New research has revealed that people are increasingly less willing to follow the money to big economic and urban centers and are instead choosing to live, work and invest in places that give them better quality of life - and in turn the money is following them. Here Enshalla Anderson, Chief Strategy Officer at FutureBrand North America, provides her thoughts on the changing economic landscape.
This recalibration of global economies and workforces has come to light in our latest Country Brand Index, which re-orders the World Bank’s top ranking 75 countries (in terms of GDP) by how well they’re perceived against an alternative set of factors, such as value system, business potential, environmental friendliness, culture and tourism.
In the index, ‘quality of life’ was the attribute that averaged the highest in the top 10 countries, and averaged lowest in the bottom 10. In line with this are the findings that people are placing increasing importance on tolerance and environmental factors in the choices that they make about where they work, live, and visit. This is set to radically change how countries and companies organize themselves to attract talent, tourism and investment.
In the meantime, the so-called Fourth Industrial Revolution, defined by the arrival of substantial technological change, has transformed our day-to-day reality. Individuals now have more freedom to choose where they live and how they work, and they’re exercising that choice. The arrival of 5G marks a tipping point in all of this this and as telco companies roll out 5G services, we’re likely to see a spreading out of the intellectual capital across the country, instead of being isolated to the key economic hubs.
Meanwhile, we’ve observed businesses with aspirations for global growth actively avoid expanding in the expected international locations and instead set-up in relatively obscure or peripheral locations. They’re looking ahead and taking advantage of this diversifying workforce – tapping new talent, creating new opportunities for people who don’t want to live in the big cities and desire to work remotely, and benefitting from favorable tax rates and perks from regional governments along the way.
The groundswell of environmentalism is also fuelling this shifting balance of power. People are finally beginning to look beyond their household and increasingly making more personal choices of scale and import based on environmental impact and concern. This often means prioritizing ways of living and working that are less harmful to the environment, and in turn better for people’s physical and emotional wellbeing. It can also mean choosing an employer because of their stance on sustainability. By necessity, big corporates, and in turn governments, are having to prioritize facilitating this shift if they want to attract and retain the best talent.
Most recently, New Zealand (ranked no.11 in the index) has been one of the major examples of the big rebalance in power that’s taking place. Prime Minister Jacinda Ardern’s national budget balances goals that encourage the well-being of citizens (such as tackling mental health, child poverty, inequality and the environment) with traditional measures such as productivity and economic growth. Her rapid response to gun control following the Christchurch attack also asserted a genuine and urgent focus on safety and wellbeing that has set a new precedent and benchmark for other governments around the world.
There’s a growing opportunity for countries like New Zealand, and also smaller nations and cities, to compete with bigger counterparts who have more economic might than them on attributes like quality of life, tolerance and environmental concerts to attract greater tourism, trade and investment. It also serves as a warning sign for countries such as China, US and UK, who’ve scored lower in some or all of these crucial measurements, that if they don’t follow suit they’ll have to rely on doubling-down on economic might and power, which citizens, tourists and investors alike are growing increasingly less attracted to as a sole measure of country strength.
The average American has a credit score of 704. If your Fair Isaac Corporation (FICO) score is around that number, that’s fantastic. But even though that’s a pretty healthy figure, there’s still plenty of room for improvement. And if your score is lower than that, don’t lose heart. You can do plenty to bring up your credit score - it all boils down to making the right financial choices over time.
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Get A Copy Of Your Credit Report
If your credit score is lower than expected and you’re not sure why, it’s a good idea to get a copy of your credit report. This document spells out all your credit-related activities. You should be able to get a free copy of your credit report each year and Best way to repair credit from either Experian, Equifax, and TransUnion.
Go through the document thoroughly to check for errors or fraudulent activity. If you don’t find any, you should be able to find out what’s affecting your score, such as late payments, repossessions, and so forth. By having a clear picture of your credit standing, you’ll have a better idea of how to improve it.
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Pay Your Bills On Time
Your payment history shows potential creditors how reliable of a borrower you are, as they’re indicative of how you’ll be paying in the future. Doing something as simple as paying bills on time can make a significant positive difference to your credit score. Conversely, paying late — or less than the agreed-upon amount — can damage your credit score.
Your credit card bills are the most important when it comes to your credit score, but this can also be affected by your other bills, such as student loans, rent, and even your phone bill. To make sure that you don’t miss any deadlines, you can set up automatic payments or calendar reminders to help you stay on schedule. If you’re behind on payments, try to catch up as soon as you can.
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Improve Your Credit Utilization Ratio
Your credit utilization ratio (or credit utilization rate) measures the balance you owe on your credit cards relative to your credit limit. If your credit limit is $10,000 and your current balance is $5,000, your credit utilization is 50 percent. A high utilization ratio shows that you could be overspending, which is why it can damage your score.
To improve your credit utilization ratio, the best thing to do is paying off your debt. And if you have any unused credit cards, keep them open — especially if you’re not paying any annual fees. You can lower your ratio by getting a higher credit limit. There are two easy ways to do this: either by simply asking your credit card provider for a higher limit, or even applying for another card. (However, it’s important to note that this could tempt you to spend even more than you can afford to pay back, wreaking more havoc on your credit score.)
Your payment history and credit utilization ratios are two of the most important factors when calculating your credit score. Together, they make up to 70 percent of your credit score, so keeping these two in check is crucial. It takes time for your credit score to improve — late payments, for example, stay on your credit report for seven years. But the sooner you get started, the better.
Below Finance Monthly hears from Adam Rice, VP Product Development, Centage Corporation, who touches on the need to expand budgets and care3fully account for said upgrades.
For many businesses, the third quarter is budget season. It’s a busy time for the finance team, as they meet with department heads and general managers to predict what the coming 18 months will look like for the business. As preoccupied as they are, I think they would be wise to take the time to upgrade to a cloud-based planning platform sooner rather than later. Why? Because in the end they will save themselves time, work more efficiently and achieve better results. Specifically, a cloud-based platform will enable the organization to move to a solid financial plan with a rolling forecast, updated on a monthly basis. And when you think about it, a rolling forecast is far more accurate than a budget created in July 2019 that attempts to paint a picture of what December 2020 will look like.
If changing horses in the middle of the race sounds daunting to you, consider all of the circumstances small to midsize companies face in today’s business environment.
SMBs Need to Step-Up to Global Challenges
SMBs have long been the backbone of the American economy and we count on them for job growth. According to the U.S. Small Business Administration, small businesses employ 58.9 million people, accounting for 47.5% of the country’s total employee workforce.
Technology has fostered competition from all over the globe. Manufacturers are competing with countries where labor costs are low, as are retailers that are now competing head-to-head with ecommerce sites that offer international delivery. For example, the Alibaba Group, which owns AliExpress, earned over $30 billion in sales in a single day in 2018.
This kind of competition means that SMB leadership teams need to make better decisions faster. What is the impact of opening a new sales office in the Northeast, or applying for a loan to expand manufacturing capabilities on the P&L? What happens if we assume 20% sales growth but we only realize 17.5%? Business managers need to see the cause and effects of their decisions on the company’s financial statements - a feat that’s nearly impossible using a spreadsheet.
On the other hand, a cloud-based system allows financial teams to do what-if scenario planning quickly and easily. As with all things cloud-based that include intelligent APIs, it’s simple to connect multiple data sources together and then overlay analytics and data visualization to make smarter decisions.
Streamlined Implementation and Upgrades
SMBs have limited IT resources and they need to be extremely selective as to which platforms to purchase as a result. Investing in a project that ultimately fails can have devastating consequences, potentially threatening a company’s viability.
Cloud-based solutions tackle these challenges in multiple ways. For instance, many offer out-of-the-box workflows for financial reporting, forecasting, scenario validation and so on, which means implementation is streamlined. Upgrades happen automatically, which means IT resources are spared and end users get to automatically take advantage of new features and functionality. This is a critical consideration as many platforms are beginning to add artificial intelligence and machine learning to key tasks, such as compliance.
Scaling is also much easier, as native cloud-based platforms can scale up and down as a business grows or as seasonality affects demand.
Inherent Agility
Cloud-based systems often act like data warehouses, centralizing multiple data sources and tracking a wide variety of KPIs and metrics. This is critical functionality for business managers seeking to connect the dots and assess the cause and effect of their business decisions. And if the data is always on, meaning it’s pushed to the platform automatically, managers have up-to-the-minute insight into the health of the business.
Many platforms come with data visualization tools or dashboards that allow users to slice and dice information in myriad ways. The benefit here is that it allows all managers to view the data in ways that are meaningful to them. For example, the head of sales can monitor the key metrics that they care about with a higher degree of accuracy, and most importantly, drill down into the data to uncover the source of anomalies.
In fact, the data visualization tools allow the financial team to provide data-driven answers to the tough questions that CEOs, boards and leadership teams ask daily.
SMBs are on growth paths; increasing the size of their market share is always a top priority. As the business grows, and as planning becomes more complex, well designed cloud-based platforms can handle the complexity. These platforms let financial teams see into the future, test the impact of multiple scenarios and ultimately make faster decisions with confidence. They’re also far more likely to adapt to evolving business needs and goals. So while it may take a bit of work to transition this budget season, it will be time well spent.
With the market for both new cars and used cars ever growing, we are spoilt for choice. Many people, however, have their eyes set on a particular model. Going after your dream car can be an expensive endeavour, but the feeling of driving off the forecourt in your dream car is like no other. Join us to find out how you can afford the car of your dreams without breaking the bank.
Option 1: Credit card
Before going down this route, make sure you speak to your car dealer first as some dealerships do not accept credit card payments.
A benefit of credit card purchases is that your credit card company can give you added protection on the full purchase cost (often as long as the value of the vehicle is over £100 and less than £30,000). Of course, you have to be able to meet your monthly payments too.
If you buy a car in this way, you’ll be allowed to put down an even lower deposit than 10% and pay the remaining money off using a debit card. It’s best to consider all options here, as often the interest that you pay on a credit card could be significantly higher than that of a finance agreement.
Option 2: Hire purchase agreement
This method involves monthly payments with the option to purchase the car at the end of your agreement based on its new value.
The standard deposit to pay when purchasing in this way is 10%, but it is always an option to pay more and have less to pay off later. The rest of the car is then payed off in instalments over a period of one to five years. The longer this period, the less you have to pay each month but due to interest charges, the total cost of the car becomes higher.
Option 3: Personal Contract Purchase agreement
This option is quite similar to opting for a hire purchase agreement. In this scenario, the end value of the car is agreed at the start of the contract, so you can plan your payments accordingly. Payments are often less than what you’d pay in a hire purchase agreement as you pay the full price of the car, plus interest but minus the guaranteed future value of the car. You must pass credit checks before you’re eligible for a PCP agreement.
If you can afford it, it’s a good idea to put down a larger deposit, therefore lessening the amount you have to pay back monthly. Saving a lump sum for a large deposit is easier than saving up for a car, while reduced monthly payments can really help out too. Always evaluate your current monthly payments before you agree to a finance agreement, as being behind on your payments can lead to financial issues.
At the conclusion of your PCP agreement you have two options. You can either pay off the future value of the car to become the full owner, hand back the keys or trade the car in as a deposit for a new finance agreement.
One thing you must be aware of with this agreement is the danger of exceeding the forecasted mileage. If you exceed the mileage on the car, there will be further charges to pay. This is because more miles decrease the value of the car. Also, any damage to the car will be charged to you, so you must be prepared to take good care of the vehicle.
Considering all the options, your dream car isn’t as far out of your grasp as you might have thought. As we can see, there are a range of finance options available to you for purchasing new cars — allowing you to drive that dream car you’ve always wanted without forking out loads of cash. Save up what you can for a significant deposit and always make sure that you can cover the payments before signing any agreements.
One needs to understand the industry before jumping into its business. Many things that look easy on the outside will surprise you when you get to their implementation. You should have a few resources beforehand if you are to start a property development business.
Make Sure You Know the Industry
People say you need money to start a business. Most successful entrepreneurs disagree. They say you need to have skills like no other to start a business, and the investment will come to you. Make sure you are worthy of running a successful business before you worry about finances. Learn everything there is to know about the industry you plan to target. For that, you may have to do a job, work as an assistant, or join a study course. When it comes to property development, you need to understand every corner of it. Start the business only after you are certain that you have explored the entire industry.
Arrange Investment
Once you are confident that you can run the property development business, it’s time to prove it. Your skills will be tested and there will be money on the line. You either have to invest your own finances or get a loan. It’s best if you have your own investment because that way you don’t have to answer to anyone. On the other hand, it won’t be a problem even if you don’t have the finances. As I said, the
investment will come to you if you are skilled. Anyone would agree to invest with you when they know you are not going down. You can get development finance from Property Finance Partners for your business. It is a property finance company that provides real estate raising finance solutions in the UK.
Keep Contact with Suppliers
A professional network is your net worth. You need to have contact with every supplier related to your work. You should also understand every service and product that you will use and their current value in the market. As a property developer, you may need services of builders, electricians, painters, architect, carpenter, plumbers, decorators, and interior designers. Having a reliable relation with these professionals will give you confidence and allow you to meet deadlines with quality work.
Understand Your Target Market
You should have a full understanding of your target audience before investing in a business. You should know who will need your services, how they will approach you, and if there is any space for you in the market. It can be difficult to survive in a market with fierce competition. Likewise, you should also know the right time to penetrate the market and when to take a break. Having an audience persona in your mind will help you better target your potential customers.
Use Digital Marketing
Marketing is important to make an entrance in the industry. While many property developers may underestimate it, digital marketing has helped many new entrepreneurs build their business. Use every marketing tool to get an edge over your competitors. Once you understand your market, targeting potential customer becomes easier.
Digital marketing doesn’t need you to have an office, you only need a website and a few social media profiles. You will reach out to potential customers through these channels. It’s also a great way to enter the market because it lets everyone know that you exist and now offering your services. Portray your skills and unique selling point on the internet. See what your audience is expecting from your industry and provide them an easy solution for that.
Build a Reliable Team
Every businessperson needs a team that he can rely on. The team builds the foundation of a business. If your foundation is strong, you are likely to survive in the market. Property development business doesn’t necessarily need a team if the leader is skilled enough. You will need the expertise of an accounting professional with the knowledge of all legal matters to understand and control all expenses. A project manager can divide your responsibilities and ensure that all development on site is in order. Moreover, you may need someone who understands the field to be on the lookout for opportunities.
Deciding Your Property Sector
A property business developer should know every sector of his industry. He should further understand the requirements of each sector where he wishes to operate. Whichever sector you choose, you will need to follow its every news and update. By specializing in just one sector, you are more likely to dominate it. You will know what, when, and where to buy, sell or rent a property. You will be able to make more sales by telling customers exactly what they want to hear if you focus on just one type of audience.
The deadline to negotiate the exit was recently prolonged to October 31st, 2019. What are financial and economic consequences going to be for the UK? Public opinion has changed a lot lately. Theresa May has stepped down from the position of the UK’s Prime Minister and got replaced by Boris Johnson on 24th July. He promised that Brexit is going to be executed by 1st November with or without a deal with the European Union. Labour party demands another vote, as their members don’t think that leaving the EU would be a good idea at this moment.
Great Britain would no longer have the tariff-free trade status with other European countries if they decide to leave without a deal. This would have a significant increase in exports cost and automatically make the UK goods more expensive in Europe and potentially weaker the British Pound.
The prices to import goods to the UK would be higher, which also means some of them would simply reconsider distribution to Britain.
The same thing would happen with European merchants. The prices to import goods to the UK would be higher, which also means some of them would simply reconsider distribution to Britain. One-third of the food is coming from the European Union, which means inflation and a lower standard of living would be inevitable for UK residents. No deal agreement could also reignite the issues with North Ireland. This country would stay with the UK but there would be a custom border introduced between them and the Republic of Ireland. The last two things we would like to mention as a potential consequence of no-deal exit are rights for EU citizens living in the UK and outstanding bills. In case of an exit like this UK would have to pay $51 billion of debt and find a solution to guarantee rights to EU people within their borders.
Hard Brexit is the second alternative, and it is different in so many ways than the above-mentioned exit. This one would include a trade agreement with the EU; but this would require another re-schedule of the exit, as there is no enough time to negotiate it. Hard Brexit could have serious consequences on London as the financial centre. A lot of companies would stop using it as an English-speaking entry to the European Union economy. Also according to the latest research, more than six thousand people could lose jobs because of this and turn the real estate market into a disaster. There would be hundreds of office buildings in London sitting empty, without anyone to rent them. By comparing housing prices now and two years back, the price has already started to drop drastically. Another significant impact on UK companies would be the inability to place bids on public contracts in any European Union zone. This would take a massive toll on banking as well. Best betting sites experts have publish some odds that show that Hard Brexit deal would also increase costs of mobile phone services and airfares. Could the UK lose Scotland in case of Hard Brexit agreement? Potentially, yes. Scotland might have a bigger advantage of being an EU member, which also means a referendum to leave the United Kingdom. One of the most profitable industries in the UK is online gambling, and this one shouldn’t be affected much by any option.
These days, financial stability really sounds like an elusive subject. We indeed have bills to pay, and a life to lead. But, if we don't take a seat, analyze, and create a financial bucket list, then we risk living within the shackles of our obligations. Here are eight financial tips that can help anyone secure their financial future and enjoy financial stability.
Create a passive income
Financial stability is a result of hard and creative work. And if you want to enjoy it, then you need to get creative too. That said, we cannot always control our expenses and bills, but what we can actually control is how much income we realize. Generating more revenue to offset any financial obligations one may have been an excellent way to go. A passive income is any income you generate from a job or task you are not actively working at. There are many ways to get this done, and the most popular ones are through websites, rental properties, small online businesses, freelancing, online trading, and affiliate programs.
Live without debt
Debt is one of the many obligations capable of ruining anyone's shot at financial stability. If you are still living in debt, it is almost impossible for you to be stable financially, let alone secure your financial future. Do you have credit card debt, personal loans you are paying off, or mortgage to attend to? All of these are going to hinder you from leading a financial future and becoming stable financially. Hence, you have to be rid of any debt you may have before you look to become stable financially because, without that, financial stability will continue to elude you. There are different ways to tackle one's debt, depending on the terms and duration of the debt. From the traditional debt consolidation method to the highly effective IVA scheme, debt of any kind can be addressed and resolved.
Create a 3-month emergency fund
Whoa, that's a lot of money! Once you are done breaking the shackles of debt around you, the next thing is to start preparing for the future. And a 3-month emergency fund would be a great place to start. Emergency funds are there for the rainy days, which is why you need to have one today if you really want to enjoy financial stability. Think about it, instead of going to get a loan to deal with an unforeseen event; you can dip into your emergency funds.
Open a money market account
Preparing for the future doesn't necessarily mean preparing for the next few decades ahead; instead, your future could be tomorrow. And if you don't have a robust financial platform to rely on, you may find it absolutely difficult to attend to your existing financial obligations and emergencies. In that light, having a money market account is another vital requirement for anyone interested in experiencing financial stability. A money market account is quite similar to a standard savings account, albeit with higher returns and better access to your money. Checking with your local bank is a great way to research the ideal account for you.
Create a vacation account
The best time to visit your dream country is while you are on holiday. But how many people can fulfill this dream? And how many of those who eventually achieve this do so without getting into debt? Don't be one of them! Visit your local bank and create a separate account where you can stash little cash every month for your next vacation so that your next holiday wouldn't break the bank.
Improve your Credit and FICO Score
That you don't run a business today doesn't mean you may never be entrepreneur, and the fact that you have some cash in your emergency funds doesn't mean you will always be able to resolve every financial emergency that comes your way. Hence, it is always great to have a good Credit and FICO Score as you never can tell when you might need to obtain funds from external sources to either finance your big business idea or resolve your unforeseen emergency. Your FICO Score determines what sort of risk a future creditor is willing to take on you. Having a high, and above 700 FICO Score is quite feasible if you pay all your existing debt as at when due, keep credit card balances low, and pay your bills on time.
Have a retirement plan
Start saving for retirement today with a 401k or an IRA plan. You should talk to your financial advisor to determine which plan is best suited to your needs.
Authored by Uday Tank.
Uday Tank has been working with writing challenged clients for several years. His educational background in family science and journalism has given him a broad base from which to approach many topics. He especially enjoys writing content after researching and analyzing different resources whether they are books, articles or online stuff.
The Business Show, which is sponsored by Yell, Dell & American Express is Europe’s largest B2B exhibition. The show attracts over 20,000 visitors from all over the world who are looking for new & innovative products and services, which will help them to maintain, grow & develop as a business.
The Business Show will be taking place on the 27th & 28th of November at The London ExCeL. They have 400 exhibitors from the likes of Cranfield School of Management, Intellectual Property Office and Your Business Community Ltd. As well as this, we have a great list of masterclasses one of which is hosted by Barclaycard this year.
This November will see over 200 seminar sessions and our best keynote line-up to date take the stage for 2 days. Make sure you don’t miss out on this world-class event and register here for your free tickets today.
But it is the speed at which the technological advancements have reached that has forced traditionally slow-moving financial institutions to heavily invest to remain relevant to their consumers and remain competitive in the marketplace.
Personal
Banking is one of the oldest businesses in the world, going back centuries ago, in fact, the oldest bank in operation today is the Monte dei Paschi di Siena, founded in 1472. The first instance of a non-cash transaction came in the 20th century, when charga-plates were first invented. Considered a predecessor to the credit card, department stores brought these out to select customers and each time a purchase was made, the plates would be pressed and inked onto a sales slip.
At the end of the sales cycle, customers were expected to pay what they were owed to the store, however due to their singular location use, it made them rather limiting, thus paving way for the credit card, where customers that had access to one could apply the same transactional process to multiple stores and stations, all in one place.
Contactless
The way in which we conduct our leisurely expenditure has changed that much that we can now pay for services on our watches, but it wasn’t always this easy. Just over a few decades ago, individuals were expected to physically travel to their nearest bank to pay their bills, and had no choice but to carry around loose change and cash on their person, a practice that is a dying art in today’s society, kept afloat by the reducing population born before technology.
Although the first instances of contactless cards came about in the mid-90’s, the very first contactless cards associated with banking were first brought into circulation by Barclaycard in 2008, with now more than £40 million being issued, despite there being an initial skepticism towards the unfamiliar use of this type of payment method.
Business
Due to the changes in the financial industry leaning heavily towards a more virtual experience, traditional brick and mortar banks where the older generation still go to, to sort out their finances. Banks are closing at a rate of 60 per month nationwide, with some villages, such as Llandysul closing all four of its banks along with a post office leaving it a ghost town.
The elderly residents of the small town were then forced into a 30-mile round trip in order to access her nearest banking services. With technology not for everyone, those that weren’t taught technology at a younger age or at all are feeling the effects most, almost feeling shut out, despite many banks offering day-to-day banking services through more than 11,000 post office branches, offering yet a lifeline for those struggling with the new business model of financial firms.
Future innovations
As the bracket of people who have grown up around technology widens, the demand for a contemporary banking service continues to encourage the banking industries to stay on their toes as far as the newest innovations go.
Pierre Vannineuse, CEO and Founder of Alternative Investment firm Alpha Blue Ocean, gives his comments about the future of banking services, saying: “Artificial intelligence is continuing to brew in the background and will no doubt feature prominently in the years to come. With many automated chatbots and virtual assistants already taking most of the customer service roles, we are bound to see a more prominent role of AI in how transactions are processed from all levels.”
Technology may have taken its time to get to where it is now, but the way in which it adapts and updates in the modern era has allowed it to quicken its own pace so that new processes spring up thick and fast. Technology has given us a sense of instant gratification, either in business or in leisure, we want things done now not in day or a week down the line.
Sources:
https://www.sysco-software.com/7-emerging-trends-that-are-changing-finance-1-evolving-cfo-role/
https://www.vox.com/ad/16554798/banking-technology-credit-debit-cards
https://transferwise.com/gb/blog/5-ways-technology-has-changed-banking
https://www.forbes.com/sites/forbesfinancecouncil/2016/08/30/five-major-changes-that-will-impact-the-finance-industry-in-the-next-two-years/#61cbe952ae3e
Of course, there are the traditional ways of saving such as budgeting and setting aside a certain amount of funds each month. But, without overly restricting your leisure activities, what everyday changes can you make to spend less?
1. Spend less on your energy bill
Make small everyday changes to lower the cost of your energy bill.
Did you know that 4% of your energy bill is attributed to cooking? Work on lowering this if you can. Your oven stays warm for a long time after you’ve switched it off. Try turning it off 10 minutes before you’re finished cooking to save on energy.
Instead of turning your thermostat up during the colder months, layer up instead to save on pennies! Switching down by just one degree Celsius can save you £85 per year — it all adds up. When it comes to showering, cutting your shower time down to 5 minutes instead of 15 minutes can save you £98 per year — less singing and faster washing!
2. Storing food properly
When we’re packing food away in the fridge or freezer, we usually don’t think about how it’s stored. But, the way that you put away your goods can have an impact on your energy bill.
If you pack your freezer more tightly, this keeps more of the cold air in when you open the door. This means that the appliance doesn’t have to work as hard to lower the temperature again. The same applies for the refrigerator too — a full fridge requires less energy to stay cool than one that’s empty. If you’re struggling to pack your fridge or freezer full, filling it with newspaper can do the job.
3. Save money booking holidays
Even when we’re trying to save money, we all deserve a holiday now and then! The good news is that you can save money by following a few top tips the next time you book a vacation.
Try and fly out on a Friday if you can, this can save you 18% on your airfare compared to if you flew out on a Sunday. Taking into consideration the average cost of a flight and the fact that the average Brit goes on holiday three times a year, you could save £85 annually by following this top tip.
Be calculative about when you book your holiday too. You can save £36 per year by booking your trip on a Monday as flights are 5% cheaper.
Consider packing more economically too. You can save £144 per year by only taking hand luggage on your flights. Squeeze more into your suitcase by rolling clothes and packing garments in your shoes.
4. Meal prepping
Being prepared when it comes to grocery shopping and planning lunches for the week can help save on cash.
Even making a shopping list before you head to the supermarket can help. In fact, 60% of people who take a shopping list to the supermarket said it saves them money. It stops you buying things that you don’t necessarily need and helps you stick to your budget.
Create a meal plan for the week too. This means that you’re only buying what you need and don’t need to spend money on unexpected lunches out. Statistics have shown that you can save an impressive £1,300 per year by preparing lunch at home rather than eating out during the week.
5. Eco-conscious coffee drinking
There are a few ways that you can be eco-conscious about your coffee drinking while saving money.
First of all, you can start by making your coffee at home when you can. You can save £507 per year by making your coffee at home instead of buying one each day from a retailer. If you prefer coffee from the store, why not take your own cup? This is helping the environment and you can save £150 per year as many high street retailers now offer 50p off coffee when you present your own cup.
Make the small changes above and watch your pennies turn into pounds this year! For more saving tips, check out True Potential Investor’s Life Hacks interactive.
Sources:
https://www.uswitch.com/energy-saving/guides/5-lifestyle-hacks-to-save-energy/
https://www.bobvila.com/slideshow/slash-your-electric-bill-with-11-savvy-hacks-48497#efficient-fridges
https://www.express.co.uk/life-style/life/755367/money-saving-tips-electricity-bill
https://www.telegraph.co.uk/travel/comment/how-airfares-have-fallen-since-golden-age-of-flying/
https://metro.co.uk/2017/05/13/how-far-the-average-british-tourist-travels-every-year-6635197/
https://www.skyscanner.net/news/tips/expert-tips-for-snagging-a-cheap-flight
https://www.statista.com/statistics/304108/number-of-passengers-on-united-kingdom-airlines/
https://www.skyscanner.net/news/7-ways-beat-easyjet-cabin-baggage-rules
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Identifying this comprehension gap, urging Millennials understand the gravity of today’s decisions on tomorrow's financial future, pensions experts, Profile Pensions, have researched average millennials spend and compared it to the government provided State Pension, revealing a concerning £1000 per month difference between the two monthly incomes.
Spending an average of £1770 a month, including living expenses, social activities and simple pleasures, the reasonable spend amount is still 142% more than what would receive if they only have the £731 State Pension to rely on.
With rent alone coming to 118% of the State Pension, even if millennials are to cut out all luxuries from their spend, such as Netflix, take away and nights out, the total spend of £1318 further raises the alarm bells that the State Pension is unsustainable.
Though, with the help of the Workplace Pensions Scheme and early intervention, little sacrifices can mean a world of difference for your future self.
The pension provider offers tips to both help slightly cut costs and take advantage of the scheme to maximise your benefit.
Take advantage of your company’s workplace pension scheme
Due to auto enrolment, you’ll be saving a minimum of 8% of your salary per month towards retirement. Comprised of a 5% deduction from your pay and a 3% employer contribution, the 3% employer contribution is money you will not otherwise receive that is added to your pension pot for your future self. The 5% you contribute provides added tax relief.
Be proactive and make sure your scheme is best for you
As with many things, the default option may not be what’s best for you. Looking at your pension plan now could make a considerable impact . Most workplace pensions
Cook for yourself, rather than take away
It’s a 101 saving tip but choosing to cook for yourself can be one of the easiest ways to cut costs. The average amount spent on groceries and takeaways together equals over £300 a month, by trading Deliveroo for Tesco, you could be putting aside as much as £110 a month towards your pension.
Enjoy nights out but be savvy about them
The average monthly amount spent on nights out is equal to 32% of the full state pension. While enjoying yourself while your young is important and this is an expense you’re likely to pay less in retirement, spending less while you’re out, considering cheaper options or just staying in a little more can cut costs in half and save you £100 a month to go towards your private pension pot.
The full study, including a full breakdown of expense, is available at Profile Pensions.
Here's the story of how the country's largest bank got to where it is today.
Biographer of J.P. Morgan Jean Strouse, longtime bank analyst Mike Mayo and CNBC banking reporter Hugh Son help tell the story. You’ll learn about how Aaron Burr and Alexander Hamilton are part of the bank’s history, along with the first ATM, and the company’s position moving forward into the future of digital banking.
