Infographic Interlude: The Future of Banking

Source: http://www.banking2020.com/2011/04/11/banking-2020-infographic/

Stampgate: The Conclusion

Yes, today is the day that the new stamp price rise hits, so if you didn't follow the crafty actions that some other people were taking, making a pre-emptory hoard of stamps, then it's a 60p charge from now on for First Class.

In percentage terms the price increase has been a hefty one, though upon stepping back one might remind oneself that it's only an extra 14p. But criticism of the rise points out that this increase will be hitting those who are already financially vulnerable. The people who tend to send more letters and postcards are the older generation, not consumed by email, and these people are often already in the pensioner low-income bracket.

Mr Duncan-Jordan, from the National Pensioners Convention, said that older people - often with an income of less than £10,500 - needed to look at every penny they spent, even if it was a small amount.

Source: BBC News

The Royal Mail presses that the rise was necessary, with the average family only spending about 50p a week on mail services now. In order to maintain the six-day delivery routine, something had to give.

Don’t Make These Banking Mistakes

Think back to your banking habits over the years. Have you ever made any of these common banking blunders? Here are a few mistakes to avoid when you are interacting with your bank on a day to day basis:

Not Bothering to Look at Your Bank Statement

One of the habits that you should get into is opening up your bank statement in paper or online and reviewing it every month. It only takes a few minutes, but if you don’t do this you could miss fraudulent charges, accidental overdrafts, mistakes or other issues. If you don’t catch these errors it might become too late to resolve them.

Being Careless With Your Bank Details

Unfortunately there are a lot of unscrupulous people in the world who, upon given the opportunity, would be more than happy to steal your money. Don’t give them the chance! Leaving bank statements and deposit slips behind leaves you open to becoming a target of identity theft. Make sure that you shred your sensitivebank documents or rip them up before you throw them away.

Using the Same Bank for All Service

If you are looking for a mortgage or a small business loan, you don’t necessarily have to use the same bank that you have your savings account at. Feel free to look around for alternatives which might give you a better offer. This allows you to review the terms of many different banks and choose the one which offers the best deal for you.

Paying Fees When You Don’t Need To

Do you pay monthly fees on your bank account? They might not seem like much, but these little fees can add up over time and really be worth something substantial. You might find that if you do a bit of shopping around you can find a new bank account which offers all of the same features for fewer fees. Do some comparisons between all of the banks in your area to see what you can find.

 
Not Forming a Relationship with Your Bank

If you take the time to get to know the employees at your local bank and let them know you, you will receive much better service than if they just know you by your account number. Make an effort to chat with your banker and let them know your personal needs for your money. You can even call them to get their professional advice on financial matters.

These are just a few of the common banking mistakes that many customers make. By avoiding these mistakes you can make your banking experience safer, more beneficial and more enjoyable.

Stampgate: The Story Continues

This blog recently reported the forthcoming price hike in the cost of stamps.

The story continues today with news that the Royal Mail will be limiting the amount of stamps bought by other retailers to sell in their own shops. This is to protect the revenue the Royal Mail is due to receive from the price increase.

The move, says the service, is to ensure the continuation of the six day delivery -- which is said to have been suffering for some time.

Stamps will be seeing a 30% and a 39% increase, the highest to hit stamps, taking the current First- and Second-class prices from 46p and 36p to 60p and 50p respectively.

The price rise has caused a buying rush by customers as they seek to stockpile stamps before the higher costs hit. This means that some retailers are almost running out and are unable to purchase more from Royal Mail due to new limits.

The service says that they is more than adequate supply across the country, though, including 11,500 post offices that sell stamps.

Tips and Advice for First Time Buyers

For first time buyers, it can seem like the housing market is against them. The news seems to be full of downbeat messages of a property market that sees rising prices (good for owners, bad for those trying to get their first home), banks that won't lend money or approve mortgages, and giant deposits that one can't hope to raise.

Luckily the internet is full of tips and advice for first time home buyers.

Including an article on the BBC on How To Be A First-Time Buyer.

The article details many things people looking to get onto the property ladder should know, including the amount of preparation one should put in beforehand:

Preparing for a mortgage starts early so make sure your documentation is in order. Lenders like to see:

• your last three years' address history, with no gaps

• your last three months' payslips and your last P60 form or three years' accounts

• your last three months' bank statements

• full details of any loans or credit cards you have

It also gives good news, and encouraging news, to first time buyers, such as a ginormous deposit isn't always necessary now. There are up to 49 mortgages available that requires only 5% deposit. There are also new goverment schemes to help people generate the deposit needed for a new home.

Of course, a lot of work is still necessary from the potential home buyers themselves and one of the best things one can do is keep track of the household budget and what can be sacrificed in order to achieve a new home. Being able to borrow money depends heavily on individual circumstances, so make sure the finanaces are in good standing.

Finance Tips for Young Couples Starting Their Lives Together

There are many guides out there for older couples who are married and have lived together for while, but what financial advice is there for young unmarried couples who are just starting their lives together. Many couples in their early 20s are just starting to learn about how to manage their own finances and work together as a team. If they make good decisions at this early stage in life they can set themselves up for success, but if they make poor choices they can find themselves struggling later on.

Successful couples will tackle managing their finances as a team and if they can work together well they can get ahead much more quickly than one person could on their own. Here are some tips for young unmarried couples who are just starting on the road to wealth together:

Align Your Goals and Money Philosophy

Have you had a conversation with your partner about how you both like to manage money and the goals that you have for your future? While this is not the most romantic thing to talk about on your first date, it is a very important topic to discuss if the relationship is getting serious. It is important that you both are on the same page when it comes to managing money, otherwise you can suffer from conflicts and resentment.

Talk about what your goals are and how you see your future playing out. Would you rather work hard and invest aggressively so that you can retire early, or live frugally so that you can work less and do more of what you love? Do you plan on buying a home one day that will involve mortgage repayments, or renting a house? Would you lease a new car or buy a used one? Once all of these lifestyle choices are on the table you will be able to see if you are financially compatible as life partners and be able to envision a life which is a perfect compromise between both of your dreams.

Don’t Keep Secrets from Each Other

Have you confessed to your partner all of the secrets of your finances, such as the amount of your credit card debt or the unpaid balance of your student loan? It is important to get these secrets out in the open as soon as possible, because they can be unwelcome surprises later on in the relationship.

While you are young, lay out all of your financial cards on the table and assess where you both are in life. Be honest and upfront about it so that you can both create a plan to work together to pay off debts and save for the future.

Prepare For Emergencies

Even if you have a great career and a comfortable income in this early stage in life, you never know what is around the corner. You could find yourself faced with an emergency, such as an accident, an illness or being made redundant, which could really throw you off track. If you don’t have an emergency fund saved up this could leave you in trouble. Try to save your money and have three to six months of expenses saved up just in case.

These are just a few important tips that young couples should remember while preparing to manage their finances together.

Infographic Interlude: Fatal Accidents at Work

An infographic displaying some fatal accidents at work in the UK. It probably is not much of a surprise that more accidents tend to happen in the construction industry, or that fatal accidents happen to those in the Services, but the breakdown in location is interesting. One might assume that more accidents might happen in the busy, bustling capital. But then again, the city isn't known for its booming agricultural industry...

Source: What Is Health And Safety