3 articles Tag money saving

Making Your Savings Go Further

Saving should be part of every financial strategy. You can’t plan budget management without making sure you can put money aside. Indeed, your savings could keep your budget afloat in case of an emergency, whether it’s an unexpected bill or prolonged unemployment. There’s a reason it’s called savings. It’s because your savings can save you. 

The typical 50/30/20 rule suggests that the household should spend 50% of the net income on essentials, 30% on non-essential purchases, and put the remaining 20% into the savings pot. Ideally, to make the 50/30/20 rule work, you need to monitor cash flow closely. Indeed, the best way to turn 20% of your income into savings is to reduce your essential and non-essential costs. Could you cut down your electricity bills by switching providers, for instance? How much can you save through meal preps that prevent food waste and takeaway expenses? The bottom line, if you’re going to make your savings work harder, you need to make saving money possible in the first place. Unfortunately, successfully grown savings come at a cost. You could pay taxes on your savings. Here are some ways to make savings more affordable. 

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Look out for options to cut unforeseen taxes

Less than 5% of tax-payers in the UK pay tax on their savings interest. The personal savings allowance (PSA) lets you earn up to £1,000 in interest without worrying about taxes. However, your income tax rate will determine the PSA. High-earners may not benefit from any allowance, which means that savings do cost money. Yet, there are still strategies that can cut down tax expenses. Retirement savings, for instance, as highlighted in a post on Mega Backdoor Roths can be subjected to financial strategies that maximise savings for high-earners. ISAs are also left tax-free for as long as you don’t take money from those accounts. 

Invest it in a small business

Sometimes, your savings are going to work better for you if you keep investing them further. Investing in a small business, for instance, can cut down your tax expenses, and ensure that your savings can carry on working for you. When you join a small business as an investor, you ultimately build an investment path for your savings. While there is no guarantee that you’ll receive a return for every pound you invest, the idea is to select companies that are more likely to become successful. 

Alternatively, you can consider investing in your own venture. This could be the opportunity to launch your side hustle and grow it. 

Reach out to a financial advisor to create a portfolio

An investment portfolio is designed to bring your savings and finances to the next level. Unfortunately, unless you know what you are doing, it can be tricky to create the right portfolio for your budget. Financial advisors tend to recommend low to medium risk investments with the highest returns to their clients who are unfamiliar with risk management strategies. Typically, this would include a combination of safe bonds, real-estate crowdfunding, dividend-paying stocks, annuities, and even peer-to-peer lending. 

Savings, and especially savings for high-earners, tend to come with a tax expense. This can make it tricky for individuals to build up an effective savings strategy. However, there are different tips to avoid the tax hassle while making your savings work harder for you. An investment portfolio, for instance, can make sense of your income, dividing it into actively invested savings, and savings kept into designated accounts.

Have More Money Than Ever Before: 3 Ways

Would you love it if your family could have more money than ever before? There are a few different ways you can do this, and they aren’t as difficult as you may think. Here are 3 ideas you can use!

Change Your Language And Mindset

The way you talk about your finances can make a huge difference, including how you talk about them in front of your kids. By talking about things in a more positive way and changing your mindset, you can find things make a positive turn. You don’t want to instill a fear or hatred of money into your kids. Include everybody in financial discussions, save up together, and have money meetings. These things will help you all to stay focused on your goals. Just be sure that your language reflects the way you want to feel when you have lots of money!

Invest Your Money Wisely

Every single thing you spend your money on should be thought about carefully. Do your research so you know that you’re investing your money wisely. This goes for buying new outfits, or actually investing in stocks and shares. Investing in the traditional sense can help you to build up more wealth later on. However, thinking about short-term purchases carefully is important too. Remember that sometimes, spending more money on a higher quality item will actually cost you less, as you won’t need to replace the item as quickly.

Keep Track Of Everything You Spend

Keeping track of everything you spend is a must. You need to know your numbers! The infographic below can help further.


credit to Cashfloat loans

Bundles Get You More Bang For Your Buck!

DealsTV, Phone and Internet bills can cost a lot these days for the top quality services that are available. Getting the best deals for your television channels, as well as your home landline phone usage and your internet broadband deals can be tiresome, hard to do and end up being very expensive. Getting a bundle from one company can see the total amount of bills that you are paying decrease sharply. This is without doubt one of the easiest and best ways for you to get discounts and find yourself paying the minimum amount for all the best deals on all three different things, which are, in this day and age, all essential for modern everyday life.

Not only does this often work out a lot cheaper, it is also a lot more hassle free, convenient and easier to pay and keep on top of. By choosing a bundle, there is a fixed price each and every month and your money only goes out to the same company every month, making managing your finances much easier. With separate bills coming from all over the place from several different companies, it is hard to keep on track and on top of what you are paying for and in some cases, this can lead to a lapse in concentration and see you forgetting to pay bills, which may be dangerous and less than ideal for managing your finances if you forget to pay a bill and it becomes overdue, as you may think you have more disposable income available to you.

By paying for all three services together and not separately, it also makes any repairs, maintenance, complaints or issues you are having much easier to deal with. Contacting the customer service department of any company can often be particularly bad in some cases and they have become somewhat notorious in daily life to the everyday home user, however, this problem becomes magnified when trying to communicate with potentially three separate companies, rather than just dealing with one, which is a major advantage of getting a bundle deal.

Which Bundles Are Available?

Many companies offer bundles at reduced and discounted prices compared to buying each service separately. One of these is the Sky bundle package, which offers a speed of up to 17 mega byte broadband speed and one of the largest selections of channels of any of the other bundle deals, with 270 channels. The contract is for 18 months and the price is competitive with many other companies. The broadband is perhaps not as fast as others, however, this is the compromise that is made between having a slightly slower broadband and having the best selection of TV channels. This package is ideal for people who use the internet casually and do not require an extremely high speed for things like running your business from home or for people who are avid gamers.

Other packages are also available from many different companies, with the main companies offering the largest savings and some of the best deals being BT, Virgin, Now TV and EE, all of which offer bundles to save you money by paying your phone, internet and TV as one package payment per month. In terms of the cost, several different bundles will vary and this is due to the quality of each service that you pick. Choosing a Sky bundle for example can be tailored to your individual needs to get the right bundle for you and in terms of the general cost and price range of the bundles from all the different companies that offer them, this will typically start from around £30, up to anything around £60, the large variation in price primarily due to the quality of services that the company you have chosen provides.

Top Tips For Bundle Shopping

It is always important to do your research and make sure you understand exactly what you are going to be getting when it comes to choosing the bundle for you, it is important not to just look at the price as this often does not tell the full story of the quality of services that you are provided with and whether this will suit your needs.