Tag Archives: finance

Efficient Household Management: How to Save Time and Money

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Effective household management, often referred to as housekeeping, is about more than just cleaning and organizing your home. It also involves ensuring that household finances are well-managed to save your family valuable time and money. Whether it’s budgeting for groceries or reducing energy consumption, efficient household management allows you to successfully manage your family’s resources to meet your daily needs. 

Ensuring proper maintenance to avoid costly repairs, negotiating insurance costs, or shopping prudently, household management requires strategy, planning, and discipline. Here are some helpful tips on how to manage your household efficiently to save time and money.

Establish a Budget 

Setting up a household budget is the cornerstone of efficient household management, and it can do wonders for saving both time and money in the long run. A well-planned budget gives you a clear picture of where your money is going, allowing you to make informed decisions about expenditures. 

For instance, opting for a higher mileage, affordable car could lead to savings not only in terms of fuel efficiency but also in terms of insurance costs. Many families have saved a substantial amount of money by choosing Toyota insurance for their vehicles due to its reasonable rates. It is important to note that every dollar saved through wise decision-making can add up to significant annual savings.

Reduce Energy Consumption

Energy-saving practices are not only beneficial to the environment but also result in significant reduction in household expenses. By implementing measures such as using energy-efficient appliances, reducing water consumption, using LED lights, and insulating your home, you can save a substantial amount of money over time. Turning off unused electrical appliances, utilizing natural light during the day, and maintaining an energy-conscious mindset can also greatly contribute to reduced energy bills. 

Plan and Cook Meals at Home 

Eating out frequently or getting takeout can quickly add to your expenditures. A more cost-effective solution is planning and cooking meals at home. Meal planning allows you to use your grocery shopping time more efficiently and prevents wastage of food. Additionally, home-cooked meals are usually healthier and more nutritious compared to fast foods. When possible, buying groceries in bulk could deliver significant savings.

Embrace DIY and Maintenance

Adopting a do-it-yourself attitude toward home repairs and maintenance can save you a lot of money usually paid to professionals for minor repairs. Moreover, regular home maintenance can prevent future headaches and expensive repairs. For example, regularly servicing your car, checking for leaks, maintaining your home appliances, and cleaning your home regularly can extend the life of these items, saving you both time and money. 

Automate Bill Payments 

Automating your bills reduces the risk of late payments and the exorbitant fees that come with them. Most banks offer free online bill pay services. You can set up automatic withdrawals to cover your mortgage, utilities, car payments, and other regular expenses. This not only guarantees timely payments but it also saves you the time and effort of keeping track and writing out checks.

Negotiate

Never shy away from negotiating prices or contracts. This includes everything from your cable bill to your gym membership. Large corporations have some flexibility in their pricing structures and would rather give a discount than lose a customer. It’s definitely worth a call to ask if any discounts or promotions are available. 

In conclusion, efficient household management entails a well-planned budget, energy-saving practices, meal planning, DIY maintenance, automated bill payments, and the ability to negotiate. By applying these principles you can save a lot of time, while also preserving your family’s financial health. Essentially, managing a home effectively is similar to running a business, requiring both strategic planning and the discipline to follow through.

Cuts, charges and kids: 33 money events to watch in 2024

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    Sarah Coles, head of finance, Hargreaves Lansdown:

“2023 hasn’t been a golden year for our finances – with rising prices, mortgage rates and tax – and falling growth, house prices and morale. On paper, 2024 is looking more positive, with inflation, tax rates and childcare bills all set to drop. However, that’s not the full picture, because most tax thresholds have been frozen, and two of them are actually set to fall, so there’s a good chance a huge chunk of people will still be worse off by the time we struggle to the end of 2024.

1 January: new energy price cap
The energy price cap will rise £94 (5%) from £1,834 to £1,928, after conflict in the Middle East sent oil and gas prices higher. It’s worth bearing in mind that this isn’t a fixed cap on the most you can pay: it’s a cap on prices for the average user. If you burn through more energy, or live in a large or draughty house, you could see prices rise even further.

6 January: National insurance cut
Class 1 NICs, which are paid on earnings between £12,570 and £50,270, will be cut by 2 percentage points, from 12% to 10%, saving an average of £304 for basic rate taxpayers, £647 for higher rate taxpayers, and £707 for additional rate taxpayers. Sadly this isn’t the shot in the arm it appears, because frozen income tax and National Insurance thresholds will still mean we pay more tax in 2024.

31 January: Tax return deadline
March: Rail fares rise
Normally the government uses July's Retail Prices Index (RPI) measure of inflation to determine the increase in regulated fares the following year – although at times of very high inflation it can cap this. Last year the rise was effective from 5 March.

23 March: Temporary cut to fuel duty ends
The 5p fuel duty cut was announced in March 2022, then extended another 12 months in early 2023. Unless we hear otherwise before this date, this is when it ends. However, we’re likely to get a Spring Budget before this point, so there’s hope.

31 March: Energy price guarantee ends
The scheme, restricting average bills to no more than £3,000 for an average user, officially ends today – although the price cap is highly likely to have been below the guarantee since July 2023, so the guarantee hasn’t been called on since then.

April: 15 hours of free childcare for the under twos
Working parents will receive 15 free hours a week for children under the age of two, as the first step along the road to secure 30 hours of free childcare for all children from nine months to the start of school between now and September 2025.

1 April: New energy price cap comes into effect
This is predicted to fall slightly from the January level.

1 April: TV licence fee rises
The government is responsible for setting the level of the licence fee. In 2022, it announced that the fee would rise in line with inflation for four years from 2024. 

1 April: Car tax rises
This will rise in line with RPI.

1 April: Council tax rises
Council tax rises on 1 April, but we’ve not yet had confirmation of how much by.

1 April: National Living wage and minimum wage rise takes effect
On the 25th anniversary of the minimum wage, the National Living Wage will rise to £11.44 an hour – up almost 10% from £10.42, and the age threshold will fall from 23 to 21. 18-20-year-olds will also see pay rise to £8.60 per hour – up £1.11. The minimum hourly wage for apprentices will rise too. 

1 April: Water bill price changes come into effect
Several factors are used to determine changes in water bills, including the October inflation figure of 4.6%.

1 April: Air passenger duty rises
Rates will rise with RPI, so the cheapest tax on domestic flights will be £7 and on international flights it will be £13. The rate increases with the class of the flight and the distance, so an economy flight of more than 5,500 miles will be taxed at £92, a business class seat on the same flight £202, and a seat on a private jet flying the same route £607.

1 April: Prescription charge changes could kick in
NHS prescription charges in England rose 30p in April 2023. The previous year those charges had been frozen.

1 April: Fuel duty rise could be implemented
At the moment, the fuel duty rise is set to go ahead – rising with RPI. This is priced into the government’s calculations, but there’s a reasonable expectation the Chancellor will announce a fuel duty freeze closer to the time.

6 April: Dividend and capital gains tax changes
The threshold for dividend tax will be cut to £500 and the capital gains tax threshold to £3,000.

6 April: ISA changes
From this point, you will be able to pay into multiple ISAs of the same type in a tax year - and will be able to transfer slices of ISA money you paid in during the current tax year too (previously it was all or nothing).

It will be possible to hold long term asset funds and open ended property funds in an innovative finance ISA, although we don’t yet know whether any providers will make them available.

The minimum age to open a cash ISA will rise to 18, closing the loophole that allows 16 and 17-year-olds to have a JISA and a cash ISA allowance in the same tax year.

6 April:  Tax thresholds remain frozen
This stealth tax will have an enormous impact on our finances this year, and every year until 2028. The personal allowance will stick at £12,570, the higher rate threshold at £50,270, the inheritance tax nil rate band at £325,000, and the residence nil rate band £175,000. Plus, everything from ISA allowances to the annual gifting allowance, the high-income child benefit tax charge and the personal savings allowance remain the same.

The tax take will rise to its highest percentage of GDP since the Second World War, and it’s not just that we’ll all have to pay more tax, 4 million more people will be dragged into paying tax, 3 million more into paying higher rate tax and 400,000 more into paying additional rate tax.

6 April: National Insurance for self-employed people is cut
Class 2 National Insurance contributions will be axed altogether (saving an average of £186 a year). The main rate of National Insurance contributions for self-employed people will also be cut by one percentage point, from 9% to 8%. This applies to profits of between £12,570 and £50,270. This will cut tax an average of £117 in tax for basic rate taxpayers, £322 for those on the higher rate, and £358 for additional rate taxpayers. Of course, frozen tax thresholds will mean they’re still worse off.

8 April: State pensions rise with the triple lock
The state pension will rise 8.5% in line with the triple lock. For someone on the full new state pension this will see their pension grow from £203.85 to £221.20 a week, and for someone who hit state pension age before 2016 their full weekly basic state pension will rise from £156.20 to £169.50.

8 April: Benefits rise with inflation
Those receiving working age benefits will have them increased in line with September’s inflation rate, which this year was 6.7%. Pension credit, meanwhile, will rise 8.5% in line with the triple lock.

1 July: Energy price cap changes
This is currently expected to fall very slightly again from the April level.

31 July: Payment on account deadline
Self-employed people need to make advance payments towards their tax bill.

1 August: Freeze on alcohol duty ends
In the Autumn Statement, Jeremy Hunt said alcohol duty wouldn’t be increased before this date. So this is the first date a duty rise becomes possible.

In September: 15 hours of free childcare from nine months
The second stage in the roll out of free childcare will see 15 hours of free childcare extended to children from the age of nine months.

10 September: wage figures
These are used as part of the triple lock for next April’s state pension.

1 October energy price cap changes
This is expected to rise as we head into the winter, but forecasts this far ahead need to be taken with a pinch of salt.

16 October: inflation figures
These are used as part of the triple lock for next April’s state pension, and for uprating working age benefits.

31 October: Deadline to file paper self-assessment tax return for 2023-24
We’re overwhelmingly filing our self-assessment tax returns online but those who prefer to do it on paper will need their returns to arrive with HMRC by this date.

1 December energy price cap changes
So far, we haven’t had forecasts for this period, although prices are hoped to be less volatile later in 2024.

17 December: The last possible day to call the general election
This would be exactly five years after the last parliament met for the first time after the previous general election – which by law is the last possible date the election can be called. If it was left to the last possible date, the election itself would be on 28 January.

31 December: The £2 cap on single bus journeys ends
The £2 cap on single bus journeys in England is expected to come to an end. It saved people 30% on the average fare.”

    Financial Advice Or Financial Guidance – What’s The Difference? Read On To Find Out

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    Many people don’t understand the difference between financial advice and financial guidance. However, knowing it is essential to maximising your pension fund.

    As you approach retirement, you become eligible for free and impartial pension guidance. The government introduced this entitlement in 2015 under their Guidance Guarantee. Two organisations that provide pension guidance are the Citizens Advice Bureau or Pension Wise, the government’s pension advisory service.

    The guidance you receive from these differs from professional advice from professional advisors in a few aspects. The following paragraphs give you the essential factors of each.

    Pension Guidance

    • Pension guidance will present you with an overall market appraisal in terms of what is available. However, not all products will be available to you.
    • It provides general information rather than focusing specifically on your financial situation.
    • The guidance you receive comes with no recommendations or guarantees.
    • It is free in line with the Guidance Guarantee.

    Professional Pension Advice

    • A professional advisor can advise you on the best options for your financial situation.
    • Professional advice is specific to the individual receiving the advice. It considers your age, investments, financial goals, etc. You will receive advice on the benefits of different products and get offered recommendations.
    • Professional advice is generally not free. You may have to pay before receiving any advice, or you might receive a limited amount of advice at no charge to get you to take on the advisor’s services.
    • If you receive poor advice that causes you to lose money, you can take your issue up with the Financial Ombudsman or the Financial Services Compensation Scheme. If your financial advisor is FCA-regulated, you could receive compensation.
    • To help you find a suitable advisor, the FCA maintains a database of all its regulated advisers. You should check this database before entering into a contract with any financial advisor.
    • On average, people who get professional financial advice amass around £30,991 more wealth in their pension funds than those who don’t. This statistic is according to ILC UK data from 2019.

    Guidance or Advice?

    You will find pension guidance of particular use if you need an introduction to your pension options. However, if you want help with specific aspects of your situation, professional advice is more suitable.

    Do You Need a Financial Advisor?

    If one of the following situations applies to you, you must seek financial advice from a regulated financial advisor:

    • You are part of a final-salary or career-average pension scheme, also known as a defined-benefit scheme, with a value greater than £30,000, and you intend to transfer to a defined-contribution pension.
    • You have a defined-contribution pension with a value greater than £30,000 with guaranteed payment on retirement, and you intend to use your pension pot for something else.

    Even if you have less than £30,000 in your pension pot and want to do either of the options above, you should get professional advice.

    Should You Choose An Independent Or Restricted Advisor

    Before you commit to using a financial advisor, you should know if they are restricted or independent. So, ensure you ask when you first contact them.

    Remember, restricted advisors cannot offer you whole-of-market advice or products, whereas independent advisors can.

    Conclusion

    Hopefully, this brief article will help you understand the difference between financial guidance and financial advice so that you can make better decisions about your pension. When looking at options for your pension, get in touch with a regulated financial adviser such as Portafina or, view the info at Pension Wise.

     

    Collaborative post with our partner.

    What Everyone Needs to Know about Tax: An Introduction to the UK Tax System Book Review

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    What Everyone Needs to Know about Tax- An Introduction to the UK Tax System Book Review

    What Everyone Needs to Know about Tax: An Introduction to the UK Tax System By James Hannam immediately caught my eye. Sure I have an interest in finance and the workings of the society that we live in, but I have always been interested in tax. Now tax is a good thing; it is how society runs. No tax and no NHS, education or public services at all. But are we overtaxed? I thought that most people are overtaxed before, after reading this book, even more so. As the book points out there is income tax, employee national insurance (of various classes), employer national insurance, VAT, stamp duty, council tax, inheritance tax. The list just goes on. We are overtaxed and the government tries to make some of these taxes as invisible as possible. Did you know that someone on a salary of £26,000 pays almost £8000 in tax a year? Or that the top 0.05% of the UK population pay over a quarter of all income tax? The top 10% of earners pay over half the income tax, which is about 100 billion a year. Just 5% of the population pay more in income tax than the rest of the population put together. How much do you have to earn to be in this top 5%? Just over £50,000 a year. Another great section goes on about how taxes cause the poverty trap that people on benefits can get caught in when they try to get off benefits, they can essentially get taxed at 90%. More than the richest in society. Depressing? Yes. Fair? No. The book also has a great section on pensions versus ISAs. I have always been wary of pensions and the book helped clarify my thoughts.The book is full of great facts like that by a man who really knows his stuff. The book is chock full of essential information and interesting fact. I can highly recommend it to anyone who wants to get a grip of the complex UK tax system.Due to be published by Wiley, 23rd March 2017
    £19.99, Paperback and e-bookISBN: 9781119375784“You pay a lot of tax. Of course, you know that. But I bet you don’t know just how much you pay, or all the ways the government has to extract the cash from you.” – James HannamIn his new book, What Everyone Needs to Know about Tax, James Hannam takes look at the UK tax system and provides non-specialist readers with an easy-to-understand explanation of tax and tax policy to show them just how much they pay, how the money is collected and how tax affects ordinary people every day.With no accounting or legal knowledge required, it contains practical case studies to illustrate how tax functions in the real world, for example: how the VAT on a plumber’s bill all adds up; why fraudsters made a movie to throw HMRC off their scent; how a wealthy couple can pay minimal tax on a six-figure income; and the way tracing the money you paid for your iPad sheds light why the EU is demanding Apple pay billions extra in tax.Written in a conversational style, What Everyone Needs to Know about Tax gives readers a real-world look at how tax works. In it they will:

    • Learn about the many ways that the tax system separates us from our money
    • Discover how Brexit could change the way we pay taxes
    • Understand how changing tax policy affects people’s everyday lives
    • See through the rhetoric from politicians and the media surrounding tax controversies

    The system’s underlying logic is illustrated through three ‘golden rules’ that explain many of the UK tax regime’s oddities:

    • Lots of small taxes together add up to make big tax bills – “The point of all these taxes is to spread the pain so we notice it less.”
    • No matter what name is on the bill, all taxes are ultimately suffered by human beings – taxes levied on manufacturers are passed on to the consumer through a higher price for the product
    • Taxes are kept as invisible as possible – “Since we all hate paying taxes, the government has perfected the art of ensuring that we rarely have to hand over the money ourselves. Most taxes are paid by businesses on our behalf.”

    With tax, there are no easy answers. No one enjoys paying them, but without them, the government would shut down.Whether readers are self-employed, have a general interest in the way the UK tax system works, are a finance or tax professional, or students wanting to understand more about taxation in a break from traditionally dry text books, What Everyone Needs to Know about Tax gives them the background and foundational knowledge they need to be a well-informed taxpayer.What Everyone Needs to Know about Tax will be published on 23rd March 2017 and will be available wherever books and ebooks are sold.
    JAMES HANNAM, PHD, has spent twenty years advising clients on every aspect of the UK tax regime while working for firms including EY, Freshfields, and KPMG.

    The Wealthy Women: A Man Is Not A Financial Plan Book Review

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    The Wealthy Woman: A Man is Not a Financial Plan: A Woman's Guide to Achieving Financial SecurityThe Wealthy Woman is a book that is sorely needed. I have lost count of the amount of women I have met who are terrible at finance, and that is saying nothing for the ones that really do think that a man is a financial plan. I mean, they’re really not.

    Relying financially on a man causes a lot of problems: he could leave you, he could lose his job, he could treat you badly and you  feel you can’t leave because you would be too poor, he could think he has all of the power because he pays the bills…the list goes on. True freedom and happiness comes when a women is financially independent. Can this book help? Yes.

    Some finance books can be scary but this one isn’t. In fact it is fun, concise, comprehensive and educational all at once. The author also takes two women, one savvy and one not-so-savvy, and follows them through the years and charts the consequences of their financial decisions. I found this particularly useful. I think a lot of women would read it and it will (hopefully) give them a wake-up call.

    The book gives you financial advice for each decade of your life, and where you will end up. It let’s you know that only you can be responsible for your financial future and being an ostrich won’t help at all. It also helps you calculate your net worth, sort out your finances and get out of debt if you have it.

    It also covers pensions, saving and investing. In fact, most things are covered in this excellent book. Buy it for yourself or/and the females in your life. It is packed with good advice and tips that could change your life for the better.

     

    ‘The Wealthy Woman – a man is not a financial plan’ by Mary Waring has worked with 100s of women helping them take control of their finances.

    Far too many women find ‘dealing with the money’ a daunting task and leave it in the hands of their partners. However, this can leave them with little control over their own financial lives and sadly, if they then get divorced or are widowed, they are left floundering with little understanding of how much money they have, or don’t have, and what this means to their lifestyle.

    By understanding your finances and taking control you can make your money work for you. That’s the message in Mary Waring’s new book ‘The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial Security’.

    “Many women tell me that they simply don’t do maths – and this mental block seems to be an epidemic among women everywhere. However, these are often admirable women with high-level jobs. My message is simple – you are more than able to handle all of your finances,” says Mary Waring.

    So, do you want to be more confident about your finances? Do you want to be a wealthy woman?

    “Wealthy” will mean different things to different women. It doesn’t necessarily mean “rolling in it” and having so much money that you’ll enter The Times ‘rich list’. It may simply mean you feel confident you will have enough money to do the things that you plan to do in the future, no matter how lavish or frugal a lifestyle you lead.

    Mary’s book will guide you on your journey to become a wealthy woman by showing you how taking small steps on a regular basis can lead to a significant increase in your wealth.

    If you currently have such a lack of control over your finances that you are too afraid to open your credit card statement at the end of the month, this book will show you how to take control.

    “The Wealthy Woman” will encourage you to think about your attitude towards money and your relationship with it.

    As Mary says; “It’s easy to be wealthy just as it’s easy to be poor. There’s very little difference in the way you can become either. You are in a position where you can improve your wealth. Whatever your dreams and aspirations around money there is nothing to stop you moving towards those dreams.”

    Mary Waring is an independent financial adviser and the founder of Wealth For Women, specialising in financial advice to women going through divorce. She is both a Chartered Financial Planner and a Chartered Accountant, being one of only a handful of advisers in the whole of the UK with this high level of qualification.

    Mary is passionate about changing the way women think about finance. Too many women stick their head in the sand and ignore it. Or…rely on a man to sort it for them.

    ‘The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial Security’ is available from Amazon and all good bookstores.

    For more information see: www.mary-waring.co.uk

     

    Two-Thirds Of Brits Relying On Dream Cash Windfall To Clear Personal Debt

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    the compass of nowTwo-thirds of Britons are relying on a “dream” cash windfall to clear personal debt, new research shows.

    One-in-three people believe they will land a major pay rise, win the lottery, make a fortune at the bookies, or inherit enough money to wipe the financial slate clean at some point in the future.

    The majority freely admit that the likelihood of actually netting a large amount of cash unexpectedly is “improbable”.

    But most continue to borrow or live beyond their means on the assumption that “the biggie”, when it comes in, will pay-off all outstanding loans, overdraft and credit card debt in one fell swoop.

    Less than half of those in debt have sought professional advice about debt consolidation schemes or other repayment options, with the majority relying on non-qualified friends and family for guidance.

    The poll of nearly 1,000 adults was conducted by the personal debt expert DDnard (corr), as part of an ongoing international study into borrowing behaviour.

    DDnard, a Thai author whose self-help books on the subject have sold over 1.4million copies worldwide, describes those dreaming of a windfall as ‘flying ostriches’.

    “It is clear that some borrowers either have their heads in the sand, or their heads in the clouds. Many do both,” she said.

    “They either shy away from reality in the hope that it goes away, or they daydream about extraordinary ways in which it will be paid on their behalf.

    “The sad fact is that, for most people at least, cash windfalls never materialise and those in debt must face the music and tackle the issue head-on. This is the only way to reduce personal debt and have a guaranteed debt-free future.”

    Of the 921 adults questioned, 68 per cent said they were relying on an unexpected windfall. Of those, 19 per cent were hoping for a “major pay rise”, 13 per cent were counting on winning the lottery (13 per cent), and five percent were praying for a good streak at the races.

    The majority were hoping for an inheritance (56 per cent), while seven per cent were reliant on the sale of their house of other valuable asset).

    Less than a quarter (21 per cent) genuinely believed a windfall was probable, with 28 per cent and 51 per cent admitting it was either “possible” or “improbable” respectively.

    Some 13 per cent said had not obtained professional advice because they were “unsure who to ask”, while the majority (48 per cent) seek financial advice from friends or family.

    Only 39 per cent of those who were “struggling” with unsecured debt had sought professional advice from a bank or third party expert.

    Food, school clothing, utility bills and other basic necessities accounted for 38 per cent of respondents’ debt.

    But the remainder went into the red by purchasing “non-essentials” like expensive presents and home improvements, and by buying “extravagances” such as new cars and family holidays.

    In total, 59 per cent admitted they could improve the way they handle money to avoid debt in the future. Almost the same number (41 per cent) said the cost of living is so high that personal debt is “all but unavoidable from time to time”.

    The straw poll found that the overwhelming majority (56 per cent) of respondents blamed the ease at which they could obtain additional credit cards, transfer money to pay their balances, overdrafts and loans had contributed to the problem.

    Others blamed the pressure of living in a “must-have” consumerist environment (16 per cent), the “buy now, worry later” mentality of peers or family (19 per cent), the desire to “live like a celebrity” (six per cent), and even the belief that buying things “made me happy” (three per cent).

    Author and personal finance expert DDNard clawed her way back from a £2million debt following the unexpected death of her husband, a diamond magnate.

    The self-help guru, whose new book The Compass of Now has just been released in the UK, said overcoming a mountain of debt isn’t easy, but that can be achieved by taking “one small step at a time”.

    “This generally begins by accepting that you have a problem, or that one looks set to arise,” she said. “Once you are able to fully acknowledge a potentially problematic situation, you are better prepared to go about reversing it.

    “The golden rule with debt, however small or large it might be, is not to bury your head in the sand and rely on a miracle – or a million-pound cash windfall. Seek expert advice and take matters into your own capable hands.”

    The Compass of Now by DDnard (Life Compass Co., Ltd.) is available now.

    A Man Is Not A Financial Plan – New Book Aims To Help Women Take Control

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    The Wealthy Woman: A Man is Not a Financial Plan: A Woman's Guide to Achieving Financial Security‘The Wealthy Woman – a man is not a financial plan’ is published January 2014.

     

    Mary Waring has worked with 100s of women helping them take control of their finances.

     

    Far too many women find ‘dealing with the money’ a daunting task and leave it in the hands of their partners. However, this can leave them with little control over their own financial lives and sadly, if they then get divorced or are widowed, they are left floundering with little understanding of how much money they have, or don’t have, and what this means to their lifestyle.

     

    By understanding your finances and taking control you can make your money work for you. That’s the message in Mary Waring’s new book ‘The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial Security’ published January 2014.

     

    “Many women tell me that they simply don’t do maths – and this mental block seems to be an epidemic among women everywhere. However, these are often admirable women with high-level jobs. My message is simple – you are more than able to handle all of your finances,” says Mary Waring.

     

    So, do you want to be more confident about your finances?  Do you want to be a wealthy woman?

    “Wealthy” will mean different things to different women. It doesn’t necessarily mean “rolling in it” and having so much money that you’ll enter The Times ‘rich list’. It may simply mean you feel confident you will have enough money to do the things that you plan to do in the future, no matter how lavish or frugal a lifestyle you lead.

    Mary’s book will guide you on your journey to become a wealthy woman by showing you how taking small steps on a regular basis can lead to a significant increase in your wealth.

    If you currently have such a lack of control over your finances that you are too afraid to open your credit card statement at the end of the month, this book will show you how to take control.

     

    “The Wealthy Woman” will encourage you to think about your attitude towards money and your relationship with it.

    As Mary says; “It’s easy to be wealthy just as it’s easy to be poor. There’s very little difference in the way you can become either. You are in a position where you can improve your wealth. Whatever your dreams and aspirations around money there is nothing to stop you moving towards those dreams.”

     

    Mary Waring is an independent financial adviser and the founder of Wealth For Women, specialising in financial advice to women going through divorce. She is both a Chartered Financial Planner and a Chartered Accountant, being one of only a handful of advisers in the whole of the UK with this high level of qualification.

     

    Mary is passionate about changing the way women think about finance. Too many women stick their head in the sand and ignore it. Or…rely on a man to sort it for them.

     

    ‘The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial Security’ is published in January 2014 and is available from Amazon and all good bookstores.

    An Independent Scotland – The Implications For Savers And Investors

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    ·         Cost of financial services will increase, leading to poorer returns for all

    ·         Diverging tax and regulatory systems will create complexity for all

    ·         Better state pensions for Scots

    ·         Potential investment and savings arbitrage opportunities in the longer term

    Following the publication of the Scottish Nationalist manifesto for separation between England and Scotland yesterday http://www.scotreferendum.com/reports/scotlands-future-your-guide-to-an-independent-scotland/ , here are a few thoughts on what it might mean for savers and investors.

    Duplicate institutions, duplicate systems, more complexity

    Tom McPhail, Head of PeScottish flag, scottish independencensions Research ‘As well as the obvious costs of all these duplicate institutions, there is the un-quantified and potentially far greater cost of having to do everything twice. Every bank, insurance company, financial adviser and investment manager North and South of the border will have to invest huge sums of money in running duplicate systems and training their employees to deal with two different regimes; to take just one simple example, if a customer wants to know what rate of pension tax relief they are entitled to, the answer will depend on whether they live in Carlisle or up the road in Dumfries.’

    ‘This all has a cost to investors North and South of the border; in simple terms a Yes vote would mean poorer returns in the future on ISAs and Pensions due to higher administration costs.’

    An independent Scotland would look to create its own financial institutions. It is hard to say exactly what they would all cost; they would be smaller than their English counterparts but equally they would suffer many of the same fixed costs. Here are some of the duplicates the manifesto looks to create, together with the current cost of their UK versions:

    ·         Financial Conduct Authority £432 million

    ·         Pensions Regulator £49 million

    ·         NEST pension scheme £240 million

    ·         Pension Protection Fund £35 million

    Better state pensions for Scots

    Scots are being promised a state pension £1.10 higher than the planned new single tier state pension from 2016. Based on current average pension benefits and costs, we estimate this would cost an additional £52 million a year to deliver.

    It is also being proposed that the planned increase to the state pension age to 67 could be delayed North of the border. Under UK legislation it is planned to increase from 66 to 67 between 2026 and 2028. Based on previous research from the NIESR and the PPI, we estimate that this could cost the new Scottish government £1 billion.

    Potential investment and savings arbitrage opportunities in the longer term

    Danny Cox, Head of Financial Planning ‘For now, investors should carry on making as much use of their tax exempt investment allowances as they can; it has been confirmed that existing arrangements would be honoured North of the border in the future. A change to tax rules in the future could open up the possibility for investors to capitalise on preferential investment terms in one jurisdiction compared to the other, or perhaps seeing people move to benefit from preferential inheritance tax rules.’

    A vote for separation might unsettle the markets but we don’t expect to see any significant volatility

    A fully independent Scottish government would have complete freedom to vary income, capital gains and corporation tax rates. In the longer term we could see companies relocating North or South, and people changing residence to take advantage of preferential personal taxation opportunities. Estate agents, tax advisers and lawyers should all prosper in this new regime.