However, many of us still use the same account that we’ve had for years. It’s usually the same one that we opened in our teens. If we’re honest, we’d probably admit that our circumstances have changed a bit since then. So, how do you know if you’ve got the right bank account for you? Well, there are five things you need to consider to see if you have the right account for your circumstances:

How you use your account?

Are you in credit or debt at the end of every month? Different accounts are tailored for different financial situations. If you are in the red, then are you facing hefty charges each month that you could avoid elsewhere? Look around and you might be able to find a deal that suits you more effectively.

How do you use your bank?

Do you manage your accounts online or do you like to go into the bank in person to make your transactions? If you do like to save time and effort, having online facilities can really help. Online banking gives you 24 hour access to your financial information, from the comfort of your own home.

How is the service?

Customer service is very important, especially when dealing with something as serious as your money. Many people often feel undervalued by their banks but continue to put up with the poor service, because they think it will be too much hassle to change accounts. In reality, it’s not that hard to do, especially if you’re transferring to somewhere with a great customer service team.

How much does it cost you?

Some accounts are subject to small monthly fees, but is it really worth paying the money? These fees often include packages such as insurance, but are you really using these services? It’s definitely something that is worth looking into.

How safe is your money?

It doesn’t happen often, but banks do go bust. If the worst does happen, is your money going to be safe and is your bank acting in accordance with the Financial Service Compensation Scheme? A quick check now could save you a fortune down the line.

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Five Ways You Know You Have the Right Bank Account by money-fox.com

But it’s not simply about data storage; cloud computing is set to revolutionise the way we do business, even at ground level.

Level One

If you break it down to what cloud computing can do for you, there are effectively three levels of service. The first is the one that most people are becoming familiar with: Infrastructure as a Service. This level provides virtual hardware in the form of data storage. Using cloud computing, employees can access the data they need through the Internet, meaning that they don’t have to be physically based in an office. They can work from home or conduct business on the move. With data storage comes the obvious concerns about security, but the majority of cloud computing services are incredibly safe and less susceptible to the dangers of hacking than data you keep on your laptop hard drive.

In addition, some services offer a virtual backup so if the worst should happen, your data is automatically accessible. It won’t affect your daily business whatsoever. As many of us know, accessing a physical back up is a different story and can take hours.

Level Two

Level two, known as ‘Platform as a Service’ (PaaS), is a step up the ladder. In addition to the storage facilities, you are also provided with all the tools and resources to create your own programs and software. Again, this is a great money-saver, as you don’t have to pay out for the additional software and hardware you’d need to do this from scratch. On top of this, cloud computing can also integrate with your existing accounting software, such as Intuit’s QuickBooks. By absorbing that software into the mainframe, all the data you need to be stored and updated is done so, automatically; while QuickBooks makes accounting infinitely easier, integrating it into PaaS gives you another level of flexibility. The numbers are safe, yet accessible and constantly being updated in line with your accounting.

In addition, collaboration between colleagues is made even easier; documents and data from services such as Gmail can be downloaded, amended and sent back to their original positions or shared between employees, to gain instant feedback.

Level Three

The third level, Software as a Service (SaaS), is possibly the most valuable to small business owners. It provides you with software and programs that are ready to go and can be operated remotely; no installation – it’s all there for you, at the click of a mouse. SaaS services are instantly integrated into your existing systems, so you don’t have to worry about whether they’re compatible with your current hardware – it’s all done for you.

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Cloud Computing for Small Business: From Accounting To Backups by money-fox.com

The human genome for Alzheimer’s disease was first sequenced 13 years ago and the breakthrough was considered to be a major medical advance. But for the last ten years genetic testing has remained an extremely expensive pursuit that only research laboratories had the luxury to access and implement. The last few years have seen acceleration in technological advances with which to read a genome. These days it’s as simple as a sample of blood or saliva and an internet connection to be able to look at the blueprint someone’s body is built on.

So while it may only take a lab a few days to sequence DNA interpreting each of the approximately 23,000 genes has become a more challenging undertaking. With diseases like cystic fibrosis, Alzheimer’s disease and Huntington’s disease the cause usually comes down to genetic mutations and if you have that mutation you are virtually guaranteed of developing the disorder.

For other diseases the genetics are a little more complex. With diabetes, stroke, cardiovascular disease and most types of cancer there are a number of genes that are implicated. Each comes with a small degree of risk but does not cause the problem entirely or directly. And until medical science can establish how much of an impact each of the inherited defects actually has, genetic testing can’t really offer a lot of people direct benefits.

There is also the issue of psychological trauma and stress, a person can suffer if they find out they are carried a mutated gene, that has been raised. This can be amplified in scenarios like Alzheimer’s disease where there is not much medically that can be done to prevent or slowdown the onset of the disease. Studies have indicated however that some people appear to be resilient to the results of their tests. Because testing provides them with information and treatment options it takes the anxiety and insecurity out of “now knowing” for some and allows them to get on with making major decisions about their lives.

The difficulty is that “perception of risk” is highly individual and news that may be distressing for some people is seen in an optimistic or reassuring way by others. For some people regular testing and screening provides the opportunity to detect problems and abnormalities early on and giving you a better chance of adopting early treatment in some cases and improving your odds of a positive prognosis.

This is especially important for some types of cancers which need to be caught early on with cancer screening if treatment is to be successful. But this is really only all possible if you have private health cover. Imagine the stress and panic you have to go through if you do not have the resources to help you deal with an abnormality. As it is some people may have some difficulty in convincing their health care providers to cover all tests, screenings or treatments comprehensively but for those who need to sit on the waiting list of a public hospital the outlook is quite bleak. And so complain as we may about the expense and the inconvenience of the reforms, ultimately it’s for the better, especially in the long run and especially if longevity and peace of mind are what you have in mind for the rest of your life.

Medical Advances Pointless Without Private Health Cover by money-fox.com

It’s easy to see why the above line of reasoning has gained popularity over the past two years. 2011 data released by Australia’s central bank proved that the level of income saved by Aussies had skyrocketed to 11 per cent from August 2007 (the beginning of the recession) onward. Australians hadn’t been saving that much money since the 1980s. And yet more recent stats, released by a local bank, indicate the fact that some may be saving, yet not all do. According to the survey, which questioned over 5,000 financially active Australians, many are living on a paycheck to paycheck basis and not saving nearly enough as they would like to. The poll says 41 per cent of Australians are struggling to cover monthly expenses, while 56 per cent would ideally save more than they currently are. It has also revealed that 33 per cent fear about the financial security of their retirement years, yet 48 per cent are not actively concerned about their super, since they rarely or never contribute. Almost 20 per cent would have difficulties scraping together any amount of money between $500 and $1,000 in case of emergency.

And yet 35 per cent of the people polled are confident that they have a plan and a set of goals for the future. This all adds up to a financially interesting picture, in which only the truly foresighted are saving up. With banks struggling to make their savings and term deposits products more attractive and competitive, active, regular savers are the ones who know the most about quality of life and about long-term planning. People who don’t save are much more focused on current goals than they are interested in taking decisions that might lead them to have a better life in the long run.

More evidence for this can be found in the results of the same survey: savers can currently only afford to save $200 or less per month, but they stick to their guns and some will even enforce self-imposed thresholds for spending on certain types of goods. Of course, credit card debt and other types of outstanding, ongoing payments are taken care of regularly, on a month to month basis. Meanwhile, spending patterns across Australia, as gauged by the poll, reveal that tradespeople will spend more than professionals, both on food expenses, as well as on family expenses: that’s $844 per month on groceries and such, plus $628 per month for medical bills, educational needs and all childcare related costs. Professionals will only spend $844 for food and $594 for family expenses.

Some of the experts behind the survey argue that saving money, even in the slightest amount, will go a long way toward a better life. It will alleviate some of the stress associated with daily expenses and it will also replace the constant push toward achieving goals with a relative peace of mind to be found when planning ahead.

Australians Wish They Could Save More Than They Are by money-fox.com

An end to business as we know it?

Detractors of such current trends have some objections to the status quo. For one thing, working from home can become more stressful than any corporate job, they’re saying. Ever since everybody’s gone online, we all seem to be working round the clock. Indeed, rationalizing one’s work versus personal time is an important issue, but definitely not one that cannot be managed with just enough sensibility. The second counter-argument is that staff who works from home cannot be efficiently tracked – but that’s where a virtual office comes in. These software suites, which are most often cloud-based, allow for real-time tracking of information and task completion. Last, but not least, hiring cheaper talent from overseas risks tampering with the balance of the current job market. That is, of course, an issue which anyone is free to speculate on, but time alone will bring the verdict.

Technology is literally writing the future

Not that anyone had too many doubts left, but the information technology industry is by far the most profitable one at the moment – almost in spite of the aftermath of the global financial recession. As if to confirm this nugget of popular wisdom, an investor based in Melbourne seeks to consolidate its reach into the technology market by seeking to set up a fund worth $80 million in Australian money, i.e. some US$83.4 million. The company’s track record thus far is solid enough, with more than $20 million worth of investments to its name; the money has been coming in from private persons in Australia, Hong Kong, California’s famous Silicon Valley, and Singapore. It has been active on the market since the beginning of 2011, and its portfolio already includes some impressive, innovative, and oftentimes cutting edge platforms, websites, and technology-makers.

The company’s upcoming strategy is to invest anywhere between $500,000 to $5 million in some 25 to 50 companies. Its planned stakes are 10 per cent and higher – but the best news of all is that they are mainly seeking to rejuvenate the Australian tech start-up market and help such companies go global. A fitting plan for a country which has been deemed the second best in the world for setting up a start-up, in terms of legislation, time, and initial investment required.

What’s more, Stuart Richardson, the founder of the company seeks to capitalize on what he feels is Australia’s tremendous potential for creativity; he says no fewer than 10 per cent of Australians are currently  focusing on building their own start-up. Better even than that is the fact that the country has the third best ration in the world when it comes to the number of patents per gross domestic product unit. His aim, in his own words, is to provide that initial infusion of capital, which entrepreneurs are finding it more and more difficult to come by. Becoming the next Mark Zuckerberg Down Under sure sounds like it’s among his plans – and, given market conditions, he might just turn that plan into a reality.

Work-at-home Solutions Prove Increasingly Efficient in Australia by money-fox.com

Finding the tenants

There are many ways you can go about sourcing tenants for your property. These include advertising in your local newspaper or using online sites that can allow you to be more selective. Another option is to use social networking sites to advertise your property. When your tenants have been found, it is important to get credit checks and references so that you can have some peace of mind. To find your tenants easily and carry out the necessary checks all in one go, you could visit a website like rentify.

Maintenance

As a Landlord, you will be responsible for the overall maintenance and working order of the property. You must take into account the costs of safety items such as smoke detectors and fire extinguishers. Also be attentive and regularly check for any issues such as leaks in order to prevent them from becoming costlier problems. By law you are also obliged to carry out yearly safety checks on gas and electrical appliances.

Landlords’ Insurance

Taking out standard house insurance is not enough when you are planning to rent a property to tenants. Instead what you will really need is landlords’ insurance. A furnished property will need the right level of contents insurance and you should consider covering yourself for loss of rent and damage to the property also. Insurance costs will differ according to the type of tenant you have living in your property. Letting to students for example will give you higher charges than renting to a single working man or woman. Find a reputable insurer to buy Landlords’ insurance from but remember to read carefully through the terms and conditions first before making your decision.

Tax

You will be taxed on any profit you make from renting out your property. The amount of tax you have to pay will depend on how the property is being rented and its annual income. Landlords who rent out one or more property will need to calculate taxable income by adding up all their profit for the year. Keep receipts of all the work you have done on your property however as the maintenance costs will come under expenses and not be subject to taxes.

What it Costs to be a Landlord by money-fox.com

And that’s before you even get to the minefield that is the mortgage market; if the different types of mortgage don’t get you then the mind-boggling array of interest rates and conditions will.

So, here are a couple of pointers to hopefully make getting a mortgage that little bit more straightforward…

How To Pay Back Your Mortgage

Mortgages are convoluted things, and the type of mortgage you can take out will depend upon your current circumstances – the key is to not overstretch yourself; you may be able to get a better house for a few grand more but that even a small amount can seriously mess up your budget and land you in trouble.

Remember, a mortgage is basically a secured loan and your house is the security on that loan; default on your mortgage and you could lose the roof over your head.

There are broadly two ways to pay off your mortgage; one is to pay back the capital alongside the interest (a repayment mortgage), while the other requires you to pay a balance at the end (interest only or endowment), and while the latter often results in lower monthly repayments, the fact that you’re not paying off the capital can lead to problems further down the line and so these types of mortgage have been scrapped by many lenders.

There are then a variety of different mortgage products designed to suit a range of circumstances (and basically make the lender a load of money).

Ways To Repay The Interest

As with any type of loan, you have to pay back everything you borrow, plus interest – when you take out a mortgage, there are a range of repayment options that can affect how you pay per month and overall.

Fixed Rates

When you take out a fixed rate mortgage, the interest rate is fixed for a set period of time, usually between two and five years. These are a good option if there is a risk that interest rates will rise but you could lose out if there is a drop in rates.

If you think that your circumstances may change during the term then you should consider a different type of mortgage as there are penalties for switching.

Variable Rates

The interest rates on variable rate mortgages change as the Bank of England base rate changes and these are a good option if it looks like interest rates will fall. However, if interest rates rise you could end up paying more than you expected. As with fixed rates mortgages, you could be penalised for quitting the mortgage early.

Capped Rates

These are a mixture between fixed and variable, if the rate falls then you can take advantage of the lower rates but if they rise, your repayments are capped so interest can not go above that limit.

Discounted Rates

Here you will be offered a discounted rate that applied over a specific term ans is lower than the lender’s variable rate but will vary alongside this rate.

Cashback

Here, the lender will offer you money back if you take out a specific mortgage – but make sure you do your sums and that the cashback you receive is not outweighed by high interest fees or that you’re not stung by massive fees for switching early.

What Mortgages Are On The Market? by money-fox.com

To start off with, you need to determine your requirements. This can be done by conducting a quick risk assessment before you go ahead and start searching for an insurance policy. If you run a larger business, using a business insurance adviser is a good idea in helping you determine your needs. For smaller businesses, however, you may be able to do this yourself.

Once you have conducted your assessment, you can begin looking for policies. When you request quotes, always do so based on the current value of your assets. If you try to lower the value of your assets to get reduced insurance rates, you may run into trouble, so always be very clear about exactly what your assets are worth.

Consider getting coverage for forces outside of your control that may end up affecting your business. For example, choose coverage for inflation and any changes in regulations and policies that may negatively impact your company.

When determining which company to use, always spend some time checking reviews of the insurers that interest you. Needless to say, your priority will to get optimum cover: coverage that is perfect for you needs. However, on top of this, you may consider price to be of paramount importance as well. Marrying the two of these is certainly possible, so spend time finding companies that fit all of your requirements.

When discussing your needs with any company or agent, maintain full disclosure. In other words, be honest and completely up front when discussing any previous incidents or events that may affect your policy. It’s better to get all of the details out in the open straight away, rather than hiding any skeletons away in the closet.

It may also be sensible to ask for an appraiser to come out and recommend any improvements that may help you lower your premiums. Once you have chosen a suitable company, do this and they will send an expert to help you make further savings. Obviously, this is only likely to be necessary if you run a decent sized business.

Finally, it is important for you to find out about any exclusion clauses that may be on your policy so you know exactly where you stand. Review the terms and conditions closely, and then sign on the dotted line.

Taking these simple steps will help you to make sure that you tick all of the boxes when getting an appropriate policy. Most importantly, your focus will be on covering all your needs, and saving the most money without compromising your coverage.

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How To Get Affordable Business Insurance by money-fox.com

It is therefore not surprising to find that the largest ever loans in history are on a scale that most of us find hard to imagine, let alone begin to consider how we would pay them back.

Here are some of the biggest loans ever to have been made:

National Debts

In 2011 Mexico had the largest amount on loan, with Greece following not far behind. However, taken as a direct proportion of GDP, Liberia actually had the highest at 8.5% and Iceland came in second place at 7.4% under this criteria.

International Conflict

War is a costly business – and not just when it comes to human life. The amount of money needed to wage and sustain conflict with another country or countries is excessively high and there are plenty of incidences in history where large loans have been requested for war efforts.

Notable examples obviously include the First and Second World Wars – after all, conflict on such a global scale was guaranteed to cost a pretty penny. The loans were so big in fact that it wasn’t until 2006 that reports were issued explaining the UK was repaying the last of its debt to the USA for borrowed funds. More than 50 years after the end of the conflict and the UK were still suffering from the aftermath of these historic events.

In terms of monetary value, the loan given to the UK accounted for a princely sum of $586 million. At exchange rates from circa 1945 this would have been equivalent to approximately £145 million. An additional £3, 750 million (approximately £930 million) was then taken in credit later on down the line.

With the original repayment schedule for the loan set at 50 annual repayments beginning in 1950, the UK was a little late on their repayments. Considering the amount of money involved and the other financial matters being dealt with during that time, it is hardly surprising though.

Officially called the European Recovery Program, The Marshall Plan was the American program to aid Europe after the end of World War 2 by giving monetary support, helping rebuild European economies that had been devastated by the conflict. Perhaps one of the most important loans in history, it stimulated the total political and economic reconstruction of Western Europe and had a significant price tag attached to it.

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Largest Loans in History by money-fox.com

The 300-year old building with the famous black door recently won the “In-use Special Award” for working buildings by the respected BRE Environmental Assessment Method for making the most year-on-year improvement among 800 UK buildings in the scheme.

The improvements that went in to winning this accolade included new boilers, low-energy lighting, and, amazingly, using the heat from IT equipment to heat water. There is even a water tank buried underneath the garden where rainwater collected from the building is stored for times of drought.

It seems this is certainly one area where the Government is practicing what it preaches following the launch of its flagship “Green Deal” loan scheme. The Green Deal aims to encourage homeowners to improve the energy efficiency of their homes, and cut energy bills and carbon emissions.

Inspired by Number 10’s example, here are some energy saving tips on how you too can make your home more energy efficient.

Insulation

Insulation is an easy way to save money on bills. Improving your loft insulation, or having cavity insulation installed as part of the “Green Deal”, will bring a noticeable difference to your heating bills, helping you to stop wasting energy (and money).

Switch it Up

The internet has made it easier than ever to track energy tariffs and if necessary, switch your supplier so that you can take advantage of them. Simply go online, and you’ll be able to see if British Gas electricity prices are the lowest and best option for you from amongst a host of competitors.

Think About Your Energy Use

If we sat down and thought about our energy use, we could all see where we could make savings through simple measures. Turn off the lights in unoccupied rooms, fit energy-efficient bulbs, and turn appliances off instead of leaving them on standby. Just by thinking it through, you’ll be able to make substantial savings each month that will help both the environment and your wallet.

[1] http://www.guardian.co.uk/environment/2013/mar/05/no-10-downing-street-sustainable-building

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Leading the Nation by money-fox.com