Category Archives: Personal Finance and making money.

WORKING WOMEN TAKE FINANCIAL CONTROL – BUT NEGLECT TO PROTECT THEMSELVES

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o Nearly half (46%) of working women describe themselves as the main earners in their family

o 44% of all working women state they are responsible for making the family financial decisions and over three in five (61%) raise money discussions in the household

o Yet over two million working females have no savings accounts in place

Almost a century after women asserted their right to vote, a new report from protection specialist, Bright Grey reveals another step forward in equality by highlighting that almost half (46%) of working women currently describe themselves as the main earner in their household. But its not all good news as the Women and Protection report* also suggests that women are actually less likely than men to have financial back-up should they suddenly be unable to work.

The ‘Women and Protection’ report – which examines the financial role of women in the household today – reveals that women are not only increasing their earning power but they are also gaining a stronger financial voice in the home. Over three in five (61%) working women state they are the most likely to raise money discussions in the home, compared to a lower 57% of working men who state they would raise them.

When it comes to crunch time, working women are also just as likely to make the financial decisions in their household with nearly half (44%) of all working female surveyed stating they predominately make the financial decisions in their household – compared to just over half (53%) of working men who state they would make them. Almost three in five (59%) of married couples say they consult each other on all financial issues.

Women are the family financial hub – but fail to financially protect themselves
Multi-tasking continues to remain a skill for women – even if they are at work all the time. In fact nearly three quarters of working women (72%) say they pay the bills, compared to two thirds (66%) of working men. A similar figure (71%) of working women in the UK do general day to day household budgeting, such as sorting home insurance compared to just 59% of working men who state they are responsible for this. Half of working women (50%) say they are responsible for longer-term financial decisions such as buying life insurance or organising a will.

Yet despite females bucking the traditional trend of males being the financial decision-makers it appears they are failing to financially protect themselves as over two million** working women (16%) say they do not have a savings account. Meanwhile, over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.

In terms of protection insurance products, over half (53%) of working women admitted that they have no life insurance cover in place, a product that is aimed at protecting their families in the event of their death. Over four in five (84%) working women do not hold income protection products, while a similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).

Roger Edwards, proposition director at Bright Grey said: “As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income – especially if a household is dependent on their salary.

Taking online accounting classes can be a great first step in really understanding financial matters.

“Bright Grey is calling for women to have adequate financial protection in place for themselves and their families. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected.”

Twelve Top Tips To Cut Household Costs. {Money}

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January is always the cruellest month. After the Christmas blow out, funds are short and everything is more expensive. This week is supposed to be the financially toughest with Christmas credit card bills plopping through the door and just another two weeks to go till payday. Then there are the long nights and the cold weather to add to our joys!

To help, Frost has got financial expert, Jasmine Birtles, bringing you 12 practical tips on how to manage your finances and cut down your motoring costs by spending less and making a few simple changes to your routine.

So, fight back at the seasonal and economic gloom and use these tips to make the most of your money this month and for the rest of the year.

1. Save on motoring costs. Motorists are really feeling the pinch at the moment. Swap your current car for a smaller, cheaper, more fuel-efficient version. If it has very low emissions, you will also save on insurance, car tax and some residents parking schemes. Keep the tyres pumped up at all times and try to drive at a smooth, constant speed as this reduces your fuel consumption. For more information on smarter driving tips visit www.shell.co.uk/fuelsave. Making the right fuel choice can lead to significant savings each year. Shell FuelSave Unleaded & Diesel are formulated to save you up to 1 litre per tank* at no extra cost, helping you to save fuel and money every time you fill up.

2. Get as much as you can for free. Use freebie sites (wisely – there’s a lot of rubbish to sift through!) for free samples of all kinds of things. Also, get into mystery shopping for free restaurant visits and supermarket shopping trips – make sure they are legit, though, like TNS-Global.com or JKSMysteryshopping.co.uk. Get a holiday nearly free by swapping your house with someone in another country. Try the website Homeexchange.com for an amazing selection of homes all round the world.

3. Share and swap with friends and neighbours. Get together with your friends and neighbours to save money. Have a swap shop every now and then where you and your friends swap clothes, accessories and even unwanted gifts. Also, share lawnmowers, power tools and other big-ticket items with neighbours. Bulk-buy food and household goods at the Cash and Carry and share them out with neighbours so that you all end up paying less.

4. Sign up to bargains. There are loads of voucher sites and bargain newsletters that will send money-off deals and vouchers into your inbox every week. Just be discerning about which deals you go for. Sign up for free to the Moneymagpie free weekly newsletter for exclusive deals you can’t get anywhere else [http://www.moneymagpie.com/newsletter-subscription/]

5. Use loyalty cards. If you’re going to spend money you might as well get something back for it. If you use loyalty cards like the Boots Advantage card, make sure you get the most out of them. Boots commonly has ‘mega weekends’, either online or in-store where you get 1,000 extra points (worth £10). When one hits, it’s worth collecting together everything you were planning to buy in Boots to grab the excess. With fuel prices increasing, it’s worth looking at how you can save money on fuel. Shell runs a loyalty scheme, Shell Driver’s Club – you’ll receive 50 bonus points on first registration online and additional points every time you fill up at Shell. Points can be exchanged for money off Shell fuel vouchers – 500 points gets you £2.50 of vouchers.

6. Be clever with your credit cards. If you have a nasty Christmas debt on your credit cards, switch to a 0% deal such as the 17-month offer from Barclaycard or a low lifetime balance transfer card such as MBNA’s card which offers 5.9%. Or, if you pay off your debt each month, get a card that rewards you for spending. Try Barclaycard Freedom where you can earn up to 1% ‘Reward Money’ of your purchase price at over 20,000 participating retailers. You can then redeem it at participating retailers for money off at restaurants and high street retailers. Visit barclaycardfreedom.co.uk for a full list of retailers

7. Do a budget and stick to it. It sounds boring, but a budget is your family’s weapon against the money monster. You can even do it on the back of an envelope. Just add up the money that comes in each month then take away from that all the bills you have to pay to keep the roof over your head, and body and soul together. Once you know what you’ve got left over, you just divide that amount by four and make sure you don’t spend more than that each week. That will keep you out of expensive and miserable debt.

8. Make your home pay for itself. If you’re struggling to keep up with the mortgage, bring in extra cash by renting out a spare room. You can make up to £4,250 a year tax-free by doing this. Or just rent out your driveway by putting it on Parkatmyhouse.com. You could even make megabucks by offering it as a film set. Try registering with Lavishlocations.com.

9. Save on food bills. There are loads of ways of cutting down your food bill each week. Switch one meat dish per week to a vegetarian one that is cheaper. Get tips from Lovefoodhatewaste.com on how to make the most of what you’ve got. Shop at street markets as they are generally 30% cheaper than supermarkets. Go down a brand with food in tins and jars – you won’t notice the difference with most of them.

10. Shop around to save. It goes without saying that you could save £100s on your insurance, utilities and other bills by using comparison sites before you sign-up. Also, though, use sites like Pricerunner and Kelkoo to research gadgets like washing machines, TVs and lawnmowers. You can even save on removal costs by using the website Anyvan.com where ‘man-with-van’ operations and removals firms bid for your job. Find bookkeepers, lawyers and household helpers through Peopleperhour where all kinds of professionals bid for your work

11. Buy secondhand. Now that VAT is at 20%, the best way to avoid the hike is to buy things secondhand, particularly big-ticket items like cars, furniture and electronics. Use eBay, Gumtree, your local paper and family forums such as Mumsnet to buy things secondhand. Quite often, items just a few months old can be half price.

12. Be green. Get into green living and you will definitely save money. Mend clothes and gadgets where you can rather than buying new ones. Cut down on electricity, and your carbon footprint, by avoiding the tumble dryer and hanging clothes out to dry instead, using the ‘off’ switch when you’re not using electronic equipment and keeping the lid on pans when you cook.

* Based on a minimum tank size and fill up of 50 litres. Comparison between a standard gasoline and that same standard gasoline containing our instantaneous fuel economy formula; urban cycle comparison between a standard diesel and that same standard diesel containing our instantaneous fuel economy formula. Actual savings may vary according to vehicle, driving conditions and driving style.