IFA’s often have years of experience in dealing with financial products and can offer unbiased advice on a wide range of options tailored to your personal circumstances. In most cases, they can give you better advice than most high street lenders who tend to just plug their range of products, reducing your choice and thus reducing your chance of making the most of your financial situation.

What’s an IFA?
The term Financial Advisor includes three categories of people. There are ‘tied’ advisors, who work for a particular institution such as a bank or insurer, and offer only financial products provided by that company. There are ‘multi-tied’ advisors, who offer a broader range of products, but are still limited to certain companies. Then there are independent financial advisors (IFAs) who are not tied to anyone and can therefore offer whole-of-market advice.

The advantages of this are obvious: with more products on offer, an IFA is better placed to find the one that will best suit you. But crucially, this independence also removes an element of self-interest, because the financial advisor is not necessarily paid by the owner of the financial product he or she recommends. The option to charge by fee rather than commission is one of the defining characteristics of an IFA, and the reason they can be considered properly independent.

Getting Genuine Financial Advice
If you are about to spend money on getting the right financial advice, you will want to make sure the advice they give is genuinely independent, rather potential influenced by the IFA’s own degree of self-interest. Buy selling you products that could earn him commission and tied benefits. Before you exchange any money for the services of a IFA – they should initial offer you a free consultation to discuss your financial circumstances and their fees. If you subsequently decide to take the advice offered, you will need to pay the quoted fee, or opt to pay by commission (which may affect the value of any investments over time, since it can come out of your regular payments). Many financial products can only be organised through the services of an IFA, which means you cannot simply take the free advice and arrange them directly yourself.

Above all, you should expect transparency from your financial advisor. Their job is to give you the best possible advice on matters of investments, pensions, insurance, tax, inheritance planning, and so on. You should receive illustrations and projections of your chosen financial products, as well as clear explanations for why these products have been chosen. There should be no reason to doubt their impartiality, which is why the elimination of potential self-interest by charging a fee rather than commission can bring peace of mind. In other words, an independent financial advisor works for you – not for a big financial institution.

This article was supplied by impartial, trusted financial advisors in Norwich, Norfolk, SGWealthManagement.co.uk who serve individuals and organisations throughout Norfolk, East Anglia and the south-east.

This article was supplied by FSA regulated financial advice Norwich specialists SG Wealth Management who serve individuals and organisations throughout Norfolk, East Anglia and the south-east.

Considering cashback with every purchase could earn your family £1,155 cashback per year on utilities, phones and insurance

It’s common knowledge that savings can be made on food and clothing by using vouchers and cashback sites.  However, less well known is the fact that the mediocre things such as renewing insurance, sorting a phone contract and getting the cheapest utilities provider on board can also earn you a bundle.  A couple with two children should earn over £1,100 a year in fact.

Assuming the average family has four mobile phones, owns two cars, and requires home insurance, life insurance, pet insurance, utilities, broadband and tv, they should earn £1,155 in a year if all is purchased via cashback site Quidco.

• Mobile phone: 4x £130 with Vodafone = £520
• Car insurance: 2x £75 RAC = £150
• Home insurance: £75 RAC
• Life insurance: 2x £75 Adviser Financial = £150
• Pet insurance: £50 Sainsbury’s
• Utilities: £80 npower
• Broadband, phone and tv: £130 O2

Total = £1,155.

You don’t have to go shopping and spend money to take advantage of a discount or cashback offer.  Every household needs insurance, utilities, phone and TV and by reviewing your providers each year on Quidco.com, you could end up with an extra £1,100 in your bank account.

Instead of going directly to a retailer’s website, visit http://www.quidco.comand look for the retailer there.  For each merchant, all of the cashback offers and voucher codes available are displayed and by selecting one, you are then taken to the retailer’s website to shop as normal.

Because the merchant sees that you have bought something after clicking through from a cashback site, it pays them a commission which they pass on to you as cashback.  Users can also benefit from instant discounts using voucher codes and printable vouchers for use in stores.

Are you a money-savvy family?

I was sent an e-mail this week from Nectar – the UK’s most popular loyalty programme, telling me about a competition they have just launched to find the UK’s Savviest Family.

Over a period of two months, up to eight families will go head-to-head in a competition to see which family can be the savviest with their saving and spending. If you and your brood are always on the lookout for ways to save money, this could be a great competition for you to enter. There’s a fabulous prize on offer….

All the selected families have to do is chronicle their savvy experiences and money-saving tips on a short blog, that will be viewable on nectar.com (first-time bloggers need not worry as Nectar will provide every selected family with a Savvy Pack, including a digital camera, piggy bank and a simple guide on how to blog as well as a boost to their Nectar point balance).

There’s a fabulous prize for the family who wins the blogging contest (judged by a panel of money experts, including Jasmine Birtles): £1000 cash, four easyJet return flights to any destination (including taxes), a Sainsbury’s gift card worth £600, up to £500 worth of free petrol from BP to be used within three months and 50,000 Nectar points.

To enter, families just need to click onto nectar.com/savvy2011 and answer the questions provided by 30^th May 2011.

But some costs are inevitable and, once you’ve parted with your cash, losing money by not getting what you’ve paid for can be incredibly frustrating.

That’s why it’s worthwhile knowing about the basic protection available to credit cardholders under law. It could just help you get what you paid for.

How did you pay?

The Consumer Credit Act protects any form of borrowing relationship so that includes credit cards and store cards even when you paid off the whole balance in full (i.e. didn’t actually pay for the borrowing at all).

How much did you pay?

The act only applies to purchases over £100 and under £30,000 (although the Consumer Credit Directive should protect up to £60,260).

A ‘purchase’ is defined as one item or a group of linked items. A shopping basket of different goods that comes to £100 altogether won’t cut it but if you buy, say, a pack of ten tickets at £10 each you could claim the whole amount back.

What happened?

Section 75 is designed to protect consumers when goods or services are not delivered or are sold with a pre-existing fault.

In theory, Section 75 means that the credit card provider and the retailer have equal liability when a problem arises. However, there’s a good reason that the archetypal Section 75 claim is made when a company goes bust.

Having a claim accepted is a long process, often made longer by uncooperative or poorly trained bank staff. Attempting to sort the problem out with the retailer or service provider first is much more pragmatic.

Were there any other costs?

Be aware that section 75 allows you to claim for extra costs you had to incur as a result of the faults.

Recently, for example, the Financial Ombudsman Service revealed that it had ordered a credit card provider to pay for a whole new laptop after a consumer found that the one they had recently bought was faulty.

The classic example is that when an airline goes bust while you’re on holiday and you need to buy an extra flight to get home, the credit card provider should cover that flight.

This post was bought to you by Choose.net, a news, reviews and credit card comparison site. Choose.net has a full guide to section 75.

Car Share Schemes

A car share scheme is one of the easiest ways businesses and employees can save on the daily cost of running a vehicle. This is a great way to reduce your carbon footprint, encourage working relationships and save money. The principle is one company car is available to use by a number of employees for company use when needed. If you have a number of employees that only occassionally use their vehicle for company trips then this could be the ideal situation. Businesses must ensure that they have the right insurance to cover employees and the car schedule is monitored closely to make sure that it does’t get double booked.

Another side to Car Sharing is where employees that live close to one another all use the same vehicle to get to and from work. Businesses usually offer salary incentives and flexible working hours to employees utilising this opton.

Salary Sacrificing

This can work out as a great benefit to both the business and the employee. The plus for businesses: There has recently been a reduction in the tax charged to businesses on company vehciles with low emissions (below 120g/km). The plus for employees: When an employee takes a salary reduction because of a car allowance the deduction is taken from their gross earnings. This means the total salary is taken minus the car allowance and the balance is then what PAYE and NI tax is deducted on, ultimately meaning less tax is paid.

The Leasing Option

If your company provides a number of employees with company vehicles then utilising a car leasing option could save you a significant amount of money. When compared to the cost of buying and hire purchase savings can be as high as 50% as well as the added benefit of trading in for a new car every few years meaning you always have cars in great condition. There is also a fantastic VAT tax saving on leasing.

Interest rates on payday loans are significantly high and if you already have access to an overdraft facility with your bank that would be a much cheaper option. Payday loans can come with an interest rate of up to 2100% meaning they should only ever be considered as a short-term solution.

Payday loans have a couple of distinct advantages to counteract their high interest rates:

• Eligibility is straightforward: All you need is an open UK bank account with a debit card / cheque facility and a steady provable income.
• There are no credit checks: If you have a poor credit score or CCJs then you will still be eligible for a payday loan as there are absolutely no credit checks.
• Fast way to access some cash: Most providers bacs the cash directly into your account the same working day. The amount you can borrow will depend upon what loan provider you choose but you should expect to be able to borrow between £80 to £1800 depending on your income each month. If you are paid weekly you are still eligible – Most providers make the cash advance payable after the fourth payday.
• There are no awkward questions: Most providers will not ask you what you want the loan for, they are only concerned with whether you are able to pay back the loan when agreed.
• Self employed? – There will be more checks to confirm you do earn a regular income but this should not affect your eligibility.
• Loans are confidential: Your employer should not be contacted and nobody will know that you have taken a payday loan unless you specifically agree to your personal data being shared.

Providers will detail what documentation you need to show to be entitled for a payday loan but generally they will ask for: your latest 3 month’s bank statements, wage slips, proof of address and your debit card.

Payday loans should be repaid when you get your next wage but if something unexpected happens your loan provider may let you just pay your first month’s interest, charge a small additional fee and let the loan roll over to the following month. You can only take out one payday loan at a time.

So if you’re a keen tourist, how can you holiday for less this year? Here are a few tips:

Book early
If you have the ability to plan ahead by a few months you can grab some good deals. Demand is lower a long way in advance, so the organised among us can save some cash.

Book late
If you don’t have the organisational skills to book ahead, but you do have the flexibility not to, you can often get really good deals at the last second.

Use a currency converter
Spending money is a big part of the expense of a holiday, so getting the best exchange rate possible will help to save you money. Check out a good currency conversion rate site and find out what rates to expect.

Online packages
Don’t rule out package holidays if you want a simple beach holiday. Package holiday companies have to add on their own margin, but they also have big buying power, so their costs will be cheaper too.

DIY
If you want to go somewhere a little more exotic then package deals might not be as good an option, so look at doing it yourself. It can be very exciting, if a little nerve wracking, to plan the flights, transfers and any hotels all by yourself.

Stay in your own country
Some of the best holiday parks here in the UK can make wonderful settings for an exciting holiday. Whatever country you live in, don’t forget about the natural beauty there is to be found right on your doorstep.

Homestays
There are opportunities all over the world to stay in other peoples homes for very cheap or even for free. This can be a big money saver and a wonderful opportunity to expose yourself to the local culture.

Haggle by email
If you are booking hotels yourself, it is entirely possible to get a better price with a little haggling, especially if it’s at the last minute. Email your potential hosts and see what you can agree to.

Go somewhere cheap
This is a no-brainer; there are certain countries where your money will go multiple times further. The cost of getting there might be higher depending on where you live, but that’s just a good reason to spend longer out there!

Overland travel
Travelling over land is almost always cheaper and more enviromentally friendly and is a great way to see more of the country you are visiting. Plus a night on the coach is a night less spent in a hotel.

About the author

This post was brought to you by Alex from best holiday parks, check out my site for some great deals for holiday planning in the UK.

Debt consolidation is a loan that pays off all your current debt, leaving you with one lump sum owed to one credit provider. Many people use this process because it makes it easier to understand what debt they have, there are not numerous payments to different creditors to remember each month and it can provide one low monthly repayment at a lower interest rate than store or credit cards.

A debt consolidation company will contact your creditors and negotiate settlement terms. This will often reduce your interest rate making your monthly payments significantly more manageable.

The debt consolidation company calculates the required sum to repay your debt over an agreed period of time. Each month only one payment needs to be made to the consolidation company and they distribute the pre-agreed payments to each of your creditors. Providing your one monthly payment is met this eliminates the risk of late/missed payment charges creditors would normally impose and consistent repayments will improve your credit score over time.

What to bear in mind when thinking about a debt consolidation loan:

1. What interest rates you will be charged
2. How long it will take you to clear the loan
3. What fees are involved if you accidently miss a payment
4. What other penalties or tie in’s are involved

Alway make sure you Know all the facts about debt consolidation & have spoken to a qualified advisor before taking any action. As With any any loan it is important that you ensure you can afford your repayments. When applying for a debt consolidation loan it is likely that the provider will require the loan to be secure against an asset such as a house or car. If you fail to meet your repayments your asset may be repossessed. Always way up your situation and think carefully before moving unsecured loans to a consolidated loan secured against your home or car.

It is also vital to remember that although debt consolidation can ease debt pressure, the debt has not disappeared and it is essential you review your spending habits to ensure you do not simply get further into debt.

If you are tired of having no money, even just after you have just been paid, then it might be time for you to introduce a budget into your lifestyle. There is software that you can make use of to help you implicate this, but you will have to do some research and decide what the best personal finance software is for you to use for your situation. So what is the definition of personal finance you ask? Financial decisions as well as activities you make, including things like savings, insurance, budgeting, mortgages and just analyzing your financial situation and what you can do about it. This is where personal finance and budgeting comes to your rescue.

There are a few budget systems that you should look into, some of which include a credit card budget, shopping budget, household budget and vehicle insurance budget. Also, you have to look into making important lifestyle changes and getting your mortgage payment down. Once you have sorted out budgets for all of the above mentioned items, you need to take a close look at your lifestyle. First of all, do you have a gym membership that you pay monthly? If so, how often do you use it? If it’s less than twice a week, cancel your member and do some exercise at home if you must.

Planning for your near future can start any time, so if you want to start saving now, it is not too late. There are programs online that offer worksheets for you to make use of when you are busy with your personal finance budgeting. These worksheets really help the situation and make the task easier, making it more enjoyable to do what you keep putting off. Even if it is a time consuming task, it is something that has to be done so whether you do it now or in a month’s time, rather get it over and done with so you can save money, live better and begin your new budgeted life.

The next thing you have to tackle would be your credit card. If you have one, which you probably do, you need to get rid of the debt on it. For the next few months, pay double your installment if possible, just to get it out the way. Once you have fully paid off the card, cut it up into small pieces and toss it, you do not need a credit card! Credit card debt is depressing, and the worst thing about it is that you are always tempted to use it because whatever you are buying you don’t have to pay for now and this is what makes a credit card so dangerous and unnecessary.

Personal finance and budgeting isn’t that difficult to get your head around, especially if you have some help from one of the many programs available online. You will have it cracked in no time and once it is properly in place you will love the idea.

Original

Especially in the times like this, many of us find ourselves in a situation when saving money becomes an imperative. Perhaps our job got downgraded. Perhaps we decided to get out of the debt burden. Whatever the reason, here are the three very simple tips on how to save money each month. At the same time, we’ll find how not to become a miser in the process but instead enjoy every minute of it.

There are just three simple steps, Establishing the current financial situation, Reducing the recurring payments, and Routing the remaining payments through a cash back credit card. Let’s put these easy ways to save money in action.

First, establish a complete picture of where the money is going

There are only three ways you can spend money. These are:

• credit cards
• online payments, checks written and debit card money spent from your bank account. Disregard online payments to credit cards here
• cash

Inspect your credit card statements from the past month, your bank account statement, paying a particular attention to cash withdrawals. Categorise all spending into categories such as rent, food, entertainment, transportation, and attack the largest money sinks first.

Second, reduce or remove recurring payments

In the previous step you will find that the recurring monthly payments are the ones most easily trimmed:

• Mobile Phone: If you are paying more than £15/month, switch to a pre paid mobile phone plan. You will save as much as £50/month or £600/year and hardly lose any of the functionality.
• Still using a home phone? Replace it with Skype, the internet phone service, and save as much as £30-£60/month.
• Insurance: Do you feel you must pay so much for your car and health insurance? Think again. I suggest you raise the deductibles on your insurance policies. With the monthly savings start establishing a health savings account that will cover the deductible, and a car savings account that will cover the deductible and contribute toward the next car purchase

Third, reward yourself

Spend some of the money saved and reward yourself with an occasional trip. Or do something you really like with the saved money, like going to the movies or going to a nice restaurant. That way you will really enjoy the fact that you are learning how to save money each month.

You do not have to immediately spend all the money you save each month. But be sure to think about the rewards as you are trimming down your spending.

Last but not least, make sure that you make all the payments through a cash back credit card.

Once you have trimmed down your monthly expenses, make sure that you get maximum cash back on paying for the remaining expenses. By paying your monthly bills through one of the best cash back cards, you will get as much as 1%-2% cash back on all the bills, and as much as 5% off on groceries and petrol.

Original Article