stepsave

Election Drama? Don't Let It Mess with Your Money (We Got You!)

jonathan@stepsave.com (Jonathan Steer) — Thu, 30 May 2024 10:10:12 GMT

Welcome to this week's Stepsave newsletter! Discover how to retire early with Guiide's FREE pension calculator, turn £1 a day into £165,000, navigate election impacts on your finances, and grab 'free money' from UK banks. Dive in!

Fancy Early Retirement in the UK? Free Pension Calculator Helps! - Stepsave

Swap Suits for Sunsets! Guiide's FREE pension calculator charts your course to early retirement. Dive in and ditch the daily grind (sooner than you think!).

Use these tips to turn £1 a day into a £165,000 savings pot - Metro

Pocket change to palace? Savings guru Rosie Murray-West shows how your daily spare change can become a king's ransom. Read on!

What a general election could mean for your finances - Interactive Investor

Wondering how the upcoming general election could hit your wallet? From tax twists to pension tweaks, Craig Rickman breaks down the financial forecasts faster than you can say 'snap election'!

‘Free money’ and 10% interest: carrots UK banks are dangling to get you to switch - The Guardian

Fancy some 'free money' with your morning cuppa? Rupert Jones reveals how banks are doling out £175 and dangling 10% interest carrots, but beware—the strings attached could be trickier than the crossword in The Times!

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Fancy Early Retirement in the UK? Free Pension Calculator Helps!

jonathan@stepsave.com (Jonathan Steer) — Thu, 23 May 2024 19:47:23 GMT

Let's be honest, picturing yourself at 65 with a piña colada in hand is far more exciting than wrestling with a mountain of pension paperwork. But hold on, that dream holiday (and countless others) might be closer than you think!

This week, Stepsave is here to help you ditch the nine-to-five (or at least, a lot sooner than you think). We're introducing you to Guiide.co.uk , a FREE pension calculator that takes the stress out of retirement planning.

Why Should You Bother (Besides the Beach)?

Escape the Rat Race: Who wouldn't want to know exactly when they can finally swap the office for their passions? Guiide helps you estimate your ideal retirement date based on your current pension pot, future contributions, and desired lifestyle.

Peace of Mind (and No More Money Worries): Concerned about running out of cash in your golden years? Guiide lets you stress test your plan by factoring in unexpected bills or living longer than expected. So you can relax knowing you'll have enough for that dream trip (and many more).

More Dough in Your Pocket: Guiide helps you structure your withdrawals to minimise your tax burden, leaving you with more cash for the things you love. Think fancy restaurants instead of beans on toast!

But Wait, There's More!

Leave a Legacy: Planning to share your wealth with loved ones? Guiide allows you to factor that in, ensuring a comfortable retirement for both you and your future beneficiaries.

Simple and Straightforward: Unlike other complex tools, Guiide is designed for everyone. No need to be a financial whizz to understand your retirement picture!

Is Guiide Right for You?

This free tool is great if you're:

Dreaming of Early Retirement (Who Isn't?): Curious when you can finally escape the daily grind?
Concerned About Running Out of Money : Want peace of mind knowing your retirement is secure?
Ready to Make the Most of It : Looking for ways to maximise your enjoyment in your golden years?
Overwhelmed by Complex Planning : Need a user-friendly tool to make sense of your finances?

What Others Are Saying:

The Financial Times commends Guiide for its stress testing capabilities, highlighting its usefulness in planning for unforeseen circumstances. Users also praise the tool's user-friendliness and ability to provide a clearer picture of retirement finances, with an ' E xcellent' rating of 4.7 out of 5 on Trustpilot (at the time of publishing).

Don't Bury Your Head in the Sand!

Planning for retirement might seem daunting, but it's crucial for a happy and fulfilling future.
Head over to Guiide.co.uk to try Guiide for free and take control of your finances today!

Remember, the beach (or wherever your dream destination is) awaits!

Need to talk to someone? You can, and it's free.

Over 50? You can get a free appointment with a pension specialist at Pension Wise - a service backed by the UK government. Click here to book your appointment.

Under 50? Even though you're not eligible for an appointment, their pension specialists are still there to help. You can call them for FREE on 0800 011 3797.

As always, this article is not a personal recommendation or financial advice. Head over to gov.uk for more information or to find a financial adviser .

Uni Life Hacks: Grades, Groceries & Gear - Slash Your Spending!

jonathan@stepsave.com (Jonathan Steer) — Wed, 15 May 2024 19:02:22 GMT

This week, we delve into the psychology of "Cash for Grades" and explore creative cost-cutting strategies. From supermarket hacks to smart borrowing tips, discover gems to boost your wallet. Dive in!

Cash for Grades: Should We Be Paying Kids to Pass Exams? - Stepsave

Ever bribed your kid with a tenner for a good grade? Turns out there's more to the story than just cash. Dive in to find out the pros, cons, and the psychology behind it!

How rental ‘libraries of things’ have become the new way to save money - The Observer

Ditch the clutter, ditch the cost! Rental libraries are booming, offering everything from designer baby clothes to hedge trimmers. Borrow what you need, save money and space! Laura Whateley explains more.

How much does uni in the UK cost, and will I earn more if I go? - BBC News

Thinking uni? Wondering about the cost and the career boost? Hazel Shearing breaks down the UK fees and shows how a degree can open doors to higher earnings.

Which was the cheapest supermarket in April 2024? - Which? Money

Feeling the supermarket squeeze? Don't let your wallet scream! Ellie Simmonds reveals the grocery giant hiding a treasure trove of savings. Plus, snag tips to make your budget sing.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Cash for Grades: Should We Be Paying Kids to Pass Exams?

jonathan@stepsave.com (Jonathan Steer) — Mon, 06 May 2024 13:42:27 GMT

Ever wondered if dangling a carrot (or a wad of cash!) in front of your child could propel them to exam success? The idea of incentivising students with money for good grades is a hot topic, with strong arguments on both sides. Let's delve into the pros, cons, and the psychology behind it.

The Incentive Theory: A Quid Pro Quo Approach

Incentive theory suggests that people are more likely to put in effort when there's a potential reward. In education, this translates to offering students money for achieving specific grades or targets.

A survey by OneFamily (2019) revealed:

Source: Parents promise to pay teens £150 each for good exam results, OneFamily

Overall, the same survey showed that 77% of parents gave rewards for good grades.

Proponents argue that rewarding for success:

Boosts Motivation: The promise of a financial reward can act as a motivator, encouraging students to knuckle down and focus on their studies.
Rewards Effort: It acknowledges not just the final grade, but also the hard work it takes to get there.
Sets Clear Goals: Linking money to specific grades helps students set clear targets and track their progress.

Curious about the psychology behind motivation with rewards? Dive deeper into The Incentive Theory of Motivation by Kendra Cherry to understand how external factors can influence our actions.

The Psychological Angle: Does Money Kill the Joy of Learning?

Psychologists raise concerns about the potential downsides of using financial rewards:

Short-Term Focus: Students might prioritise getting good grades to get the money, neglecting the deeper enjoyment of learning itself.
Diminished Intrinsic Motivation: The internal satisfaction of learning and mastering a subject could be overshadowed by the external reward.
Unequal Playing Field: Students from lower-income families might be disadvantaged if their parents can't afford to offer similar rewards.

Wondering if rewards can actually hinder learning? Check out The Dark Side of Rewards: Why Incentives Do More Harm Than Good in the Classroom by Connie Persike to explore the potential downsides of using rewards in education.

Beyond the Cash: Alternative Motivators

Instead of relying solely on financial rewards, consider these alternatives to boost student motivation:

Celebrate Effort: Acknowledge hard work and progress, regardless of the final grade.
Focus on Mastery: Emphasise the joy of learning and understanding a subject, rather than just achieving a specific grade.
Experiences Over Cash: Offer rewards like a fun day trip or activity they'll enjoy, fostering positive associations with learning.

Reward Effort, Not Results for Younger Pupils

Studies ( Allan & Fryer , p15) show younger pupils might not know the best way to get good marks. Rewarding specific actions like reading or attending class ( inputs ) might be more effective than rewarding marks themselves ( outputs ). This encourages positive study habits without needing pupils to figure out the "best way" to improve scores.

The Verdict: A Balanced Approach

There's no one-size-fits-all answer. Every child is different, and what motivates one student might not work for another.

Here are some key takeaways:

Incentives can be a tool: Used strategically, they can provide a temporary boost in motivation.
Focus on intrinsic factors: Nurture the love of learning and the satisfaction of mastering a subject.
Open communication: Discuss goals and expectations openly with your child.

Ultimately, the best approach to motivate your child involves a combination of encouragement, support, and fostering a love of learning that goes beyond the promise of a reward.

Travel woes? ✈️ Childcare chaos? Stepsave to the rescue!

jonathan@stepsave.com (Jonathan Steer) — Sat, 04 May 2024 15:51:12 GMT

Stuck at the airport, frazzled about childcare, or need a budget beauty fix? Stepsave has your back this week! Learn how to claim flight delay compensation, decipher free childcare rules, and slash your skincare costs – all in just a few clicks!

Stuck at the Airport? Get Up to £520 Flight Delay Compensation! - Stepsave

✈️ Flight delayed? Don't be a frazzled flyer! Claim up to £520 compensation. We show you how.

Who gets 15 and 30 hours of free childcare and how do I apply? - BBC News

Confusing childcare rules? Don't fret! This BBC guide explains who gets 15 or 30 hours of free childcare & how to apply in England. Plus, deadlines & what's not covered.

Budget brands and free samples: eight ways to cut the cost of your skincare - The Guardian

Save on your skincare routine! Harriet Meyer shares 8 clever tricks to slash costs, from using budget brands to DIY treatments. Find dupes, shop refills & more!

The 10 biggest mistakes people make in job interviews, according to employers and recruiters - Sky News

Nail your next interview! ❌ Avoid these 10 mistakes employers & recruiters see all the time. From bad handshake to badmouthing past jobs, learn what NOT to do.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Stuck at the Airport? Get Up to £520 Flight Delay Compensation!

jonathan@stepsave.com (Jonathan Steer) — Fri, 03 May 2024 11:51:49 GMT

Flight delays... guaranteed to turn even the cheeriest traveller into a right frazzled flyer. But fear not, frustrated flyers! Passengers flying within the EU or from a UK airport can claim compensation up to £520 if the airline messed up.

Here's what you need to know:

When are you eligible? Simple terms: If your flight arrives more than 3 hours late, departs from or arrives at a UK/EU airport, and the airline is to blame, you're likely in luck (in compensation terms that is!).

How much compensation can you get? The amount depends on the flight distance and delay time (see table below).

Source : UK Civil Aviation Aut hority (CAA )

How to claim:

Do it yourself: Free online tools like Which?'s claim tool can draft a letter for you to send the airline. This is a good option if you have time and want to keep all the compensation.

Trustpilot 4.6/5 based on 179,714 reviews (at time of publishing)

Use a claims management firm: Companies like AirHelp handle the whole process for you, but take a cut (standard fee 35%) of your compensation. This is a good choice if you want to save time and hassle.

For Frequent Flyers:

If you travel often, consider AirHelp Plus . For just £1.83 per month (that's £21.99 a year!), you get unlimited claims without fees and access to Airhelp's services whenever your flight is delayed or cancelled. No need to worry about claiming yourself – AirHelp Plus handles everything for you, ensuring you receive 100% of the compensation you deserve.

The Ethics Debate:

Some argue flight compensation is too high, especially for cheap tickets. Others see it as fair compensation for disruption and inconvenience. The debate continues, but knowing your rights can help you claim what you're owed!

Feeling lost? Stepsave has your back! Explore our website for more travel tips and resources.

Unclaimed Cash, Budget Hacks & Dishwashers Decoded!

jonathan@stepsave.com (Jonathan Steer) — Wed, 01 May 2024 12:18:47 GMT

This week we're diving deep into your finances! Uncover billions in unclaimed benefits (seriously, it's a staggering amount!), explore budgeting hacks, decode dishwasher dilemmas (eco-friendly vs. speedy?), and plan for a golden retirement.

Shocking Rise in Unclaimed Benefits: How to Claim Your Share - Stepsave

Brits leaving £23 billion on the table? That's more than a spilled pint of financial savvy! Find out how to claim your share.

‘Every penny has a purpose’: the rise of zero-based budgeting - The Guardian

Feeling like your bank account is on a perpetual "spend-a-thon"? Laura Whateley dives into the rising trend of zero-based budgeting. Is it the financial life preserver you've been searching for?

Eco vs quick wash - which dishwasher program is cheapest and best? - Which? Money

Andrew Laughlin tackles the toughest task: tackling those tricky dishwasher cycles! Find out which program is the eco-warrior and which one washes your wallet down the drain

How much pension should I have in my 20s, 30s, 40s, 50s and 60s? - The Times Money Mentor

Planning a dream retirement? Get a head start with this guide that shows you how much to save in your 20s, 30s, and beyond to secure your financial future!

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Shocking Rise in Unclaimed Benefits: How to Claim Your Share

jonathan@stepsave.com (Jonathan Steer) — Tue, 23 Apr 2024 19:25:48 GMT

Did you know billions of pounds in benefits go unclaimed in the UK every year? A report out this month by Policy in Practice reveals a staggering increase in this figure.

£23 billion!

Yes, £23 billion – that's the amount of money in income-related benefits and social tariffs going unused annually! This represents a significant jump of 21% compared to previous estimates, which we reported on here at Stepsave.

There are several reasons behind this rise:

Benefit uprating: Benefits are adjusted each year to keep pace with inflation.
Universal Credit rollout: The ongoing transition to Universal Credit may be causing confusion and leading some people to miss out on what they're entitled to.
Improved data analysis: More accurate estimates suggest benefit take-up is lower than previously thought.

Here's a breakdown of the £23 billion in unclaimed benefits:

Source: Policy in Practice - policyinpractice.co.uk/missing-out-2024/

What does this mean for you?

This unclaimed money could make a real difference to your quality of life, especially with the rising cost of living. It's crucial to check if you're eligible for benefits you might not be aware of.

Here's what you can do:

Use a free benefits calculator: Several free online tools can help you determine what benefits you might be entitled to. The government-endorsed Better Off Calculator: https://betteroffcalculator.co.uk from Policy in Practice is a great option.

Pro Tip : Check out our test of the four leading UK benefits calculators , where we assessed their usability, result clarity, and ease of application for benefits, grants, and support.

Seek help from a Citizens Advice Bureau: Citizens Advice can offer free, confidential advice on benefits and other financial matters.
Contact your local council: Your council may offer additional support programmes or have advisors who can help you navigate the benefits system.

Taking action can make a big difference!

Don't let this money go unclaimed. By checking your eligibility and applying for the benefits you deserve, you can improve your financial situation and weather the current economic challenges.

Remember, you're not alone! Millions of people in the UK are entitled to benefits but don't claim them.

Don't miss out on your share of the £23 billion! Take action today: Use the free Better off Calculator and claim what's rightfully yours.

Grow Your Money & Conquer Cash Anxiety: This Week's Money Magic!

jonathan@stepsave.com (Jonathan Steer) — Tue, 16 Apr 2024 08:47:27 GMT

Ready to unlock the secret to making your money work for you? Explore the power of compounding interest and turn your savings into a supercharged growth machine! Plus, say goodbye to money anxiety by discovering your financial attachment style.

The Magic of Making Money Make Money: The Power of Compounding - Stepsave

Ever heard of money making money? It's not magic, but with compounding, it can feel pretty close to it. Want to learn how to turn your savings into a super-powered savings machine? Read our latest on the magic of compound interest!

If you have money anxiety, knowing your financial attachment style can help - The Conversation

Feeling like your bank account is on a perpetual first date: anxious and awkward? Understanding your financial attachment style can help you transform your relationship with money into one that's secure and supportive. Ylva Baeckstrom from King's College London explains more.

Salary sacrifice: how British workers can take home more by getting paid less - The Guardian

Pay cheque vanishing faster than a magician's rabbit? Salary sacrifice, a budgeting "life hack," can help make your money reappear in your pocket (and your pension pot!). Learn how, thanks to Laura Whateley.

National Insurance calculator: How much will the 2p cut save me and what is income tax? - BBC News

Confused by the latest tax changes? Wondering if you'll actually see any extra cash? The BBC's National Insurance calculator sheds light on the 2p cut, income tax, and how much you really keep.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Batch Cook Your Way to Savings and Sanity: A Stepsave Guide

jonathan@stepsave.com (Jonathan Steer) — Mon, 15 Apr 2024 14:54:55 GMT

Feeling overwhelmed by the thought of cooking after a long day, or tired of the same old dinner routine? Batch cooking, your superhero with a cape made of savings and sanity, can come to the rescue! Did you know it can save you money and several hours a week on meal prep?

What is batch cooking?

Imagine preparing several portions of a meal at once, storing them in the fridge or freezer for future use. Batch cooking lets you leverage economies of scale: buying ingredients in bulk (often at a lower cost per unit), prepping once, and enjoying delicious, home-cooked meals throughout the week. This translates to:

Reduced grocery bills : Bulk purchases often come with lower unit prices. Plus, you'll minimise impulse buys at the supermarket when your fridge is already stocked with prepped meals.
Saved time : Eliminate the daily "what's for dinner?" dilemma. Pre-made meals are ready to be reheated in minutes, freeing up your evenings for relaxation or other activities.
Healthier eating : Batch cooking lets you control ingredients, ensuring you use fresh produce and healthy staples.

Getting Started with Batch Cooking: Your Stepsave Toolkit

1. Plan your meals : Before you hit the supermarket, draft a weekly meal plan featuring batch-friendly recipes. Consider dietary needs and preferences within your household. Tools like online meal planners can help you organize your shopping list and ensure you have everything you need.

2. Invest in essential tools : Large pots, casserole dishes, and airtight containers are your batch-cooking allies. Portion-control containers make freezing individual meals a breeze.

3. Embrace the prep : Dedicate a specific time each week (like a Sunday afternoon) to chopping vegetables, marinating meats, and cooking base ingredients for your chosen recipes.

Batch Cooking Inspiration

Pro Tip : Looking for batch cooking inspiration? Head over to BBC goodFOOD . You'll find a variety of delicious and budget-conscious batch recipes, from hearty soups to curries, stews, and veggie meals.

If you're in need of more batch cooking inspiration, check out The Batch Lady on YouTube . She has oodles of videos covering everything from bulk chicken meals to "10 low cost family meals in under an hour."

Batch cooking isn't just about saving money and time, it's about reclaiming control of your kitchen and your week. So, grab your shopping list, unleash your inner chef, and get ready to experience the magic of batch cooking!

Your Money Sorted: Minimum Wage Rise! + Pension Tips & More

jonathan@stepsave.com (Jonathan Steer) — Sat, 06 Apr 2024 06:05:43 GMT

April showers might bring May flowers, but this month also brought a payrise for many UK workers! We've got the details, plus some thought-provoking articles to help you manage your money - from the perils of skipping pension contributions to the surprising secrets of professional competition winners. Happy reading!

Pay boost for 1.6 million UK workers. Minimum wage up nearly 10% from 1 April 2024 - Stepsave

As of April 1st, the UK minimum wage has jumped nearly 10%, putting more money in the pockets of 1.6 million workers. See the new rates and what it means for you.

More young people are pausing pension contributions - this is how much it's costing them - Sky News

Don't wait to start saving for retirement! This article by Bhvishya Patel explores how skipping contributions now can cost you tens of thousands later. Learn how much you could lose and why starting early is key.

Pembrokeshire couple win £80k by entering 50 competitions a day - BBC News

Want to win dream vacations, luxury goods, and more? This Pembrokeshire couple turned competition entering into a £77,000 hobby! Learn their secrets (and lingo!) in Paul Pigott's article.

‘I was offering great advice but I wasn’t following it’: the personal finance guru who spiralled into debt - The Guardian

Deborah Linton explores the story of Lauren Cobello, a former finance guru who struggled with debt despite offering great advice. Her journey highlights the importance of personal financial wellness, even for those who seem to have it all.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

The Magic of Making Money Make Money: The Power of Compounding

jonathan@stepsave.com (Jonathan Steer) — Fri, 05 Apr 2024 21:06:10 GMT

"Compound interest is the eighth wonder of the world"

Albert Einstein

Ever heard the saying "money makes money"? Well, there's a powerful financial concept behind it: compounding . It's not magic, but it can feel pretty close when you see how it grows your savings over time.

Here at Stepsave, we're all about helping you reach your financial goals. And compounding is one of the best tools you've got in your arsenal.

So, how does it work? Let's say you invest £1,000 at a 5% annual interest rate (APR). That means you'll earn £50 in interest after a year. Now, here's the magic part: in year two, you don't just earn interest on the original £1,000. You earn interest on the total amount, which includes the first year's interest! That means in year two, you'll earn interest on £1,050 (£1,000 + £50).

It might seem like a small difference at first, but this process keeps snowballing over time.

Real-Life Example

Imagine you're 25 years old and you want to save for the future for when you'll be 65. You decide to start saving £100 every month into a savings/investment account with a 5% average annual return (remember, past performance is not a guarantee of future results).

Here's what happens:

By the time you reach 65, you would have contributed a total of £48,000 (£100 x 12 months/year x 40 years).

But thanks to compounding, your nest egg could be much bigger!

With a 5% average annual return, your total savings could be worth approximately £153,000!

That's a whopping £105,000 more than you actually put in – all thanks to the power of compounding!

Source : thecalculatorsite.com

Pro Tip: Try the compound interest calculator over at thecalculatorsite.com . This way, you can play around with different scenarios and see how much your savings can grow over time.

The Key Takeaways

The earlier you start saving and investing, the more time your money has to grow through compounding. Even small contributions can make a big difference over the long term.

Here are some key takeaways:

The earlier you start, the greater the impact of compounding.
Consistency is key! Regularly contributing smaller amounts can be more effective than a large lump sum later.
Don't underestimate the power of small increases. Even a slight rise in your interest rate or contribution amount can significantly boost your final sum.

Remember, the sooner you start, the sooner your money can start making you money!

Why Compounding Matters Even More with Inflation

While the example above showcased the impressive growth from compounding, it's crucial to consider inflation. Inflation, as we've all experienced recently, is the rise in the cost of living over time. This means a pound today won't buy you the same things in the future, especially in decades like retirement.

Here's how inflation can affect your future savings:

Over time, inflation erodes the purchasing power of your money. This means a seemingly large sum today might not hold the same value when you need it most.

So, where does compounding come in? Even with inflation, compounding can still be a powerful tool:

If your investment return is higher than the inflation rate, your money will still grow in real terms (meaning, considering inflation). In simpler terms, your money grows faster than prices increase.

The Call to Action

This is why starting to save early and aiming for a higher return on your investments (within your risk tolerance) is crucial. By leveraging compound interest, you can help ensure your retirement savings keep pace with inflation and maintain your purchasing power in the future.

Looking to learn more about maximising your money with tax-efficient accounts (such as ISAs and SIPPs) and low fees? Stay tuned for our upcoming articles that will delve deeper into these topics and help you get the most out of compounding!

Slash Bills, Score Free Fun & Own Your Dream Home (This Week!)

jonathan@stepsave.com (Jonathan Steer) — Thu, 28 Mar 2024 11:52:22 GMT

Looking to save money? This week we cover how to slash phone and broadband bills with social tariffs, find free and cheap Easter activities for the kids and navigate government schemes for first-time homebuyers.

Slash Your Bills: Don't Miss Out on Social Tariffs! - Stepsave

Feeling the pinch? Hundreds could be saved on phone & broadband with social tariffs! Our guide explains these fantastic deals & helps you find the perfect fit to keep more money in your pocket.

11 cheap and free things to do over the Easter holidays - Which?

Keep the kids hopping mad with excitement (and your wallet happy) this Easter! There are heaps of fun and affordable activities to pick from, thanks to Grace Witherden's article brimming with budget-friendly ideas, from free museum visits to discounted theme park tickets.

First-time buyer schemes: five ways to get on the UK property ladder - The Guardian

Struggling to get on the property ladder? Rupert Jones explores various government schemes like Help to Buy and Shared Ownership, alongside tips for picking a mortgage and saving for a deposit.

Energy prices could change at different times of the day - BBC News

Your energy bill could soon depend on when you use electricity! Kevin Peachey explores Ofgem's proposal for "dynamic" pricing, where costs fluctuate based on usage times.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Slash Your Bills: Don't Miss Out on Social Tariffs!

jonathan@stepsave.com (Jonathan Steer) — Tue, 26 Mar 2024 06:16:33 GMT

Feeling the pinch? You're not alone! Did you know there are special discounted deals for mobile phone and broadband, designed to help people on lower incomes? These fantastic deals, called social tariffs, can save you hundreds a year, allowing you to stay connected and focus on what matters most. Stepsave is here to help you navigate the options and find the best fit for you.

What are social tariffs?

Social tariffs are offered by phone and broadband providers to qualifying customers who receive certain benefits, like Universal Credit, Pension Credit, or Jobseeker's Allowance. Think of them as special offers to ensure everyone has access to essential services.

Did you know? A study last year by Ofcom (the UK telecoms regulator) found that only a tiny fraction - just 5.1% - of eligible UK households took advantage of social tariffs. That's a staggering nearly 95% missing out on significant savings on phone, broadband, and even more essential services!

This highlights the importance of spreading awareness about social tariffs.

What kind of savings can I expect?

Savings vary depending on the provider and package, but some deals offer broadband speeds of 36Mbps for as little as £15 a month! Mobile phone plans can also be significantly cheaper.

Here are a few top picks to get you started (be sure to check with the provider for eligibility):

Mobile phones

Smarty Social Tariff : £12/month for unlimited data, calls and texts (rolling monthly contract). Currently rated 4.1 out of 5 on Trustpilot .
Voxi Now : £10/month for 6 months (limited data allowance)

Home broadband

Virgin Media Essential Broadband : Starts at £12.50/month for 15Mbps or £20/month for 54Mbps speeds.
BT : 36Mbps broadband packages starting from £15/month (no income restriction)
Vodafone Broadband : £20/month with 73Mbps for eligible customers in receipt of certain benefits.

These are just a few examples, and there are plenty more deals out there!

Pro Tip: Find your perfect Social Tariff! Feeling overwhelmed by choice? Ofcom has a comprehensive list of social tariffs you can filter by provider. Check it out here .

Even More Benefits of Social Tariffs:

Here's a deeper dive into the advantages of social tariffs, based on what Ofcom highlights :

Eligibility: Available to a wider range of benefits recipients, not just Universal Credit.
Fast and Reliable Speeds: Most tariffs offer superfast broadband speeds, perfect for streaming and staying connected.
Low Setup Costs: Minimal upfront fees, with providers informing you beforehand.
Free Switching: Most providers allow free switching to their social tariff plans.
Stable Pricing: No surprise mid-contract price hikes.
Flexible Exit: Leave the plan without a penalty fee if needed.

Remember, every penny saved adds up! Don't miss out on these fantastic deals and keep more money in your pocket.

Financial SOS? Build Your Emergency Fund & Conquer Spending Challenges!

jonathan@stepsave.com (Jonathan Steer) — Mon, 25 Mar 2024 16:28:42 GMT

Life throws curveballs – car trouble, unexpected bills. Don't let these derail your finances! This week we equip you with powerful strategies to build an emergency fund and master popular saving challenges like the "no-spend" method.

How to Build an Emergency Savings Fund in the UK (Even on a Budget) - Stepsave

Uh oh, car trouble? Don't sweat it! Build an emergency fund (even on a budget) with the 52-week challenge & more.

How to succeed at the ‘no-spend’ challenge - The Guardian

Feeling like your wallet's running on fumes? Financial journalist Harriet Meyer reveals the secrets to mastering the "no-spend challenge" and reaching your financial goals faster.

Britons warned to beware of popular savings challenge that 'rings alarm bells' - Express

Social media is buzzing with the 100-day envelope challenge, but is it all it's cracked up to be? Financial expert Katie Elliott weighs in on the potential pitfalls of this trendy budgeting method.

Best budgeting apps 2024 - Which?

Feeling overwhelmed managing your finances? Let technology lend a helping hand! Discover the best budgeting apps of 2024, as reviewed by Which? magazine's Grace Witherden.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

How to Build an Emergency Savings Fund in the UK (Even on a Budget)

jonathan@stepsave.com (Jonathan Steer) — Thu, 14 Mar 2024 12:26:26 GMT

Life throws spanners in the works. From a surprise car repair to a sudden illness, unexpected expenses can wreak havoc on your finances. That's where an emergency savings fund comes in – your financial safety net to catch you when things go belly up.

A staggering one-third of working-age families in the UK, rising to nearly half of low-income families, lac k even a basic emergency savings cushion of £1,000 according to the Resolution Foundation .

Why's an Emergency Savings Fund Important?

Imagine this: your washing machine conks out just as your car needs a new tyre. Without an emergency fund, you might be forced to:

Rack up credit card debt: High-interest credit card debt can quickly spiral out of control.
Dip into your long-term goals: Raiding your pension savings can have serious long-term consequences.
Stress over every little unexpected expense: Financial anxiety can take a toll on your mental well-being.

An emergency savings fund provides peace of mind. It allows you to handle unexpected costs without jeopardising your financial future or racking up debt on the plastic.

But How Do I Save When Money's Already Tight?

Building an emergency fund might seem daunting, especially when you're living from one payday to the next. But even small steps can make a big difference. Here are some tips to get you started:

Start Small: Aim for a manageable amount – even £20 a week adds up. Track your progress to stay motivated!
Review Your Spending: Identify areas where you can cut back. Maybe it's that daily takeaway coffee or unused subscriptions ? Every penny saved is a penny towards your emergency fund. ✂️

Pro Tip: Use the free online Budget Planner by MoneyHelper to get started. It's simple to use and also gives personalised tips!

The 52-Week Challenge: Give the 52-week challenge a go! Start by saving £1 in week 1, £2 in week 2, and so on. By the end of the year, you'll have saved over £1300!

Sell Unused Items: Do you have clothes or gadgets gathering dust? De-clutter and turn unwanted bits and bobs into cash through online marketplaces, such as Vinted , or car boot sales. Find your nearest car boot sale at findcarboot.co.uk

Did you know? Vinted wasn't just voted the best marketplace to buy second-hand clothes in Which? magazine, as we highlighted in our ' Treasure Hunt on a Budget ' post, it also came out on top for selling your unwanted items!

Automate Savings: Set up a standing order to your savings account each payday. This "set it and forget it" approach ensures you save consistently.
Beat Inflation: Earn interest with top-rated easy-access savings accounts. See Which? 's latest table toppers.

Remember: Every little bit counts! Even a small emergency fund can make a massive difference in a time of need. Once you've built a basic emergency fund (ideally 3-6 months of living expenses), you can start focusing on other financial goals like saving for a house deposit or paying off debt in full.

Take control of your finances and build your safety net. Start saving for your emergency fund today.

Spring Budget Boost & Subscription Sleuth: Save More!

jonathan@stepsave.com (Jonathan Steer) — Tue, 12 Mar 2024 09:29:42 GMT

This week's your chance to double dip on your finances! We'll show you how to sniff out those hidden subscription fees draining your wallet. Plus, good news for families! New budget changes could mean an extra £1,260 in child benefit for some.

' Subscription Traps ' Cost £688m: Take Control Now! - Stepsave

Are you losing money to unused subscriptions? Shockingly, Britons lose £688 million annually! We show you how to avoid "subscription traps" and save money.

Child benefit: budget changes mean more cash for families - The Guardian

Budget boost for families! The Guardian's Rupert Jones explains how child benefit changes could mean £1,260 more for some. Read for details!

BBC Money Box Live: Budget Special - BBC Sounds podcast

Spring Budget Breakdown: How will it affect your finances? Felicity Hannah unpacks the details with a panel of experts. Listen now!

Get your ducks in a row by consolidating little pension pots - The Sunday Times (paywall)

Struggling to track down old pension pots? Eithne Dunne says consolidate them! It simplifies managing your nest egg and could save you money on fees. But beware of penalties for moving certain pensions, and talk to a pro if you have a guaranteed-payout plan.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Subscription Traps Cost £688m: Take Control Now!

jonathan@stepsave.com (Jonathan Steer) — Fri, 08 Mar 2024 16:02:01 GMT

Learn how to avoid subscription traps and save money! A report out today by Citizens Advice reveals a shocking trend: UK consumers are losing a staggering £688 million annually to unused subscriptions! However, the good news is, with a few proactive steps, you can avoid these "subscription traps" and take control of your finances.

Understanding Subscription Traps

Subscription traps are deceptive marketing tactics that make it easy to sign up for a service but difficult to cancel. These traps can drain your finances and leave you feeling frustrated.

Citizen's Advice survey reveals:

Over 13 million UK adults (roughly 1 in 4) have accidentally signed up for a subscription in the past year.
These subscriptions span various services, from fitness apps and meal delivery kits to pet food and magazines.
The most common reasons include automatic renewals without user knowledge (40%), forgetting to cancel after a free trial (39%), and mistakenly believing a purchase was one-off (24%).

Fight Back Against Subscription Traps: Here's How!

Citizens Advice recommends changes to the upcoming Digital Markets, Competition and Consumer Bill, including consumer choice over auto-renewal and clear free trial terms. But you don't have to wait for legislative changes! Here's how you can take control:

Be a Savvy Signer : Always read the fine print before signing up for any subscription. Look for details about auto-renewal policies and cancellation procedures.
Calendar to the Rescue: Schedule reminders to cancel free trials before they convert to paid subscriptions.
Explore Free Alternatives: Many services offer free or ad-supported versions. Explore these options before committing to a paid plan.
Become a Budgeting Boss: Utilise free budgeting tools and apps to track your spending and identify areas where subscriptions might be impacting your budget. Even a small monthly subscription can add up over time!

Pro Tip: Explore budgeting apps to streamline your saving efforts! Popular options include Emma , HyperJar , Plum and Snoop . For in-depth reviews, visit Which? magazine's latest comparison guide .

Become an "Unsubscribe Ninja"!

Review your recent bank statements and identify any unused subscriptions. Here's the empowering part - set a reminder to cancel them right now and free up some extra cash in your budget. Taking control of your subscriptions is a small step with a big financial impact.

By staying informed and taking proactive steps, you can avoid subscription traps and keep your hard-earned money working for you. Remember, financial control empowers you to achieve your goals, so take charge and unlock your financial freedom!

Retire Early or Myth? Exploring FIRE & Saving Strategies

jonathan@stepsave.com (Jonathan Steer) — Wed, 06 Mar 2024 19:54:33 GMT

This week, let's explore various paths to financial freedom: from the FIRE movement to lucrative side hustles, and even the changing fortunes of generations. Dive in and discover how to save, invest, and reach your financial goals!

FIRE: The Path to Financial Freedom and the Option to Retire Early - Stepsave

Dreaming of early retirement? ☀️ The FIRE movement might be for you! Discover the core principles, weigh the pros and cons, and find your own path to financial freedom in our latest post.

Millennials on course to become ‘richest generation in history’ - The Guardian

Forget avocado toast! Millennials set to become the richest generation ever, inheriting a staggering $90tn, reports Alex Lawson. But will rising costs and economic challenges hold them back?

These are the highest-paying side hustles – and how much you can earn from them - Metro

Need extra cash? Discover the top-paying side hustles and how much you can earn, from web design at £173/day to ghostwriting at £80/day. By Eleanor Noyce.

Eight holidays that cost less per day than living in Britain - The Telegraph (paywall)

Travel expert Chris Moss reveals 8 budget-friendly destinations (from Morocco to the Caribbean) where you can ditch the rain and live like a king (or queen) for under the average daily cost of living in the UK.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

FIRE: The Path to Financial Freedom and the Option to Retire Early

jonathan@stepsave.com (Jonathan Steer) — Fri, 01 Mar 2024 08:27:14 GMT

Do you dream of escaping the 9-to-5 grind and living life on your own terms? The daily grind of work, commutes, and deadlines can leave anyone yearning for an earlier retirement. Enter FIRE, a growing movement that stands for "Financial Independence, Retire Early". But what exactly is FIRE, and is it a realistic way to escape the daily rat race for most of us?

Decoding FIRE

The core principle of FIRE is to save and invest aggressively so you build enough wealth to cover your living expenses without needing a regular pay cheque. The goal is to reach a point where you're not reliant on a traditional job. It's about gaining freedom, flexibility, and the choice to spend your time on what matters to you.

Reaching FIRE: It's Not a Sprint, It's a Marathon

Achieving FIRE isn't about getting rich quick. It takes discipline, focus, and generally involves the following:

Tackle Debt First: Before diving into FIRE, conquer any existing debt. High-interest debt can hinder your financial progress. Check out our post on ' tackling debt ' for a step-by-step guide.

Our post-Christmas special on dealing with debts and getting back on track - Stepsave

Know Your Numbers: Understand your current financial situation. Create a comprehensive budget with budgeting tools to gain a realistic picture of your income and expenses.

Pro Tip: Use the free online Budget Planner by Money Helper to get started. It's simple to use and also gives personalised tips!

Boost Your Income: Consider taking on side hustles, freelance work, or even renting out a spare room (up to £7,500 tax-free per year) as discussed in our post Boost Income: Rent a Room Tax-Free (£7,500!) .
Invest Wisely: FIRE isn't just about saving money, it's about investing it wisely. The world of investing can be complex. Decisions like how much to invest, where to put your money, and the level of risk you're comfortable with all require careful research. Consider seeking professional independent financial advice for a personalised plan.

Pro Tip: For those beginning their investment journey, the UK regulator, the FCA's InvestSmart campaign is a good starting point.

Check out the Financial Conduct Authority (FCA)'s website to learn more about investing smart - www.fca.org.uk/investsmart

Live Frugally: While frugality shouldn't equate to deprivation, find ways to cut unnecessary spending, negotiate better deals on bills, and explore cost-effective alternatives for entertainment.

Pro Tip: You can learn more about how to save money while having fun in our post ' Treasure Hunt on a Budget '.

Treasure Hunt on a Budget: Pre-Loved Finds for Busy Brits - Stepsave

Example: Calculating Your FIRE Target

Let's say you earn £40,000 per year and aim to save 50% for FIRE. You'd live on £20,000 annually and invest the rest. Over time, your investments grow in value. Using the " 4% rule " (where you withdraw 4% of your investments annually), you'd need roughly £500,000 invested to generate a £20,000 yearly income.

However, as MoneyWeek magazine also points out, the 4% rule might actually need to be closer to 3% due to changing market conditions. This means you'd need a pot of £667,000 to generate a £20,000 income.

Inflation can eat away at your savings and future income. To learn how to protect your wealth, check out this informative Forbes article featuring insights from industry experts: What Inflation Means For Your Investments - Forbes

To maximise your future income and to manage your tax liability effectively, check out this article by The Times - How to retire early: the ISA trick .

FIRE: A Realistic Option?

While the FIRE movement offers inspiration for financial control, it's important to be realistic:

The Extreme End: Saving upwards of 50% can be challenging, requiring significant lifestyle changes and sacrifices.
Life's Curveballs: Unexpected expenses, job changes, and other unforeseen circumstances can derail even the best plans.
Balance is Key: Don't sacrifice happiness entirely for aggressive saving. Finding a sustainable balance is crucial.

The Middle Ground

The beauty of the FIRE philosophy is that it's adaptable, a spectrum rather than an all-or-nothing choice. Even if retiring in your 30s isn't in the cards, taking the principles onboard can lead to a vastly improved financial picture:

Boost Your Savings Rate: Aim for 20%, 30%, or whatever you can manage. Even small increases have a big impact over time.
Start Investing Today: Don't wait for the 'perfect' moment. Compound interest is your best friend.
Be Smarter about Spending: Mindful spending leaves more for savings and the things that matter most.

Pro Tip: For tips on savvy saving, head over to our recent post covering 'lifestyle creep' - the lessons learnt to curb this can apply to achieving FIRE.

Smart and Savvy Saving Tips in our recent post on Lifestyle Creep - Stepsave

FIRE and the Reality for Many

It's important to acknowledge that FIRE can be an extreme approach, and may not be achievable for everyone, particularly those on lower incomes. Many individuals struggle with day-to-day living and may not have any disposable income to save. Additionally, the concept of frugality might be a necessity for some, not a choice towards FIRE.

Seeking a Balance:

While FIRE highlights early retirement, it's vital to consider the power and long-term benefits of traditional pension schemes. The compounded growth, combined with tax benefits, can be substantial. Finding a balance between using tax-efficient "wrappers" like ISAs and pensions, alongside saving for future goals, can be a wise approach.

For a deeper dive into ISAs and pensions, head to Interactive Investor's informative article .

Pro Tip: Unsure about the benefits of saving into a pension? MoneyHelper, a free UK government-backed service, provides valuable information on the topic: Why save in to a pension?

Our recent post " What Income is Needed in Retirement? " can also help you determine your desired FIRE income level.

Our latest 'future you' post: Are you ready for a comfortable retirement? - Stepsave

Taking Control

While FIRE may not be for everyone, its core principles – responsible saving, mindful spending, and smart investing – offer a valuable framework for building financial security and achieving your personal definition of success.

Remember, there's no one-size-fits-all approach. Finding a balanced strategy that aligns with your needs and goals is key. So, take charge, make informed choices, and watch your financial future blossom!

You've got this.

Conquer Lifestyle Creep, Work Less and Cluck Your Way to Savings

jonathan@stepsave.com (Jonathan Steer) — Wed, 28 Feb 2024 17:11:12 GMT

This week, tame your spending beast, explore the 4-day workweek potential, discover the value of real financial advice, and crack open the truth about keeping chickens!

Lifestyle Creep: How to Tame It and Empower the Future You! - Stepsave

Ever feel like your money just vanishes into thin air? It might be the sneaky culprit called 'lifestyle creep'! Learn how to tame this beast and boost your future self ��

Four-day week made permanent for most UK firms in world’s biggest trial - The Guardian

Could a 4-day workweek be your future? Rachel Hall examines the findings of a major trial - higher productivity, happier employees, and more.

The value of financial advice: how much is it actually worth? - unbiased

Shunning experts for TikTok? Nick Green reveals why real financial advice could be worth much more than you think.

Our chickens cost us £5 per egg’: what to expect from keeping hens - The Telegraph (paywall)

Eggs-pensive hobby or golden yolks? Joe Wright cracks open the truth about keeping chickens: will you be clucking with joy or pecking at your bank account?

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Lifestyle Creep: How to Tame It and Empower the Future You!

jonathan@stepsave.com (Jonathan Steer) — Sat, 24 Feb 2024 18:19:57 GMT

Do you ever notice your spending subtly increase with your income? Lifestyle creep is real! While occasional treats are okay, unchecked creep can harm your future financial goals.

The good news? You're in control! Build a thriving savings pot by fostering smart habits and taking proactive steps. Empower your future self!

What is Lifestyle Creep?

Lifestyle creep , also known as lifestyle inflation , simply describes the gradual increase in spending as our income rises. It might involve:

Treating yourself to a more luxurious coffee break each day.
Upgrading to a newer model car that fits your growing family's needs.
Enjoying more occasional nights out or trying new, exciting restaurants.
Adding additional subscriptions to enhance your hobbies and interests.

While these individual choices seem small now, they can snowball over time and significantly impact your future financial health.

The Power of Smart Saving:

By controlling lifestyle creep and prioritising conscious saving, you unlock a world of possibilities:

Build a robust safety net: An emergency fund provides peace of mind, allowing you to handle unexpected expenses without dipping into your long-term savings or relying on credit cards.

Aim to build an emergency fund covering at least 3 months' worth of essential living expenses, ideally 6 months or more. To kick-start your savings, try HSBC's emergency fund calculator .

Fuel your future: Consistently contributing to your pension ensures a comfortable and well-deserved retirement, allowing you to pursue your passions in your golden years.

Discover what you need for a comfortable retirement and get started on your saving journey! Head over to our recent post: Beach bliss or city breaks: Will your pension make your dreams a reality?

Our latest 'future you' post: Are you ready for a comfortable retirement? - Stepsave

Unlock your dreams: Whether it's a dream holiday, a child's education, or the freedom to pursue personal endeavours, prioritising saving brings you closer to achieving your financial aspirations.

Tips for Savvy Saving:

The good news is, taking control is easier than you think! Here are some actionable steps to level up your savings:

Track income and expenses with budgeting apps or spreadsheets to identify areas for saving.

Pro Tip: Explore budgeting apps to streamline your saving efforts! Popular options include Emma , HyperJar , Plum and Snoop . For in-depth reviews, visit Which? magazine's latest comparison guide .

Set SMART goals (specific, measurable, achievable, relevant, time-bound) to guide your savings journey.
Prioritise needs over wants, then savings goals, before discretionary spending.
Automate savings for consistency and avoid impulsive spending!
Explore affordable alternatives, free entertainment, and negotiate lower bills.

Pro Tip: Discover a world of free activities across the UK! Explore official tourism websites for England , Scotland , Wales , and Northern Ireland and find your next adventure without breaking the bank!

Remember: You hold the key to your financial future. By actively managing your spending and prioritising smart saving habits, you can create a thriving financial foundation and empower your future self to achieve their dreams.

The 'future you' will thank you!

Pay Rise Pointers, Secret Stashes & More: Enter Your Financial Funhouse!

jonathan@stepsave.com (Jonathan Steer) — Mon, 19 Feb 2024 10:53:32 GMT

Hot topics this week: Explore pensions, savings, housing & income secrets in this week's sizzling issue. Delve in...

Beach bliss or city breaks: Will your pension make your dreams a reality? - Stepsave

£600k short of a sandy escape? Our guide helps you navigate the retirement cost storm!

Why you should always have a secret savings account - The Metro

Love & Money: 1 in 3 couples in their 30s have a secret stash. Andy Webb investigates the trend & asks, "Is it ever okay?" Find out!

Signs of UK housing market recovery as price falls ease - The Guardian

Good news for buyers! UK housing market recovery on the horizon, predicts Phillip Inman. Read why.

Cost of living: Five tips when asking for a pay rise - BBC News

Boost your bank account! Noor Nanji's guide to negotiating a pay rise in today's tough economy.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Beach bliss or city breaks: Will your pension make your dreams a reality?

jonathan@stepsave.com (Jonathan Steer) — Sat, 17 Feb 2024 21:32:01 GMT

Imagine yourself basking on a sun-drenched beach, exploring vibrant cities, or spending quality time with loved ones in your retirement. Sounds dreamy, right? But with rising costs and changing priorities, will your pension pot actually translate those dreams into reality?

Don't worry! Here's your chance to take control and bridge the gap between your retirement dreams and financial security. Think of this as your key to unlocking a future filled with possibilities, just like you envisioned it, regardless of what life throws your way.

The new face of retirement: Costs on the rise

Recent figures reveal a shift in the cost of retirement, driven by increased food and energy prices, along with evolving priorities post-pandemic. But don't let that dampen your spirits! This is simply an opportunity to be proactive and plan .

Let's break down the key figures:

Annual Retirement Income Targets:

Minimum : £14,400 (single), £22,400 (couple) - Covers basic needs and essential activities.
Moderate : £31,300 (single), £43,100 (couple) - Offers more financial security and flexibility.
Comfortable : £43,100 (single), £59,000 (couple) - Allows for luxuries like holidays and regular outings.

Annual Costs of Retirement - by Living Standards

Source: Pensions & Lifetime Savings Association - 7 February 2024. Figures are for the UK (excluding London)

State Pension Boost: The triple lock provides a solid foundation, with the new State Pension reaching over £11,500 annually from April 2024.

Pro Tip: Check your personalised UK state pension forecast on HMRC's website!

Is your pension pot on track?

Assess the gap: Subtract the State Pension from your chosen retirement living standard (minimum, moderate or comfortable) to see what your personal savings need to cover.
Estimate your pot size: Online tools and financial advisers can help calculate your required pot based on desired income, retirement age, and investment returns.
Bridge the gap: Maximise workplace contributions, consider additional savings, and consolidate pensions if necessary.

Startling stat! A recent analysis by The Telegraph reveals the average UK worker faces a £600,000 pension pot shortfall, making a comfortable retirement seem distant. But don't fret! This is your chance to take charge and bridge the gap.

Take action today!

Use a retirement calculator to estimate your future pot size.

Pro Tip: Head over to MoneyHelper 's FREE pension calculator for a quick and easy forecast of your likely income in retirement.

Explore pension consolidation options to simplify management.
Get personalised advice from a financial adviser to create a solid retirement plan.

Pro Tip: Check out unbiased , where you'll find qualified, independent and regulated financial advisers.

You are in the driver's seat of your retirement journey. By taking initiative and using the resources available, you can build a secure and fulfilling future. Remember, small steps add up to big results. Start planning today and empower yourself to live the retirement you deserve!

Don't wait! Start planning your comfortable retirement now.

Pre-Loved Finds, Free Movies, & Smart Mortgages. Dive in!

jonathan@stepsave.com (Jonathan Steer) — Sat, 10 Feb 2024 06:50:03 GMT

Uncover pre-loved gems, discover free movie secrets, and navigate new mortgages! Money Uncovered unlocks a world of financial wisdom, sustainable style, and exciting possibilities. Let's explore!

Treasure Hunt on a Budget: Pre-Loved Finds for Busy Brits - Stepsave

Come unlock the door to a world of unique treasures at a fraction of the cost! Join us as we explore the vibrant UK second-hand scene and embrace sustainable style.

How to watch movies for free: seven top tips - The Guardian

Open the curtain on free films! Rupert Jones reveals insider secrets to hidden gems, trials & cinema screenings. ��

I was spending £400 a month on alcohol. I gave it up and saved £11,000 - The Metro

Sober AND richer? Olivia Foster spills the tea on saving £11,000 by ditching alcohol. Discover the unexpected benefits of a dry lifestyle.

Dutch-style mortgages arrive in UK - The Times (paywall)

Say goodbye to fixed rates! Innovative "Dutch-style" mortgages by George Nixon: They lower as you pay! See if this could be your dream loan.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Treasure Hunt on a Budget: Pre-Loved Finds for Busy Brits

jonathan@stepsave.com (Jonathan Steer) — Thu, 08 Feb 2024 15:29:08 GMT

Juggling a busy schedule and rising costs can leave you wondering how to afford to kit out your home or update your wardrobe. But fear not! Here's the magic: discovering unique treasures while saving money and helping the planet, all at the same time.

Why Go Second-Hand?

It's not just your wallet that benefits from pre-loved items, it's the Earth too! Here's why you should consider second-hand shopping:

Save Big Money : Find quality clothes, furniture, and household items at a fraction of the original price.
Sustainable Shopping : Give items a new lease on life, minimising waste and reducing your environmental impact.
Unique Finds : Discover one-of-a-kind pieces and vintage treasures you won't find anywhere else.
Support Local Businesses : Many second-hand shops are independent, and your purchase helps them thrive.

Treasure Troves Await:

The UK boasts a diverse range of second-hand options, so you're sure to find something that suits your style and budget. Here are some places to start:

Charity Shops: Classics like Oxfam and British Heart Foundation offer clothes, furniture, books, and more at great prices. Explore local independents for unique finds.

Pro Tip: If you're looking for tips on how to 'bag a great charity shop bargain', then head over to Melissa Twigg's excellent article in The Telegraph (paywall)

Vintage Stores: Immerse yourself in a specific era at dedicated vintage stores, offering curated collections of clothes, furniture, and accessories. Some London ones here .
Online Marketplaces: Browse and buy directly from sellers across the UK on platforms like Vinted , Gumtree and Facebook Marketplace .

Pro Tip: In a 2022 survey by Which? magazine , Vinted came out top as the best place to buy second hand online.

Car Boot Sales: Get ready for a treasure hunt! These weekend events offer a mix of new and used items at bargain prices. Find your nearest car boot sale at findcarboot.co.uk

Furniture Upcycling Groups: Join local Facebook groups or Freecycle to find FREE or low-cost furniture needing a little TLC.

Warning: Scams

As with anything online, be vigilant and aware of scams . Idealhome has a great guide on the top 5 scam tactics to be aware of when shopping online. Don't let scammers spoil your treasure hunt!

Remember:

Do your research: Check the condition of items carefully before buying, especially online.
Negotiate: Don't be afraid to haggle, especially at car boot sales and independent shops.
Have fun! Second-hand shopping can be a rewarding and enjoyable experience. Embrace the thrill of the hunt and discover hidden gems!

By exploring the world of second-hand shopping, you can create a stylish and comfortable home while saving money and reducing your environmental impact.

So, what are you waiting for? Start your treasure hunt today!

Career Reboot at Any Age, Supermarket Savings Hacks & Mental Health Money Tips!

jonathan@stepsave.com (Jonathan Steer) — Sun, 04 Feb 2024 10:34:58 GMT

Want to level up your life but not sure where to start? This week's newsletter is packed with tips to help you boost your finances, improve your well-being, and even explore exciting new career paths!

Money & Mental Health: Top Tips to Get Help (UK) - Stepsave

Conquer Money & Mental Health - Uncover the surprising link between finances and well-being and learn practical tips to manage your money better for a happier you.

Pick the right card, and mix and match: how to get the best out of cashback deals - The Guardian

Master Cashback Hacks - Turn everyday spending into rewards! Learn to mix and match cashback deals with expert tips from Samuel Gibbs.

Why buying bigger packs might not actually be saving you money - The Metro

Beat the Supermarket Game - Stop overpaying on groceries! Discover how unit pricing can help you win the shopping showdown with Gregory Robinson.

Earn as you learn — and save thousands - The Times (paywall)

Reignite your career at any age & earn £100k more than your peers! Jane Hamilton explores how degree apprenticeships offer mid-life professionals a flexible path to new skills, qualifications, and higher earning potential.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Money & Mental Health: Top Tips to Get Help (UK)

jonathan@stepsave.com (Jonathan Steer) — Sat, 03 Feb 2024 15:38:09 GMT

We've all seen headlines about the rising cost of living and its impact on wallets. But have you considered the hidden toll it can take on mental well-being? From managing everyday expenses to dealing with unexpected bills, financial worries can quickly become a heavy burden.

This week we delve into the complex link between money and mental health, offering insights and resources to help navigate this reality.

' One in four adults will have a mental health problem at some point in their life.

One in two adults with debts has a mental health problem.

One in four people with a mental health problem is also in debt.'

- Royal College of Psychiatrists

In the UK, the recent climate with soaring energy bills and inflation hasn't made things easier. While there are green shoots of inflation easing , the impact still weighs heavily on many. The good news is, energy bills are predicted to fall by 16% from April 2024, hopefully offering some relief.

The money & mental health link

A 2021 survey by the Money and Mental Health Policy Institute (a charity founded by Martin Lewis) found that 39% of respondents with mental health problems in the UK say their finances worsen their condition. And according to the Joseph Rowntree Foundation , " Money worries... contribute to low-income adults and their children being much more likely than wealthier adults and children to suffer from depression or anxiety. "

Financial anxiety can manifest in various ways

Constant worry about bills and expenses: This can lead to difficulty concentrating, sleep issues, and feeling overwhelmed, impacting daily life.
Unhealthy coping mechanisms: Some might resort to impulsive spending to escape stress, making things worse long-term. Others avoid dealing with finances altogether, leading to debt build-up.
Changes in self-care: Feeling overwhelmed financially can affect appetite, motivation, and overall well-being.

Breaking the cycle

Acknowledge the connection: Recognising the link between your finances and mental health is crucial. Talking about it with a trusted friend, family member, or therapist can help .
Seek support: Don't hesitate to reach out for professional help. Therapists or counsellors specialising in financial anxiety can offer valuable guidance. Consider NHS talking therapies or charities like Mind .
Build financial literacy: Free resources like Stepsave, MoneyHelper , Citizens Advice , or StepChange can help you understand your options and manage your finances effectively.
Prioritise self-care: Healthy sleep, exercise, and relaxation techniques like mindfulness can reduce stress and improve your overall well-being. Use free NHS mental health resources available online.

Remember, you're not alone! Many in the UK face financial anxiety, and help is available. This guide by the NHS offers great advice and resources. By addressing both finances and mental health, you can break the cycle and build a brighter future.

Pro Tip: The NHS website has a great guide on mental health and money. Including:

Need help? Check out our recent post on how to get your finances back on track .

Bottomless Brunches & Budget Bliss! Secrets, Savings, & TikTok Buzz- Newsletter

jonathan@stepsave.com (Jonathan Steer) — Sun, 28 Jan 2024 07:49:47 GMT

Dig in! This week's money buffet overflows with TikTok's budget blast, credit card gold, and cozy secrets to slash your bills. Open wide!

Forget FOMO, What's Loud Budgeting? TikTok's Viral Money Hack - Stepsave

Can you shout your way to financial freedom? We explore the viral Loud Budgeting trend that's taking TikTok by storm. Learn how to turn your financial whispers into thunderous roars!

LISTEN: Credit cards you should consider - Which? Money Podcast

Unleash top credit card secrets! Rewards, debt tips, travel perks - Discover this week's Best Buys with Lucia Ariano & Which? Money.

Eat early or wait for a bottomless brunch – how to dine out on the cheap - The Guardian

Secrets to dining out on the cheap! Uncover bottomless brunches, discount cards, and secret openings. Shane Hickey spills the beans on how to eat like royalty for less!

The £38k energy-saving revamp that didn’t cost me a penny - The Times (paywall)

Yes, it's possible! George Nixon reveals government grants & upgrades for cozy homes & lower bills. See if you qualify!

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Forget FOMO, What's Loud Budgeting? TikTok's Viral Money Hack

jonathan@stepsave.com (Jonathan Steer) — Thu, 25 Jan 2024 18:29:31 GMT

Avocado toast anxiety got you down? Textbook economics a snoozefest? Not for Gen Z. 2024 is the year we ditch the financial whispers and shout our savings goals from the rooftops (or at least from our TikTok feeds). Enter the realm of Loud Budgeting , a movement making waves for its bold approach to managing your money.

But wait, a guy called Lukas Battle just invented this, right? Not quite. While Lukas may have coined the catchy term and sent it viral on TikTok, the idea of openly discussing and celebrating financial goals isn't entirely new. Remember back in 2020 when NatWest launched their ' Financial Flex' campaign , encouraging young people to talk money more openly? Or that recent Guardian article calling it a fancy rebrand of " counting pennies "?

Here's the thing: even if it isn't brand new, the fresh energy and positive vibes behind Loud Budgeting have financial advisors worldwide singing its praises. Derek Ober, a financial advisor stateside, even called it " a great approach to managing your finances ."

So, what exactly is Loud Budgeting?

Imagine your budget as a megaphone, blasting your financial dreams to the world. It's not about boring spreadsheets and guilt trips; it's a passionate, purposeful lifestyle shift. It's about:

Setting audacious goals : Ditch the "save a few pounds" mentality and dream big, like a Bali getaway, crushing student loans, or retiring early. Make your goals clear, specific, and so exciting they make you want do a TikTok dance.
Crafting a budget that pops : Throw those drab spreadsheets in the bin and unleash your inner artist! Use charts, colours, maybe even glitter if you're feeling fierce, to make your budget a reflection of your unique you.
Sharing your journey : Don't whisper your goals, shout them from the rooftops! Tell your friends, family, and even your online 'family' what you're aiming for. Public accountability fuels motivation and builds a supportive crew to cheer you on.
Celebrating every win : Every penny saved, every bill paid, every tiny step deserves a victory lap. Acknowledge your progress, no matter how small, and reinforce those good habits with a happy money dance.
Adapting on the fly: Life throws curveballs, so should your budget. Be flexible, adjust your plans when needed, but keep your eyes on the ultimate prize.

Loud Budgeting isn't just about the destination; it's about the empowering, passionate journey. It's about reclaiming control of your finances and turning budgeting into an adventure you can't help but shout about.

So, are you ready to make some noise? Set your goals, unleash your creativity, and join the Loud Budgeting revolution! Share your journey with us and let's make financial success a symphony we can all hear.

Pro Tip: You can get a FREE Financial Health Check with NatWest bank. Even if you're not a customer! You can do it online, via a video chat, a phone call or in branch.

Benefits, shrinking sausages & holiday money hacks! - Newsletter

jonathan@stepsave.com (Jonathan Steer) — Sun, 21 Jan 2024 13:01:35 GMT

Open sesame! Inside this week's money magic.... Find unclaimed benefits, look out for shrinking sausages and tips to have more holiday spending money!

Unlock £1,000s: Free Benefits & Grants Calculator (UK) - Stepsave

Think you're missing thousands? We put 4 free calculators to the test to help you find unclaimed UK benefits, grants & support payments!

Holidays: money-saving tips for booking your dream break - The Guardian

Holiday blues? The Guardian's Money team offer top tips to help secure your next holiday and save money.

'Shrinkflation' and 'skimpflation' bite shoppers as cost of living crisis continues - Sky News

Teabags, sausages & MORE shrinking! Sky News exposes supermarket 'shrinkflation' & skimpflation tricks!

Families are running out of time to claim thousands in government payouts - The Telegraph (paywall)

Ruby Hinchliffe shares how there's just 3-weeks left for grieving partners to claim £1000s in backdated payments. A sensitive subject but advice not to miss if a partner passed away between 9 April 2001 and 8 February 2023.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Unlock £1,000s: Free Benefits & Grants Calculator (UK)

jonathan@stepsave.com (Jonathan Steer) — Sat, 20 Jan 2024 14:54:55 GMT

Missed out on thousands? A whopping £19 billion in UK benefits and grants go unclaimed each year! But it doesn't have to be your money gathering dust.

The Better Off Calculator , by Policy in Practice, unlocks not just benefits , but also grants and support payments you might qualify for, putting thousands back in your pocket. It's free, quick, and unlocking your financial potential!

Around 10,000 people monthly use this tool, gaining a staggering £720 million extra each year ! Plus, even local councils and debt help charities trust it.

Unlock your financial potential today! Head to betteroffcalculator.co.uk and find what's rightfully yours. And see how it compares to other calculators below!

Comparison: Four UK Benefits Calculators - Tested!

We tested four leading UK benefits calculators to assess their usability, result clarity, and ease of application for benefits, grants, and support. See our detailed comparison below.

Test Case:

A 30-year-old single mother with a 6-year-old daughter living in Leeds, in a one-bed rented flat (£650/month rent). The mother works 24 hours a week at the minimum wage of £10.42/hour, with no health conditions, savings, childcare, or pension.

Results Overview:

All four calculators provided similar results, estimating around £850/month in Universal Credit and £104/month in Child Benefit.

However, each calculator highlighted a differing number of grants, schemes, and areas of support on offer.

* Plus a 'helpful info' section redirecting to other parts of Turn2us's website to search for grants

Highlights of each calculator:

Policy in Practice : Identifies the most grants and support schemes, features a helpful "What if" section for visualising changes in benefits and earnings, and provides detailed PDF reports with links to apply for support.
Turn2us : Boasts a very clean and easy-to-use interface, includes a "What if" section for exploring benefit changes, but highlights fewer grants and support schemes.
entitledto : Features a clean and user-friendly interface, includes a "What if" section, but comes with usage limits on the free version (max. 10 per year). Moneysavingexpert.com also uses entitledto's calculator.
MoneyHelper (Inbest) : Offers an extremely easy-to-follow interface (with some scrolling issues), a "What if" section, and the ability to perform simulations from the results page.

What We Liked:

Policy in Practice : Simplifies questions, assesses various financial struggles (bills, rent, loans etc), and provides detailed PDF reports with easy benefit application links.
Turn2us : The "What if" section aids in planning for life events, and the comparison tool facilitates informed decisions.
entitledto : Clean interface, easy-to-use, and accommodates "What if" scenarios for adjustments.
MoneyHelper (Inbest) : The "What If" section allows effortless modification of income for benefits and earnings impact.

What We Didn't Like:

Policy in Practice : The What If scenarios might be easily overlooked on the results page. Accessing them requires clicking a + sign to expand the 'change your earnings,' and we suggest better promotion for increased user visibility.
Turn2us : The results page lacks information on additional grants and support schemes, and going back to modify input data is not user-friendly.
entitledto : The free version only allows up to 10 calculations per year, with registration required for more than three calculations.
MoneyHelper (Inbest) : Scrolling issues with the use of an 'iframe' (basically a web page within a web page) throughout the process makes the experience cumbersome.

Take Charge of Your Finances!

You deserve every penny of support available. Don't let missed benefits drain your potential. Use these powerful tools to identify the financial boost you deserve and build a brighter future.

Remember, the power is in your hands. Head to the links above and claim what's rightfully yours today!

Childcare & Cash Hacks: Avoid TikTok Traps! - Newsletter

jonathan@stepsave.com (Jonathan Steer) — Sun, 14 Jan 2024 08:57:27 GMT

Inside this week's treasure chest of news.... Slash nursery bills, master money savvy kids, and dodge TikTok traps!

Mastering Money with Pocket Money: From Piggy Banks to Pounds - Stepsave

Piggy banks to plastic pals! Conquer the chaos of pocket money with age-smart tips, cool kids' cards & apps, and more. Read and raise tiny money masters!

Slash your overdraft costs and get ‘free’ cash: how to get your bank and savings into shape - The Guardian

Overdraft blues? The Guardian's Money team unveils secrets to free cash, safer passwords, and smart savings. Time to level up your finances!

LISTEN: Money Box Live: The Childcare Challenge - BBC Sounds

Felicity Hannah tackles the childcare crunch: Unwrapping £14k bills, free hours, and funding hurdles for parents.

The TikTok investment tips you can afford to ignore - The Times (paywall)

Lucy Alderson untangles TikTok's wild-west of money tips: from 50/30/20's safe haven to "soft saving's" risky allure. Cash your curiosity (and skepticism!) in her guide.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Mastering Money with Pocket Money: From Piggy Banks to Pounds

jonathan@stepsave.com (Jonathan Steer) — Fri, 12 Jan 2024 20:10:14 GMT

Imagine this...Sunlight bathes the kitchen as your child's excited fingers dive into a piggy bank overflowing with coins. This classic scene, once synonymous with childhood pocket money, now shares space with sleek debit cards and budgeting apps.

But for parents, the questions remain: when to start, how much to give, and how to navigate the tricky world of saving and spending for young minds?

The answer doesn't come with a fixed age. In 2020, Young Enterprise, a financial literacy charity, found the average starting age for pocket money is seven years old and mobile phones at eight . But remember, averages are just guideposts, not strict timelines. Individual needs and family circumstances play a crucial role.

Finding the Sweet Spot: Averages and Age

Across the UK, weekly pocket money varies. NatWest's Pocket Money Index shows 6-year-olds getting around £3.94, while 16-year-olds average £12.75. However, regional differences exist, with GoHenry showing London parents giving 50% more than those in the East & West Midlands.

Pocket Money by Age (Mar 2022 to Feb 2023)

Source: Pocket Money Index, Introducing the Kids’ Economy 2022/23 - Natwest Rooster Money

Heads up! These numbers come from companies offering paid pocket money cards and apps. This might skew the averages higher than the national average, as it excludes families who may not access these services.

No surprise here: Halifax Bank reports that 9 in 10 kids get pocket money from parents, with 36% also receiving a boost from generous grandparents. Seems the Bank of Mum and Dad (and Grandparents) starts early!

Tiny Tycoons, Big Lessons: Top Money Tips

Once in eager hands, the real fun begins! Here's how young UK savers can make the most of their pocket money:

Needs vs. Wants: Prioritise essentials like school lunches over fleeting desires. This builds responsible spending habits.
Save, Spend, Share: Divide allowances into jars for saving, spending, and charitable donations. Kids using Rooster Money average 8% saved!
Piggy Power vs. Plastic Pals: Start with real coins for younger children. As they mature, consider prepaid cards or budgeting apps to teach digital finance. We compare four options later on.
Shop Smart: Plan purchases, compare prices, and avoid impulse buys. Family trips to the market can be fun learning experiences!
Financial Fun and Games: Make learning engaging! Educational apps and games like Monopoly turn money management into a playful adventure.

Finding the Fit: Pocket Money Strategies for Every Kid

There's no one-size-fits-all approach. Consider these options:

Fixed Allowance: Predictable and fosters independence, but may not motivate responsibility.
Chore-Based Allowance: Teaches responsibility but can feel transactional and may not teach budgeting.
Goal-Oriented Allowance: Reinforces goal setting and responsible spending, but requires parental guidance.
Hybrid Approach: Combines elements for flexibility and individual needs, like a fixed allowance with bonus rewards for chores or exceeding goals. But this can require more complex management.

Growing Independence, One Coin at a Time

Pocket money is more than just pocket change; it's a stepping stone to financial literacy. By providing age-appropriate amounts and equipping them with the right tools, parents can set their children on the path to financial confidence and success.

So, let the coins clink, the budgets be made, and the savings grow. Remember, the real treasure is the skills learned along the way.

Comparison: Debit Cards and Money Apps for Kids

All four of these options come with parental controls , a debit card and an app .

* FSCS - Financial Services Compensation Scheme

Simplify the parenting hustle and empower your child's financial savvy with a top-rated pocket money app. Whether it's Rooster Money for Natwest families or another trusted platform, watch your little one blossom into a money-smart learner!

Financial Resolutions & Universal Credit Hacks - Newsletter

jonathan@stepsave.com (Jonathan Steer) — Sat, 06 Jan 2024 07:35:37 GMT

New year, new financial you! Unwrap this week's insights. Read this week's newsletter and subscribe for more.

Boost Income on Universal Credit: Rent a Room Tax-Free (£7,500!) - Stepsave

We reveal one of the best ways to boost income if you're struggling on Universal Credit and have a spare room. This really is a money hack that brings the cash in!

Glimmers of hope: your personal finance diary January-April 2024 - The Guardian

Pencils at the ready! Hilary Osborne has all the key finance dates for the next four months you don't want to miss!

LISTEN: Money Box Live: Financial Resolutions - BBC Sounds

Ready to make your money resolutions stick? Tune in as Money Box host Felicity Hannah cracks the code.

How to get your finances in tip-top shape for 2024 - The Times (paywall)

The Money Team at The Times has put together an excellent guide to managing your household bills, family finances, pensions and more.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Boost Income on Universal Credit: Rent a Room Tax-Free (£7,500!)

jonathan@stepsave.com (Jonathan Steer) — Fri, 05 Jan 2024 14:36:37 GMT

Struggling to make ends meet while claiming Universal Credit? You're not alone. But there's good news: boost your income by £7,500 tax-free each year - simply rent out a spare room!

On top of being tax-free, it won't even affect your Universal Credit - Rental income from lodgers is not counted as income for Universal Credit!

This is one of the best ways to boost your income if you're on Universal Credit and have a spare room.

Imagine pocketing an extra £625 a month - enough for groceries, bills and treats! The £7,500 tax-free allowance, thanks to the UK's Rent a Room Scheme , makes it possible.

How much rent can you charge?

While the tax-free limit is £7,500, you decide the actual rent based on local rates for all-inclusive rooms. The average is around £614 monthly (£971 in London), according to SpareRoom .

Taking in a lodger is quick, easy, and tax-efficient. But keep in mind:

Costs: Utility bills might increase. Single person 25% council tax discount no longer applies. Advertising, credit checks, and potential damage are also factors.
Finding the right fit: Carefully screen potential lodgers. Ask questions, check references, and ensure they're a good match for your home and lifestyle.
Live-in advantage: Unlike traditional landlords, you choose your lodger and have simplified legal obligations. You're under no obligation to rent your room to anyone. Eviction is also easier for live-in situations.

Social housing tenants! Facing the ' bedroom tax ' on Universal Credit? Taking in a lodger won't erase it, but the good news is the extra tax-free income can help offset this and boost your finances!

Weigh the pros and cons carefully - check out our guide below!

Renting a spare room can be mutually beneficial, but consider it thoughtfully. Do your research, make sure it suits your lifestyle and budget, and take informed steps. With responsible lodger-sharing, you can enjoy a financial boost and a positive shared living experience.

Think this could help someone you know? Share and pass it on!

Ready to Be a Live-In Landlord?

Your Guide to Live-In Landlord Life

Pros

+ Earn an extra £7,500 tax free each year

+ If on Universal Credit, the rental income is not treated as your income

+ The extra income helps offset the bedroom tax

+ Have extra company in the house

+ Living with like minded lodgers can boost mental and physical wellbeing

+ Extra pair of hands around house to help with chores

+ You can always end the lodger's agreement if it's not working out (with typically 3 weeks notice)

Cons

- Loss of privacy and personal space

- Potential damage and disruption

- Extra responsibilities

- You could lose your single person council tax discount

Don't forget to....

- Check HMRC rules around tax and eligibility

- If you're currently renting, check your tenancy agreement: Some landlords strictly prohibit subletting. Clarify with your landlord or housing association before proceeding.

- If you're a home owner, call your mortgage provider to make sure you're allowed a lodger (most will allow a lodger under existing terms)

- Call your home insurance company to ensure you're covered

- Write up a lodgers agreement

- Get references from potential lodgers (check out referencing at OpenRent )

- Take a deposit (typically one month's rent) and protect this money (good news is the tenancy deposit scheme (TDS) does not apply to lodger's deposits)

- Check a lodger's immigration status

A must read...

The government has an extensive guide (England version here ) that explains rules and responsibilities of being a live-in / resident landlord. This is a must read .

The guide states you need to:

- Ensure your gas appliances are checked annually by a Gas Safe engineer

- Ensure your home electrics and appliances are safe (checked by a qualified electrician every 5 years)

- Ensure furniture meets fire safety requirements

How to find a lodger

- A good starting point is to post an advert on SpareRoom . Its free.

- Alternatively, if you're wanting exposure on multiple sites (including Rightmove and Zoopla), try OpenRent .

Two or more lodgers?

Check whether you will become an HMO (house in multiple occupation) and if you need to be licenced or not by your local authority. If in doubt, call and check with them .

Eating Christmas trees and more! - Newsletter

jonathan@stepsave.com (Jonathan Steer) — Sat, 30 Dec 2023 17:52:45 GMT

Unwrap this week's money headlines. From festive spending to savvy savings!

Read this week's newsletter and subscribe for more.

Jingle Bells to Debt Farewell: Post-Christmas Money Makeover!

Post-holiday blues got you singing the debt blues? Fear not, we've got your guide to turning Christmas debt into a distant memory. Slay debt with hacks, crush it with strategies, and grab free expert help. Your financial freedom isn't buried, it's just a snowdrift away!

Tackle Post-Christmas Debt and Get Your Finances Back on Track - Stepsave

Chasing the Vanishing High Interest Accounts

Analysts predict interest drops in 2024, but don't let your savings freeze! Miles Brignall reveals vanishing high-interest accounts you need to snag before they're gone – act fast!

UK savers urged to act quickly for highest-paying fixed-rate accounts - The Guardian

Loyalty Cards: Your Secret Weapon Against Price Hikes

Katie Linsell and Elina Ganatra reveal holiday feast could cost 40% more without one! Two-tier pricing in big supermarkets means non-club prices bite. Wandering aisles, it's clear - cardholders feast, others pay more.

Christmas Meal Costs 40% More Without Supermarket Loyalty Card - Bloomberg (register via a computer for free access to article)

Yum Yum, Christmas Tree!

This year, don't just admire your tree, devour it! Sarah Rainey dives into a Christmas tree culinary twist. Tea, herbs, rubs, and even ice cream – your vitamin C-packed tree redefines festive flavours.

I ate my Christmas tree. It’s the season’s hottest ingredient - The Times (paywall)

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Tackle Post-Christmas Debt and Get Your Finances Back on Track

jonathan@stepsave.com (Jonathan Steer) — Sat, 30 Dec 2023 08:24:34 GMT

The twinkling lights, the joyful carols, the mountains of presents – Christmas is a time for magic, but let's be honest, it can also leave a less-than-magical dent in our wallets. If you're feeling overwhelmed by post-holiday debt, join the club! But fear not, there are things you can do to get your finances back on track:

1. Get organised and take stock of your debt:

Gather all your debt-related paperwork - credit card statements, loan agreements, or any other financial documents.
List down all your debts, including the creditor's name, account number, outstanding balance, interest rate, and minimum monthly payment.
Calculate your total debt amount.

TOP TIP - Citizens Advice has a great checklist you can use to help collect information on your debts.

2. Create a realistic budget - your very own Budget Planner:

Track your income and expenses to understand where your money is going.
Identify areas where you can cut back on spending, such as dining out, entertainment, or non-essential purchases.
Allocate a portion of your income specifically for debt repayment.

TOP TIP - You can use the online Budget Planner by Money Helper (a financial help service backed by the UK government). It's simple to use and also gives personalised tips!

3. Prioritise your debts:

Decide which debts to prioritise based on the interest rate and minimum payment requirements.
Consider focusing on the debt with the highest interest rate first, as this will save you the most money in interest over time.
Another approach is to tackle the debt with the lowest minimum payment first, so you can free up more funds to allocate to other debts.

TOP TIP - Money Helper has a great Bill Prioritiser tool you can use for free. It's easy to follow and will guide you towards which bills to tackle first and gives advice on what to do next on each debt.

4. Seek professional help, for free!:

If you're struggling to manage your debt on your own, don't hesitate to ask for help from a debt advice charity. It's free. Here are three you can call:

Citizens Advice - 0800 240 4420
StepChange Debt Charity - 0800 138 1111
Debt Advice Foundation - 0800 622 61 51

They can provide personalised guidance, help you create a plan, and some, such as Citizens Advice, can negotiate with creditors on your behalf. They can also help determine if any of the following may be suitable for you:

You never need to pay for debt advice.

Dealing with post-Christmas debt is a marathon, not a sprint. Be patient, celebrate milestones, and don't give up. With careful planning, discipline, and maybe a little help, you'll conquer your debt and achieve financial freedom.

Remember, you're not alone in this. Your financial freedom is just a few steps away!

Money Uncovered - Newsletter (Issue 1)

jonathan@stepsave.com (Jonathan Steer) — Tue, 26 Dec 2023 17:24:32 GMT

Uncover how falling inflation could impact your finances, learn clever ways to find lost money, discover the hidden gems of vintage shopping, and navigate the rising rental market.

Read this week's newsletter and subscribe for more!

This is it... edition number 1! You've joined us at the start of our journey. Thank you for signing up to receive our weekly newsletter. You're officially a money-savvy Stepsave subscriber and we hope you find this a worthy read.

What's been happening this week?

The top news in the papers this week was all about the lower than expected inflation for November, the ever rising cost of renting and some money tips for when your offspring come back to the family home.

Surprise drop in UK inflation @ 3.9% for November, as reported by The Guardian and BBC

Why read? Inflation has been front of mind for quite some time now, so some good news on the rate of inflation slowing down. Still double the government's 2% target, but good news nonetheless.

Billions of pounds of forgotten UK cash - find out if you're sitting on a fortune - Mirror

Why read? Tricia Phillips at the Mirror writes how there’s a money pile of £billions lost or forgotten in savings, pensions investment accounts, Child Trust Funds and unclaimed Premium Bonds winnings. The good news is that if you think you’ve lost money the article explains how to try and find it.

The people having a thrifty, vintage, money-saving Christmas - BBC

Why read? Julia Bryson at the BBC shares some tips on how to save money this Christmas. From advice on not over buying, to planning menus, buying second-hand 'vintage' and making your own DIY decorations.

Cost of private renting in UK rising faster than ever, says ONS - The Guardian

Why read? Larry Elliot covers the latest data from the ONS on changes in UK private rental prices. In short, they’ve kept on rising, up 6.2% in the last 12-months to November. Another record breaker.

Money tips for when your grown-up kids move back home - The Times (paywall)

Why read? Lucy Anderson in The Times explores the financial realities of welcoming those "flown the nest" back home. From groceries to insurance, rent to family dynamics, she unpacks the impact and offers tips to navigate this financial homecoming adventure.

Did yo u see?

Pay boost for 1.6 million UK workers. Minimum wage up nearly 10% from April 2024

Earlier this month, Stepsave covered the latest government announcement on the upcoming increase to the UK national minimum wage. This positively affects millions of people. We looked at what this will mean and how this compares to the real Living Wage.

That's a wrap. Check out the latest news and money saving tips at stepsave.com

Stepsave promises to donate 20% of profits to charity

jonathan@stepsave.com (Jonathan Steer) — Tue, 12 Dec 2023 18:10:56 GMT

We are thrilled to announce that, starting from today, Stepsave will donate 20% of profits to charity. We wholeheartedly believe in giving back and helping those in need.

Currently, Stepsave offers two services: one for individuals, and another for companies:

A free-to-use money-help website designed for individuals - the public. No chargeable online courses and no charges whatsoever. Our site, along with videos and content posted elsewhere, may earn commission from some, but not all, companies we mention. However, we will always be honest and impartial - We will never endorse or suggest a service based on the commission it offers.
We also provide reward consulting services to companies.

In addition, we aim to become a regulated company offering financial advice to individuals across the UK in the future.

Our promise to donate 20% of profits applies to all of these services.

At the moment, we’re building our site and creating content, so we anticipate not earning any profit this year. However, as soon as we begin turning a profit, we promise that 20% will go to charitable causes.

When we begin making charitable donations, we will feature them on our website.

Thank you for your continued support. Keep checking back regularly for fresh content.

Pay boost for 1.6 million UK workers. Minimum wage up nearly 10% from April 2024

jonathan@stepsave.com (Jonathan Steer) — Tue, 05 Dec 2023 11:01:58 GMT

The UK government has recently announced the largest cash increase to the National Living Wage (NLW).

From April 2024, the National Living Wage, effectively the minimum wage for 21 year olds and over, will increase by 9.8% to £11.44.

The other National Minimum Wage (NMW) rates for under 21 year olds and apprentices will also increase, as shown below.

New minimum hourly pay rates, effective 1 April 2024:

Source: Gov.uk

The UK’s National Living Wage increase is a welcome boost for 1.6 million workers who are paid at or below the current minimum wage. The Department for Business and Trade also estimates that 2.7 million workers will benefit directly from this increase.

The UK government has pledged that the National Living Wage should be 2/3rds of average median earnings. The new hourly rate of £11.44 for 21 year old and over is forecasted to meet this pledge by April 2024.

How are these minimum pay rates determined?

Every year the government reviews recommendations from the Low Pay Commission (LPC).

The LPC is ' an advisory non-departmental public body, sponsored by the Department for Business and Trade ' - essentially independent from government and not subject to any political sway.

Currently the LPC has eight commissioners (usually nine) representing employers, workers and independent experts.

Supported by a team of economists, analysts and policy experts, the LPC gathers evidence, such as:

- Pay data (wage growth)

- Economic data (GDP growth)

- Current concerns of low paying industries & SMEs (rising prices, debt, labour costs)

- Inflation

- Labour market (vacancies)

- Number of jobs paying the minimum wage

- Employer concerns on how a raise of NLW impacts their higher paid jobs

- Challenges faced by workers on the minimum wage

The LPC reviews all the available evidence and makes their recommendations to government. This takes into account the views of employers and workers, as well as the government’s aim that the National Living Wage should be 2/3rds of average median earnings.

The LPC has produced a summary report that is worth reading ( here ). It highlights the evidence that influenced their latest minimum wage recommendations.

I've heard of the real Living Wage, what's the difference?

The government uses the following two terms:

National Minimum Wage (NMW) - This is the minimum pay per hour most workers are entitled to, based on age and whether their an apprentice.

National Living Wage (NLW) - This is specifically the national minimum wage for workers aged 21 and above from 1 April 2024. Until then this applies to workers aged 23 and over.

These are both statutory and are the legal minimum pay rates that employers need to pay.

However, you may have heard of the real Living Wage . This is unrelated to the government and is a voluntary hourly pay rate set by the Living Wage Foundation .

Comparison to the real Living Wage

Although the government sets the legal minimum hourly rates that employers must pay, it's also been shown that this is not high enough for many people to live on.

Citizens UK, a registered charity, runs the Living Wage Foundation initiative.

Its aim is to calculate what the 'real' minimum wage should be, taking into account living costs. Employers of all sizes are encouraged to sign up and pledge to pay no less than this real Living Wage. Over 14,000 UK businesses have already signed up and are voluntarily paying this higher wage rate.

Unlike the statutory rates which apply to the whole of the UK, the real Living Wage has two rates:

- £12 per hour outside of London

- £13.15 in London

These real Living Wage rates are independently calculated annually by the Resolution Foundation .

The voluntary real Living Wage applies to all workers aged 18 and over, unlike the statutory National Minimum Wage which varies based on age.

Being a real Living Wage employer does come with higher wage costs. However, the Living Wage Foundation highlights many benefits experienced by accredited companies, surveyed in 2021 by the Cardiff Business School. Benefits included improved company reputation and better recruitment of staff.

Simon Hall, managing director of EcoStyle Ltd

Spotlight on a real Living Wage Employer

A company that has been an accredited real Living Wage Employer since 2015 is EcoStyle Ltd , based in Luton, Bedfordshire. EcoStyle designs and manufactures interactive educational models to teach about renewable energy, water efficiency and surface water management.

Simon Hall, EcoStyle’s founder and managing director, explains: “ An organisation’s most important asset is its people, and paying the real Living Wage is one way that we can demonstrate our gratitude for their effort and commitment to the business.

While the government’s recent increase in the national living wage is a step in the right direction, I believe that this is still not enough. Until the national living wage reaches the level that is really needed by workers, the real Living Wage administered by the Living Wage Foundation will continue to help employers bridge this gap. ”

Spotlight on a Real Living Wage Employer

A company that has been an accredited Real Living Employer since 2015 is Ecostyle Limited , based in Luton, Bedfordshire. Ecostyle designs and manufactures interactive educational renewable energy models for schools and businesses.

By being a Real Living Wage Employer, Ecostyle ensures that it pays a fair wage to its workers that takes into account living costs.

Simon Hall, Ecostyle's founder and Managing Director...".....

Are you being paid less than the National Minimum Wage?

If you think you are, please check out Citizens Advice's website for helpful guidance on what you can do. You can also find your local Citizens Advice office on their website.

Help us shape the future of Stepsave

jonathan@stepsave.com (Jonathan Steer) — Tue, 14 Nov 2023 19:32:31 GMT

We need you.

Our site is growing, and we are eagerly seeking your thoughts and ideas on future topics you'd like us to cover.

Ever had a burning money-related question or been eager to learn about a specific financial topic but couldn't find any accessible and easy-to-understand resources?

Perhaps you've considered going 'green' with a heat pump, solar panels, or battery storage, but aren't sure if you'll save money in the long run.

Or maybe you've discovered an incredible money-saving hack or developed an efficient budgeting strategy that you'd love to share with the world.

If so, here's your chance to share your thoughts and ideas with us. We aim to turn these into easy-to-understand guides, articles, and videos on our site that could benefit both you and others.

Topics on your mind

Here are some topics we'd love to get your thoughts on:

- Saving and budgeting tips

- Best coupon codes and cashback sites (that actually work!)

- Money hacks for students, single parents and families

- Financial independence and early retirement strategies (FIRE)

- Debt management strategies

- Investment and wealth-building strategies (general theory)

- Ethical or sustainable investing

These are just some examples. We're open to considering any money-related topic, as long as it offers benefits and aids people.

Our ultimate objective is to create a platform where everyone feels heard, valued, and financially savvy.

Connect with us

You can share your thoughts on our social media feeds:

Or, if you'd prefer privacy, you can send us a message directly.

Thank you!

Join us in shaping the future of Stepsave. We can't wait to explore your ideas!

Thanks in advance for your thoughts.

Have a spare room? Earn £7,500 a year tax free

jonathan@stepsave.com (Jonathan Steer) — Wed, 01 Nov 2023 08:55:44 GMT

With living costs still rising, many homeowners are looking at ways to earn more money or to spend less.

If you're a homeowner and have a spare room, then you could consider taking in a lodger. It can bring a substantial source of much needed income, and with the UK's Rent a Room Scheme the first £7,500 a year is tax free !

But before you open up your house to lodgers, maybe consider these benefits and potential challenges.

The Benefits

1. Additional income

The average room rent is £614 per month (£971 in London), inclusive of bills in the UK - According to SpareRoom's latest Quarterly Rental Index . A sizeable sum each month just by renting out your spare room.

2. Companionship

Aside from financial benefits, taking in lodgers provides companionship, particularly if you live alone or your children have moved out. Sharing your home with likeminded individuals can lead to enriching conversations and shared experiences that can stave off feelings of being lonely.

Humans are social creatures and having a lodger, that you share common interests with, could be beneficial for your mental and physical wellbeing .

3. Sharing of Responsibilities

Lodgers can also share in the household chores and maintenance, easing the burden on homeowners. Having another person to assist with cleaning, gardening, or even DIY tasks can be beneficial for many.

Potential Challenges

1. Loss of Privacy

Inviting someone to live in your home inevitably means a loss of privacy and personal space, which can be a difficult adjustment for some. You may have to relinquish use of your spare bathroom or deal with noise at odd hours.

Some live-in landlords overcome the lose of personal space by only taking in lodgers Monday-Friday . However, this does reduce the pool of potential lodgers, but frees up your weekend for just you.

2. Potential Damage or Disruption

While many lodgers are respectful, there's always the risk of property damage or other disruptions. For example, a lodger might frequently invite guests over, creating discomfort or nuisance for you.

A survey last year by SpareRoom, found that 90% of homeowners who have had lodgers before would consider getting a lodger again. So their previous experiences haven't put them off being live-in landlords again.

3. Increased Responsibility

Taking in lodgers also means more responsibility for you as a landlord. Under UK law, landlords have obligations ranging from providing a safe and habitable environment to protecting the lodger's deposit.

However, as a live-in landlord the rules are much less onerous than being a landlord (not living in the property) with tenants. For example, as a live-in landlord you're able to evict a lodger much easier than if they were tenants.

So, should I take in a lodger?

Whether to welcome a lodger into your home is a decision that needs careful consideration.

On one hand, the extra income and companionship can be attractive.

On the other hand, reduced privacy and potential disruptions need to be managed.

An essential step towards making an informed decision is understanding tenant-landlord laws in the UK and setting clear boundaries and expectations with your lodger from the start. With the right preparation and conduct, inviting a lodger can be the growth opportunity you've been looking for to maximise your property’s potential.

Want to become a live-in landlord?

Pros & Cons

+ Earn an extra £7,500 tax free each year

+ Have extra company in the house

+ Living with like minded lodgers can boost mental and physical wellbeing

+ Extra pair of hands around house to help with chores

- Loss of privacy and personal space

- Potential damage and disruption

- Extra responsibilities

Don't forget to....

- Check HMRC rules around tax and eligibility

- Call your home insurance company to ensure you're covered

- Call your mortgage provider to make sure you're allowed a lodger (most will allow a lodger under existing terms)

- Write up a lodgers agreement

- Get references from potential lodgers

- Take a deposit (typically one month's rent) and protect this money (good news is the tenancy deposit scheme (TDS) does not apply to lodger's deposits)

- Check a lodger's immigration status

A must read...

The government has an extensive guide (England version here ) that explains rules and responsibilities of being a live-in / resident landlord. This is a must read .

The guide states you need to:

- Ensure your gas appliances are checked annually by a Gas Safe engineer

- Ensure your home electrics and appliances are safe (checked by a qualified electrician every 5 years)

- Ensure furniture meets fire safety requirements

How to find a lodger

- A good starting point is to post an advert on SpareRoom . Its free.

- Alternatively, if you're wanting exposure on multiple sites (including Rightmove and Zoopla), try OpenRent .

Two or more lodgers?

Check whether you will become an HMO (house in multiple occupation) and if you need to be licenced or not by your local authority. If in doubt, call and check with them .

In the news

My solution to the mortgage crisis: two lodgers

- Jessie Hewitson, i

What I wish I’d known before taking in lodgers

- Katie Glass , The Times

Most first-time buyers now need lodgers to get on the property ladder

- Ruby Hinchliffe, The Telegraph

From smashed antiques to very hungry Italians... The perils of renting a spare room to lodgers

- Sasha Wilkins, Daily Mail

Delayed or cancelled flight? Here are two ways to claim compensation

jonathan@stepsave.com (Jonathan Steer) — Tue, 09 Aug 2022 06:37:40 GMT

You could receive £220 if your flight is delayed over 3 hours or cancelled and it was the airline's fault.

In some instances up to £520. With this much money on offer, it can be worthwhile putting in a claim. Claiming is quick and easy, so let's explore when you're eligible, how much you could get and how to claim.

When can I claim compensation?

There are many rules that determine if you're eligible for compensation, but in simple terms if...

- you're flying to or from a UK or EU airport,

- your plane arrives over 3 hours late,

- and it's the airline's fault

... then you're likely to be eligible.

How much compensation can I receive?

The table below outlines the compensation due under UK law .

Source : UK Civil Aviation Aut hority (CAA)

Note: Similar amounts (in Euros) apply for flights outside of the UK but landing or taking off within the EU .

If your flight is cancelled within 14 days of departure then you may be entitled to compensation - if it was the airline's fault and the replacement flight arrives 2 hours later than your original booking.

How to claim

There are two ways you could claim - either by yourself using a template letter or using a claims management firm . Both methods have pros and cons, so let's explore them in turn, so you can choose the right route to claim.

Claiming to the airline yourself

You can use an online claim tool that drafts a letter for you that you can send to your airline. Money Saving Expert has an excellent page that outlines all the intricacies of the UK/EU rules and a link to their claim tool you can use. The page is incredibly detailed and thorough.

If you have time and you're happy to manage the claim process, including escalating to adjudicators/regulators, then this is a great route to go. You also keep all the compensation that is due.

You will be in control but you will need to be active and more involved than if you use a claims management firm.

Using a claims management firm

An alternative is to use a claims management firm to do this all for you, such as Airhelp .

They will take a cut of any compensation you are due for their services - up to 35%. So what do you get in return for this?

In short, if you want to save time, hassle, stress and are fine knowing you'll receive around 2/3s of any money due, then go for it - use Airhelp .

It is easy to claim. Using their online claim tool, it tells you if you're eligible and after uploading a few travel documents (e.g. boarding pass), they will do everything from then. That's it.

For frequent flyers, it may be worth considering Airhelp Plus . For €19.99 a year, you will receive Airhelp's service for free and can claim an unlimited number of flights. So if you fly regularly, check out Airhelp Plus .

But, what about the ethics?

Ever since the flight delay compensation rules came in to force, back in 2004, there's been critics of the amount of compensation on offer.

It's been argued that the compensation due in many instances is disproportionate to the amount paid for the plane ticket. In some cases receiving £220 for a delayed flight that can cost under £10.

Another argument is that this could fuel a compensation claim culture and add costs to the airlines which is passed on to consumers through higher ticket prices.

However, on the other side, flight delays can cause travel disruption, missed connection flights, missed events, stress and discomfort - especially for families and people with mobility issues. The argument being that the amount of compensation currently on offer helps alleviate and compensate for these, not just the initial ticket price.

The debate surrounding this continues.

The UK government this year conducted a public consultation seeking views on changes to domestic UK flight compensation (outcome still pending). Just this week, the Czech Presidency of the EU has hinted at a possible review of the compensation on offer for EU flight delays, as reported by The Independent .

Phishing is on the rise. How good is your browser at protecting you?

jonathan@stepsave.com (Jonathan Steer) — Wed, 27 Jul 2022 10:48:11 GMT

Your choice of web browser can impact your chances of being scammed.

With phishing attacks on the rise, you can help reduce the chances of being scammed, potentially saving you money , time and stress.

Yes, money saving tips are not just about spending less, saving more and budgeting - it can include a whole lot more and right here its all about the browser you're reading this on.

Which? Magazine (May 2022 edition, p43) have put the most popular browsers to the test to see which ones are best at blocking phishing attempts. Let's check out which came out on top and what this means for you.

First up, what is phishing?

' Phishing is when criminals use scam emails, text messages or phone calls to trick their victims. The aim is often to make you visit a website, which may download a virus onto your computer, or steal bank details or other personal information. ' - UK's NCSA (National Cyber Security Centre)

In short, these criminals are looking for financial gain, which will come at your cost, either from compromised personal data or loss of money .

How effective is my browser at blocking phishing attacks?

In Which? Magazine’s own tests Firefox came out top for blocking phishing attempts, followed by Edge (Windows) and Safari (Mac) whereas Chrome, the most popular browser, came out bottom.

The difference between the best and worst performers is stark - Firefox managing to block 85% of phishing attempts (Windows OS) compared to just 28% by Chrome. The results for Mac were similar, with Firefox blocking 78% of phishing attempts compared to 25% by Chrome.

What else can I do?

Ensure you have security software that includes phishing protection - such as Bitdefender Internet Security for either Windows or Mac - both are Best Buys by Which? Magazine (May 2022 edition, p43)

Key takeaways

There's many pros and cons of each browser, such as privacy controls, ease of use, speed of loading etc. So when you're weighing up what you're looking for in your browser of choice, think about how effective it is at helping protect you from phishing attempts - it may just save you money and hassle later on.

Ensure you have up-to-date and effective security software (anti-virus, firewall, phishing protection etc). A good choice worth paying for is Bitdefender Internet Security . Alternatively you could install free software, such as Avast (Free Antivirus for Windows or Free Security for Mac).

Phishing - in numbers

6% of people in the UK tried to open a phishing link in 2021

comparitech.com

Facebook was the most impersonated brand in 2021

Forbes.com

'Number of phishing attacks globally have tripled since early 2020'

APWG - Phishing Activity Trend Report Q421 , p3

'Over 25,000 bank-branded phishing websites were identified and taken down in 2020, four times higher than the previous year.'

UK Finance - Fraud The Facts 2021, p45

In debt and struggling? Seek help now says UK regulator

jonathan@stepsave.com (Jonathan Steer) — Wed, 20 Jul 2022 13:59:55 GMT

Nearly 80% of people struggling financially who have used debt advice would recommend it, says the FCA

The UK financial regulator (Financial Conduct Authority, FCA), has this month raised awareness of the benefits of seeking debt advice sooner rather than later.

Over 40% of people in debt, and who were struggling, ignored their lender’s calls and letters because they were ashamed.

It's easy to feel ashamed but if you're in debt and feel like you’re unable to cope, you needn’t be ashamed or worried. Help is available.

Missing debt repayments, running out of money each month, feeling unable to cope, avoiding overdue payment letters, putting off to another day

Do any of these sound familiar? If yes, and you’re in financial difficulty, then the FCA are urging you to do these two things as soon as possible:

Contact your lender(s) - UK banks and credit lenders are obliged to give you help and support that takes into account your personal circumstances. They can agree to reduce or stop payments for a period of time to help you.
Contact MoneyHelper (a financial help service backed by the UK government) - check out our news article on MoneyHelper. They have a free phone number 0800 138 7777 , so they’re just one call away to offering you free and impartial help.

Research commissioned by the FCA showed that 70% of borrowers who sought debt advice found it to be more helpful than they had originally anticipated.

The current cost of living crisis has led to more and more people getting in to debt and struggling to cope. We all need help in life. If you're struggling, there’s no judgement in why or how you got to where you are.

The single most important thing is to face it, take action now and make that call.

Picking up the phone to your lenders and to a free debt helpline today are the first steps in the right direction.

Remember - you never need to pay for debt advice

Free help is always available.

Here are three debt advice charities you can call:

StepChange Debt Charity

stepchange.org.uk

0800 138 1111

Debt Advice Foundation

debtadvicefoundation.org

0800 622 61 51

Citizens Advice

citizensadvice.org.uk

0800 240 4420

Overspending? How to break the habit

jonathan@stepsave.com (Jonathan Steer) — Thu, 07 Jul 2022 12:02:15 GMT

'Be grateful for what you already have' - Prevention magazine

We all have a relationship with money - sometimes healthy and sometimes not. The unhealthy habits include compulsive behaviours such as overspending.

Prevention magazine has written an excellent article (available in Apple News+ here ) that sets out how to break your bad habits. They explore five bad habits that we are prone to and offer ways to break them.

Each of the five bad habits they cover can have negative affects on our lives. Let's delve in to one of these and see how breaking the habit can help you with your money.

Overspending

Many of us love to shop, but often this can become compulsive and lead to too much shopping and overspending. Prevention magazine suggests a couple of short term fixes - to delete certain apps on our phones (removing temptation) and to unsubscribe from email promotions.

However their top tip for a more permanent solution to breaking the habit is to feel grateful for what we already have , claiming research has shown that gratitude can reduce being impulsive. So the next time you have an urge to buy a 'nice to have' item, take a moment and try to appreciate what you already have instead.

Granted, it's easier said than done, but knowing this may just help. The other four habits...

Drinking too much

Checking mobile phone

Overthinking

Feeling unmotivated

Being able to focus on breaking these habits will certainly be beneficial for your wallet. Either by giving you a stronger mental mindset or by simply giving you back 'time' - both giving you the mental strength and time for you to clearly focus on your personal money situation.

Head over to Prevention magazine's article ( here ) to read more on this and to take the next step towards a healthier mindset and having more time back.

MoneyHelper website goes live!

jonathan@stepsave.com (Jonathan Steer) — Wed, 28 Jul 2021 10:27:44 GMT

The all new financial help service backed by the UK government

Launched in June 2021, MoneyHelper replaces three brands you may have heard of, or used before: Money Advice Service, The Pensions Advisory Service and Pension Wise.

Who should use MoneyHelper?

Literally, everyone can benefit from their services. If you’re struggling to make ends meet, have debt worries, want to check you’re receiving all of your entitled benefits or just need guidance on planning for the future. MoneyHelper can help.

What do they offer?

MoneyHelper's website is packed with information to help improve your finances.

Tools and calculators to help you budget, save and keep an eye on costs.

You can phone them for free impartial money guidance – it’s a freephone number - 0800 138 7777

Where should I start?

A great place to start is with their Couch to Financial Fitness . It’s the money equivalent of the NHS Couch to 5K (also worth trying if you want to get fit). The Couch to Financial Fitness is a free and flexible 9-week plan. It will guide you step-by-step to help you build confidence to manage your money.

And remember, if you ever need to talk to someone about your finances, they’re only a phone call away - 0800 138 7777 .