Today I have an eye-opening infographic for you. Do you ever wonder how you compare with the average Briton when it comes to spending your pay cheque? Are you content with your rainy-day fund or do you worry you haven’t got as much squirreled away as your friends or colleagues?
Worryingly, it appears most Brits are spending more than they bring in each month. Moreover, there is a steady shift from cash and cheques toward plastic and electronic payment methods.
According to the Office for National Statistics, British households have spent more than they received for an unprecedented nine consecutive quarters, amid a longer squeeze on real incomes. What’s more, households across the country have been net borrowers in every quarter between October 2016 – when living costs started to rise after the Brexit vote – and December 2018.
Check out the full infographic by Peachy below which neatly reviews the key household spending statistics in the UK:
Personally, I find the saving stats at the end of the infographic especially worrying. Large numbers of people say they have no savings whatsoever (and even £100 is a tiny amount really).
Living from one payday to the next is a precarious existence, though as the graphic indicates many UK citizens do exactly this. Nonetheless, it makes you very vulnerable when a sudden change of circumstances occurs that reduces your income or increases your expenditure.
An example from my own experience is when, almost five years ago, I was diagnosed with prostate cancer. My treatment involved two months of radiotherapy, requiring daily trips of 30 miles each way to the Royal Stoke University Hospital in Stoke-on-Trent. It was simply impossible for me to go on working during this time, so (as I was self-employed) my income took a big hit. Fortunately I had enough in the bank to cover my lost earnings during this time. If I hadn’t, it would have added to the already considerable stress I was under. (And yes, I’m doing fine now, thank you.)
i think it’s particularly important for older people to have some savings set aside. Not only are health problems more likely as you get older, your long-term earning potential reduces. Nobody should be entering later life with nothing in the bank to tide them over if – or more likely when – the need arises.
So I strongly believe everyone, whatever their age, should do their utmost to build a savings pot. Of course, for people on modest incomes that’s not always easy. So I recommend a two-pronged approach of reducing your outgoings and boosting your income (e.g. by starting a side hustle).
Saving money and making money are, of course, subjects I cover regularly on Pounds and Sense. By doing these things, you should hopefully build up a pot that will stand you in good stead when life hands you those inevitable lemons.
I guess another reason people aren’t saving as much – or at all – these days is the very low interest rates on offer from banks and other savings institutions. In itself that isn’t a good enough reason for not having a savings pot, but of course it does mean it’s extra important to look around for the best deal you can find.
In addition, once you have enough cash savings to tide you over for a few months, it’s good to think about investing some of your extra money for potentially higher long-term returns. Again, investing is a subject I cover regularly on Pounds and Sense. I won’t go into detail about this now, except to say that a good starting point is a tax-efficient Stocks and Shares ISA (I like Nutmeg’s automatically diversified robo-adviser platform myself). And you should put as much money as you can into your pension, of course.
As always, if you have any comments or questions about this post, please do leave them below.
If you enjoyed this post, please link to it on your own blog or social media:
I’ve talked about matched betting a few times on this blog. To recap, it’s a way of making risk-free (and tax-free) cash by taking advantage of bookmaker special offers and promotions.
While matched betting doesn’t present a source of passive income – you do have to put a bit of time and effort in, especially at first – it really is risk-free as long as you apply the method correctly. Even if you do make the odd mistake – and many people do when starting out – it may not cost you any money. Even if it does, the overall profits should quickly cancel out any losses incurred.
Since the last UK domestic football season ended it has been a quiet time for matched bettors, but with the start of the new 2019/20 season all that is about to change. The first match in the Premiership is on Friday 9th August, with the other leagues in England and Scotland starting this weekend.
To be clear, you don’t have to be a big football fan to look forward to this (I’m certainly not). No, the reason to anticipate the new season so keenly is the host of money-making opportunities it will present for matched bettors.
For one thing, the bookies will be pulling out all the stops to attract new clients and get current and former clients back onside. I expect to see a flood of offers on the football in the coming weeks, giving the potential to generate some tasty risk-free profits by applying matched betting principles.
For those who have yet to try this sideline-earning method, matched betting initially involves taking advantage of bookmakers’ welcome offers to generate risk-free profits. These offers typically entail getting a free bet when you place your first paid bet. As a matched bettor you can take advantage of this by backing one outcome of an event with an online bookmaker and at the same time laying it (betting it won’t happen) on a betting exchange.
You will therefore break even (or make a very small qualifying loss, depending on the odds) on your initial bet. But this will qualify you for a free bet from the bookmaker. And by backing and laying this to the appropriate stakes you can guarantee yourself a net profit no matter how the event in question pans out.
Matched betting really is that simple, with the welcome offers at least. However, you do need an understanding of how to apply the method and (in particular) how betting exchanges work. You also need access to calculators and oddsmatching tools to ensure you are staking correctly at the best possible odds to maximize your profits. Unless you are very confident, therefore, I highly recommend signing up to a matched betting advisory service.
I cut my teeth with Profit Accumulator and still recommend this as a great service for people who are new to matched betting.
More About Profit Accumulator
Profit Accumulator is a marched betting advisory service suitable both for those brand new to matched betting and for experienced matched bettors.
You can join PA free initially and they will provide details of two bookmaker offers you can take advantage of straight away, with in-depth tutorials (including videos) on how to do them. These offers should make you around £45 in net profit.
If you wish to proceed further, you can then pay to become a Platinum member and get access to the full range of offers and services. The latter include an oddsmatching tool and calculator for finding profitable bets to use with bookmaker welcome offers and maximizing your returns from them. And, of course, you will get access to hundreds more offers, again with step-by-step tutorials for doing them.
You also gain access to more advanced tools, including Acca Matcher, Each Way Matcher, and more. These allow you to boost your profits and continue to make money even when you have exhausted all the bookmaker welcome offers (which will take a long time!).
A further advantage of joining Profit Accumulator is that you get access to the busy members’ forum, where you can get any questions you may have answered by more experienced members and/or the team behind PA.
If you think matched betting may be for you, therefore, I highly recommend that you click through to the Profit Accumulator website to see what they offer and sign up for the free trial. By joining today you will be perfectly placed to take advantage of the flood of bookmaker offers in the coming weeks.
As ever, if you have any questions or comments about matched betting or Profit Accumulator, please do post them below.
Disclosure: As well as being a member of Profit Accumulator I am also an affiliate for them. If you join and become a paying member after following any of the links in this post, I will receive a commission for introducing you. This does not affect in any way the cost of the service to you or the benefits you receive.
If you enjoyed this post, please link to it on your own blog or social media:
Today I have another great giveaway to share with you.
I’ve joined forces with some of my fellow UK Money Bloggers to put together a giveaway of FIVE Marks & Spencer ‘Afternoon Tea with Flowers’ Hampers.
These hampers sell for £50 apiece on the M&S website. The full contents are as follows:
Pure origin Assam teabags (125g/50 bags)
British raspberry soft set jam (113g)
British strawberry soft set jam (113g)
All butter shortbread fingers (28g/pack of 2) x 3
Cherry and sultana bar cake (520g)
Swiss chocolate extra smooth milk chocolate truffles (62g/pack of 5)
19 x Mixed pink roses
Two Reusable gift boxes
In the event of supply difficulties, or with discontinued products, M&S say they reserve the right to offer alternative goods or packaging of equal quality and value. If you need to know about any possible allergens in the contents, full information can be found on the M&S website.
Here then are all the details you need to enter, provided by my colleague Emma Drew (who is co-ordinating this event). Good luck! It would be great if a Pounds and Sense reader wins one (or more) of the prizes 🙂
This summer, some of the UK Money Bloggers have come together to offer you the chance to win one of six great prizes from Marks and Spencer. We have five hampers worth £50 each plus one £20 gift bag to give away. Keep reading to find out how you can enter.
Who are the bloggers behind this giveaway?
The UK Money Bloggers are a group of bloggers, podcasters, and influencers in the UK who are passionate about helping you to improve your finances. Whether you want to make more money, spend less, understand investing or pay off debts, we all contribute something unique to the community. Here’s who we are:
You can win one of five M&S ‘Afternoon Tea with Flowers’ hampers worth £50 each, or the runner-up prize of a £20 M&S ‘You’re the Bees Knees’ gift bag.
The rules
The giveaway is open until midnight on 31st August 2019, when the winners will be chosen.
The giveaway is open to UK residents only.
Winners will be contacted by email from hello@emmadrew.info
How to enter
You can enter by completing as many of the Rafflecopter widget entry options below as you would like. You can also enter daily by tweeting from the Rafflecopter widget.
One small point is that if a winning entry comes from following someone on social media, Emma will check before awarding the prize that the winner is still following the account in question. If they aren’t, they will be disqualified and a new winner drawn. So, please, don’t follow and immediately unfollow, as your entry won’t then count.
Once again, good luck, and I really do hope you win a hamper!
I have just returned after a three-day break in the Welsh coastal town of Aberystwyth.
It was actually my third visit to Aberystwyth. I first went there a couple of years ago on the recommendation of friends, and liked it so much I have gone every year since.
On previous occasions I stayed at the Marine Hotel on the seafront overlooking the North Beach. The Marine is a traditional seaside hotel and I do like and recommend it, even though the reception staff can be a bit glum 😀
This time I fancied a change, though. I have been impressed by my recent forays into self-catering (especially on my recent visit to Yorkshire), so I decided to see what was available in that line in Aberystwyth. I ended up booking three nights at the Seabrin apartments, pictured below.
Seabrin is situated overlooking the seafront at the quieter South Beach, not far from the harbour. I have embedded a map of the area below (courtesy of Booking.com).
There are actually three apartments at Seabrin, all self-catering (at one time the owners offered B&B, but for various reasons they no longer do so).
The top floor apartment is the smallest and has one double bed. The second floor apartment (which I stayed in) has a double bed and a single bed, all in the same room. The first floor apartment is the largest with two bedrooms, so can easily accommodate three or four people. All three apartments have sea views.
The owners, Marise and Wilf, live on the ground floor, so they are usually around if you need anything.
I found my apartment comfortable and spacious. There was a lounge with TV and DVD player and a bay window with wonderful views overlooking the beach and sea. I spent quite a bit of time just sitting here looking out, hoping to see dolphins in the bay. Marise told me that dolphins had been spotted the week before, but the sea was probably just a little too rough while I was there. It was still wonderfully relaxing, though.
There was a separate kitchen, well equipped with electric cooker, dishwasher, microwave, fridge/freezer, and so on. The bedroom was at the back of the house, with a good-sized shower room a couple of steps down from it. The separate WC with wash hand basin was outside the bedroom at the end of a short corridor. It’s a slightly eccentric layout, but does mean that if there are two of you, one can take a shower while the other is, er, washing their hands.
The decor in the apartment was a little quirky – the glittering glass-covered kitchen wall reminded me of a nightclub – but obviously for a few days that’s not a problem. There were lots of books around the apartment which made me feel at home, and a selection of videos too.
As far as eating is concerned, Seabrin is only a short walk from the town centre, so there are plenty of restaurants nearby and shops for buying provisions. There is a large Marks and Spencer’s with a food hall, where I bought a couple of ready meals. On my last night I intended to eat out, but couldn’t get a table at The Olive Branch, the Greek restaurant I have been to before. I ended up getting a takeaway meal from The Seafront Palace (just round the corner from The Olive Branch) instead. I ordered Sweet and Sour Chicken Hong Kong Style with Egg Fried Rice. It was delicious, so I highly recommend it if you visit Aberystwyth and fancy a Chinese!
Seabrin has free wifi, which worked perfectly during my stay (not always the case in my experience). The location is quiet and peaceful, and I slept very well.
Financials
As Pounds and Sense is primarily a money blog, I should say a few words about this.
I paid £375 for my three-night stay in the one bedroom apartment at Seabrin, which I thought was reasonable. I paid an initial 70% deposit of £262.50 when I booked (in March 2019), with the balance of £112.50 payable a month before my holiday dates. Note that these payments are not refundable if you cancel, so you need to be pretty sure you are going before putting your money down. Or take out separate holiday cancellation insurance, of course.
Costs obviously vary according to the accommodation you want, when you want it, and for how long. The price I paid worked out to £125 a night, which – as I said above – seemed reasonable bearing in mind the location and what you get for your money. Of course, unlike most hotels, you don’t get a cooked breakfast, and neither is a daily housekeeping visit included. On the positive side, though, you do get much more space, a fully equipped kitchen, a separate lounge and bedroom, and complete privacy during your stay.
One other thing to bear in mind is that Seabrin do not allow dogs in the property or children under the age of 12.
You can check current prices and availability on the Booking.com website. You can book this way (which I did) or directly with the property. The latter method may or may not work out cheaper.
Things to Do
I shan’t give you a blow-by-blow account of what I did while I was there. However, I will highlight a few of my favourite attractions in and around Aberystwyth.
1. Constitution Hill
This is the famous promontory at the northern end of Aberystwyth (see cover photo). If you’re feeling energetic you can walk up it, or for a few pounds you can take the historic Cliff Railway. A standard return ticket on this costs £5, but over-60s pay just £3.50.
At the top you can enjoy spectacular panoramic views across Aberystwyth. You can also visit the Camera Obscura, which on a bright sunny day is very impressive (not so much when it’s cloudy, though). I also recommend a coffee and slice of cake at the Consti Cafe. They serve excellent cappuccinos, and also have free wifi which works without having to log in. I’ve spent an hour in here just enjoying coffee and Welsh cakes and reading my newspaper 🙂
2. Vale of Rheidol Railway
This heritage steam railway will take you on an hour-long journey from Aberystwyth along the beautiful Rheidol Valley to Devils Bridge. You can read more about it on the railway’s website and book tickets as well. It’s possible to upgrade to first class for £3 on the day (one-way only), but having done this I’d have to say I don’t see much point. I actually found the standard class carriages (and seats) more comfortable.
Devils Bridge itself is well worth a look if you have time before getting the train back. Three bridges were built here, one on top of the other (at different times, obviously). There are two walks you can take for a small fee. The Punch Bowl walk costs £1 and gives you a chance to view the three bridges and the the stream that flows under them. The other, longer walk takes you the other way from the bridges, past some stunning waterfalls. This costs a maximum of £4 at the time of writing, though there are some discounts for older people and children. As for why the place is called Devils Bridge, I’ll leave you to find that out for yourself!
3. Ceredigion Museum
The Ceredigion Museum in the centre of Aberystwyth is free to visit and a great option for a rainy day. It’s in a beautifully preserved Edwardian theatre, with many of the original fixtures and fittings still in place. There are fascinating displays here on all aspects of Welsh life and Welsh history.
4. Bwlch Nant yr Arian
I visited this ‘forest centre’ a few miles out of Aberystwyth on the A44 for the first time this year. There are various scenic trails you can walk (or run) from the centre, and a number of mountain biking trails as well. The highlight for me, though, was the Red Kite feeding, which takes place at 3 pm every day in the summer. Once their food has been put out, the skies fill with these magnificent birds (I counted over 100). Whether or not bird-watching is your thing normally, it’s something to marvel at. Here’s a link to the website for more info. And yes, there’s a nice coffee shop as well!
Final Thoughts
As you may gather, I enjoyed my short break in Aberystwyth staying at Seabrin Apartments, and am happy to recommend both the town and the accommodation for a short break. Aberystwyth is a bit quieter and less commercialized than Llandudno (though I also like it there), and the fact that it’s a university town means it has quite a cosmopolitan feeling. It’s a good place to chill out, but there are lots of interesting things to see and do as well.
As always, if you have any comments or questions about this post, please do leave them below.
If you enjoyed this post, please link to it on your own blog or social media:
Lots of us need some extra help at times, but we don’t want the hassle (or expense) of hiring an employee. If that applies to you, have you considered using a remote (or virtual) assistant?
As the name suggests, remote assistants don’t work from their client’s premises. Rather, thanks to the power of the internet and electronic communications, they work remotely from another location, which might be an office or their own home.
They could therefore be based anywhere in the world as long as it has the connectivity required. For cultural and communication reasons, however, there are obviously advantages to using assistants in the same country or area.
So how do you hire a remote assistant? There are various methods, but if you want a simple, cost-effective solution, you might like to check out Remote Bob. This fast-growing company has offices in London and Croatia and offers a remote assistant service to individuals and businesses across the UK (and further afield).
So what services can you expect your remote assistant (or team) to offer? Here are just some of the services Remote Bob offers to individuals:
Planning holidays
Ordering groceries or food
Booking sports activities and hobbies
Organizing holidays
Searching for a new flat or apartment
Helping with online clothes shopping
Helping with picking restaurants
Filling in some forms on your behalf
Managing your household
Managing your lifestyle
Buying birthday presents
Managing personal budgets
Research on properties to buy
For entrepreneurs and businesses, the services Remote Bob offer include:
Supporting office teams and directors with general operational tasks
Scheduling and coordinating meetings, appointments, presentations, and other office-related events
Opening, sorting and distributing incoming electronic correspondence
Handling requests by answering questions and providing information and data
Organizing and scheduling travel arrangements
Booking conference calls, rooms, taxis, couriers, hotels, etc.
Developing and updating administrative workflow to improve efficiency
Preparing and modifying documents including correspondence, reports, drafts, memos and emails
Assisting in the preparation of presentation materials and agendas for meetings
Maintaining electronic filing systems
Resolving administrative problems and inquiries
Performing general accounting and bookkeeping duties
Examining and reconciling expense reports of office staff
Writing letters and emails on behalf of office staff
Maintaining up-to-date employee holiday records
The staff working at Remote Bob are all EU-based, thus minimizing any potential issues with time zones and significant cultural differences.
Remote Bob handle people management, regulatory arrangements and payroll, so you don’t have to worry about this. They say they only work with proficient, well trained and approved specialists, and pledge to deliver work on time and under budget.
Special Offer
Remote Bob are kindly offering Pounds and Sense readers a huge (36%) discount on their service. By clicking through this link you can request their Personal Assistant service for one month (five hours per week) for £320 per month instead of the normal £500. Just remember to enter the code SENSE2019 in the Discount Code box.
Note that completing the inquiry form does not create any obligation to buy. Clearly everyone will have their own particular requirements for their remote assistant/s, so Remote Bob say, ‘Talk to us, tell us about your goals, your worries and your hopes. We will then construct a customized route for all your needs.’ Only when you are fully satisfied with the proposed solution will you be asked to make any commitment to buy.
I would also highly recommend you spend a little time looking around the Remote Bob website, as this will give you a good idea of the range of services on offer and how the platform works in practice.
As always, if you have any comments or questions about this post, please do leave them below.
Disclosure: This is a sponsored post. If you click through a link in it and make a purchase, I will receive a commission for introducing you. This will not affect in any way the service you receive or the price you pay.
If you enjoyed this post, please link to it on your own blog or social media:
Today I have a guest article for you from my fellow UK blogger Neil Welsh.
Neil has a special interest (and expertise) in diabetes. In this article he talks about prediabetes, a common condition that can lead on to Type 2 diabetes if no action is taken.
Older people – such as many readers of my blog – are particularly prone to this condition. If it develops into full-blown diabetes, it can have life-changing (and potentially life-limiting) consequences. It’s therefore very important to be aware about it and to take action if required. I have a special interest in prediabetes myself, for reasons I will discuss at the end of the article.
Over to Neil then…
Prediabetes is no joke. If left untreated it can develop into full Type 2 diabetes in as little as 3-5 years and lead to complications such as nerve damage, heart disease, increased risk of stroke and potential blindness and amputations.
The tricky part is that it’s not easy to know if you are actually prediabetic or not. According to Diabetes UK, an estimated seven million people in the UK have prediabetes: an under-diagnosed condition that makes them up to 15 times more likely to develop Type 2 diabetes.
So what are the warning signs and how do you know if you do have prediabetes?
There are four commonly accepted indicators of prediabetes which are:
– Increased thirst
– Frequent urination
– Fatigue
– Blurred vision
Now, on their own, these are not particularly great indicators. I frequently display a number of these symptoms on a regular basis! So, realistically, these indicators need to be considered in conjunction with other risk factors. You are more likely to develop prediabetes if you have any of these risk factors:
– Being overweight
– Being inactive
– Having high blood pressure
– Having high cholesterol
– Having a family history of prediabetes
– Being of South Asian, African-Caribbean or Black African descent.
– Being over 40 years old
The only way to know for sure if you are prediabetic is to have a blood test. This can either be carried out by your medical professional or using a home test kit.
One of the most effective tests is the HbA1c test. HbA1c refers to glycated haemoglobin. This blood test shows how much glucose (sugar) in your body sticks to your red blood cells. The result tells you your average blood sugar level for the past 2-3 months. If your body is not using sugar properly it builds up in your blood and sticks to the cells.
The longer you have had high blood sugar levels, the higher your HbA1C will be. Less than around 40mmol/mol (6%) is considered normal, 40-47mmol/mol (6.0-6.4%) is considered prediabetic, with anything over 48mmol/mol (6.4%) indicating diabetes. It’s different from an FPG (Fasted Plasma Glucose finger-prick test), which is a snapshot of your blood sugar levels at a particular time, on a particular day.
So what should you do if you are concerned that you might have prediabetes? The number one thing is to act now. Take it seriously and avoid the medical complications that may be around
the corner. Prediabetes is totally reversible. Type 2 diabetes is considered reversible only to the extent that you will be in remission and drug free, but the threat of the condition returning will be constant. The sooner you act on prediabetes, the simpler the reversal process will be.
If you are diagnosed with prediabetes or if you are just concerned that it might be on the horizon then the course of action is the same: make changes to your diet and lifestyle.These changes do not have to be dramatic; in fact, you are statistically better off if they are not. An old Chinese proverb says that it is better to take many small steps in the right direction than to take a great leap forwards only to stumble backwards…and in the case of prediabetes this could not be more true.
Making small changes that are appropriate for you and where you are in your journey is the key to success. Work out where you are now and where you want to be and then take small, consistent
steps in the right direction. It could just save your life!
Neil
About the Author: Neil Welsh specialises in helping people reverse prediabetes. He focuses on working with clients to make changes which product remarkable results. Click here to download Neil’s free Prediabetes Reversal Blueprint, a guide to helping you know what to eat and how to live to stop prediabetes.
Many thanks to Neil for an eye-opening article on an important subject that older people (especially) need to be aware about.
I was actually diagnosed prediabetic myself two years ago. How it happened is that on a routine check-up the doctor found I had hypertension (high blood pressure). As I gather is standard in these circumstances, he prescribed various tests to get to the root of the problem. One of these was an ECG – which came out fine – but another was a blood test. My HbA1C result (referred to above by Neil) was in the region defined as prediabetic.
My doctor was actually pretty dismissive about this. He said, “Prediabetes isn’t something we treat.” That wasn’t good enough for me, though, so I researched the topic and read a number of books about it, including the excellent Reverse Your Diabetes by Dr David Cavan. As a result of all this, I made various changes to my diet and lifestyle, in particular cutting down on carbs. To cut a long story short, when I was tested again earlier this year, my blood test results were back in the normal range. My doctor (I have changed to a different one now) said, ‘Whatever you’re doing, keep on doing it!’
I should also add that, probably as a result of losing some excess weight through my diet and exercise regime, my blood pressure has has gone down as well, and I am no longer on any medication for this. Win, win!
Anyway, I hope you will read and note the advice from Neil and download his free Prediabetes Reversal Blueprint. You may also want to check out his Habits for Life programme. By taking action now, you really can reduce the risk of developing full-blown diabetes further down the line. And even if you are already diagnosed with T2 diabetes, both Neil and I believe it is possible to improve your blood sugar control through diet and lifestyle changes and potentially reduce the amount of medication you have to take.
As always, if you have any comments or questions about this post, for me or for Neil, please do leave them below.
If you enjoyed this post, please link to it on your own blog or social media:
Estate planning is a subject all Pounds and Sense readers will need to think about. This sponsored post explains why it is so important and the main points to consider.
What is Estate Planning?
Estate planning involves making a plan in advance for the management of an individual’s assets in the event of their incapacitation or death.
Nearly everyone, in some capacity, has an estate – it comprises everything you own. It can include assets such as your properties, cars, cash, jewellery, land, investments and savings.
The objectives of estate planning usually include:
– Outlining who your beneficiaries are
– Settlement of estate taxes, while minimising taxes, court costs and unnecessary legal fees
– Assigning guardians for your children if they are minors
– Naming an executor of the estate to oversee the terms of the will
– Outlining any funeral arrangements and preferences
Most estate plans are drawn up with the help of a lawyer specialising in estate law.
Standard Documents Used in Estate Planning
A will is (of course) the foundation of estate planning, but your plan may also include documents such as:
– Living Will: An advance decision allowing you to express your preferences and wishes regarding medical treatment, in circumstances in which you are not able to give your informed consent.
– Durable Power of Attorney: A legal document that enables the person you have appointed to make decisions and act on your behalf if you become incapacitated or mentally incapable of doing it for yourself.
– Life Insurance: A legal contract that states how much money the insurance company will pay to your loved ones if you die. It can help ensure that your family can cover funeral costs and pay off any outstanding debts you may have, as well as maintain their standard of living.
– Trusts: Created when ownership of assets is transferred to a trustee and instructions are provided for the trustee to use those assets for the benefit of a beneficiary.
The legal process of determining the authentication of a will is known as probate.
Estate Planning and Tax
Most individuals explore estate planning solutions that minimise the amount of tax their beneficiaries will have to pay on their estate. Government-imposed taxes will potentially reduce the estate’s value before the assets are distributed to beneficiaries. For example, when someone dies, Inheritance Tax (IHT) will need to be paid if the value of the estate is above £325,000.
To ensure that your assets will be distributed according to your wishes, there are important points to consider, such as:
– Inheritance Tax Exemptions: IHT normally doesn’t apply if the value of your estate (the property, money and possessions) is below the threshold, or if you leave everything above the £325,000 to your spouse, civil partner, or a charity.
– Donating to Charity: Giving to charitable organisations while you are alive can minimise the estate’s tax liability after death. The charitable donation won’t count towards the total taxable value of your estate; this is called leaving a charitable legacy.
The Best Time to Do Your Estate Plan
The best time to prepare is now – you can always put something in your plan now and change it at a later date. Many families are caught off-guard by an unprepared death or incapacity, and the added uncertainty of factors that would potentially be addressed in an estate plan can make the situation more stressful. Knowing you have prepared a plan that will protect your family and respect your wishes will give you and your family peace of mind.
No one likes to think about their mortality or the possibility of no longer being able to make their own decisions, but estate planning is a considerate and thoughtful thing you can do for yourself and your loved ones.
As always, if you have any comments or questions about this post, please do leave them below.
Disclosure: This is a sponsored post on behalf of TriplePoint Estate Planning Solutions.
If you enjoyed this post, please link to it on your own blog or social media:
As from today (1st July 2019) you can switch your mobile network provider with just a single text message. This is good news as it makes switching and saving money even easier.
If you want to keep your current number (as most people do) the process now is as follows:
1. Request a switching code by texting PAC to 65075. This is a free call.
2. You will then immediately receive a PAC (Porting Authorization Code) from your current provider.
3. You then pass this code on to your new provider when you sign up with them. They are obliged to switch you within one working day.
If you don’t want to carry over your current number, there is a slightly different procedure.
1. Text STAC to 75075 to request a Service Termination Authorization Code.
2. You then pass the STAC you receive onto your new provider. There is no need for you to contact your current provider to cancel your contract with them.
Either way, you should also receive information from your current provider about any early termination charges or pay-as-you-go credit balances that may apply.
PACs and STACs are valid for 30 days, after which if they haven’t been used they simply expire. You would then need to request another one.
This new method makes it easier and less hassle to change mobile service providers. In particular, it avoids the awkwardness of having to phone your current provider and ask them for a switching code. Many people hate doing this, as it gives your current provider the chance to twist your arm to try to persuade you to stay with them.
As regards deciding when and where to switch, that is a topic for another post. However, many price comparison services (e.g. Compare the Market and USwitch) now also allow you to compare prices for mobile phone tariffs and suppliers. I also recommend Billmonitor, a free service that analyses your usage and recommends the best deal for your needs. They send you monthly updates by email as well.
As always, if you have any comments of questions about this post, please do leave them below.
If you enjoyed this post, please link to it on your own blog or social media:
We all know how important a will can be for protecting your family. But not all of us get around to it: every year, thousands of people die intestate in the UK. According to one study, this costs bereaved families a collective £175 million in lost assets annually – not to mention the stress of untangling those estates.
If you’ve resolved to write your will this year, there’s a fresh crop of new online services that claim to let you do it quickly and easily from home. But is an online will right for everyone? Let’s take a look.
What is an online will?
An online will is a will that you make on a website, that’s all. The site will ask you questions about your family and your wishes, and use your responses to draft a legally-binding will. All you have to do is print it off and sign it in front of two witnesses.
The benefits of writing your will online
So why would you forgo the traditional solicitor and make your will online? Well…
Online wills are cheaper
Money Advice Service say that a simple will written by a solicitor usually costs between £144-£240. A similar will written using an online service can be much less. The best-rated online will service on TrustPilot, Beyond.life, charges just £90.
Special offers abound
On top of a cheaper initial cost, online will services often have additional special offers: Beyond offer couple’s wills (a will for you and one for your partner) for £135. An optional extra £10 a year subscription gets you unlimited new wills whenever you want, so you don’t have to pay hundreds in legal fees every time a grandchild is born.
Make your will in your own time
As urgent as making a will is, a lot of us don’t have days off to spare for visiting a solicitor. With an online will, this isn’t a problem. You can make a will online in 10 to 30 minutes. You can also do it from home or even in your lunch break.
On Beyond, the service lets you save your progress and log back in later as well – so you can make your will in dribs and drabs whenever you can spare the odd minute.
The drawbacks of making a will online
So that’s the pros taken care of – now for the cons. When is an online will not the best choice for you?
You can’t make complex requests
Online will services all make what’s called a ‘simple will’. This means you can use them to leave your money, assets and property to people, pass on gifts of belongings, choose guardians for your kids and pets, and select executors.
So far, so good. But if your affairs or your wishes are somewhat complicated, you will need a solicitor to sort out your will. For example, if you own properties abroad, have a difficult family situation, or if you’d like to set up various trusts.
A specialist will from a solicitor will cost upwards of £500, but it’s better to invest in that than try to use an online will to do something it’s not designed for.
You need to take care
Online will services use interactive tools to automate a certain amount of the will drafting process. This is why the will can be so much cheaper, but it also means that you have to make absolutely sure you’re giving the site the correct information. The site only knows what you tell it.
This isn’t a deal-breaker for most people. Just make sure you check and double-check all the names, dates of birth and contact details you share with the service. And follow the instructions on signing the will carefully.
You might not get to talk to a person
If you’re not comfortable with making a will without any input from an expert, an online will might not be for you. At Beyond.life, a dedicated team are on hand to advise you via live chat if you have any questions, and every will is checked by their team. But other online will services don’t always offer the same support.
Want to give an online will service a try?
You can see what it’s like to make a will online at Beyond: you can draft the whole will for free, and you’ll only be asked to pay if you choose to download it. Give it a try here.
Disclosure: This is a sponsored post on behalf of Beyond.life.
If you enjoyed this post, please link to it on your own blog or social media:
I was there to visit my sister Liz and her family, who live in Wilsden, near Bradford. They don’t really have room for me to stay with them, so I did an internet search and discovered Hewenden Mill Cottages, which was just a mile and a half from them.
At first I assumed that, as these were self-catering cottages, they wouldn’t be suitable for a solo visitor who was only coming for a long weekend. Turns out I was wrong, though. They were very happy to accommodate me for three nights, and the cost was, if anything, cheaper than staying at a hotel (see Financials, below).
Hewenden Mill Cottages is in a secluded location between the villages of Wilsden and Cullingworth. I have embedded a map of the area below (courtesy of Google Maps.
The Accommodation
Hewenden Mill Cottages and Apartments (to give their full title) is based around not one but two old mills which have been converted into holiday cottages.
The main Hewenden Mill complex (which includes the reception, shown in the cover photo above) is easy to access from the B6144 (also called Lane Side). I was staying at Bent’s Mill, however, which is a short distance from Hewenden Mill. It’s a seven-minute walk from one to the other through some picturesque woodland, but unfortunately it’s not possible to drive through this. I have posted a photo of Bent’s Mill below.
When I arrived I was met at reception by the charming Susan, who told me she was the owners’ daughter. She asked me to follow her in my car as she drove to Bent’s Mill. I was glad to have her as my guide, as the journey involved going on narrow, twisting country lanes, and for my first visit it was reassuring to have her car in front and know I was going the right way. It also came in useful when we turned a corner and met another car coming the opposite way. As there were two of us and only one of them, they had no option but to back up!
I was staying in the Wheel Pit House at one end of Bent’s Mill. As you may gather, this is where the water wheel once stood. It’s no longer there, but you can see the chamber where it was through a window in the entrance hall (or from the outside). You can read more about the Wheel Pit House on this page of the excellent Hewenden Mill Cottages website. Here is my own photo of the exterior.
My accommodation was on three levels. On the ground floor was the front door and entrance hall. Upstairs on the first floor was a double bedroom and bathroom. On the top floor were the kitchen and lounge, from which you could enjoy lovely views of the woodland and mill pond (see photo below).
I have to say I was very impressed by my cottage. It was spacious and comfortable, with everything you would need for a short stay (or a longer one).
The kitchen included an electric cooker with ceramic hob, fridge, freezer, dishwasher and washing machine – all very clean and modern, and considerably nicer than I have at home!
The cottages have free wifi, and all costs such as electricity and VAT are included in the price. There would have been plenty of room for a couple, and a young child or baby as well. To me as a solo visitor it felt palatial, especially after the compact ‘Forest Retreat’ I stayed in a few weeks ago at Aberdunant Hall. As a matter of interest, I worked out that at Hewenden my accommodation was over six times larger!
A nice touch is that the owners provide a complimentary ‘welcome pack’ of groceries on arrival. This included bread, milk, butter, preserves, orange juice, biscuits, and so on. A selection of breakfast cereals in individual boxes and sachets was also provided, along with coffee and Yorkshire Tea (see below!).
Hewenden Mill and (especially) Bent’s Mill are a bit off the beaten track and there aren’t any shops close by (though there is a Co-op in Cullingworth about a mile away). As I was mostly eating with my sister and her family that wasn’t an issue for me, but if I’d had to buy some provisions it wouldn’t have been a problem. There are also several takeaways, cafes and restaurants within a mile or two.
Financials
As Pounds and Sense is primarily a money blog, I need to say a few words about this.
I paid £327 (including VAT) for my three-night stay in the Wheel Pit House at Hewenden Mill Cottages, which I thought was very reasonable. I paid an initial £50 deposit when I booked, with the rest due on arrival.
Costs obviously vary according to the accommodation you want, when you want it, and for how long. I did though notice that the longer your stay the cheaper (per day) it works out. While you can book for one or two nights, it becomes much more economical if you are staying for three nights or longer.
The price I paid worked out to £109 a night, which – as I said above – struck me as very reasonable (and cheaper than most of the hotels I have stayed at recently). Of course, unlike most hotels, you don’t get a cooked breakfast, and neither is a daily housekeeping visit included. On the positive side, though, you do get far more space, a fully equipped kitchen, a separate lounge and bedroom, and complete privacy during your stay.
Obviously I was visiting family, so I won’t go into detail about everything I did while I was there. However, for the benefit of anyone who may be considering visiting the area, I will mention a few of the local attractions.
First of all, Hewenden Mill is just a few miles from Haworth, the home of the Bronte sisters, Charlotte, Anne and Emily (indeed, the area is sometimes called Bronte Country). If you haven’t visited before, I would say this is a must-see. You can go around the parsonage where the sisters were brought up and wrote their famous novels such as Jane Eyre and Wuthering Heights. The parsonage has been preserved (or restored) largely as it was in their day. I found it quite an emotional experience seeing the family home where the sisters lived, wrote, and tragically all died at an early age
The village with its cobbled high street is also well worth seeing, and there are numerous (enticing) tea and cake shops.
And finally, Haworth has a station on the Keighley and Worth Valley Railway, a heritage steam railway which runs between Keighley and Oxenhope. The line and its stations has been used in numerous period film and television productions, including the film The Railway Children. More information and timetables are available via the KWVR website. You can get a 10% discount on a Day Rover ticket if you buy your ticket more than seven days in advance.
Also nearby is Saltaire, the Victorian model village built by textile magnate and philanthropist Sir Titus Salt to house the workers at his mill. The mill itself is still there, and large parts are open free of charge to the public. Inside is a bookshop, and you can still see some of the old heavy machinery there that was used in the mill. There is also a bustling coffee shop and restaurant, along with displays and exhibitions. The River Aire runs alongside the town (hence the name, of course), and the Leeds and Liverpool Canal too (great for a brisk walk along the towpath!).
And, of course, the whole of the area is incredibly scenic, with lots of scope for country walks, runs or cycle rides, as you prefer. From Hewenden Mill Cottages there are various walks you can take, from a five-minute stroll to Goit Stock Waterfalls (see photo below) to much further afield.
Final Thoughts
As you may gather, I very much enjoyed my stay at Hewenden Mill Cottages and thoroughly recommend them. Obviously, the fact that they are only a short drive from my sister’s home was a big attraction for me. Even if that wasn’t the case, though, I would definitely consider going back for a short break.
There is plenty of choice of accommodation, though at weekends especially it does get popular, so it’s definitely advisable to book a few weeks in advance.
If you want complete peace and seclusion, I can highly recommend staying at Bent’s Mill, where the only noise to be heard is birdsong. My one slight reservation is that, as mentioned earlier, getting there by car involves a somewhat nerve-racking drive along narrow, twisting lanes, where you really hope you don’t meet someone coming in the other direction! it’s perfectly do-able, of course, but if you don’t fancy this particular challenge then staying at the main Hewenden Mill might be a better choice for you.
As always, if you have any comments or questions about Hewenden Mill Cottages, please do post them below.
If you enjoyed this post, please link to it on your own blog or social media:
