Global Pay Scale: Where Are You?

An article on the BBC's News Magazine is giving you the chance to see where you are on the global pay scale, and whether you are above or below the worldwide average.

Taking its data from 72 countries, not including some of the poorest nations, it gives you the ability to see where you monthy wage (pre tax) sits as compared to the world average wage of $1,480.

Though those behind the scheme admit to having to rely on some sketchy results and the lack of some large countries like Nigeria, the chart does give an unvoidable picture of the disaparity between countries. Over half of the countries fall below the world average, many by a large amount.

How to Keep Your Money Safe When Traveling

You have worked hard to save your money for traveling, so it is important to make sure that you don’t lose it to theft, fraud, or other disasters on the road. Keeping your cash safe while you are abroad doesn’t mean that you have to be paranoid; it just means that you need to keep your wits about you and have a plan for managing your money.

Here are some tips which will help you safeguard your money while you are exploring a foreign country:

 

Don’t Flash Your Wealth Around

Especially if you are staying in a luxury resort which is near to an area in poverty, don’t walk around showcasing your expensive accessories. By showing that you own an iPhone, high-end camera, beautiful jewellery, and designer clothes you will be telling every thief in the area that you are a (comparatively) wealthy tourist and this will make you a target for pick-pocketing. 

Try not to draw attention to yourself. Wear basic clothes, keep your camera hidden, and leave the expensive jewellery at home. When you are carrying cash, take out only what you will need for the day and don’t take out large wads of it in public.

 

Keep it Close to Your Skin

Another way that you can prevent against pick-pockets is to keep your cash in a money belt. This is a fabric band which wraps around your torso underneath your clothing. It prevents thieves because they would have to reach under your shirt to access the money. Never carry your wallet in your back pocket or a backpack, because someone with quick fingers can easily slip it out without you noticing.

 

Stick Together

There is safety in numbers, so to reduce your chances of getting mugged you can go out in the evening with a group of friends or at least one other person. Be cautious about walking around by yourself late at night. You might feel comfortable doing this in your own hometown, but where you are traveling you don’t know the area very well and you might accidently wander into a neighbourhood where you could be in danger.

 

Be Informed

One of the best weapons you can have against being robbed, pick-pocketed or taken advantage of is knowledge. Read up on your destination as much as possible before you embark on your trip so that you are aware of the dangerous parts of town, possible tourist scams, and other specific safety warnings. If you know about these risks in advance you will not be blindsided by them when you arrive.

Remember these tips, and you will keep your money safe the next time you are travelling abroad.

Petrol Panic As Strike Threatens

With the threat of a strike by fuel tank drivers lingering like storm clouds, the government  has released recommendations -- some which have come under heavy criticism -- for car owners should it go ahead.

Recent advice is to make sure the car's tank is topped up regularly, and don't let it fall below half (as opposed to the common fill up if it falls below a third full).

Previous advice of keeping some extra in a jerrycan in the garage has been retracted after coming under fire from the Fire Brigades Union and the AA, who say the action could be potentially dangerous. The advice came from Cabinet Minister Francis Maude, who is said to have misunderstood the size of a jerrycan -- which can hold twenty litres, more than the official amount that can be safely stored in households.

The government is keen to stress that people should be taking precautions so as not to be caught out by the strike, but that there is no need to panic just yet. There is no need to queue for fuel, says the Prime Minister. Any strike action will have to give seven days notice, allowing time for people to prepare themselves.

The government has been accused by the Opposition of adding to the panic rather than trying to come to a negotiated agreement with those threatening to strike. In a bid tosort out the jerrycan miscommunication, they have only added to the public's fears about the strike, it has been said, suffering self-inflicted damage.

UK Stamp Postage Prices To Rise

Something that has gripped the news today and generated one of the most commented on articles on the BBC website (over a thousand replies at the time of writing this) is the Royal Mail has raised the price of a First Class rising to 60p. 

The discussion is understandable. The increase hasn't been like prior ones -- a steady, stealthy rise pence by pence. This will leap from the current 46p to the new heady price of 60p.

And it's always the little things we notice. Cars and computers and other luxury items are price at amounts that are large already, we don't notice increases, and most of us can't afford them anyway. Not regularly, that's for sure.

But a stamp. That's something many of us use a fair amount, even in this increasingly technological world. And when you're dealing in pence, a rise of 14p is a large percentage of the current price.

Plus it serves as a reminder of the world in which we live, where prices continue to creep upwards and we struggle to keep paying for all the little bits and bobs (nevermind the large, important and necessary components) that make up our day-today lives.

But money keeps things ticking, and one commenter points out that prices need to match the services provided. If we wish to keep things as we're accustomed, we may need to stretch the pennies further. 

Is Your Budget Too Tight?

Considering that the news is full of the Budget at the moment, it's easy to imagine that people are worried about their finances and the future. It makes people take a step back, assess and maybe even take steps to pinch the pennies and save the pounds.

But are you being too strict with yourself? It's all well and good saving for the future, but what enjoyment are you getting in the meantime...

Making a budget can be a great way to monitor your spending and get on track towards your savings goals. However, there is a common mistake that many first time budgeters make when they are setting out their financial plans.

This is the mistake of making a budget that is just too tight. Excited by the prospect of cutting back on spending and saving money towards a goal, it’s easy to vastly underestimate how much money you need to live. You can get carried away, cutting out your entertainment expenses, lowering your food spending, and allowing yourself no new clothing, furniture or appliances for the year.

What happens is that you will end up with a budget that looks great on paper and seems like it will save you a lot of money, but fails when it comes up against the real world. Trying to squeeze into a budget that is too restrictive is like trying to wear a pair of trousers which are much too small. You might be able to wiggle your way into them in the beginning, but they will quickly become increasingly uncomfortable. You will struggle for a while and then eventually give up on wearing them, just like you will be tempted to give up on your too-tight budget forever.

To make your budget last and make your financial goals sustainable, you will have to design a spending plan that will save you money but also allow enough wiggle room so that you are comfortable. It can be difficult to find the right balance, but essentially you want to have enough money to comfortably cover all of your expenses, treat yourself every once in a while, and a bit extra for emergencies, which you can store in an instant access account in case you need it quickly, and still have enough left over for savings.

Here are some tips for designing a budget that fits you comfortably:

• Look at your past expenditures to determine what you really spend on monthly expenses such as food shopping and entertainment. You might be estimating a number that is way bigger or smaller than your actual habits.
• Don’t forget to account for yearly expenses one-time expenses in your budget as well as monthly ones, such as Christmas presents, back to school supplies, and birthday presents.
• Round your expected spending up and your incoming funds down. That way, you will have a bit of leeway and it will usually equal out.
• Make room in your budget for the things that you enjoy spending your money on. If you don’t treat yourself every now and then you will feel frustrated and like you are denying yourself and that makes it harder to save.
• Splurge only on what is important. If travel is more enjoyable to you than driving a new car, buy a cheap rust bucket that gets you around and spend the money you saved on a plane ticket instead. You might choose to buy used clothes instead of new and spend the extra money on your photography hobby instead. When you pick and choose which indulgences are important, you will be able to spend more on them.
• Reassess your budget frequently. Look at areas where you are spending more or less than you expected. Keep adjusting your budget to your needs so that it works best for you.

The 2012 Budget Resources

The biggest new from recent days is, of course, the latest budget. For a few days of the year, anyone who is moderately plugged into the news is filled with more financial information than they ever thought they would need.

What most people are looking for, however, is to see if they're going to be hammered in the coming year, or let off.

The BBC has full coverage of the Budget, breaking it down into appropriate chunks: BBC Budget 2012

Likewise the Guardian has its own Budget section: Guardian Budget 2012

In fact, all the major broadsheets have their own reporting, including the Telegraph: Telegraph Budget 2012

Happy budgeting!