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.”
Tag Archives: Money
Brits need 78 sponsored posts on Instagram to make their average annual salary
With the ability to earn millions, even as a nano influencer, it’s no wonder that many people are now turning to Instagram for a potential side hustle.
Interested in social media earnings, money.co.uk collected the average annual salary for each European country from Eurostat and used social salary calculator Lickd.co to find out how many sponsored posts* an average European worker would need a year to match their country’s average salary.
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Cutting The Cost of Your Home
Christmas is coming and that means many things but mostly it means our bank accounts are going to take a kicking. It is that expensive time of the year. What better way of ‘making’ money than saving money? A penny saved is a penny earned, as the old saying goes. Every saving helps so here are some ideas on how to save around the house.
Turn your thermostat down. Even turning the thermostat down by one notch saves you lots of money AND it is good for the environment. Win-win.
Change to LED lighting. LED lighting lasts longer than normal lighting. The bulbs last longer and it works out cheaper in the long run. We have some LED panels in our garage and I heartily recommend them. LED lighting is a greener and cheaper alternative to traditional lighting.
Get a draught excluder, or use an old towel. Draught excluders keep the heat in and stop any draughts. Well, obviously, but I always do this. I actually just use an old towel in winter.
Always make sure you are getting the best deal for your bills. There are plenty of sites that will help you switch to a cheaper deal for your bills.
Sell any old stuff you no longer use. It is just taking up space in your home and you do not need it anyway. Declutter while making money with eBay, Depop, or Facebook marketplace. Alternatively, regift items that you received but never used. Much greener and cheaper.
Lastly, remember to keep the Christmas paper and iron it out for next year.
How are you keeping costs down?
Collaborative post with our partner.
Have You Considered Downsizing As Part Of Your Retirement Planning? Here’s Why Going Small Could Benefit You
For many people planning their retirement, downsizing is becoming a popular option for amassing retirement funds. However, having lived a life where bigger is often viewed as best, the idea of downsizing can seem slightly counter-intuitive.
This article aims to alleviate any concerns you might have about downsizing and highlight its social and financial benefits.
What is Downsizing?
The enduring goal throughout your life has likely been aiming for something bigger and better. After all, it is this principle that tends to give people status in Western society.
More essential than status is practicality. As you age, you tend to need more space for children, a bigger vehicle to transport the family, and more stuff for everyone to use.
However, your family might have left home when you reach middle-age, and your interests may have changed. Perhaps you’ve had your fill of the latest gadget and sporty cars. Maybe you’re finding your large family home is a little too spacious for just the two of you. It is at this point that downsizing becomes a viable lifestyle choice.
Now is the time to consider focusing on more minor things rather than larger ones, and this is the principle behind downsizing. Downsizing offers you the opportunity to realise a lifestyle that you and your partner, reduces stress in your life, and is financially rewarding.
Therefore, downsizing is not so much about cutting costs but about adjusting your lifestyle. Re-evaluating your spending and the resources you need will allow you to match these to your streamlined lifestyle.
Benefits of Downsizing
- Assessing Your Lifestyle
The initial benefit of downsizing is that you’ll conduct an inspection of your lifestyle and assess what things are crucial. It’s too easy to drift through life, simply enjoying the same creature comforts that everyone else craves, often striving to go bigger and better. Conducting a lifestyle assessment is enlightening and is the first benefit of downsizing.
- Financial Rewards of Downsizing
If you’ve owned your home for some time, it is likely to have increased in value by a considerable amount. Therefore trading in your property for something smaller could leave you with a significant amount of cash.
This boost of money can enable you to live mortgage-free, pay off other loans, or pay for some substantial capital purchases.
The same applies to cars and other large items. Downsizing to a smaller vehicle might not only allow you to get some capital return but could also save you a considerable amount of money on running costs each month. The accumulated money you release from your downsizing will not only give you financial benefits but will enable you to enjoy a more stress-free life.
- Long-Term Benefits
Although society is enjoying modern advancements in medicine, healthcare, and lifespan, it’s still likely that you’ll suffer from an illness or restriction at some stage of your life. As you age, your health and home environment become much more of a priority.
Downsizing is a way of meeting these needs and providing you with long-term benefits. For instance, you might find downsizing from a three-story townhouse in the city centre to a bungalow in the suburbs more suitable as you get older.
Considerations When Downsizing
By now, you might think that downsizing is a good idea. However, there are several things to consider before making any hasty decision.
- Practicality. Although your downsizing venture might be to boost your finances, you should also consider the practical aspects. Moving home is stressful at the best of times, and you should ask yourself if the hassle is worth it.
- Adapting to a Smaller Space. Having lived in a large space for some time, you might find it challenging to adapt to a smaller space. You may have become too used to extra bedrooms, bathrooms, or TV rooms.
- Emotional Ties. You are bound to have plenty of memories and emotions associated with your family home. Consider how you’ll feel about severing these emotional ties with your home.
- New Area. If you are moving into a smaller home, chances are you’ll be moving to a new area. You’ll be leaving behind neighbours you may have known for many years. Will you be able to maintain these relationships?
- Shedding Possessions. Moving to a smaller home means you’ll likely have to get rid of some of your possessions. Before downsizing, consider which of your prized possessions you can shed and those you can’t live without.
- Paying a Premium. Bungalows are a popular choice for downsizing. However, these properties are rare, so you’ll likely have to pay a premium to secure a purchase.
Using Your Freed-Up Capital For Your Retirement
Downsizing is a considerable undertaking, so you should ensure you put the money from it to good use. Of course, you might have downsized as a lifestyle choice, but many people also have financial goals for the process. Therefore, you should clearly understand what you will do with the money you release from downsizing.
You’ll notice the most immediate impact of downsizing on the reduced cost of your lifestyle. You can release yourself from the burden of some debts or even clear your mortgage. Doing so will give you substantially more disposable income every month.
However, you mustn’t use all of this additional money for short-term spending. You should also consider the longer term and your retirement years. If you regularly check your pension, you’ll understand what you might need to do to improve your pension’s performance.
An excellent option for boosting your retirement savings is to make top-up payments into your pension. Also, if you have any gaps in your National Insurance contributions, you might be able to use some of your spare money to fill these.
Conclusion
Downsizing is a natural process as you age and your lifestyle priorities shift. However, it often goes against everything you may have strived for previously. Before you make the leap and start shedding a large property for a smaller one, a more modest vehicle, and fewer possessions, consider the practical aspects of giving such things up.
The financial benefits of downsizing are probably the most significant. These include the opportunity to clear your mortgage, other debts or make substantial top-up payments to your pension pot. Regardless of the amount of money you free up from downsizing, being more comfortable in your retirement should be one of your primary considerations for doing so.
If you are thinking about your pension, consider using a regulated pensions specialist such as Portafina or, view the advice at Pension Wise.
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Marriage rate at record low: 10 risks we take when we live together
- The marriage rate of opposite sex couples was the lowest on record in 2018, with 20.1 per 1,000 unmarried men and 18.6 per 1,000 unmarried women.
- In the previous 10 years, marriage rates had fallen most among those under the age of 20: down 57% for men and 63% for women.
- The average age to get married is rising – in opposite-sex couples, men married at an average age of 38.1, and women 35.8 years.
- There were 234,795 marriages in 2018 – down 3.3% from 2017.
- Since 1972, the annual number of opposite-sex marriages has fallen 46.5%.
The Office for National Statistics has published marriage statistics for 2018 today.
Sarah Coles, personal finance analyst, Hargreaves Lansdown
“Marriages hit a record low in 2018, as more people decided it was better to live with their partner first for a few years than live with a bad decision forever. But as more couples move in together for longer without tying the knot, they need to understand the ways it can make them vulnerable.
Separate ONS statistics show that among those under 30, more than two thirds of couples are living together without getting married, along with one in five couples in their 40s and one in ten people in their 60s.
There are all sorts of reasons why people choose to marry or live together, and nobody would suggest marrying for money. However, if you are living together you need to understand the financial risks you face. You could be in for a horrible surprise if you split up, or fall foul of rules you never knew existed if your partner was to die.
The good news is that you don’t have to rush into marriage to protect yourself, because there are steps you can take to cut your risks, whatever your marital status.
10 risks of living together
- If one of you dies without a will, the other could get nothing. If the home is in their name, you could lose your home too, because everything passes to your partner’s children. If they have no children, everything in their name will pass to their parents instead.
- If you have a pension which is meant to pay out to a spouse when you die, some pensions don’t allow this to be left to an unmarried partner. Some will allow you to complete a ‘nomination of beneficiaries’ form, to ask for anything to pass to your partner, but if you don’t complete the form there are no guarantees that this will happen.
- If you have children, the father isn’t on the birth certificate, and the mother dies, the father doesn’t automatically have a right to care for the child.
- If one of you dies and leaves everything to the other, in a marriage or civil partnership this would all be free of inheritance tax. If you’re not married and you breach the inheritance tax nil rate band, there could be tax to pay. In some cases, this could mean you can’t afford to stay in your home.
- There are no inheritable ISAs. If your spouse holds an ISA on death, you will get an additional ISA allowance – called an Additional Permitted Subscription, which essentially means ISA assets they leave you can all be wrapped up in an ISA again without affecting your allowances. If you’re not married, you don’t get this extra ISA allowance.
- If you split up and one of you owns the house in their name, the other may have no right to live in it or to a share of the property.
- On the flip side, if the property belongs to one of you entirely, but the other has contributed towards it in some way – including paying a share of the bills or helping with home improvements, they can claim an ‘interest’ in it, and go to a court for a share of the property. It means couples who move in together may have made a bigger commitment than they appreciate.
- If you split up, and one of you has sacrificed their career for caring responsibilities, they have no right to spousal maintenance. On average, women’s pay falls 7% for each child they have – so without maintenance to make up the difference, this could leave them thousands of pounds worse off each year.
- In the event of a split, if one of you has a sizeable pension and the other has nothing, there’s no compulsion to share.
- There are tax disadvantages. We all have a personal allowance that’s not subject to income tax, a personal savings allowance, a dividend allowance and a capital gains tax allowance. Married couples can share assets between them to take advantage of both people’s allowances, and the lower taxpayer can hold the balance. If unmarried couples try to do this, sharing the assets could trigger a tax bill.
How to protect yourself
Make a will
The only way to ensure an unmarried partner inherits is to draw up a will so that your assets are left exactly as you want them. While it’s vital that everyone makes a will, the stakes for unmarried partners are even higher.
Think carefully about how all assets are owned
If one of you moved in with the other, and the home remains in their name, have you contributed financially? Financial contributions can be reflected by switching to own the property as tenants in common. This allows the financial contribution to be reflected accurately in the proportions of ownership. Also think before taking on any debt: if the loan is for the benefit of both of you, it should be in both names. And consider your savings, if you’re saving together, it should be in both names.
Consider a co-habitation agreement
This will lay out all kinds of things, from how you manage money between you to who owns what in the relationship. It can also iron out what will happen in the event that you split up.
Ensure both parents have parental responsibility
Fathers can protect themselves by being there when the birth is registered, and being on the birth certificate. If it’s too late for that, you can agree parental responsibility between you and complete the form . If you can’t agree, you may need to go to court.
Take out life insurance
Both of you should have enough insurance to ensure the children are provided for in the event you die. After a split, the resident parent should have cover and if one of you is paying child support, they should have cover that will replace it in the event of their death.
Build a nest egg for your child
One of the best ways to protect your child against whatever the future holds is for them to have savings and investments in their own name. The Junior ISA can be a really sensible option. Nobody can access the money until they are 18, and at that point it belongs entirely to the child. While the money is saved or invested it grows free of tax, and there’s no tax to pay when it’s withdrawn either.”
- There were 6,925 marriages between same-sex couples, of which 57.2% were between female couples.
- 803 same-sex couples converted their civil partnership into a marriage.
- 21.1% of opposite-sex marriages in 2018 were religious ceremonies, the lowest on record.
The Importance of a Good Pension
Whether you are just starting out in your working life, or just about to stop working permanently, you should still be thinking about your pension.
A pension doesn’t simply sit there until you are ready to use it. Depending on the part of the world you live in, and your job role, you may be entitled to a state pension, company pension, or both.
Many people have an array of questions about their pension and how versatile the system is.
Can I transfer my pension? The answer is simple: yes, you can. Transferring pensions can be a great idea if the provider you are currently with does not offer a pension plan that suits you. You may also have more than one pension plan in place, from multiple or previous jobs, that you wish to bring together into one lump sum. This can be done by instructing the current providers of your change – you click the above link for more info.
There are a wide variety of pension plans available in the United States that give you a wide range of choice dependent on your current and future situations, as well as familial responsibilities.
Can I pay more if I have the spare money? Again, the answer is yes. You can pay in more than the minimum amount if you so choose, to increase the payments you will receive later in life. You may find it beneficial to use some form of pension calculator to figure out just how much you should be putting in now so that you can afford the lifestyle you want in the future or essentials at the very minimum.
A good pension plan is vital to your later life. When you no longer have a stable, monthly income from your current place of employment, it is the pension that will make sure you can pay your bills and buy food.
Some pensions can also be used by your spouse. This means that, if you die, your money won’t entirely be wasted. Your spouse can then receive some of this money up until their own death.
Once you reach the age of entitlement, your pension is yours to do with as you see fit. Unlike food stamps or other government-provided means of assistance, the pension comes from years of input from either yourself or your employer, meaning that it is actually, in part, your money trickling back to you. There are no limitations on what this money is used for, but once you have used that payment, you would not receive another until your next scheduled date. Due to this, it is increasingly important that your pension does what you want, and that you spend wisely.
Having a good pension plan in place now can make life that bit easier for you when you retire. Enjoying your golden years can be a very real possibility when you have put the work into place in your youth.
Brand collaboration with Wealthify.
Working adults in their thirties are on track to be the wealthiest generation
Working adults in their thirties are on track to be the wealthiest generation – after research found they earn the highest salary, save more and have the most disposable income.
A study into how much money the average person ‘has’ in each decade of their life revealed those aged 30 to 39 earn an average of £32,561 a year, and typically save £309 a month.
They also have the most disposable income – an average of £382 a month – and have less debt than 50-somethings – £7,196 compared to £8,315.
The study of 2,000 adults, commissioned by Equity Release Supermarket, also found that those in their thirties have an average of £10,326 stored away in savings.
Mark Gregory, founder and CEO of Equity Release Supermarket, said: “Our study revealed that while those in their thirties are impressively thrifty in their approach to money and savings, adults aged 40-49 who have had more time to save are slogging along with just £11,039.
“We know first-hand that many parents and grandparents would like to support their younger family members in their later life, whether that be with university fees, property, or other financial support.
“However, the research highlights that this may not be possible for several people in their 40s, 50s and 60s, which is where equity release could come into play as one potential solution.”
The study also found that regardless of how much is in the bank, the ability to be ‘good’ with money seems to improve with age.
Of those aged 60 and over, eight in 10 believe they are good at handling their money compared to 69 per cent of those in their twenties and 73 per cent of people in their thirties.
But 59 per cent of 20-somethings reckon they are good at saving, compared to 61 per cent of adults aged 60+.
The most common reasons people aged 60 and over believe they have good money habits simply comes from knowing how much is in their account (68 per cent) and knowing exactly where they spend their money (72 per cent).
It also emerged that when it comes to breaking down exactly what each age group splashes their cash on, those in their twenties are most likely to spend their money on clothes, streaming services, takeaways and going out for dinner or drinks.
But adults aged 50 and over are more likely to be forking out for their energy bills, paying for petrol, the weekly food shop and insurance.
Despite having a healthy attitude towards finances, 53 per cent of those aged 60 and over still worry about money.
More than four in 10 put it down to the fact that they don’t want to get into debt, and a fifth agreed it’s because it’s one of the most stressful things in life.
Although a quarter worry about their income and outgoings because they enjoy living a comfortable lifestyle, and don’t want that to change.
But three in four adults aged 60+ believe they will always have some worries about money, no matter how much or little they actually have.
And 77 per cent admitted they find themselves fretting over how much they have pocketed for their retirement, according to the OnePoll findings.
Half of people aged 60 and above have money for the future put away in their pension and cash savings, while a fifth are relying on investments to keep them going in later life, and 14 per cent are considering downsizing.
Mark Gregory, from Equity Release Supermarket, added: “You spend your entire life building up savings – whether that’s in your pension, cash savings or investments like property – just so you can relax and enjoy your later life retirement years.
“But that doesn’t stop people worrying about money throughout this entire cycle.
“There are plenty of ways to give yourself that added bit of reassurance and equity release is just one option.
“Many people don’t understand the features and benefits of equity release as a possible solution to support retirement, enabling them to subsequently fulfil their financial wishes.
“When we’ve worked so hard to put money away, it’s always good to know there are other options available.
“While it’s not the only option to raise capital for an enhanced retirement, equity release could be beneficial and should always be considered with the right financial advice.”
Breakdown of ‘wealth’ by decade:
Current cash savings
20s – £7,232.11
30s – £10,326.33
40s – £11,039.59
50s – £16,704.68
60+ – £20,588.30
Salary
20s – £23,920.13
30s – £32,561.51
40s – £32,175.52
50s – £28,771.27
60+ – £25,771.91
Debt
20s – £15,950.99
30s – £7,196.98
40s – £7,017.62
50s – £8,315.31
60+ – £4,654.33
Disposable income per month
20s – £269.49
30s – £382.85
40s – £364.25
50s – £362.64
60+ – £382.58
Money put away in savings each month
20s – £243.73
30s – £309.36
40s – £282.28
50s – £259.60
60+ – £264.17
5 Collectibles That Become More Valuable
People who don’t collect items may believe that the primary reason for doing so is to make some money. Collectors would get their hands on rare items and over time, they would increase in scarcity even more and go up in value before being sold to the highest bidder for a tidy profit.
This is most likely quite far from the truth, as most collectors do so for the sheer passion they have for the item in question. Their pleasure comes from curating a vast stock of treasured pieces that other collectors in the same field might be envious of. It’s having the ability to talk to others in the community about where your collection is up to, what you want to get your hands on, and what is surplus to your requirements. It’s taking the time to scour your favourite sources for new finds and treating them with the respect they deserve.
It would, however, be remiss not to mention the fact that certain collectibles do indeed become more valuable over time. Let’s take a look at the 5 key categories that do so…
- Stamps – these remain one of the most popular items to collect thanks to their long history and huge variety. Over time, certain materials degrade (which would certainly be the case for stamps), items get lost, etc, so having a particularly old one and maintaining its quality would see its value increase over a long period of time.
- Coins – again, another popular collector’s item can feature coins from hundreds of years ago and also from all over the world. Carelessness and extended periods of time always increase the rarity of items which subsequently increases their value.
- Anime merchandise – items such as anime figures or comics are highly desirable to collectors because they are so striking. Original figures are made in limited quantities too, so they are exclusive from the outset. When characters die off or change the design, it immediately makes pervious merchandise more valuable as no more of it will be created. As anime collections grow in popularity too, more people than ever before are trying to source the same items which can create a bidding war.
- Trainers – fashions come and go but when it comes to trainers, some will never go out of style. Manufacturing and design techniques can require a lot of effort and when only a limited number is available, it makes them more desirable. All you need is something to become ultra-cool again or for an influential person to wear them and you’ll find they become even more expensive!
- Fine wines – the reason a wine would be deemed fine is not only thanks to the vineyard it comes from, the grape used and the manufacturing process but is also down to the weather too. That’s right – each season has a different yield of grape even when the owners do the same thing. Sometimes the planets align and the weather helps to create a wine so delicious it is talked about in sommelier circles. But of course, once all those grapes have been used, no more can be produced. And as a consumable item, it will eventually be gone. As the glasses go down on one bottle, the value goes up on another.
Collections should come from a place of passion and enjoyment but there is certainly no harm in the fact you could make some money if you wished to sell some of your collectibles in time!
This is a brand collaboration post.