Orange Wednesdays - Save money at the cinema
Orange wednesdays are a popular money saving offer
A quick money saving tip for all those UK based film fans out there. If you are on the Orange mobile network, you can receive a 2 for 1 ticket offer at most high street cinemas. If youvisit the cinema on a wednesday, just text film to 241 from your orange handset.You will be sent a voucher code, and all you need to do is present this to the cashier to claim your voucher.
This is a great way of saving anywhere from £5-15 on a standard adult ticket. This is also applicable for student and OAP’s, but make sure you arrive early as this is usually a very popular offer.
Reduce your Council Tax - You may be paying over the odds
You may not realise it, but you may be paying over the odds for your council tax bills without even knowing it!
Council tax is paid by anyone over the age of 18 in the UK, but if there are numerous people living in your home, or you have certain pre-requisites, you may be able to claim for a discount. This may be a substantial amount, which could add up to £100’s a year.
How can i get my bill reduced?
You may be entitled to a reduction in rates if you live with someone with a disability. You may have to apply to the council for this, as only a certain number of properties will apply.
You may also qualify for a discount if:
- You live alone in the house
- You live with full - time students
- You live with someone claiming disability benefits
- You live with someone who is on a youth training scheme
- You are living on low wages or are claiming job seekers allowance
Its as simple as ringing your local council, or stopping by a council tax office to find out if you qualify. You may also qualify for a second adult rebate, if you share a property with someone who doesnt pay rent and they are not your partner.
Whatever happens, always ensure you pay your council tax in full and request a credit on your next bill if applying for a discount. If you miss even one payment, this can adversely affect your credit rating and/or you may be given a court summons to ask why you have not paid in full.
How to Budget Effectively
Budgeting is a key part of getting yourself free from Debt. If done properly, and believe me it can be tough, you can gradually pay off your outstanding credit while maintaining a ‘normal’ lifestyle.
Many times, spending can spiral out of control because you are unaware what monthly disposable income you have to hand. Budgeting is key to understanding exactly what you have, and what you will need to pay off during that month.
How to calculate your budget
This is best done on a monthly, or weekly basis as spending can fluctuate throughout the year, say for example more expenses during christmas time, summer, etc. I personally find it easiest to work on weekly figures, so calculate your income (’take home’) ater tax, and divide by 4 to give you a weekly budget. Say for example you earn £1,000 per month after tax, you have £250 per week available.
Calculate your outgoings, which can be broken down into bills: which includes credit card bills, mortage or rent, utilities, council tax, road tax etc. Then add up the additional weekly spend on food, shopping, mobile phone contracts, internet or anything else that will cost you money during that week. This will give a rough idea of where you are in terms of a weekly or monthly spend. Be sure you are honest here, if you buy lunch at work everyday, make sure you include it, you will confuse your finances if you leave anything out.
If your weekly spend exceeds your earnings:
If your budget exceeds your earnings, you are in trouble, you are living beyond your means. Every week you continue this trend, you are getting yourself further into debt. Take a step back, and look trhough your finances again. What expenses can you cut back on? Are there any unneccesary costs listed?
Things like alcohol, or clothes could be cut back whilst you get your finances back on track - you will probably have to make some sacrifices to deal with the overspend. Food shopping could be made cheaper by buying food from markets, which are notoriously cheaper than supermarkets. Could you switch utility providers for a better deal? Would you receive better car insurance premiums if you switched? All these questions may apply to your situation, so you will need to assess the key costs and try to tackle them.
What if your weekly spend is less than your earnings:
If you are spending less than you earn, you are doing extremely well, and are on the way to being free from debt. Put thast additional money into a high interest savings account, a cash ISA and make that money earn you interest. Alternatively, a a more sensible option would be to pay off some of your additional balance on credit cards or loans (if you are not charged for making over payments). This also effectively saves you money by cutting down your interest payments.
If you are able to save, then well done on budgeting correctly, but always keep your budgets up to date and ensure you are not overspending in any areas. The more on top of your finances you become, the better equipped you are to deal with any unforeseeable costs in the near future. Sticking to a budget may be tough, but is a surefire way to help manage and reduce your debt.
Stopping your Mobile Phone itemised billing
This quick money saving tip is mobile phone related, and ties in with itemised billing for your contract phone. You may not be getting charged for itemised billing, but it is always worth knowing about.
I started a mobile phone contract with Orange recently, having bought the handset via a third party website. I did so due to the improved contract terms and pricings, but was shocked when i was given a higher bill than expected. Upon initiating my contract with Orange, i was billed an additional £1.50 in my first month’s use for itemised billing which i never agreed to.
Upon ringing orange to complain, i was told that third party affiliates that sell their contracts will often include itemised billing in the contract, to which they receive a small additional stream of revenue. Very sneaky… Although i was able to get the fee credited onto my next bill, i still felt this sly way of adding ‘extras’ to the contract was a bit under-handed. What was more concerning, was the way in which the call centre operator casually noted “Yeah, that happens all the time with contracts bought from affiliates” !!
So i urge everyone to check their bill in close detail. Are there any strange or unusual increases in your bill? Do you have any unwanted extras added to the contract? If so, make sure you ring up your supplier and get it taken off, and demand a refund! If they protest, read through your contract and check the small print. Don’t let your phone supplier take your business for granted!
Get rid of Store Cards - Start saving
If you have a range of credit products, including store cards, you will probably be paying over the odds for your purchases without even knowing it. Read on for more information on store credit cards - and why they are costing you money.
Whats the deal?
Often high street street stores offer a range of credit cards to customers with an introductory offer such as a 10% discount on the purchase if you sign up for a store credit card. The staff in these shops are targeted on credit card sales, so will be keen to get you to sign up at every opportunity. Be very wary, as these introductory offers are overshadowed by high a high APR, and will cost you money in the long run.
Some interest rates from popular high street stores:
Topman Store Card - 19.9% APR
Burtons Store Card - 28% APR
Marks & Spencer Card - 23.9% APR
Debenhams Card - 18.9%-29.9% APR
As you can see, just from these highstreet examples, that high interest rates are commonplace. Don’t forget this when considering making that application, as you will often be better off purchasing the items with cash, or using your existing cards.
How to beat the Store Cards
Store cards are used by companies to catch out the shopaholics
If you do decide to go ahead with getting a store card, make sure you are one step ahead of the system and don’t give these stores more of your money! Set up a direct debit so that funds are automatically withdrawn from your account. That way, the store wont be able to charge any interest on your purchases, saving you from overspending uneccesarily.
If you are making a large purchase in a store, you may benefit from an introductory discount if you sign up just for the purchase. One you make the purchase, pay off the card and close the account.
Also, If you decide to stop shopping in a certain store, be sure to pay off the card in full and ask for the account to be closed. Your credit rating is affected by owning multiple credit products (including store cards), so leaving them unused in your wallet could potentially damage your credit rating. Cut them up and move on.
One last tip:
If you are signing up for a store card, be sure to avoid payment protection or any other auxillary insurance product on the card. These are another cash cow for the lenders, and offer very little to average customers.
NB: Applying for store cards can affect your credit rating - so make sure you fully understand what you are doing before signing up!
Eat out with Toptable
There seems to be a whole load of restaurant offers carrying on through into spring around the UK. If you are lucky enough to frequent restaurants on a regular basis, or are thinking of treating yourself soon check out Toptable for a list of the best discounts.
Toptable basically work as the middle-man for offering restaurant discounts, by being affiliated with restaurants and processing their bookings through the site. You can see discounts ranging anywhere from 10-70% of food, or little perks like a free glass of wine if you mention you booked through the service. It’s always worth checking the site, just incase your favourite restaurant is listed.
Popular with restaurant lovers, Toptable highlights the best discounts in your town.
I will still aim to post any good money saving offers as i see them, as Toptable often caters more to individual restaurants. The toptable network covers Europe and multiple global hotspots, so there should be something for everybody.
Mortgage payment protection insurance (MPPI) - What is it?
There has been a fair bit of bad press on mortgage payment protection over the last few years, so i will try and clarify this for you and help you save some money along the way. MPPI is often missold to homebuyers and can cost you hundreds of pounds a year!
What exactly is Mortgage payment protection insurance (MPPI)?
Mortgage payment protection insurance (or MPPI for short) is a way in which you can guarantee you payments are
MPPI is often mis-sold to mortgage applicants
made to your mortgage provider if for some reason you can’t meet the payments for that month. The insurance is like a safety net for you to fall back on, if for example, you lost your job, become ill for a long period of time or fell under other circumstances which affect your financial situation.
The mortgage protection is not a pre-requisite for actually being accepted for the loan, but the wording used by sales teams can often confuse the matter. Because this policy is easy to sell, the mortgage providers who will ‘recommend’ such policies to unwitting home owners as a further way to profit from the mortgage application, without it actually being useful for that individual. DON’T BE FOOLED – Your application is processed based on a number of factors, including your income, credit rating, and financial history and NOT whether or not you buy the MPPI !
Some example of when MPPI might be suitable for you:
- If you have a history of sickness or illness which may affect you working.
- If you do not receive adequate sickness / redundancy pay to cover the mortgage payments
- If you are in a job which may not be ‘stable’ (although you never can tell..!)
MPPI probably isn’t suitable if :
- You already have insurance which covers this.
- You have a large volume of savings that you would happily use for payments if required
- You have a low monthly mortgage which could be easily paid by a partner or on even a basic salary.
- There is a low maximum payout cover, or you are only covered for a small number of claims.
When decided whether or not to go forward with a mortgage protection policy, make sure you check the clauses and pay out periods as these can dramatically influence your decision to go ahead. If you are keen to take out the insurance, make sure you go with an external supplier which will usually give a far better premium. I will be sure to review some of the better offers around the UK, and let you know in due course.
2 for 1 at Wagamamas
If you like noodles, you may aswell save some money doing it!!
Wagamama’s - the noodle restaurant chain are doing a 2 for 1 offer on mains up until 5th April, so get involved while you can. Perfect for a business lunch, or to take out a loved one.
Visit men’s health for the voucher to print out - here.
Cashback Credit Cards
Cashback Credit Cards - Earn while you spend
Money earned through cashback can range from 0.5 to 5%
Im going to start off my first Credit card post with one that will hopefully make your money work harder, and you will be rewarded for spending! If you require a credit card, or are a frequent user of your favourite plastic, then i would recommend a credit card with cashback functionality.
Normally, an average credit card will charge you interest based on your outstanding balance in return for you using the card - simple as that. However, in the battle win over new customers, some credit companies are offering you cash back for every time you spend on the card. The money is tax free, and can range anywhere from 0.5 to 5% of your spenditure. The secret to using such a card, is to use the card as much as possible on all of your purchases, but once your bill comes at the end of the month ensure it is paid off in full - and no exceptions!!!
Why pay it off in full each month?
If you don’t pay off your balance each month in full, you will be charged interest on that balance - effectively wiping away the main benefit of the card! Therefore, i would recommend that you set up a direct debit to pay off the balance, which will automatically debit your bank account the total amount spent each month.
These cash back cards also should rarely be used as a balance transfer card, as they usually come with high interest rates! The reason they offer cashback on yuor spending is because they WANT YOU TO GET INTO DEBT!! Don’t forget that. For that reason, avoid using the card for cash withdrawals, which are usually charged, and make sure you read the small print to find out any other charges or fees that may be applicable to your card.
Do a simple google search for “cash back credit cards” and the like and have a hunt around for a killer deal - if you love spending, and can make the full payments, you would be stupid to miss this. Remeber, gaining money here is so simple, you just go about your day to day business, and be paid for the pleasure.
Money Saving Tip : Make your own lunch
When your trying to reduce you weekly spend, there are areas in your life that, with a little effort can save you a great deal of money over the year and help you with making those monthly debt repayments.
Think about your food for lunch. Do you leave work and go and buy something most days ? If so you are probably spending anything up to £30 a week - just mondays to fridays!! Totalled up over the year this is an additional £1,560 that could have been put towards something more useful - like your overdraft or credit card balance. I for one, started making my own lunch a few months back and find the added cash quite noticeable. I like to make my own sandwiches, take a piece of fruit and buy those 18pack ‘family size’ bags of crisps, which make indivudual packets of Walkers crisps cost anywhere from 5-15p a packet rather than the hefty shop prices of 50-55p.
A basic lunch that can be made daily :
Making your own lunch can save you £100's a year!
- A cheese and ham sandwich - £1.00 to make
- Bag of crisps - 10p
- An apple - 20p
Total: £1.30
Saving you a total of anywhere from £1.70 to £3.70 or more per day - it really does add up. Also, if you are lucky enough to have a kitchen at work - join the band wagon and bring your left overs, not only do they taste good, you will be saving money while you go!
