Archives for November 2017

Is your current Christmas plan going to leave you worse off in 2018?

Do you even have a Christmas plan? If you don’t, no need to panic, but with Christmas just a few weeks away, it is time to do so! I find that if I don’t budget for things, it is really easy to go overboard, and while £5 here and £5 there is not really a big deal, small sums add up to the point where you receive your credit card statement and are shocked at all you’ve spent over the holidays.

One thing that is really hard to do is to keep paying for something after the event has passed, like paying interest on your credit card way into the spring because you couldn’t afford Christmas. So first, let’s make a plan. How much can you realistically afford to spend on Christmas? Will you get a Christmas bonus at work? Will you start budgeting now so you don’t have to charge your card?

Christmas is not just about gifts. There is the tree, the decorations, the food, the car costs to go around and see your family… let’s make sure all that fits in your budget. Don’t be afraid to talk to your family about having a low key Christmas. It’s just one day of the year and it’s not worth getting into debt to make it amazing. As a matter of fact, small things like sitting together by the fire telling stories, or playing a game outside are often what you remember from Christmas, not what you ate or the gifts you received.

You can always have your big Christmas next year. If you start planning for that at the beginning of the year, it will be amazing. Save just £25 a week for 48 weeks and you’ll have £1,200 four weeks before Christmas! You can also shop in January for Christmas decorations, wrapping paper and other Christmas themed things like paper towels or gold sprays for a fraction of the cost.

As far as this Christmas is concerned, one good way to keep your budget in check is to go all cash. Withdraw whatever sum you want to spend on Christmas, put it in a special envelope, and once it is empty, that’s it! No more Christmas spending. Start with the essentials, like food and gifts for the kids, then work your way down your list of priorities. Parting with cash is psychologically much harder than swiping your card.

You can also agree with your spouse to gift each other things that will be useful in the new year, such as items of clothing or appliances. I didn’t really like that time I got a backpack from my boyfriend, as I was expecting some jewellery or something romantic, but I ended up using it most days for years, thinking about him when I did.

It all boils down to making Christmas a nice family event. Remember, it’s just one day, so make sure you’re not worse off in 2018 because of it…

Check out this infographic from Choose Wisely for more Christmas tips!

How to save money on contact lenses

By Frugaling Leave a Comment

Sometimes it is tricky to determine how much you should spend on health care and on yourself in general. On one hand, you are your most valuable asset, and you deserve the best! On the other hand, we are all on a budget, and if money is tight, you don’t really want to be spending any more than you really have to. Yet, you also want to avoid subpar products when it comes to health! Well good news, you can for example buy contact lenses online, that will be the exact same model as the ones your optician is selling, except that they won’t wear the same brand on the box. Like generic medicine. Your optician purchases them too, then puts their logo on it. When you find out the type and model of contact lenses you are using, you can use a simple online chart and find the equivalent online. That alone should save you quite a bit of money. Furthermore, if you buy a few months worth, you will get a bulk price and save even more.

You can ask your optician to give you a copy of your prescription when you come in for an eye test, and then you are free to shop around for a better deal. And what better place than online, to compare offers and save yourself some time? Be careful, that doesn’t mean that you have to stop going in for check ups. On the contrary, you want to keep doing them as often as your optician recommends, to make sure you keep buying the best type of contact lenses for your vision. You can find stores that do free eye tests, or reach out to the NHS that will provide them for free under certain conditions.

Some opticians will tell you that you can join their scheme and get all your lenses, solutions and check up included for a set monthly fee. While there is a degree of saving with that offer, you are generally going to save even more if you buy your products online, and then attend your check ups on the side. This is not something you want to skimp on, because wearing the wrong contact lenses can really affect your eyes. Just make a note in your phone to remind yourself to make the next appointment and be religious about not missing one. For everything else, find the best rates online and save money.

For more information, visit the website of Vision Direct and check out their selection of eye products. Save 10% off your first order by using the discount code SURPRISE. And, enjoy free delivery on your order over £49.

Are You Doing These 5 Simple Things to Save For Retirement?

By Clarisse Leave a Comment

While practically everyone knows that they need to save for retirement, actually reaching the goal of having enough money to last your through your golden years can be difficult to achieve. Each generation faces a unique set of challenges and advantages when it comes to saving for this important life event, but there is some advice from Credit Logon that can apply to just about anyone.

Start small and your savings will grow

If you’re a Millennial, then you have the advantage of a long retirement window. Over the next several decades, compounding interest will make it possible to see even the small amounts of money that you can put aside now quadruple by the time you’re ready to retire. While older generations don’t have as much of an advantage, it is important to remember that your savings will continue to accumulate interest while you’re retired. With careful investing, it’s possible to make a retirement nest egg that seems too small into enough money to live comfortably.

Know your financial needs

Forty percent of Americans estimate that they will need $500k to retire, while the average retirement cost is nearly $750,000. While it is easy to assume that most people are underestimating how much they need, it’s also important to realize that many retirees are probably taking into account the possibility of downsizing a home or cutting back on their lifestyle. Baby Boomers are certainly better able to predict how much money they will need for upcoming life events than Gen Xers or Millennials, giving them a distinct advantage here.

Despite what plenty of experts may tell you, there is no “right” amount of money that everyone needs to retire. How much you need to save will depend on a range of factors including the way you invest, where you live, your lifestyle, and the age at which you retire. When these factors are combined with factors you can’t control, such as your health and inflation, it isn’t surprising that CNBC reports that 81 percent of Americans don’t know how much they need to retire.

Enroll in Employer-Based Plans

One of the easiest and most effective ways for anyone to save for retirement is to take advantage of their company-sponsored retirement plan. These plans offer distinct tax advantages and make saving for retirement relatively simple. Unfortunately, it’s all too common for Millennials to not see the advantages to saving in one of these plans early on.

Look for help

Nearly 72% of Millennials admit they do not know as much as they should about retirement savings. While fewer members of older generations will say that they don’t know enough about investing, there’s still a big gap between what the average person should know and how much they really know. Unfortunately, only 36% of Millennials actually get help from a professional financial advisor. No matter what your age is, don’t be afraid to ask a professional to review your financial plan.

Plan, prioritize, and protect

No matter how old you are, having a retirement plan is crucial to reach your savings goals. Developing that plan, though, can be a real challenge. While older generations may have a clearer picture of what they want their retirement to look like, there is a shorter window to meet their goals. Younger generations have plenty of time to save, but must contend with an unknown future.

Fortunately, a skilled financial advisor has experience in dealing with all of these situations. Whether you just need someone to review the plan you already have, or if you need help getting started, look to a professional for guidance.

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