Protecting Your Family's Finances

After spending years working hard to earn a living, getting married, starting a family, and providing for your children, it would be fair to say that you’ve invested a fair amount of time in protecting your family and making sure they have a good standard of living. However, in the precarious economy in which we find ourselves, it’s in our best interests to ensure that future is protected, especially if something were to happen to you. There are a number of ‘tried and tested’ methods e.g. stuffing cash under the mattress or burying a jar of money in the back garden, but there are also more secure ways we can provide a future for our families...

Read more about Protecting Your Family.

One in Ten Campaign to Reduce Diabetes and Stroke Risk

During a two week campaign Wales is offering free walk-in assessments in pharmacies across the country to predict those who may be most at risk of diabetes or stroke.

It is thought that as much as 10% of the people in Wales could have increased risk or either of these two debilitating conditions and hopes to find them in their One in Ten Project.

An estimated 350,000 people in the country could have an elevated risk of developing type two diabetes and every year 11,000 people suffer strokes. Diabetes is a chronic illness that takes continuous monitoring and treatment and could lead to further complications. Stroke, depending on its severity, can lead to paralysis or even death.

As pharmacies can be found in most cities, towns and even villages they are an ample place to carry out such assessments. During June 2011 a similar campaign was carried out that checked people for risk of diabetes and of the 17,500 people assessed, 8.4% had a high risk and 24% had an increased risk of developing the disease.

The assessment is designed to spot factors that put people at greater risk of the two diseases, including diet, being overweight and being a smoker. If the person is considered to be at risk, a referral will be passed on to their GP for further treatment or advice.

By spotting those who may be risk, it means that for most all that is needed is lifestyle changes, which will in turn decrease their chances. As well as tackling this, it can spur people to improve their general health and fitness, something that is important for things such as having the stamina for hobbies and sports, day-to-day activities and also your mental wellbeing. It can also influence things you may not have considered, such as your ability to take out health or travel insurance policies – companies are likely to increase premiums for those with bad health.

With hundreds of thousands of people potentially being at risk from these two major illnesses, rolling out such a widespread campaign will hopefully bring awareness to as many of them as possible. As with many illnesses, being able to detect them early and start taken the right steps as soon as possible will bring better results and hopefully even save lives.

What Every First Time Home Buyer Should Know About Mortgages

Buying a house for the first time can be a very confusing and daunting process. Not only do you have to take the time to hunt around for a home that meets your needs, but you will also need to understand the complexities of choosing and applying for the right mortgage.

Your mortgage is likely to be the biggest purchase that you will make in your lifetime and will affect you for the next five to thirty years. It worth doing a bit of research now to make sure that you are set up with a great mortgage rate that will save yourself money in interest over the lifetime of the loan.

Here are some important things that you should think about before taking out your first mortgage:

What Do You Qualify For?

The first thing to know is what sort of mortgage you actually qualify for, that is how much will a lender be willing to give you to purchase your home? The lender will use many factors including your other debt, your monthly income, how long you have been at your job and more to determine what they think you can afford.

However, keep in mind that just because the bank has said that you can afford a certain amount doesn’t mean that you have to pay that full amount. Sometimes the bank will give you a loan for much more than you really should be spending, because when you add in the other expenses of owning the house such as renovations, closing costs, property taxes and insurance, you will be over your budget.

Be realistic and don’t try to borrow more than you can afford to pay back.

How Much Down Payment Can You Afford?

If you are planning to buy a home, it’s time to start saving like crazy to cover the down payment. Most financial experts recommend that you should pay a down payment of at least 20% of the cost of the home. The bigger your down payment can be the better because it will reduce the principle of the loan and result in you paying a lot less interest over time.

That said; if you are currently in credit card debt your focus needs to be on paying off your debt before saving up a down payment. This is because the interest on credit card debt is so expensive and it limits your ability to save. Your credit card debt will also limit how much mortgage you can take out because lenders take it into consideration when determining how much they will lend.

What Type of Loan is Best for You?

There are so many different types of mortgages out there, so take the time to find the one that works best for your situation.

Compare all of the different options that are available to you on the market and factor in their interest rates, minimum down payments and the length of the loan. One type of mortgage will eventually jump out as the best option for your particular financial needs.

 
Getting a mortgage can be confusing for the first time home buyer, but with a little bit of research you will find the option which works best for you.

Is the Recession Hurting Your Health?

The recession could be having damaging effects on yourhealth.

When gloom hits the economic climate, the only thing we can think of is getting through, keeping our heads above the financial waterline. We struggle to pay our bills and keep a roof over our heads and everything else has to fall behind. When we hear news of the poor employment market and that companies aren’t hiring – that they’re shrinking, even – losing our job is the worst thing that could happen.

But even within our jobs, the recession can still have its insidious effect. As people are so desperate to keep their positions, they can feel more pressured and stressed to hold on. They may feel like they have to take on extra workloads to prove themselves, or have more work given to them because of others that have had to leave. This is especially affecting management and there has been a rise in depression and anxiety in those in mid-tier leading positions, including an increase in panic attacks.

This does not stop at this level, however. The stress and anxiety that these managers experience inevitably has a trickle-down effect onto the employees under them. There have been increased reports of authoritative and reactive styles of management which has affected how the staff feel about their own jobs and positions. The pressure from above only adds to their own worries, fears and struggles.

And yet even when ill, workers feel like they cannot take the time off. Either they do not want to seem weak or incapable of filling their role, or feel like they cannot miss time because they need the money. But jeopardising your health in such a way could lead to more health problems further along the line. This is especially true to those with chronic illnesses who may be waving aside regular appointments in order to keep up with work.

For people living in countries such as Ireland, where fees are incurred for medical care, people are having to compromise on what gets paid. For many, the mortgage and buying food is taking precedent over their health. But without health insurance or a medical care card they may be unable to afford the treatment. It can lead to a catch-22 situation where they need a job to pay medical bills but they may become too sick to work if they do not seek treatment.

Being financially stable in the current economic climate is something that everyone is worrying about but it should never compromise your health; it is the most important thing a person has.       

How to Make Filing a Compensation Claim Easier

If you have lost property or suffered injuries as a result of someone else’s actions, you might be eligible to claim compensation. If you can provide evidence of your losses you can be compensated for medical expenses, time taken off from work, damaged property and more.

Claimingfor compensation can be a long and complicated process, but there are a few ways that you can make it easier:

Keep Good Records

When you are filing your compensation claim you will need to provide as much evidence as possible to back up your claim. You need to bring evidence of all of the expenses that you incurred as a result of your accident, as well as medical statements and reports which outline your injuries or illness. 

Other records that you need to keep are receipts from any other expenses incurred as well as repair bills. When the accident occurs, you should take photos at the scene and ask for witness statements from anyone who was there to observe the accident.

This makes filing your compensation a lot easier because you will be able to prove conclusively that you deserve to be compensated. To make things simple, make sure that you keep your records as well organized as possible, perhaps keeping them in a specific envelope or a file so that you can find them when they are needed.

Claim on Time

Although immediately after the accident you will not want to even think about anything else but healing, it is important to get the legal process of compensation underway as soon as possible. 

Although you have two years to file your claim, it is always easier to go through the process soon after the accident. When the accident has recently happened, you will remember everything better and the events will be fresh in your mind. You will also find it easier to obtain witness statements, medical records and other evidence that you will need. The longer you leave it the more the details will fade in the minds of all involved.

Get Help

Claiming for compensation can be daunting, especially when you have no previous legal experience. It can make things a lot easier to have the help of a legalsolicitor who specializes in compensation claims. They can explain the process to you, talk you through the forms, help you gather evidence and present your case. Because they are experts they will know the ins and outs of the process and will be able to make the experience much smoother for you.

 

These are just a few ways that you can make claiming for compensation a lot easier so you can get through the process smoothly with as little stress as possible.

How Do Your Step Children Fit Into Your Will?

These days almost half of marriages end in divorce and approximately 65% of remarriages bring children from a previous relationship into the mix. If this applies to you, you might have step children who are the children of your new spouse and their previous partner.

Whether or not you provide for your step children in your will is completely up to you, as you have the freedom to dispose of your property in any way that you choose after you die. Perhaps you want to leave some money to your stepchildren, or you might not, however clearly drafting this into your will is very important because otherwise it can lead to confusion and conflict. The law will not giveyour step-children the same automatic rights to inheritance that your biological children will have.

 

If You Want to Include Your Stepchildren, You Must Update Your Will

In the case that you decide you want to include your step children in your will and leave them a portion of your estate after you die, you will need to make sure that this intention is clearly stated.

Unless you have legally adopted your stepchild, they will usually have no legal right to any of your property. If there is nothing written about them in your will they will likely be overlooked and not given any of the inheritance. If you simply state that you want your possessions to be passed along “to your children” there could be confusion as to whether you meant your biological children or your stepchildren as well.

 

How to Fit Your Step Children Into the Will

If you have already drafted a will, look through it carefully to find the parts that you will need to update with the names of your step children. Discuss the plans for how you intend to include them with your spouse who is their parent as well as with the children if they are old enough to understand. Determine what type of inheritance you would like to leave for your step-children, such as property, possessions, or a trust and state this along with their names to avoid any confusion.

You can also make your step-children “contingent beneficiaries” which means that they will only receive estate property if their natural parent does not survive after you. Otherwise your assets will pass on to your spouse.

Writing a will can be very complicated and it is important to get it right, which is why it is a good idea to hire the services of an experienced lawyer who understands how mixed families with step-children can be accommodated for within a legal will.

Funding for Lending Bank Scheme Launched

A new scheme to prompt banks and other lenders to make more money available to homeowners and businesses has come into operation.

Under the Funding for Lending initiative, the Bank of England will lend money at below-market rates to the financial institutions.

The Bank will then monitor their progress in lending the cash out.

Some mortgage lenders have already cut the cost of their long-term, fixed-rate deals.

But the lower borrowing costs being introduced by mortgage lenders are so far only being offered to people with large deposits.

Aaron Strutt, at mortgage brokers Trinity Financial, said: "Most deals attractive to first-time buyers, such as those at 90% or 95% loan-to-value, have not changed yet."

The introduction of the new lending scheme comes as the Nationwide building society said house prices had fallen last month for the fourth time in five months.

Source and read more: BBC News

Women in Business: Infographics

by JESS3.Browse more Business infographics.

An infographic spotlighting Sandra Yancey, business owner of the eWomenNetwork. 

 

by JESS3.Browse more infographics.

And another featuring Laura Fitton, who explains that one thing she found difficult while dealing with her business start up was fitting in time for exercise and looking after herself.  

Italy and Spain See Concerns Ease on Hopes of Action

Investor concerns over Italy and Spain eased on Monday on hopes that the eurozone authorities would act to lower borrowing costs.

Spain's 10-year borrowing costs dropped to 6.6% from last week's record high of 7.5%, reflecting a slight improvement in investor confidence.

Italy paid a lower rate of interest at a bond auction to raise 5.48bn euros (£4.2bn).

The US Treasury Secretary is also in Europe for talks about the crisis.

Timothy Geithner met German Finance Minister Wolfgang Schaeuble on the German island of Sylt, before flying to Frankfurt for talks with the European Central Bank head Mario Draghi.

Italy's bond auction saw it offload its 10-year bonds at an interest rate of 5.96%, the first time it has sold them below 6% since April.

However, Richard McGuire, a rate strategist at Rabobank, said the interest rate Italy was paying to sell its debt was still too high.

"While these sales do provide some indication of an easing of tensions at the periphery, they also show considerable further progress on this front is needed," Mr McGuire added.

  Source: BBC News

What Your Garden Can Teach You About Starting A Business

If you have ever planted peonies, doted over daffodils or lovingly watered lettuce, you might know a few things about keeping a garden. However, did you know that the lessons that gardening can teach you can also apply to starting up a business?

Don’t be Afraid to Get Your Hands Dirty

When it comes to starting a business, you have to realize that it won’t be as easy as you think. There are times when you will need to burn the candle at both ends and really work hard to make it happen. It is this hard work and dedication that really makes your business successful, just as it takes a lot of elbow grease to pull up weeds and turn over soil. Don’t be afraid of hard work, just roll up your sleeves and get in there!

Be Always Planting Seeds

Robert Louis Stevenson once said that you should never judge your day by the harvest that you reap, but rather by the seeds that you plant. In business as well as gardening, you need to always have an eye towards the future. When you focus on the end game of your success and start enjoying the benefits of your hard work from yesterday, you will forget about preparing yourself for tomorrow. Your focus should always be on planting seeds well to secure a good future harvest.

Vegetables Don’t Grow Overnight

You wouldn’t plant your carrot seeds one day and then rush out the next day hoping to harvest some fully grown carrots! So why would you assume that your small business idea will instantly bring you huge profits right away?

Just like vegetables growing in the soil, your business needs time to take root and grow and you might not be able to harvest lots of profits from it for the first few months or even years. Be patient and let it grow and soon you will feast on its generous income.

See it as a Pleasure, not a Chore

Think about the most beautiful and well maintained gardens that you have seen. The chances are that their owners enjoy gardening as a relaxing activity and spend a lot of their free time tending to their garden and improving it. If you love what you are doing, the results will be so much more impressive.

This applies to business as well, because you will have the most success if you truly love the business that you are in. Of course, some days will be hard work but overall you should feel happy and fulfilled by the work that you are doing, as this is the best thing to motivate you towards success. You will spend your days thinking about how lucky you are to make a living doing what you love (however unusual) and this will inspire you on to great heights.

These are just a few of the things that your garden can teach you about starting and running your own successful business.

Bankers' Bonuses

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BMW to Invest £250m in UK Factories

BMW is to invest £250m in its UK factories over the next three years, the company has announced.

The money will be used to increase production of the Mini at its factories in Oxford, Birmingham and Swindon.

It comes on top of a £500m investment which was announced by BMW last June. More than 5000 British workers are involved in the production of the Mini.

BMW said the investment showed its commitment to Britain "as a vital manufacturing base".

"This investment is about securing jobs for the future," BMW's Graham Biggs told the BBC.

Source: BBC News

Preparing for Unemployment: Everyone Should Have Support Ready

Unemployment – it’s a worst case scenario for many and something that people do not want to think about in the hope that it will never happen to them.

But the fact of the matter is that anyone can be struck by unemployment, regardless of their current position, level or employer. This is especially so in a recession when businesses are often forced to let people go, are not able to open up positions to those without a job and if a vacancy does occur there are often a large number of people competing for it.

It is a place that nobody wants to inhabit and considering the security that a job brings – a job equals money, which means a home, food, money for bills, for clothing, for all the extras – losing your job brings along a great deal of extra worry and stress. Being employed also brings with it a status, a standing in society’s eyes, so being without a job can make you feel depressed and alone.

All of which means that making preparations, creating support should the worst happen, is something very important. If unemployment does not happen – great! And you have extra money saved that could be used for other things. Having that safety net there will be useful any number of situations that could happen.

 

Preparing for Unemployment

These are things that one can do in general, to create support should unemployment happen, or should unemployment be looming on the horizon:

• Organise your budget. You should always be aware of the comings and goings of your money. You do not have to count every penny but be aware of your money’s movements on a monthly basis and how much you have spare. There are always changes you can make that will save money, some of which may include taking measures on a day-to-day basis to reduce bills, finding cheaper alternatives to the things you buy and generally finding ways to trim your spendings. If you have a mortgage, you may even think about recalculating the monthly payments to see if you can lower them. Every pound saved from somewhere all adds up eventually.

• Though it sounds like a large amount, it is said that you should try and save up six months of your usual spending – so enough to cover rent, bills, food and all the sundry others for six months. Though this calls for some major saving, should you lose your job you can be sure of good security, even if it takes a while to find a new job.

• It can seem frivolous when you are in a seemingly comfortable job, but try to stay aware of the job market and other positions. Keeping up with such information means that you will not be starting from scratch if made unemployed (and you may also not be in the best frame of mind for a while in the event of losing your job). On the other hand, you may actually end up finding a better position during your research. In a similar fashion, be sure to keep your CV up to date. 

• Be aware of any debt you may have and keep itunder control. It could cause some serious problems should you become unemployed. 

• If you have a partner or family who also rely on the money that comes from your income, be sure to discuss things with them and make plans. Work out ways together that will ensure security should unemployment happen. You may find out that you are able to pay most of the household costs just through one person’s income, freeing up a lot of saving room.

Finding The Perfect Home

Of course there is no such thing as the perfect house, but is important to find the best one you possibly can.

As is often said, a house is the most expensive thing that anybody is ever likely to buy. This is just one reason why finding the best one possible is an absolutely top priority. If you make an error you not only have to live with your mistake, you have to live in it.

Cast your net wide

One of the the biggest mistakes that you can make when house hunting is to only look at too narrow an area. There are many advantages to having an open mind about location, not least of which is that looking at the wider market will give you a good feel for what are reasonable prices.

How far you are willing to commute is an important factor in selecting a property. Having to commute however should not be a deal breaker. If you can get a much better place for your money in the next town over it could be worth it. The key here is to factor in the cost of commuting into your calculations.

When you are working out the possible cost of  it is a good idea to give a cash value to the time that you would spend actually travelling (your hourly rate at work for instance). You should also bear in mind that this would be a long term arrangement and that the costs of both rail and road travel tend to increase beyond the rate of inflation.

Think family

You might not have kids, or even want to start a family in the future, but for the purposes of selecting a property you should try to think like you do. The reason for this is that having the kinds of amenities that appeal to families with children nearby can help increase the desirability and value of a property over time. Look for places that are well served for schools, parks and that kind of thing.

Of course in some areas the presence of schools can have a disproportionate impact on prices. Some parents are so desperate to get their children into a particular school that they will pay tens of thousands of pounds extra for a house that falls into the catchment area for it. If this does not affect you then you can  pay less for a house a few streets over that falls outside it!

Don't fall in love too soon

Be prepared to look at absolutely loads of different places. Don't get too carried away with the idea of living in any particular place. If you do then you can end up overlooking severe problems or paying far over the odds just because you have your heart set on it. That said it is a good idea to be able to act swiftly when the right place is found. Already having approval for a mortgage is a good way to speed up this process.

Although it can seem like searching for a needle in a haystack at times, the right property for you is out there somewhere!