Friday 30 July 2010
Thursday 29 July 2010
Wednesday 28 July 2010
Conspiracy of the Rich
The Right Book. The Right Time. The Right Price.
Robert Kiyosaki, author of the #1 bestselling personal finance book of all time, Rich Dad Poor Dad is taking a new approach with his next book. He’s releasing the book, Conspiracy of the Rich: The 8 New Rules of Money, online — for free. And he’s inviting readers to participate in the writing process.
It's completely free, so take a look here
Tuesday 27 July 2010
Saturday 24 July 2010
Want to save money on TV channels?
You may be paying for SKY or cable TV services which can amount to a significant chunk of money every month. If you feel you can do without all the extra channels, why not try services such as TV Catchup - it offers over 50 channels free of charge!!
More 'credit card slaves' trapped by crushing debt
Simply Debt | FreePhone 0800 043 7886
Untitled
Need some extra cash? Then check out these ten original ways to make money!
I thought it was time to hunt out some unusual ways to make money. So here goes:
1) Deposit hunting
At the tender age of five, his son used to boost his pocket money on a campsite in France by collecting everything around the site that came with a deposit. He would then return these items to the camp shop to collect the deposit money.
Believe it or not, this can be a great little earner - not only at campsites but also at festivals. Many festivals now require you to pay a small deposit for your plastic cup when you're buying a drink, and if you don't return it you don't get your deposit back.
So as well as returning your own, be sure to return any others you find and pocket the extra cash! You'll be amazed at how quickly it can all add up!
Similarly, you could do this with the £1 deposits for supermarket trolleys - return all the trolleys lying around the car park and you could earn a small fortune!
2) Become a model
Modelling doesn't just have to mean walking down the catwalk. In fact, if your hands and feet are in pretty good shape, hand and foot modelling is a great way of earning some extra cash.
Have a browse on websites such as Hand Models 1 and Derek's Hands for further information - just be warned that if you have any scars/moles/skin conditions, you'll probably be turned away.
Alternatively, if you're brave enough, you could sign up to become a life model - but you'll need to be willing to get your kit off! You can usually earn around £10-15 per hour, although rates vary.
If you fancy giving it a go, contact your local art college or keep an eye out for adverts in shop windows. It's also worth checking out The Register of Artists' Models.
3) Become a courier
If you have your own car, Stuff2send.com is a nifty little website that allows you to register as a courier and get paid to drop off someone's stuff. It's completely free to join.
All you have to do is wait for someone to advertise something that needs delivering (usually around your area) - such as furniture, a parcel, or a lawnmower. You can then volunteer to make the delivery for a chosen fee.
Once you and the sender have agreed the fee, you can arrange the delivery details and away you go.
4) Drive a rickshaw
If you don't fancy delivering items, how about delivering people?
Sign up to Bugbugs.com and you can learn how to become a rickshaw/bug/pedicab driver! As long as you are over 18 years of age and physically fit, are fluent in English and are proficient in the Highway Code, you can sign up.
You'll have to pay out £50 in total for your training, but you get to keep everything you earn when you become a driver - so you should easily get your money back.
5) Sell your skills
Jobsgrapevine.com is a great little website for selling your skills.
If you're a fabulous ironer, love to babysit, or just can't get enough of cleaning, you can advertise your skills on the site and wait for the offers to come flooding in.
The website also allows people to advertise when they need a job doing, so it's worth having a browse to see whether there's a task you'd be willing to sign up for. And the best bit is that using the website is absolutely free!
6) Take part in clinical trials
This won't be for everyone, but if you're prepared to take part in clinical trials, you can earn around £120 a day!
These trials usually examine how long it takes for your body to absorb and get rid of a particular medicine, how the medicine interacts with food and other medication, and how much can be taken without any undesirable side effects.
You'll need to be prepared to have a blood test and urine sample, and in some cases, studies can go on for several weeks. If you'd like to take part, have a look at trials4us.co.uk.
7) Help out at ID parades
Certain police forces still do traditional identity parades (ID parades) and line-ups. A group of people who look similar stand in line and are given a number, while a witness tries to identify the person suspected of committing a crime.
ID parades usually only take a couple of hours, and you'll typically earn around £10-15 for the first hour, and around £5 per hour after that - although this will vary.
Some police forces have now introduced video line-ups but you can still earn around £10 for being filmed. If you're interested, it's worth contacting your local police station.
8) Become a voice-over artist
Fancy earning £50 an hour? Register at londonvoiceoverstudio.com and you might be in luck! Here you can find a list of voice-over agencies where you can audition vocal samples online.
9) Turn your home into a film set!
Why not register your property with an agency such as Amazing Space or film-locations.co.uk to see whether your home could be used in a film or TV show?
The more interesting or unusual your property is, the more likely it will be selected.
If you get accepted, you could earn anything from £400 to £5,000 per day, depending on the size of the production.
10) Sell your hair
If you're prepared to sacrifice your hair, you could cut if off and sell it to a wig manufacturer. However, you'll need to make sure your hair is untreated by chemicals used in perms or dyes, and your hair should be clean and healthy. You're likely to get a better price if your hair is long.
It's worth contacting a wig seller before you make the cut, and advertise it well online, including plenty of photos and an accurate description.
So there you have it - ten truly wacky ways to earn yourself some extra cash! Good luck.... you might need it!
Are you a bookworm?? How about a free eBook?
There are 11,000 free eBooks available for download now at The Book Depository.
What's the deal?
Looking for something good to read? The Book Depository has over 11,000 titles you can download for absolutely free.
Choose from the works of famous authors such as:
- Rudyard Kipling
- Jack London
- Oscar Wilde
- George Eliot
How do I benefit?
Simply go online to www.bookdepository.co.uk and browse their list of titles. Once you have selected your title just click on the 'Get Free eBook' link to download your book.
Your free eBook will be downloaded to your computer as a PDF file and will require a version of Adobe Reader to read.
Friday 23 July 2010
Prof. Elizabeth Warren on the current financial climate
We need someone like Professor Elizabeth Warren here in the UK, she is doing an admirable job defending the rights of the man on the street in the US against the predatory practices of many financial institutions.
Dateline NBC - Credit Card Debt Trap Part 1 of 10
For further episodes of this series please refer to YouTube
Simply Debt | 0800 043 7886
20 ways to make money in your spare time
By Liam Tarry - Moneywise Magazine
The new austerity measures from the coalition government mean many people will have to tighten their belts over the coming months. While sticking to a budget and finding ways to cut back are advisable, with a little imagination and effort you could find there are ways you can actually make money.
Moneywise has come up with 20 ways to make money during the credit crunch - some are easier than others but all of them could see you make some extra cash.
1. Track down old accounts
According to the British Bankers’ Association, there is more than £15 billion sitting forgotten in bank and savings accounts in the UK, with the average balance estimated to be £600.
The good news is that tracing lost funds has become easier with Mylostaccount.org.uk – a free online service that covers all UK bank and building society accounts. All you need to do is to go to the website and type in your details.
2. Claim tax credits
It’s always worth checking that you are receiving all the tax credits you are eligible for. Research by entitledto.co.uk found that people across the UK are collectively missing out on benefits and tax credits worth more than £8 billion a year. So while you’re tracing lost funds, why not visit the entitledto.co.uk website too and work out how much you could claim.
3. Sort your savings
Another easy way to make money is to make sure your savings are working as hard as they can.
If you’ve had the same savings account for a while it might be worth shopping around because new customers tend to get the most competitive rates. Good rates come and go, but if you've had a savings account for more than a year the chances are the interest you are earning is not the best out there.
If you have a lump sum that you are prepared to lock away for 12 months or longer, then a fixed-rate account might be best. This type of deal will also protect you from interest rate cuts.
If you want to start a savings habit then a regular savings account is a good way to ensure you put a set amount of money away each month. But if you want to make deposits as and when, an instant access deal could be the one for you.
However, if you haven't yet used your ISA allowance for the current tax year then this sort of account should be the first home for any savings. You can save up to £3,600 each tax year as cash in an ISA and this will not be taxed.
4. Mystery shopper
If you're longing for some retail therapy but can’t afford to hit the shops, why not earn a few pounds as a mystery shopper? Websites such as Retaileyes.co.uk employ mystery shoppers to drop in unannounced in shops and restaurants and rate their experience.
After you send in your feedback, you’ll be paid for your time and reimbursed for any purchases you made. You could make up to £20 a day, and get a meal or a night in a nice hotel thrown in for good measure.
5. Use cashback credit cards
If you pay off your credit bill in full each month, a cashback credit card could be the way to go. These offer you moneyback on purchases in certain shops or on goods such as petrol.
“Cashback credit cards are a great way to reward savvy spenders,” says Andrew Hagger, from Moneynet.co.uk, a price comparison website. “You can earn extra cash without even having to change your shopping habits.”
6. Cashback sites
You can earn even more money from shopping online. Cashback websites will automatically pay you every time you buy a product or a service from selected retailers, from your weekly groceries to switching your utility provider.
For example, CashbackKings.co.uk would pay you £8 if you spent £100 at lastminute.com, up to £45 if you switch your home insurance to Aviva and as much as £95 if you were to take out an ISA Scottish Friendly.
7. Take in a lodger
While most of us pay a fortune for our homes, it’s possible to make your home make money for you.
According to Abbey, you could make as much as £289 a month from renting out a spare room. Under the government’s ‘rent a room’ scheme, you don’t need to pay tax on the first £4,250 you receive either, which means you could charge up to £354.16 a month without being lumbered with a tax bill.
8. Rent out a parking space
If you live close to a city centre, train station or football stadium and don’t use your parking space or garage, you’re sitting on a proverbial goldmine. Renting an empty parking place to a commuter or football fan could see you rake in the pounds.
Parkatmyhouse.com is a website where you can advertise your space free of charge and let frustrated drivers get in touch. A parking space in the West End of London, for example, can fetch £500 a month, while in a leafy suburb of Leeds a space could net you £100.
9. Auctions
We’re all guilty of hoarding items that "could come in handy one day". But one man’s rubbish could be another man’s treasure, which is why online auction website eBay.co.uk is so successful. In fact, eBay estimates the average British house has about £450 worth of unwanted items that could be sold on the site.
For more valuable items, it could be worth going to an auction. Jonty Hearnden, antiques expert and presenter of BBC 1's Cash in the Attic and Sun, Sea and Bargain Spotting, says you should contact a local auctioneer if you think an item could be valuable.
"You could be asked to email across a digital photo, which the auctioneer will assess for free, or the auctioneer might visit you at no extra cost to take a closer look - especially if it is a large item," he explains.
10. Car boot sales
If you’d prefer money in your palm instantly, a car boot sale is the place to go. Thousands of people flock to car boot sales every weekend, with pitches costing about £10 a day. To find out where to flog your booty, check out Carbootjunction.com.
11. Recycle your old mobile
Many of us have an old mobile phone gathering dust in a drawer somewhere, but you could easily turn it into cash, even if it is slightly damaged. Websites such as Mopay.co.uk, Fonebank.com and Envirofone.com will tell you how much your phone is worth. An iPhone 3G, for example, could fetch around £130.
12. Sell your skills
We all have skills and talents so why not use these to make a few extra quid.
“If you spent years of your life being marched to piano lessons, put the experience to good use in adulthood by advertising your services in the local newspaper as a music teacher, says Laura Howard in her book, CashQuestions.com's 100 Ways to Beat the Credit Crunch.
"Just three hour-long lessons a week could see you up to £60 better off, not to mention the sense of satisfaction you will get. The same applies for languages."
13. Be a Film extra
If you fancy seeing yourself on screen, film and TV companies are always on the hunt for extras. You could make up to £150 a day and get the chance to meet some famous actors. You’ll need to join an agency first, details of one near you can be found at Nasaa.org.uk.
Hollywood can come to your home too, provided you have the right location. If you live in an interesting property, you could bag upwards of £1,000 a day renting your home to film and TV companies. Ideal locations must have large rooms, good parking facilities and understanding neighbours. Ordinary homes are wanted too.
15. Model your child
While every parent thinks their child is a star, model agencies could think so too. If you think your little one has what it takes, the first step is to contact an agency to ask about their requirements. You will be asked to send in a head and shoulders photo of your child, either by post or email.
If your child stands out, you’ll both be invited for an interview, to assess if your child is right for TV, photo or film. Depending on the child’s age, shoots pay upwards £50 an hour, but bear in mind that agencies can charge up to 25% commission.
16. Surveys that pay
The web also offers a wealth of balance-boosting opportunities. Survey websites such as Yougov.com, Panelbase.net and Toluna.com will all reward you for your opinions, either through cash or reward vouchers.
Once you’ve registered on the website, you’ll be sent surveys tailored to your personal profile, ranging from 10p to £2 per survey.
17. Earn from web research
Any Question Answered (Issuebits.com), are often on the lookout for internet researchers. Once a customer asks a question through their mobile phone, it’s the researcher’s job to hunt out the answer and reply online.
You can choose your own hours and the questions you answer, and can earn around 30p for every question you answer correctly.
18. Review music
Budding Simon Cowells amongst us should check out soundout.com, a music website that pays users to review unsigned bands. The idea is simple: you sign up, listen to a track, rate it and write an honest review. You’ll get 5p per review, but the more reviews you make the more you can charge – experienced reviewers can command 25p per song.
“If you’re a dedicated reviewer, you can earn some decent pocket money, some users have earned in excess of £1,000,” says David Courtier-Dutton, the founder of soundout.com.
19. Medical experiments
Volunteering for clinical trials doesn’t just have to involve taking untested and risky drugs. Some clinical trials are perfectly safe, such as sleep studies, psychological tests and taste testers. Fit and healthy volunteers living in London willing to donate their blood for clinical research, for example, could be paid £60 a time.
But remember, never sign up for anything you are not happy with – risking your health for a few extra pounds is just not worth it. Go to Gpgp.net for trials in your area.
20. Join the TA
If you’re brave and committed enough to sign up, the Territorial Army is always looking for recruits. You would need to give up one weekend a month, attend an annual two-week camp for basic training and be ready to be called to active service.
Basic pay starts at £34.41 a day, but can rise to £112.51. When you meet the minimum yearly training requirement (27 days if you’re in a Regional Territorial unit, 19 days if you’re in a National unit) you receive an extra payment known as a bounty. This increases as you spend more time as a Territorial, so within five years of joining, you could receive an extra £1600 a year. Go to Armyjobs.mod.uk for details.
14. Rent your home to film makers
Can you stop banks taking your money without asking?
During the past week or so I received calls from two people, both of whom had money taken from their bank accounts by their banks to pay off their credit card debt.
Both asked, “Can a bank do this, legally?” and I said, “The short answer is yes.” This practice is known in the trade as “setting-off” and while there are some restrictions it is perfectly legal.
What exactly is setting-off?
Setting off is when a bank uses the money held in one account to pay off a debt in another account held with the same bank.
So for example, if you have an account you pay your utility bills from at the end of each month and your credit card bill, with the same bank, is due a week before, you bank could potentially take money out of this account to pay the bill if there are insufficient funds in your other account to pay for it.
This would be unbeknown to you, as you will not receive notification from the bank in case you move the money away. So the bank takes money from the account to pay the credit card bill and it is no longer there to pay your utilities.
Can I get my money back?
If you’re caught out, as in the above scenario, then you need to contact the bank and ask for your money back but you will need to prove that you suffered as result of the bank’s setting-off.
In the case above the bank has set-off on one account to pay its non-priority, unsecured credit card bill leaving you with no money to pay your priority utility bills, which could also include your mortgage or rent. You will need to send copies of your late payment reminders on any of your priority bills, stating that they were caused by the bank setting off, and demand the bank refunds the money it took under this set-off.
Also, make the point that the bank is to treat you fairly, sympathetically and positively, as required by its banking code.
Why are the banks allowed to do this?
According to the Financial Ombudsman Service (FOS), the right that allows a financial firm to set-off dates back to the 19th century. This entitlement allows the firm to monitor a customer’s financial position and to combine accounts held by that customer, even though this is not detailed in the terms and conditions of any accounts.
The size of the set-off that the bank can take from other accounts must relate to the size of the missed payment. This means the bank can only take money equal to the size of the monthly payment that was due, not the whole loan.
The Lending Standards Board issued minimum standards which came into force on 1 May 2010 covering the use of the right to set-off.
Those customers most likely to be affected by a set-off are those on lower incomes and those struggling with their debts and missing payments on loans or credit card commitments to the bank or institution.
What’s an institution?
Some banks are connected to each other such as Santander, Abbey, Alliance & Leicester and Bradford & Bingley and classed as being under one institute. It is, however, difficult to know exactly who belongs to who. To help you narrow it down, take a look the FSA's list of UK banking and savings groups, it’s not a full list but it gets close.
The bottom line is that accounts with different banks that come under the umbrella of one institution can be raided.
The bank has refused my claim
If 8 weeks passes from the date you raised your complaint about setting off and the bank has not resolved the issue to your satisfaction, then you can go to the Financial Ombudsman Service (FOS). This is a free service and they will investigate your complaint. Contact the FOS online or call 0800 0234 567.
How do I prevent this from happening to me?
Have sufficient funds in your bank account to pay your debts when they are due!
If you can’t do this because you are struggling to meet your bills, including debts, then get professional advice. You may also need to think about getting a new bank account, preferably with a bank or institution that you do not owe money, as this would stop the credit card or loan repayment being taken.
Some people will say you need to pay your debts off using your savings and I can’t really argue with that. Especially since savings offer very little interest at present and credit cards charge massive interest.
Is setting off a big problem?
It has been difficult to establish the exact number of consumers caught out as those affected do not necessarily report it to the FOS when it happens. The FOS has said that they have so far handled over a 1,000 cases - just make sure you are not one of them!
Keep control
To save any risk of this happening to you keep your finances under control. If you are missing payments and the overdraft, credit cards are maxed out then think about getting professional advice fast by calling Simply Debt Solutions on FreePhone 0800 043 7886 or from your mobile 0345 257 7860 (calls to this number will be included within your mobile call minutes allowance)
U.S. credit card agreements unreadable to 4 out of 5 adults - 22.07.10
SimplyDebt | FreePhone 0800 043 7886
Thursday 22 July 2010
Unauthorised overdraft customers charged average 167% a year - The Guardian - 20.07.10
SimplyDebt | FreePhone 0800 043 7886
Wednesday 21 July 2010
Tuesday 20 July 2010
Free Software for your PC
This really is a very useful article, potentially savings thousands of pounds on expensive software that many of us use. [Open source software is free to use]
This site provides further software applications from a huge variety of categories.
Monday 19 July 2010
Make extra money from home - part 2
Ross Fraser - lovemoney.com
Following on from my last blog post about making extra money from home, here are my tips for those of you wanting to take it to the advanced stage.
Advanced - Run a website
If you have tried blogging on blogger.com and have decided that it is something you would like to do more seriously then it is probably time to build your own website.
Building websites may sound very complicated but it is actually relatively straightforward. Eight years ago I had no idea how to build a website. However, after reading about it and teaching myself I got the hang of it very quickly and can now have a website up and running in about half an hour! So if I can do it, anyone can!
Having your own website opens up so many doors that a blog on blogger.com limits you from doing. You have complete control over how you market it, in addition to the content and structure of it.
Getting started - The basics
1. Buy a domain - I used pickaweb.co.uk to buy my domains. However, there are lots of good quality domain buying companies in the UK. Depending on what domain extension you want (.co.uk, .com, .org.uk etc), the price will vary, but you are generally looking at less than £10 to own a .co.uk for two years.
2. Hosting - You can pay for hosting and the prices depend on your requirements. I tend not to recommend hosting companies because I have had different experiences with each of them, some good and some bad. But generally you are looking at around £25 - £50 to host a basic website for a year.
3. A CMS - You could hand code your website using HTML but that would take far too long. Instead use a free content management system such as Wordpress.org. I use this for all my websites and I cannot recommend it enough.
You need to be able to have a basic understanding of html, php and mysql, in addition to having some knowledge about FTP to get it up and running. But again I learnt all of this from scratch on my own, so if I can do it anyone can. Having a CMS then means it's extremely easy to add new content and update your website.
4. An idea for a website topic - The best advice I can give you is build a website about something you know lots about and something that is niche. That way you will have lots of useful content to write about. Some examples of niche sites I have built are - freegymmembership.org.uk and puertopollensa.org.uk.5. Marketing - This is potentially one of the hardest parts. You have a great website but no visitors - you need visitors to make money. There are literally thousands of ways to get visitors to your website and unfortunately it is down to you to get them there. Some basic ideas are:- SEO - Search engine optimisation. This is about making your website search engine friendly so it appears in the search engines for relevant keywords.
- Social Media - Create a Facebook page, Twitter profile or participate in relevant forums in order to drive traffic to your website.
- Use Adwords - This is Google's pay per click advertising programme. It is definitely more for advanced users because you are paying for traffic, but the theory behind it is if you pay Adwords 20p for someone to visit your website and then get them to buy something on your website, that gives you a higher commission and you are in profit. I should add that it is easy to get your hands burnt doing this, so only try it once you are really experienced.
So in a nutshell, yes, you can make money from the comfort of your own home in your pyjamas. In fact, many people are very successful at it and don't even need a 'proper' job. But the downside is that it is not a get rich quick scheme. You need to put in a lot of time, patience and learning, but if you are dedicated and committed then you will succeed.
Make extra money from home - Part 1
Ross Fraser - lovemoney.com
We’ve all read the articles online and seen the annoying adverts telling us that you can make thousands of pounds of additional income sitting in your pyjamas at home.
But is it all a load of rubbish or is it really possible to make money from the comfort of your home?
Well, the short answer is yes it is possible, but you do need to be prepared to work for it. If you are dedicated, keen to learn and can 'think outside the box', then it is possible to make a second income – or even a main one. And this article is going to show you how you can go about achieving this goal.
Getting started
For the past eight years, I’ve been making money online. It started off really small - I set myself a goal to make an additional £10 a week, I then learnt about different money making and marketing techniques, and over the years, I’ve tried virtually everything until I found techniques that worked and created an additional income for myself.
The great thing about the internet is that it has given me the opportunity to make money without having to work for someone else. However, don't be under the illusion that you can give up your day job immediately, because chances are you won't.
Therefore I have split the following sections down into beginners, intermediate and advanced. Beginners and intermediate will be in my first blog post, and the advanced section will follow in my second blog post.
Bear in mind that these are just pointers to get you started. You will still need to go away and you do your own research into each of the topics.
Beginners - Make a few additional pounds a month
If you’re looking to make a few additional pounds a month, start with a site such as Ciao where you can review products and get paid a small commission for your time. There are a number of other survey sites such as Lightspeed and Toluna that allow you to complete surveys for a small reward/payment.
These sites are never going to make you rich, but they are easy to join and you will gain something for your time spent on them.
Intermediate - Run a blog
If you can write creatively or have something interesting to say, then why not think about writing your own blog? Blog portals such as blogger.com are completely free to use. This is a great place to 'test' whether you are truly cutout for making money online.
If you have the perseverance and time to write and keep a blog updated with new and fresh content, then you know you’re ready to move onto the advanced stage. If not, then at the very least you’ve tried it and not invested anything other than your time.
If you do have a blog that is starting to generate some traffic and interest then you can start thinking about monetising it. There are so many ways to make money from a blog that I could be writing about it for days. But the two simplest ways are adsense and affiliate marketing.
Adsense is Google's advertising network and you can apply to add Adsense adverts to your blog. Adsense is idiot proof - once you have the advertising code on your blog it does all of the hard work.
Related goal
Make some extra money
It’s easy to increase your income if you know how! Check out these innovative money-making tips to find out more...
Do this goalAdsense works by reading the content of your blog and automatically matching up adverts that best target your blog visitors and match the topics of your blog postings. Therefore if you have a blog with a high volume of traffic, interesting content and highly targeted adverts, it is likely that people will click on your Adsense adverts at some point. When they do, you get a share of the click.
It is extremely easy to apply to the programme and install it onto your blog so you can be up and running in minutes. However the golden rule is never click on your own links or your will be banned!
You can learn more about Adsense at the main Adsense Google blog.
Affiliate Marketing has been very generous to me and makes up the bulk of my additional income stream. Affiliate marketing works differently to Adsense. Instead of being paid per click you are paid per sale. Therefore if you have a blog about fashion, for example, and have an affiliate link to Topshop, if someone clicks the link and goes onto buy a product from Topshop you are paid a commission for that sale.
There are a range of different affiliate companies in the UK, each of which manage different UK shopping brands. My personal favourite affiliate companies are Affiliate Window, Buy.com and Tradedoubler. However, there are many more.
Affiliate marketing is more complicated that Adsense because you need to match up your blog posts to products you think people would be interested in. You also need to add your own links to each posting. However, if you do match up your articles to products people would be interested in you can make some serious money from it.
Affiliate marketing is time consuming but also very rewarding if you get it right - a good place to learn more about it is Affiliates4u.com
So there are my tips for beginners and intermediates! Watch out for the advanced section in my next blog post!
Use your PC to get richer
Cliff D'Arcy - lovemoney.com
These programs and websites will help you to master money and grow your wealth.
In the late Eighties and early Nineties, the network which grew to become today’s World Wide Web was still the domain of academics and techies. Hence, there were no websites to help young adults like me to manage our money.
Instead, I relied on pen and paper in order to track my income and outgoings. Believe it or not, I still have the little red notebook in which I used to note the details of every single transaction I made. Every day, I would faithfully record every penny spent, whether by cash, cheque or card. Sometimes, this was quite difficult -- especially after trips to the Student Union bar!
The wonders of the Web
When I started work in an office, I replaced my little red book with Microsoft Excel spreadsheets which I designed to monitor my spending. From 1994 onwards, as the Internet started to take off in the UK, I found more and more programs and websites to help me master my money.
Today, there are literally thousands of programs and websites that you can use for money management. Here are a few of my favourite tools to master money, divided into 10 categories:
1. Budgeting
Sensible budgeting is the foundation of good money management. Indeed, if you don’t measure your money, then you’ll never be able to manage it properly.
So, try the budget calculator at government site Money Made Clear or register for Lovemoney.com’s free budgeting and banking service. However, if you want something PC-based, then try the free personal finance software on offer at Download.
2. Spending
If you’re going shopping online, then be sure to take full advantage of online discounts and voucher codes (try MyVoucherCodes), cashback offers (Quidco and TopCashBack) and price-comparison websites (Kelkoo and Google Products). Also, don’t forget old favourites Nectar and Tesco Clubcard.
3. Online banking
All major banks offer online-banking services to their personal and business customers. These enable you to monitor your balances, set up and cancel payments, receive and send messages, and so on. However, you can go one better with an account aggregation service which combines all of your accounts in one place. You can also set yourself a budget using this tool.
4. Benefits
My two favourite websites for steering the swamp that is the state benefits system are DirectGov and independent site EntitledTo.
5. Debt
How long will it take you to pay off a balance of £1,000 on a credit card which charges 1.25% a month in interest and has a minimum monthly repayment of 2% of the outstanding balance? This is far too hard to do on paper, but it’s easy with the calculator at What’s The Cost? (The answer is 256 months, by the way!)
For more help with borrowing, try lovemoney.com’s Destroy your debt goal.
6. Saving
How much must you save each month, at a yearly interest rate of 3%, in order to have £2,000 in two years’ time? The answer, according to Calc Calc Calc, is £80.79 a month.
For more help with building a nest egg, try our Build up your savings goal.
7. Investing and pensions
My favourite website for investing is The Motley Fool, lovemoney.com’s sister site, for which I’ve written since 2003. I’m also a fan of the Financial Times and Reuters for business news. Also, try lovemoney.com’s Make money from the stock market goal.
As for pensions, I like DirectGov, Money Made Clear and lovemoney.com’s Get ready to retire goal.
8. Students
One of the best times to develop good financial habits is when you leave home for university or college. Again, DirectGov helps young adults get to grips with money management, as does the Student Loans Company.
9. Scams
Millions of cons, crooks and criminals are waiting to steal your hard-earned cash. So, learn how to spot and avoid scams with Consumer Direct, be sure to keep your PC safe, and read our Scams archive.
10. Tax return
Completing a yearly tax return is a boring but necessary task for millions of us. Rather than filling in a paper SA100, file yours online at HM Revenue & Customs. It’s quicker, easier and comes with built-in error-checking.
Finally, software doesn’t have to be expensive to be good -- try our Kit out a PC for free goal. For example, instead of buying Microsoft Office for, say, £240, download free alternative OpenOffice.
Access your post while you're away, or simply keep your home address private
Ideal for company directors and website owners seeking improved privacy; expats looking for online access to UK post; students wishing to keep their private post away from parents and flatmates; family members looking after the post of infirm relatives; government officials or charity workers posted abroad, and professionals and consultants who are regular travellers and who need to access post; extended holidaymakers; absent landlords and second home owners wanting to divert and access their post online.
Right of set-off faces challenge
Richard Catlin | Checkmyfile.com
12 July 2010
Banks are facing a challenge on what they should do before they exercise their right to automatically use funds in a current or savings account to pay off outstanding debts that the same customer holds with them.
Known as a 'right of set-off', this is a remedy available to banks which enables them to transfer any credit balances held in reduction of a debt in the same name.
Right of set-off can be exercised by a bank typically after the debt has been 'called-up', which means that a formal demand for repayment has been sent, or a default notice has been issued. Sometimes, rights of set-off can also be exercised when a customer misses payments on a loan or mortgage, but also holds savings or an in-credit current account with the same company, in the same name, or in the name of one of the joint account holders. In this case, only the amount of the overdue payment should be transferred, and not the whole amount.
The tabloids have been quick to report on proposals put forward by the financial watchdog, the beleaguered FSA, with typically ill-informed gusto - one paper describing it as a "...crackdown on their right to pinch money from savings accounts...", but in reality there isn't anything sneaky or underhand about the practice - when used to pay late loan accounts it can be in the interests of consumers as both interest charges and penalty charges can be avoided.
Where criticism can be levied is where the right of set-off is used to clean out a bank account in full, leaving nothing for the customer to pay for the essentials of life.
In reality, right of set-off is a long established process that in the past has been fully supported by the Financial Ombudsman. Although a framework exists to determine when combining accounts is appropriate, the FSA want this tightened up to protect consumers.
Currently, the lender is not required to inform the borrower that they intend to exercise their right to set-off. After all, most people would move their credit balances quickly if they were put on notice that the balance was about to be seized. Instead, lenders are advised to inform the customer as soon as possible after transferring funds. Lenders are expected to give debtors 'reasonable' opportunity to repay the debt before funds are transferred, but there is no distinct definition of what this is.
The FSA is not looking to remove the right to set-off but instead, it is looking for increased consumer protection, including a prior warning of any transfer of funds before it happens and to ensure that customers aren't left in real financial difficulty due to action.
The FSA is also looking for lenders to provide better information on how the set-off process works, as well as formally including it in their terms and conditions. At present, lenders aren't obliged to do this.
We think the FSA is right to seek that rights of set-off are included and clearly explained in terms and conditions, but its wish that lenders serve notice before doing so is an unrealistic one.
Even if the FSA gets its way, then lenders can always clean out any account in full (where the person has overdue debts to them), without giving notice, and from any bank account, not just one held by the lender, just by getting a county court judgment and then using a Garnishee Order.
Having said that, the right of set-off can be used to obtain repayment of a very old debt. Many people believe that once a debt becomes statute-barred, they are home and dry. In law, the debt is still due, the lender just can't commence legal action to recover it after the limitation period. But it can exercise its right of set-off on any new account monies that comes its way.
If you are concerned about the possibility of having your credit balances seized, there are some simple precautions you can take to minimise the risk.
First, if you start struggling with your bank account, think about having your overdraft consolidated into a loan account with your bank, and arrange to repay it over an affordable period. Then open a new bank account and have your wages or salary paid direct to the new bank account. Don't forget to make a standing order to repay the consolidated loan. If things are already really bad or if your credit standing means that you can't qualify for a conventional bank account, use this no-credit check bank account instead.
Also if you have had a bad debt with a bank many years ago, even if you think the balance was written off, you should not under any circumstances open a new account with them, as you run the risk of having your balance set-off to repay the long outstanding debt.
If you're struggling to make ends meet, you can get advice in our Debt Advice Centre. Whether it's an ongoing worry, or just a short-term blip, you'll find advice on the options open to you, and where best to turn.
Sunday 18 July 2010
Bankrupt? Your personal details will be on the insolvency register for all to see - 17.07.10
Want to conduct a search? click here: http://www.insolvency.gov.uk/eiir/
Tuesday 13 July 2010
Money Saving Ideas
1. Saynoto0870.com
This website lists alternative geographic numbers instead of expensive 0870 numbers for well-known companies.
2. Turn2us.org.uk
Many people miss out on financial help available, from state benefits to tax credits. This website, powered by entitledto.co.uk, provides a free benefits checker to help you work out what you could claim.
3. Readitswapit.co.uk
If you’re something of a book worm, then this website is for you. Acting as a free second-hand book exchange, it enables you to swap books you've read for new books, recycle books and get rid of used ones.
Alternatively, bookbrain.co.uk allows you to search to find the cheapest bookshop for your chosen read.
4. Envirofone.com
The TV advert for this site is pretty irritating, but you can’t argue with the concept. Rather than bin your old phone, see how much money you could get for it. Alternatively, websites such as Omio.com, mobilephonerecycling.co.uk and comparemymobile.com have links to the main recyclers.
Remember, selling your old handset won’t just give you some extra money in your pocket – you will also be playing your part in helping the environment.
5. Skype.com
Voip (voice over internet protocol) allows you to make free phone calls via your computer all over the world. Several companies offer Voip services, but the best known is Skype – it has over 100 million accounts worldwide.
All you need to use Skype is an internet connection and access to a microphone and headphones – then, simply download free Skype software and you’re ready to go.
If the person you are calling also has Skype, then your call won’t cost either of you a penny. You can speak as long as you like, whenever you like, wherever you like.
6. Bubblebeeauctions.co.uk
This website sells lost property that's handed in to the police and not claimed after a month, as well as seized and shop-lifted goods.
7. ApplauseStore.com
From the X Factor auditions to comedy tours, this website offers thousands of free television and radio audience tickets.
8. Auctionfile.com
Most of us have used eBay at one point or another to see if we can bag a bargain, but it’s not the only auction website out there.
Auctionfile.com allows you to search for items across different auction and classified website, enabling you to find the best deals the web has to offer.
9. Boffer.co.uk
Fans of boffer.co.uk say it’s changed their lives – or, at least, changed their daily schedules.
Each night at 11:59pm, one deal will be put online with an attention-grabbing price tag. This offer will either last until 11:59 the next night, or until it has sold out.
The site buys up bankrupt, overstock, clearance and closeout consumer electronics products, and then sells it to you.
The real draw is when the site holds a ‘Boffer Off’ – this means that as soon as an item sells out, it will be replaced instantly for up to 72 hours or until the stock runs out.
10. Fixtureferrets.co.uk
This website promises to save you £120 or more on your grocery bill by ‘ferreting’ out the best supermarket offers and discounts. You do have to pay to benefit – but at 10p a week (£5.20 a year) it’s not exactly going to break the bank.
Quaffersoffers.co.uk, meanwhile, searches current supermarket and off-licence wine offers before they happen.
Alternatively, compare prices and shop at Tesco, Asda, Sainsbury’s and Ocado through mysupermarket.co.uk.
11. Petrolprices.com
This website will find the lowest petrol price in your area – all you need to do is enter your postcode, and it will reveal the cheapest forecourts to fill up your vehicle. There’s also a lively discussion board and lots of information about how to cut your motoring costs.
12. Freecycle.org
The Freecycle Network is made up of many individual groups of people who are giving (and getting) stuff for free in their own area. Sign up to your local newsletter and you can not only give away unwanted item to a good home but also pick up stuff you need yourself.
13. Searchfreebies.co.uk
There seems to be an endless number of websites offering you free samples. Searchfreebies.co.uk enables you to search by item or to simply browse the different freebie websites. Free-stuff.co.uk is also a good freebie and discount code website.
14. Mylostaccount.org.uk
There is an estimated £300 to £400 million in forgotten bank and savings accounts. Mylostaccount.org.uk is a free service powered by the British Bankers’ Association, the Building Societies Association and National Savings & Investments.
Enter your information and it will see if you’ve got money in a forgotten account.
15. Lastminute.com
This leading online travel and leisure retailer boosts 1.65 million visitors per week. And with fantastic deals on theatre tickets, meals out and flights (to name but a few), it’s little wonder.
16. Comparedownload.com
If you’re frustrated by the cost of downloading music online then this is the site for you. You can compare the cost of millions of music tracks from the best download websites.
17. Vouchercodes.co.uk
There are no end of voucher websites online where you can download vouchers or find online codes to receive discounts. Vouchercodes.co.uk is one of Simply Debt Solutions favourite sites, as it is really easy to use and allows you the search by date, popularity or store.
However, in order to find the best discounts, you should always look around. Myvouchercodes.co.uk and hotukdeals.com are also worth checking out.
18. Kelkoo.co.uk
Kelkoo.co.uk describes itself as a “one-stop shopping service” – basically, it’s a retail price comparison website and can help find you the cheapest products. You can search by brand, retailer or category.
19. Private-house-sales.info
If you want to sell your house, but don’t want to pay for an estate agent, then the good news is the internet is home to dozens of websites that facilitate private sales. You can find independent reviews and summaries of around 40 private sale websites at private-house-sales.info.
This free search engine allows you to find sites based on star rating or the cost. Many websites will advertise your property on other websites, in order to gain more exposure, although you will usually have to pay a premium for this.