Are those home improvements worth the money?

May 10, 2013 Tips

Home improvements may not be considered to be home improvements at all if they don’t increase value or make the home more energy efficient.

If you aren’t confident your home improvements are actual improvements and not just a waste of money, ask yourself this:

Is the home improvement something that could save you money?

Does the home improvement make you happier?

Is it money saving over time?

If no is your direct answer to these questions then it’s most likely that you haven’t made a good choice in your home improvement, and maybe it’s not an improvement after all? Consider your options! Maybe you don’t have to improve your home?

Here are a few things that could hinder your cash – stack in the bank, with not much in return:

-Home office

-Home theatre

-Library

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Technology:

Why should I not improve the technological sector of my house?

Technology improves at an incredible rate; you wouldn’t want to spend a larger section of your savings on something that could be outdone in half the price by 6-7 months.

Garages can and may also hinder your credit, consider this: investing into adding a new garage to your home could be a money suck for no good reason, since most people regard a home as one with a garage they wouldn’t pay an awful lot extra just to buy a home with a garage.

Swimming pools: Why can swimming pools deter the amount of money you would get if you, some day, decide to resell your home at a value higher than when you bought it? Adding a swimming pool could possibly thwart most average people since they would be afraid of the possible maintenance cost of sustaining such a privilege.

Never forget that, making home improvements could possibly land you a higher resell value of your home; however they could also cost quite an investment and maybe lose you more money than you make.

Try to research about prices of homes and accessories before adding to your own.

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Take advantage of technology and save save save

April 5, 2013 Saving

The broadband market around the world today is growing quickly and many Internet companies (Internet Service Providers -ISPs) have great package deals, saving potential customers quite a lot of money each month. These package deals that the broadband companies advertise include Internet, phone-lines and even televisions. So you don’t have to spend a lot of time on finding the right TV and the right Internet company. One important factor is that you may still need to pay your line rental costs through BT with some of the companies.

Modern day technology has given us a cheap an effective way of communicating with our friends and family around the world, you can simply use one of many useful free messenger programs.

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Skype is probably the most famous and used messenger type program available today, you only need a working computer to use Skype (and of course internet). Skype enables you not only to contact your friends by a computer, but you can also buy calling plans or pay as you go to call landlines and mobiles around the world. If you want to make phone calls to telephones in Europe, you can either use your computer and have a web-chat with the other party, or you can pay-as you go, and with Skype you still save about 50 pence a minute for calls within Europe. Most laptops today come with a microphone and a camera, so if you have a laptop, basically you’re all set. However if your computer is slightly older and doesn’t have the necessary tools to use Skype efficiently, you don’t need to spend that much to get going. A decent microphone costs round about around £4 and the starting price for a decent webcam is around £18. Of course, a good internet speed would make the experience much more fun.

The technology of today is constantly evolving, and the prices for high-tech gadgets are decreasing due to the competition between large companies.  As a consumer you are in a good situation if you know what you want, but don’t be too hasty in getting it.  Keep looking until you find the cheapest deal that suits your personal needs and wants, and most importantly, your budget!

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Why you can’t delay filing a PPI claim

March 4, 2013 Tips

Many customers have been mis-sold payment protection insurance by their banks and other financial institutions. You should check to verify if you have unknowingly purchased a PPI package and seek compensation. The banks are asking lawmakers to impose a deadline on all customers when they will no longer be allowed to file a claim.

Background on the PPI Scandal

The United Kingdom’s largest banks have taken advantage of a number of customers over the last 20 years. One of the ways they took advantage of customers was through the payment protection insurance scandal. The banks tricked many customers into thinking that they needed to purchase payment protection insurance. They also attached PPI claims to many loans without customers knowing.

Many customers have filed claims against these banks since the case came to light. The banks have been forced to pay over $2 trillion in restitution to their customers. The number of new claims continues to rise.

Current Landscape

The banks have lost a lot of money over the PPI claims. They are asking lawmakers to pass a new bill that would prohibit customers from filing a claim after a certain amount of time has passed.

The Financial Services Authority (FSA) has said that it wants to ensure customers have a chance to seek remuneration after being mis-sold payment protection insurance. However, they also sympathize with banks that are forced to compensate customers who filed claims years after the fact. The agency is also sympathetic to the Financial Ombudsman Service, which has been trying to keep up with all the PPI claims that have been filed over the past couple of years.

The FSA may decide to impose the deadline the banks requested. The new law would stipulate that customers would need to file a claim within six years. Customers would give a grace period if they didn’t know they had purchased a PPI claim within that time, but would only have an additional three years after learning that they were mis-sold payment protection insurance. This would mean that customers would need to be much more diligent about filing a claim after they realise they have been mis-sold payment protection insurance.

Don’t Delay on Filing a PPI Claim

Some customers waited over 20 years before they filed a PPI claim. They received much higher claims than many other people, but you may not have the option of waiting that long in the coming months.  Check with a reputable specialist claims company such as MisSoldPPIClaimsCo.co.uk or your bank and find out if you have/have had payment protection insurance on any of your loans. Don’t delay in filing a claim if you feel you are entitled to one.  No one should be ripped off.

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Businesses – get your rate swap money back

February 13, 2013 Frugal Business

After the Libor interest rate fixing scandal, and ongoing PPI claims, in the last week or two another scandal engulfed the banking industry when it emerged that interest rate swaps had been mis-sold to small and medium businesses.

These swaps were marketed aggressively to small and medium companies when they were sold bank loans. Despite being offered as a way of protecting companies from rising interest rates, they actually incurred companies greater costs when interest rates plummeted during the recession. It is estimated that up to 90% of interest rate swaps breached Financial Services Authority (FSA) rules.

An interest rate swap is a complicated derivate product that acts similar to insurance- but can be risky. These were sold alongside loans to protect against rising interest rates. However, when the recession started, interest rates fell dramatically, leaving companies facing high costs as a result.

In a FSA report published last week, banks were instructed to review their sales of interest rate swaps, with an aim to a further enquiry and future rate swap compensation claims from affected businesses. However, looking closely at the press release and supporting documents showed that potentially swaps of £10 million and upwards will be excluded from scrutiny. By not applying the strict tests set out in the Companies Act as to what is defined as a ‘small’ business, but by having the £10 million cap instead, the FSA argue, more businesses will be able to be part of a review. However, such a move would potentially prevent many businesses of varying size from lodging a claim and getting compensation for their losses, and as such this move of the FSA has received great criticism. Critics also argue that the banks themselves will be carrying out reviews, although under FSA scrutiny, thus questioning the impartiality of the process.

The City was remarkably calm about this, with the news hardly affecting share prices. Barclays shares finished at 300p, losing just 2p, following the announcement, and Lloyds shares fell only 0.62p to 51.64p. Despite the potential costs, the City is overall seemingly unconcerned. With banks predicted to pay out over £10bn for PPI claims, interest swaps claims could add a potential £1.5bn extra to that- with no provision having being made yet for Libor legal claims.

If you have been affected, make sure you get your money back! See www.InterestRateSwapsClaim.co.uk.

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Tips on how to save on your petrol expense

January 28, 2013 Saving, Tips

With fuel costs rising the daily commute has become expensive and sometimes hard to justify, however there are ways to cut down your fuel costs considerably making driving more affordable.

1Driving habits have a large impact on your fuel efficiency, driving smoothly will reduce the stress on your car and save fuel. You could try slowing down when approaching traffic; ensure you keep a braking distance between you and the car in front by keeping your speed consistent, this prevents high fuel consumption. It is a good idea to get into the habit of switching off your engine if it looks like you will be stopping for more than 10 seconds. This will prevent you from wasting unnecessary fuel.

Regular maintenance checks can also save you fuel. Having routine engine checks and servicing is key to having a smooth driving experience and saving on fuel costs, make sure that you use the correct high quality oil for your engine to improve fuel efficiency. Tyre pressure should also be monitored as you can waste fuel if it is under or over inflated.

Using economy fuels will help save you money. Also, try and avoid carrying surplus weight in the boot or on the seats as this increases fuel consumption by making the car work harder. While driving, use the higher gears in order to help utilise the performance of your engine, as long as you stick within the speed limit of course. Air conditioning can also have a major impact and increase fuel consumption by putting more stress on the engine, as does having windows open and a roof rack.

If at all possible plan your journey ahead so you can cover a multitude of tasks at the same time, try going a little later or earlier to avoid busier times so there is less traffic. The less time you are in your car, the less it will cost you. Another suggestion can be sharing your car with a colleague that lives nearby for the journey to work, this will dramatically reduce fuel costs as you can split the expense. By doing this you can save a lot of money and have company for the journey.

Above all, be a calm driver, road rage costs money as it is often the cause of sharp acceleration or braking which will increase your fuel costs and cause accidents.

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The Frugal Life

January 27, 2013 Being Frugal

With the onset of ‘the recession’ a few years ago, most people’s lives have been affected.  What were UK norms for shopping, spending, saving etc have been changed, and certainly not for the better.  People have had to adapt to the easy credit at the turn of the century they became accustomed to, they have had to learn the hard lessons of balance, debt and austerity.  And it has not been easy.

I hope here to share my views and tips on frugal measures and living, just to help make it all even just that tiny bit easier.

To be your frugal mate.

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