk/news/business-23588958

More than a third of Brits don't have a financial safety net

Ian Houghton — Tue, 10 Sep 2013 20:00:13 GMT

Brits are continuing to feel the pinch; despite an uplift in the UK economy. Research conducted by Legal & General has revealed that 35%* of British families don’t have a financial safety net in place to provide a buffer in the event of any money woes.

The research also revealed that despite a lack of safety net, Brits are employing a number of strategies to help to ensure that they are able to deal with times of financial hardship.

Saving emerged as the most popular of these strategies, with 40% of families surveyed utilising this strategy.

Average family savings, according to the research, come in at a total of £660, with the spiralling cost of living making it increasingly difficult to build up a substantial savings pot.

This was followed by putting critical insurance/life insurance cover in place (31%), turning to friends and family for support (16%) and taking out income/unemployment protection insurance (12%).

New research from Barclays also revealed that families in the UK are facing mounting financial pressure, with more than a third (34%**) revealing that they are struggling to balance the books.

Just under a fifth of parents (19%) admitted that they didn’t feel completely in control of their finances, while 14% argued that strained family finances had sparked arguments.

Catherine McGrath, ambassador for Your Bank from Barclays, which commissioned the research, said:

"With the cost of raising a child having increased by 4pc in 2013, now costing at least £148,000 to raise a child to 18, this is putting an even greater strain on family finances so it is now more important than ever to tackle this head-on and help your bank understand how they can assist.”

The research also revealed that many families weren’t optimistic about the future shape of their finances with 82% of parents expressing concerns about how they would make ends meet over the next twelve months.

If you are using a credit card for any of your purchases, look for one that offers rewards or cashback for your spending.

Sources

*http://www.easier.com/117897-over-third-british-families-lack-financial-safety-net.html

** http://www.telegraph.co.uk/finance/personalfinance/consumertips/household-bills/10294733/More-than-half-of-family-budgets-out-of-control.html

How to have a balanced financial diet

Ian Houghton — Mon, 09 Sep 2013 20:00:13 GMT

While many of us think nothing of sticking to a strict regime of diet and exercise to ensure we are bikini ready for the summer, getting rid of the junk and sticking to what we know is healthy is a little trickier when it comes to our finances.

After all who can resist an extra dollop of spending or a side order of ready cash, when push comes to shove? But just as getting our five a day simply involves a bit of creative thinking, think a smoothie in the morning followed by a plate of greens in the evening, our finances simply need a bit of time, energy and even sweat devoted to them to ensure they are made up of a healthy balance of income and expenditure.

Here’s how to have a balanced financial diet, without compromising on the things we love.

Ensure our money scales always have a healthy reading

We wouldn’t want our BMI to tip into the unhealthy range so why are we happy to let our finances weigh any heavier on our minds than they need to?

Use a spreadsheet, money budgeting tool or penny pinching other half to ensure that your income always tallies with your outgoings.

Cut off any unnecessary fat

Who can resist the lure of a piece of fat-laden fried bacon on a Sunday morning? Very few I imagine. But just as eating too many fatty fry ups will have dire consequences for our health, and clog up our arteries, failing to trim the fat from our spending will also clog up our finances.

Why not try ditching the twice weekly takeaway for a similar meal at your local supermarket? If you simply must see the latest blockbuster then why not catch a film before 5pm, when prices are normally cheaper.

Consume a little less, and live a lot more

The more calories we consumer over the daily recommended limit (2,000 for women and 2,500 for men), the more likely we are to feel sluggish. The same applies to consuming more than we need to in terms of anything from clothes to holidays; the more we spend over the average the less disposable income we have to hand.

So just as we are always advised to eat and drink in moderation it may also be wise to spend in moderation.

If you are using a credit card for some of your spending, the Asda Money Credit Card offers unlimited cash back.

Consumers set to splash their cash as confidence grows

Ian Houghton — Fri, 19 Jul 2013 20:00:17 GMT

With headlines full of the UK’s economic woes in recent years, it’s a small wonder that consumers have kept a tighter grip on their spending in an effort to stay in the black.

But now it appears that at the same time as the cloud has slowly begun to lift on England’s economic growth, consumers have also opted to put their faith back in the market, and are set to splash their cash once more.

The latest forecasts from the Ernst & Young's Item Club show that the next two years will see consumers "loosen their belts" and finally indulge in the purchases that they have put on hold for fear that yet another rainy day could be just around the corner.

Consumer spending is predicted to shoot up by 1.2%* this year, 1.9% in 2014 and higher still to 2.2% by 2015.

Spending on entertainment and leisure is set to climb by 5.9% this year as consumers stock up on the latest gadgetry from smartphones to the latest TVs, as well as booking a well-deserved package holiday.

Other areas that are set to see an increase in spending also include "elastic" sectors, such as cars, hotels and restaurants.

And the reasons behind this potential spending surge? According to the ITEM Club this can be attributed to a number of factors, including the fact that basic-rate taxpayers have seen their allowance increase by almost £300 this year.

Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club, said: “The high street revival is gathering momentum. A happy coincidence of converging factors, supported by Government policies around income tax and the housing market, will lead to the revival of consumer spending over the next three years.”

If you are planning on putting some of your purchases on a credit card, it is crucial to find one with the best interest rates and rewards for your needs.

*http://www.bbc.co.uk/news/business-22838241

Shoppers purchasing more than just food at supermarkets

KatieFawcett — Fri, 19 Jul 2013 20:00:13 GMT

There was a time when everyone went to the greengrocer’s for their vegetables, the butcher’s for their meat and the toy shop for their toys.

But as times have changed and people have become busier, the modern-day shopper is looking to go to as few shops as possible.

According to a survey into the habits of British shoppers, some eight million of us are using our supermarket as a ‘one-stop shop’ for everything and anything that we want to buy.

Whether this is down to a need for convenience amongst busy Brits, or more competitive pricing, we don’t know.

Either way, what we do know is that a staggering 98% of us at least buy some non-food items from our local supermarket, with clothes and electrical items amongst the most common purchases.

More than 70% of us now buy clothes and fashion accessories from the supermarket, while 67% of us purchase CDs, DVDs and video games.

But it’s not just adults who are turning to the supermarket for ease and convenience – children are benefitting too.

The survey found that 42% of shoppers buy toys from the supermarket, choosing to shun dedicated children’s outlets or independent toy stores.

Electrical household appliances have been bought at supermarkets at least once by 67% of shoppers, while 32% have bought gardening equipment and DIY tools in the past.

Even more specialist items such as sports equipment and laptops are popular in supermarkets, with 14% and 25% of shoppers buying these items respectively.

And it seems that many shoppers would be willing to purchase even more from supermarkets, with 60% saying they’d be happy to buy a big ticket item such as a TV or holiday from a supermarket, if the price was competitive.

If you are planning on making a big ticket purchase using a credit card in the near future, consider one which helps you earn as you spend.

How to eat out and still save money

Admin — Mon, 03 Jun 2013 20:00:11 GMT

For many families heading out for meal at their one of their favourite local eateries can be one of the highlights of the week – giving mum and dad the opportunity to step away from the stove and enjoy a delicious meal – without the prep work and washing up that’s usually involved.

Whether it’s a spicy curry with all the extras or a traditional plate of fish and chips, eating out doesn’t necessarily need to cost the earth. Here are just a few ways you can ensure your restaurant bill makes for happy reading.

Make the most of early-bird offers

Some restaurants will offer meals at discounted rates during off-peak times, such as between 12pm and 3pm or 5pm and 7pm, when they may be less busy than usual; enabling you to enjoy the food you love, at a fraction of the price.

Look out for cut-price pre-theatre menus, which you may find in parts of London’s West End, or look out for offers at family-friendly restaurant chains.

Go BYO

Restaurants that don’t have an alcohol license, which are more common than you may imagine, will offer diners the chance to Bring Your Own (BYO) alcohol – meaning that you could buy a bottle of your favourite wine or beer from the supermarket and only have to pay a small corkage charge for the privilege.

Find restaurants where kids can eat free

A number of eateries the length and breadth of the UK offer the chance for kids to eat free, provided adults are purchasing a meal too – meaning that can feed your brood without paying a penny. A quick internet search will reveal restaurants with this offer in your local area.

Sign up to restaurant newsletters

Signing up to restaurant newsletters will mean that you keep up-to-date with the latest promotional offers and get them delivered directly to your inbox on a weekly basis. This could be anything from a 2 for 1 offer, to a free glass of bubbly when you spend over a certain amount.

If you are planning to put your restaurant meal on a credit card, it is crucial to find a card with the best deal for your needs.

Five reasons the nation loves shopping online

Admin — Mon, 03 Jun 2013 20:00:07 GMT

With the latest figures revealing that the growth in online spending continues to surpass retail spending*, it seems that Brits just can’t get enough of logging on to get anything from their latest fashion fix to the weekly shop.

Here are just five reasons why consumers are turning to the virtual world of e-retail to splash their cash.

1. Convenience

With many families having a timetable jam-packed with hectic work schedules, in and after-school activities and much more, finding the time to head down to the high street can seem like an uphill struggle. In contrast we can shop online in just a few clicks on our plethora of gadgets, from smartphones to tablets, anywhere and at anytime – including our daily commute.

2. A one-stop purchasing shop

Whether we want a new sofa to complete our living room makeover, or the perfect games console for a birthday gift, there is invariably an online shop that perfectly suits our needs. Better still we can peruse items from the length and breadth of the country, and beyond, all without having to leave the comfort of our own living room.

3. Home delivery

For many consumers the idea of filling their car boots to the limit or strapping a host of items to their roof rack after shopping spree fills them with dread. Having items delivered to your door, and put into position if you’re lucky, saves time, energy and a what might have been a precarious drive home.

4. Stored shopping lists

There are some food and drink items that always make it on to the weekly shopping list, from bread to our favourite jar of pasta sauce, and having to these items stored on our virtual shopping list ensures that we only need to make a few tweaks each week.

5. Enjoy the same benefits as in-store purchasing

From buy one get one free offers, to loyalty points, shopping online will generally allow you to enjoy the same benefits as shopping in-store – without the legwork involved. As an added bonus you may also be able to take advantage of offers that may be exclusively available online.

Putting your purchases on a credit card is one method of making purchases online.

Sources

*Barclays report http://internetretailing.net/2013/04/online-businesses-growing-57-times-faster-than-the-uk-economy-study/

Lending between family and friends putting a strain on close relationships

Admin — Thu, 23 May 2013 20:00:07 GMT

With 19 million people* having lent an average of £1,250 each in the past 12 months, over £23bn worth of loans has been exchanged between friends in just one year – but is this form of lending taking a toll on our relationships?

According to a survey by Thinkmoney, a significant 15% of lenders said that lending money to someone had an adverse effect on the relationship – although just 7% of borrowers said the same.

With 19 million people handing out loans to friends and family over the past year, the figures add up to 3 million damaged friendships.

This can perhaps be attributed to the fact that loans are often not repaid. While just 2% of borrowers insisted that loans were usually not repaid, lenders did not take the same view.

In fact, four times as many lenders (8%) who participated in the study said that loans were generally not repaid, highlighting that people are better at keeping tabs on their finances when they are owed a substantial amount of money.

However, this shrewdness is somewhat lacking at the beginning of the loan procedure, with just 80% of lenders certain their money will be repaid by the borrower. This compares with 91% of borrowers who usually think they will repay the loan.

Lenders over the age of 55 were the least likely to let non-existent loan repayments get to them, with just 8% of this age group saying that lending to friends and family often damages a relationship.

This is despite the fact that over-55s tend to lend large amounts of money, with 6% having handed out over £7,500 and 3% lending more than £20,000.

While 20% of 18-54 year olds said lending among friends and family harms relationships, they lent far less with just 1% lending out over £7,500 and none passing the £10,000 mark.

Instead of lending from our nearest and dearest, credit cards are also an option we may want to consider for our borrowing needs.

Source

*http://www.thinkmoney.co.uk/news-advice/neither-a-borrower-nor-a-lender-be-0-4115-0.htm

5 Ways to make your BBQ stand out

Admin — Thu, 02 May 2013 14:00:06 GMT

With the first rays of sunshine finally starting to peer out from behind the clouds, households across the UK are set to open their doors to a steady stream of visitors as we herald the start of the BBQ season.

In fact, Brits are so keen on the winning formula of food, family and friends that Brits spend as much as £720 on BBQs each year* – that’s countless pieces of meat being grilled, fruity cocktails shaken and entertaining conversations had.

Here are just a few ways to ensure that you can help your BBQ stand out from the crowd.

Add some new flavours to your BBQ repertoire

While BBQ fare usually consists of the usual repertoire of sausages, burgers, kebabs and few side salads, why not injecting some new items into your BBQ offering this year? This could be anything from a signature homemade marinade to glaze your meat to vegetarian options such as grilled aubergines.

Put on some impressive entertainment

If you have any budding music maestros in your circle of friends you could organise a small musical showcase to add an extra dimension to your BBQ. If your BBQ is a family friendly event, then hiring a bouncy castle or even a magician for a few hours will ensure that the kids are suitably entertained, leaving adults to mingle to their hearts’ content or tend to the BBQ coals.

Add a few flourishes to your BBQ spread

From matching tablecloths and napkins to homemade bunting hanging over tables, adding a few flourishes to your BBQ decor is a sure-fire way to impress family and friends. If you have the time, you may also want to give you garden a bit of a spruce up by clearing your path or planting some new flowers.

Sources:

*http://www.dailymail.co.uk/news/article-2030751/Brits-spend-750-barbecues-year-holiday-costs-just-543-50.html

The Asda Money Credit Card can make getting ready for the BBQ season that little bit easier – If you’re looking at getting those larger purchases like a new BBQ or patio furniture you can benefit from 0% on purchases in-store at Asda before the 31st August 2013. To qualify for the limited offer, apply & be accepted for the Asda Money Credit Card between 29th April and 9th June 2013.*

Representative Example:

Standard Purchases: 14.9% p.a. variable.

Representative 14.9% APR variable.

Total amount of credit: £1200.

This is for Illustrative purposes only and actual total amount of credit may differ.

*Excludes purchases in Asda petrol stations and online. If after the 31st August 2013 you have not paid the purchases in full interest will become payable on the remaining balance at the interest rate for Standard Purchases applicable to the account. Purchases must be made in-store at Asda on a valid Asda Money Credit Card. The promotion may be withdrawn or extended by Asda Money at any time without prior notice.

Top family days out in the UK

Admin — Mon, 11 Mar 2013 20:00:07 GMT

With the Easter holidays fast approaching, families will be looking for a host of ways to keep their little ones entertained once they are away from the structure of the school day. A day trip provides the perfect excuse to get the whole family out of the house and visit some of the UK’s best attractions.

Here is a selection of just some of the venues that are guaranteed to provide fun for all the family:

Drayton Manor Theme Park, Tamworth

Drayton Manor Theme Park has won a string of awards in recent years, including best UK attraction for children and UK attraction of the year. With a selection of thrilling rides, including Europe’s first stand-up roller coaster, Stormforce 10, a zoo, 4D cinema and Thomas Land (entirely dedicated to Thomas the tank engine and friends), the reason for the park’s enduring appeal is easy to see.

Claremont Landscape Garden, Surrey

This family-friendly National Trust Garden has plenty to keep the kids amused, including a natural play area with den building at the top of the mound and a 9-pin bowling alley behind the amphitheatre, while the Thatched Cottage (open every day) has toys and games until 5pm. During the school holidays, young visitors are also treated to children's craft workshops, storytelling and trails.

Belmont Children’s Farm, London

Belmont Children’s Farm boasts a farm museum, animal petting room, aviary, small animals, rodents, birds and a show area. The farm is home to more than 30 animal varieties including chickens, turkeys, ducks, geese, sheep, goats and pigs. Children will get the chance to get up close to animals on the morning feed, and at petting times, as well as getting the chance to go on a Tractor & Trailer ride.

Wherever you go this summer, get unlimited cashback when you spend with the Asda Money Credit Card.

Taking a fresh look at your finances in 2013

Admin — Thu, 17 Jan 2013 20:00:14 GMT

As the festive fun of Christmas becomes a distant memory and we look ahead to the coming year, New Year’s resolutions will be at the top of many agendas.

The usual suspects, such as losing weight, eating healthily or exercising more, are all sure to feature in many New Year priorities.

Yet an increasingly popular resolution surrounds our financial, rather than physical, health and wellbeing. According to a range of recent surveys, more than a third of us aim to spend less money and get on top of our finances in the New Year. So, how can you start afresh with your finances in 2013?

Make a budget

When it comes to getting on top of your finances, there’s no better place to start than by reviewing your income/outgoings and making a budget.

There are plenty of mobile phone and tablet apps that can help you with this, such as the My Weekly Budget app, which will lay your finances out clearly and concisely.

By creating a budget and sticking to it, you won’t need to worry about making your money stretch to the end of the month – and you might even save a few pounds.

Cut costs around the home

They say charity begins at home, and this is certainly the case when it comes to saving money. There are all sorts of ways to reduce your outgoings around the home, from reducing bills to improving efficiency.

By turning your thermostat down just a couple of degrees you can save a lot over the course of a year, while turning off lights and appliances when you’re not using them will also cut costs.

Earn while you spend

Lots of people see credit cards as being the opposite of good financial health, but if you are sensible with how you use it you can really benefit.

There are a number of credit cards that will let you earn as you spend. The Asda Money Credit Card, for example, lets you earn cashback everywhere you shop.

Representative 14.9% APR Variable. Subject to status. Applicants must be aged 18 or over and be UK resident. The Asda Money Credit Card is issued by Sygma Bank UK.

Black Friday sparks the start of the Christmas spending frenzy

Admin — Mon, 26 Nov 2012 14:00:07 GMT

The build-up to Christmas is always a frantic time for shoppers all over Britain. Many of us will be looking to pick up as many bargains as possible in the quest for the right present.

Black Friday (23rd November) was the best example of this busy period, total online sales in the UK were expected to reach approximately £193 million.

If customers had spent the £193m on an Asda Money Credit Card, earning 0.5% unlimited cashback, a total of £9.6 million could have been earned.

Here are some top tips for spending less as we head for Christmas:

Take advantage of promotional deals when treating yourself

A number of deal websites offer discount codes on anything from clothing and restaurant meals to cinema tickets and days out. Taking advantage of these deals on a regular basis could mean that you stand to make substantial savings. In-store promotions, such as ‘buy one get one’ free offers, could also help to put more back into the Christmas spending pot.

Review your spending

Using a spreadsheet or budgeting tools to help assess your incomings and outgoings could help to identify any areas where you are overspending as we head towards Christmas. If there is a gap between your income and expenditure, setting a weekly budget for areas including food, travel, car costs, etc. should help to bring this back into line.

Pay in cash

Occasionally paying for your purchases in cash, instead of putting them on your debit card, will help to ensure that your bank balance is a true reflection of how much you have left in your account. Using cash may also help your curb the temptation to spend beyond your means in this busy period.

Has the real cost of Christmas gone up?

KatieFawcett — Fri, 02 Nov 2012 20:00:09 GMT

With the average UK family spending around £600 at Christmas time, the winter holiday season certainly does not come cheap. In fact, frugality and financial planning seems to go out of the window at Christmas as most of us focus on enjoying ourselves and making the most of some time off work.

The average cost of Christmas has dwindled significantly since the beginning of the recession though. Back in 2008, it was estimated that UK consumers would spend an average of £655, whereas in 2011 Brits aimed to spend almost £100 less on average (£560).

However, in spite of the recession, almost half of people were not planning to cut back on gift spending in 2011. This trend looks set to repeat itself this year as it emerges that parents are looking to spend an average of £312 per child this Christmas.

This could be attributed partially to the rising cost of gifts: a number of new gadgets have either been recently released (such as the iPhone 5 and the iPad mini) or are in the pipeline, meaning the cost of putting a smile on your child’s face this Christmas could be on the rise.

But gifts are far from being the only large expense at Christmas time. Groceries have not been spared from the recent series of price hikes; record rises in the price of wheat and soya has sent the cost of bird feed soaring – and as the cost of feed makes up two thirds of the overall price of rearing a turkey, farmers have no choice but to pass this increase onto consumers. In addition to festive food and drink, households will also be splashing the cash on decorations, cards and transport to visit relatives.

If you don’t want to get the New Year off to a bad financial start, there are ways of minimising the cost of Christmas. Drawing up and sticking to a budget spreadsheet, as well as organising a secret Santa instead of buying presents for everyone can really make a difference.

However, there is an easier way to go about making savings at Christmas – and that’s by getting hold of an Asda Christmas Savings Card.

Each card allows Asda customers to save up to £144, for which Asda will pay a tiered bonus. Asda will pay a £6 bonus for savings of £144. Asda paid out more than £1 million in bonuses to its customers last year. Don’t miss out – get yourself a Christmas Savings Card today!

Top tips for first time credit card applicants

Admin — Mon, 08 Oct 2012 11:31:09 GMT

If you haven’t taken out a credit card before, it can be a little daunting. So what should you remember when applying for you first credit card?

Do your research

If you’ve never used a credit card before, it’s easy to think that each one is the same. But this is not the case – there are all manner of different types, and each one has its advantages and disadvantages.
There are credit cards for almost every financial situation. Some offer rewards and incentives, others are better for students, while some are designed to cater for wealthier consumers.

Before you start applying for a credit card, it’s important to do your research and find out what each credit card offers. This will help you decide which product you should apply for, and stop you from applying for cards that you don’t qualify for.

Think about your needs

Once you know what different cards are out there, it’s a good idea to start thinking about what you’re going to use your credit for and how you will pay for it.

If you plan to use your card for everyday spending and intend to fully repay the outstanding balance each month, a card that offers cashback might be best for you.

Alternatively, if you don’t plan to repay in full each month, it’s worth looking at cards with the best interest rates.

Don’t rush into an application

Avoid rushing into credit card applications, as applying for several at once can actually damage your credit rating.

This could make it even harder to get approved, so consider your options carefully and only apply for a credit card when you’re sure it’s the right one for you.

Christmas Savings Card: it's a good idea to start saving now for Christmas

KatieFawcett — Mon, 08 Oct 2012 11:21:27 GMT

A number of savvy Asda customers have already been taking advantage of the ‘every day low prices’ policy the retail giant guarantees.

Research from Asda has found that nearly a third of customers are starting to save for the festive period already. So there is no time like the present to start saving; pick up a Christmas savings card from your local Asda store or online.

The supermarket research also shows that almost half of mums are more concerned about the cost of the whole Christmas period than they were in 2011.

The research also showed that almost one in four plans to spend less on Christmas this year, which is not surprising considering that pay freezes coupled with rising living expenses have hit Brits particularly hard this year.

In addition, a whopping 93% of mums have already started their Christmas shopping, perhaps to steer clear of the high prices during the festive period.

The cards allow customers to save up to £144 on each card, for which Asda will pay a tiered bonus if the money remains on the card until 18 November.* The supermarket will pay a £6 bonus for savings of 144, a £3 bonus for savings of £97 and a £1 bonus for savings of £49. Customers are allowed more than one card.

Last year, around £40 million was loaded onto the Christmas Savings Cards. Asda paid out more than £1 million in bonuses to its customers – and the same pattern of savings has been witnessed again so far.

An Asda spokesman said: “We know that customers are already saving for Christmas so our savings card is an easy way for them to put a little bit away each week to budget for the main event.”

*The bonus will start to load at 5pm on Sunday 18th November so any transactions after this point will not be taken into account. Bonus will be ready for use on Monday 19th November from 8:00am.

UK households need an extra £18,000 a year to make ends meet

Admin — Mon, 08 Oct 2012 11:21:16 GMT

Brits need almost £1,500 a month to make sure they are financially secure, according to a new study.

The average household is £1,435 short of being financially stable. The typical household income stands at £2,504 and those polled claim to need £3,939 per month to feel financially secure.

Research from price comparison website uSwitch discovered that 61% of people don’t feel financially secure at all. A growing number of Brits are struggling to cope in this current financial climate. Many are recovering from the sting of rising energy bills, high unemployment topped with low wages and the rocketing cost of living. Rising food and petrol costs are also taking their toll on household incomes.

Wages have increased in the private sector faster than UK inflation over the last three months. This is the first time that wages have risen at a faster rate for the first time in three years. Despite this, the working population are not optimistic about their wages increasing further.

This might not come as a surprise to many as almost two-thirds of people have had a pay freeze in the last few years. As a result, only 30% of the UK workforce expects a pay rise this year.

When looking to define financial security, 35% of those polled said that it was having enough money to cover basic day-to-day living costs without relying on additional credit or loans. Yet almost half (40%) of Brits are, as defined by these terms, ‘financially secure’.

The second most popular definition is having a minimum of six months salary saved in the bank, yet only 35% of people have this luxury.

Just over one in 10 say that being financially secure means having no debt on credit cards, loans or overdraft facilities.

UK households could make the most of this crippling economy by earning whislt they spend. The Asda Money Cashback Credit Card offers 1% unlimited cashback on shopping in Asda stores and online, as well as 1% unlimited cashback from any Asda petrol station.