Each year in March or April providers will increase their prices which in the past have added a substantial cost to peoples phone bills.

In 2024 the average increase has been around 7.9% on top of customers’ bills.

Why?

The prices always rise according to the Retail Prices Indec (RPI) or the Customer Price Index (CPI) as well as an additional 3.9% to offset the inflation rate and rising business costs for the provider

This year the RPI was 4.9% and the CPI was 4%.

Which Providers increased their prices?

You should have been given a warning 30 days before the prices increased. Providers are also legally allowing to raise prices mid-contract.

EE – 7.9% increase

O2 – 8.8% increase

Sky Mobile – (Out of contract) 3%

Talk Talk – 4% increase

Which Providers have not increased their prices?

Lebara Mobile has not increased any prices. Often the smaller providers will not rise their prices.

Others will keep their prices stable if you are in a contract or deal with them already.

GiffGaff – For those mid-contract prices have remained the same

SkyMobile - For those mid-contract prices have remained the same

Tesco Mobile – If you are signed up to a Clubcard deal will stay the same

What to do if your bills rise?

Unfortunately if you are mid-contract and your bills rise there is little you can do as exit fees are often high. You should review your contract to determine if exiting would be worth it or not. Also check to see when your contract ends to make sure you can shop around before it ends.

Uswitch has estimated this will have people paying £24.23 more on mobile phone bills.

The cost of living crisis continues to affect households with rising prices in various areas of life.

Your mortgage is going to be a huge financial investment and something new to factor in to your budget and financial abilities. When deciding what mortgage to borrow both yourself and the lender will have to evaluate your current financial situation including any existing debt to decide what repayments you can comfortably make.

Before you start the mortgage application process you should know how much to expect.

Mortgage to Income ratio

It is sensible to keep this ratio as low as possible to ensure you will be able to sustain it. If you miss payments or cannot make the re payments you could have increased interest added on as well as more severe consequences such as repossession.

Using  no more than30-40% of your post-tax income for your mortgage is a popular method for home owners and mortgage lenders too.

Lenders will generally prepare to lend 4.5 times your annual salary.

For Example…

If your annual salary is £50,000 and you have no debts then your maximum mortgage will be £255,000.

If your annual salary is £30,000 and you have no debts then your maximum mortgage will be £135,000.

If you are applying as a joint holder with somebody else then the lender will review both finances and your mortgage loan could be higher.

Why Pensioners have to pay income tax now

The 2024 budget has stated the the triple lock system will be secured which allows the state pension to increase in line with inflation so that pensioners are able to afford the rising cost of living. This rise has now set the state pension to, £11,502 from now.

The tax threshold is remaining steady at £12,570, so those who only receive the state pension will have no changes. Those who receive this as well as an additional private pension of £1,068 or more will be pushed into the tax bracket and have to start paying income tax.

Pensioners worry for their finances

Clarke and Peacock estimate that around 650,000 pensioners will now have to pay income tax.

The financial worries for pensioners now increase with the added tax and being able to afford the cost of living is already difficult on their low incomes.

Many worry about what they will have to do for this new rule. HMRC have stated that there will be no need for self-assessments as this is an automatic payment. However, the likelihood of incorrect tax codes means that claiming back overpayments will make contacting HMRC a necessity. This is a frustrating and worrying time for pensioners as they have to navigate their new finances.

Each year the government reviews the minimum wage and in April each year they are updated.

This year there will be a rise which will increase over 1 million people who are on the minimum wage currently.

The House of Commons Library states that the rates are provided in regulations made by the secretary of State with parliamentary approval and is based on the recommendation of the Low Pay Commission (LPC).

The new Minimum wages

For those who are over 21 the minimum wage will rise to £11.44 which is a £1.02 increase.

For 18-20 year old the new minimum will be set to £8.60 which is a rise of £1.11.

For 16-17 years old their new rate will be £6.40 which is a rise of £1.12.

The rate for apprentices will be £6.40 which is a rise of £1.12.

What is the average living wage needed in the UK?

The UK Government update the minimum wage rates each April to suit the economic situation and inflation at the time. However, does this allow people a liveable wage and is there a gap?

Statista discovered that the average voluntary living wage is £12 across the UK, in London this rises to £13.15.

In 2023 the Joseph Rowntree Foundation found that of the 14.4 million people roughly living in poverty, 8.1 million of these were working adults.

Their date found that for a couple with two children if they were living in poverty they would need an extra of £6,200 a year to reach the poverty line.

Despite the minimum wage increasing there is still a worry as inflation is not slowing quick enough and rental prices are rising faster than the growth of wages.

How does this compare to other countries?

The parliament reports their comparison with 25 other OECD countries and the UK were reported with the 8^th highest adult minimum wage in 2022. This takes into account the varied cost of living in each country.

If you are already receiving your pension or you are keen to keep on track of your pension plan options then you might be wondering what the triple lock system means.

Triple lock pension

This is the system which maintains the rising pension payments so they stay in line with the rise of inflation and cost of living. The triple lock pension ensures that the state pension pot rises with the average earnings growth, inflation or 2.5%, whichever one is highest.

This systems allows pensioners who are relying on the state pension to be able to afford rising prices without worrying.

The BBC reports that Jeremy Hunt has promised that the triple lock system will remain apart of the conservative manifesto if they win the next election.

This promise is no surprise as pensioners are a large portion of the conservative voting demographic.

The state pension cost £110.5bn in 2022-23 which is just under half of the total government spending's on benefits.

The Office for Budget Responsibility estimates this will grow to £124bn this year.

How does this affect me?

If you are currently receiving state pension or are going to start in the near future you can feel secure knowing you state pension allowance will continue to rise in line with the cost of living prices.

This also mean that the cost of paying for these benefits is going to increase each year as more people reach retirement age than the young working population.

The new triple lock system could mean paying income tax for many pensioners. 

In recent times, there has been a transformation happening in the finance realm. Traditional banks and financial institutions are encountering competition from a wave of companies known as fintech startups. These tech-driven enterprises are shaking up the industry by offering solutions that deliver more convenient and accessible financial services. With the market brimming with fintech firms, they need to invest in marketing tactics to stand out and lead the pack.

Understanding the Fintech Audience: Identifying Target Demographics

A crucial initial step in formulating fintech marketing solutions is grasping who their target audience is. Fintech products and services cater to a spectrum of consumers, ranging from millennials and small business owners to freelancers, gig workers, and elderly individuals seeking greater transparency and accessibility.

By segmenting these groups based on their requirements and preferences, fintech companies can tailor marketing campaigns that resonate with potential clients. Through market research involving surveys or interviews, fintech marketers can unearth insights about what matters most to these target segments.

Crafting Compelling Content: Engaging Potential Clients

Once fintech marketers have pinpointed their target demographics, they can focus on creating captivating content that captures the interest of clients. Creating blog posts, articles, engaging videos, interactive social media campaigns, and podcasts opens up a world of possibilities for content creation.

To attract clients through your marketing content:

1. Show empathy: Produce content that speaks to their challenges and demonstrates how your financial technology solution can address them. For instance, "The time-saving benefits of our invoicing tool for professionals."
2. Share authentic narratives: Highlight success stories from customers to build credibility for your product or service. Narratives help humanize your brand and establish connections.
3. Simplify ideas: Finance can seem overwhelming to individuals. Simplify terms into understandable content. Use analogies or real-life scenarios to showcase how your financial technology solution can benefit the audience.
4. Optimize for search engines: Utilize search engine optimization (SEO) strategies to boost visibility and reach an audience. Identify keywords that your target markets search for solutions and seamlessly incorporate them into your content.

Leveraging Social Media: The Intersection of Fintech and Marketing

Social media platforms play a role in the marketing strategies of all businesses, including fintech companies. These platforms enable firms to engage with their desired audience, raise brand awareness, encourage interaction, and generate leads. Here are some tips for improving your fintech marketing using social media:

1. Choose the right social media platforms: Different platforms cater to different audiences, so focus on those where your target demographic is active. For instance, consider one platform for professionals and others for general users, and tailor your content to suit each platform.
2. Interact with your audience: Engage with users by responding to comments, messages, and inquiries on social media. Building relationships through interactions shows your dedication to customer satisfaction and helps establish trust.
3. Collaborate with influencers: Partnering with influencers or industry experts can boost the reach of your message in the market. By teaming up with personalities who align with your brand values, you can enhance credibility and attract a broader range of potential customers.

Optimizing ROI Through Data Analysis

Fintech marketers should consistently monitor their performance to ensure that their strategies deliver returns on investment (ROI). Data analytics offer insights into the effectiveness of marketing campaigns in attracting leads and converting them into customers.

Effective data-driven approaches:

1. Use web analytics tools: Platforms like Google Analytics provide information on website traffic, user engagement, and conversion rates for fintech companies. By recognizing trends, marketers can use data-driven insights to improve their advertising strategies.
2. Automation in Marketing: Utilizing marketing automation tools can simplify the process of nurturing leads, managing email campaigns, and tracking customer interactions. This enables fintech startups with limited resources to engage with potential clients more efficiently.

In Summary: Achieving Success Through Holistic Marketing Approaches

In today's fintech sector, it is crucial to establish a marketing plan to transform financial services effectively. Identifying the target audience, developing engaging content, utilizing social media channels, and leveraging data analysis are key elements of a successful fintech marketing strategy.

By dedicating time and effort to crafting marketing approaches tailored to their customer segments, fintech companies can set themselves apart from traditional financial institutions and position themselves as industry leaders.

If you have decided that your child is ready for their first bank account and ready to learn about financial responsibility then below are some great options for junior bank accounts.

A sudden personal injury accident doesn't just wreak havoc on your physical well-being; it casts a long shadow over your finances. In the wake of such an event, managing skyrocketing medical bills, legal fees, and the pinch of lost income demands a tactical approach. It's about crafting resilience through informed decisions—a financial bounce-back by design.

Getting out the other side in one piece requires a deft balance between urgent needs and long-term stability. It’s a case of working out how to align immediate recovery with enduring fiscal health. Let’s discuss strategies to manage the monetary aftermath effectively, ensuring you remain financially steady on the road to recuperation.

The Floorplan of Financial Resilience

After a personal injury accident, your primary focus might organically align with physical recovery, but financial recuperation should parallel this journey. Step one: reach out to professionals. The simple fact is that personal injury lawyers, like those at Vaughan & Vaughan, can help you recover the financial compensation you deserve. Their expertise is crucial in navigating the oft-tangled web of insurance claims and legal proceedings.

But retaining legal counsel is just one facet of the recovery mosaic. A solid plan must also include inventorying expenses. Start by categorizing them—medical treatments, ongoing care costs, and day-to-day living expenses compromised by lost wages are typical culprits derailing budgets during recovery.

Envisioning a strategy that encompasses these elements allows for a comprehensive assessment of your financial situation. This provides a vantage point not only to address current fiscal demands but also to forecast potential monetary challenges ahead.

The Financial Safety Net: Maximizing Your Benefits

When the ground beneath you shifts due to a personal injury, it's paramount to explore every possible avenue to reinforce your financial safety net. This is where understanding and maximizing available benefits becomes invaluable.

Begin this leg of the journey by scrutinizing your insurance policies—health, disability, even auto, depending on the accident. Each policy may hold keys to unlocking funds that can ease the immediate pressure.

What's often overlooked is the potential relief offered by government assistance programs or employer-provided benefits. Worker’s compensation and state disability benefits may be applicable in your situation. Delve into these options promptly as they might have strict application deadlines or require detailed documentation.

So how do we ensure not a single benefit falls through the cracks? Enlist support from human resources professionals or social workers—individuals well-versed in extracting value from such programs. They'll help you weave through intricate regulations and applications, safeguarding against any missteps that could jeopardize your claim.

Cost-Control Commandments in Recovery

With your benefits secured, attention must shift to reigning in expenses—a paramount initiative for anyone amid financial recovery. Tightening the belt doesn't suggest a retreat from necessary expenditures but rather an exercise in judicious spending tailored to your current reality.

First commandment: Scrutinize and prioritize. Grasping the severity and necessity of each cost can lead to a more disciplined allotment of funds. Does this mean temporary sacrifices? Perhaps. Yet, it's essential to differentiate between short-term inconvenience and long-term detriment.

As part of this assessment, consider negotiating payment terms with healthcare providers or seeking out medical services through less expensive facilities when possible (community clinics instead of hospital visits, for example). And regarding those daily living expenses, smart budgeting now paves the road to fiscal freedom later.

But let's not overlook income—there’s potential even when recovery is a priority. Exploring passive income streams or work-from-home opportunities could soften the blow of lost wages without impeding your physical healing process. Put yourself and your health first, and these financial building blocks should fall into place.

The Last Word

When a personal injury comes knocking, financial recovery is a deliberate journey, paved with informed choices and meticulous planning. Embrace resilience through each strategy discussed—the fortification of benefits, judicious expense management, and resourceful income solutions—steering your path toward not just stability, but prosperity.

As of March 2024 below are the best 2 year and 5 year fixed term mortgage rates.

With a fixed term mortgage you will not be affected by changing interest rates and you will often pay lower rates than if you were on a variable rate mortgage.

If your fixed term is coming to an end this year and you are worried about the rise in mortgage rates then make sure you are comparing the best deals.

2 year fixed term mortgages

Barclays

• LTV – 60%
• Interest rate – 4.5%

Natwest

• LTV - 60%
• Interest rate – 4.64%
• deposit – 40%

Halifax

• LTV – 60%
• Interest rate – 4.6%

5 year Fixed term mortgages

Natwest

• LTV- 60%
• Interest rate – 4.24%
• Minimum loan amount - £25,000
• Minimum Deposit – 40%

HSBC

• LTV - 60%
• Interest rate – 4.24%
• Maximum loan amount - £5,000,000
• Offers a 10% annual overpayment allowance

Is a 2 or 5 year fixed term better?

As seen above, currently 5 year fixed term mortgages offer lower interest rates meaning you will have to pay back less over time.

A 5 year fixed term is a long term commitment so you have to make sure you will be able to make your repayment for the whole duration.

Pros of a 2 year fixed term

• You will be able to switch lender to get a better deal after only 2 years so that when rates fall you can benefit.
• You are usually able to make over payments in a 2 year term meaning you will be able to pay off your loan quicker, saving on interest over time.

Cons of a 2 year fixed term

• You will have to remortgage sooner and could have to pay fees to do so.
• At the end of the two years, interest rates could be higher giving you a more costly rate.

Pros of a 5 year fixed term

• This offers you stability knowing what your monthly payments will be each month regardless of what happens to the base rate. This can help you with budgeting and financial planning.
• If you know your current financial situation won’t change and you are happy with the rate then this a great way to avoid the hassle for a while.

Cons of a 5 year fixed term

• If you want to take advantage of the changing interest rates then you will be unable to do so with this term.
• You will paying out for a longer time and so will have less disposable income.

Stay on top of your Credit card payments and avoid debt.

Budgeting can be difficult to set up and stick to especially if your monthly income is small. If you are trying to save, have noticed the rising prices or just need to cut down to decrease your monthly outgoings then these tips could help you to budget.