5 Frugal ways of saving money this spring

 5 Frugal ways of saving money this spring

saving money this spring

Now the Beast from the East has melted and the clocks have bounced forward … spring is here. Summer is just around the corner and now is the time to beef up your finances. The reductions in heating and lighting are a good starting point to bring down expenditure, but we have five frugal ways of saving money this spring:

  1. Zero spend challenge

Set yourself a challenge. See how long you can go without spending a penny. Dig to the back of the cupboards and defrost your leftovers. You’d be surprised how long you could last without a trip to Tesco. Explore the local parks, utilize free coupons and see how long you can endure before you have to open your wallet!

2. Saddle-up 

The nights are drawing out and there’s less chance of a storm (*touch wood.) Why not dust off your bicycle and commit to cycling to work a few days a week? You’ll save on the price of petrol, whilst getting yourself fighting fit for the forthcoming summer season. Plus you will be doing your bit to help the planet, by leaving your car at home.

3. Spring clean

How’s your social calendar looking for the bank holiday weekend? If you have spare time, it might be worth considering what household clutter may have a pricetag. I’m willing to bet that you will be able to find a few treasures in your home that will go for a price online. Particularly old phones, clothes, antiques, DVDs and toys – ‘One man’s trash is another man’s treasure!’ 

4. Profit from packed lunches

By taking a packed lunch into work each day, you could save up to £1,000 a year! The average office worker is reported to spend £2.83 a day buying their lunch. A daily lunchbox from home, full of nutritional treats would trim this cost and could offer a healthier alternative. Cutting back on weekend takeaways is another way of counting the pennies. Now the garden is bathed in sunshine, how about firing up the BBQ instead?

5. Find your lost assets

Instead of devising a plan to save cash, why not discover if you are owed money? By using monimine.com, we can search the leading financial institutions and determine if you are owed any lost assets. The unclaimed money could have originated from your bank accounts, pension policies, investments or shares.

Searching through Monimine is completely FREE and if you find any funds, they are yours to keep! So what is there to lose?

Josh Cousens – Monimine. 

 

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£90 million from dormant accounts to be used to tackle racial inequality

£90 million from dormant accounts to be used to tackle racial inequality

Theresa May has pledged to use £90 million from dormant accounts, to help deal with racial inequality. The unclaimed funds will be sourced from accounts which have been inactive for at least 15 years. The cash will put towards the inequalities in youth unemployment and helping underprivileged young people gain jobs.

dormant accounts to help racial inequality

The action has been taken after the Race Disparity Audit was released in October 2017. The study revealed that 16 to 24 years-olds from ethnic minority groups, were twice as likely to be unemployed as their white peers.

Theresa May said, “youth unemployment blights communities and wastes talent and potential – and too many young people from deprived and ethnic minority backgrounds face barriers preventing them from entering the world of work.”

The added funding will present opportunities for young people to work with educators and youth and community organisations.  The organisations will be able to assess their skills and explain the best ways that they can help their local communities and businesses.

The government first announced their plans to use the assets from dormant accounts in January 2018. It was reported that £135 million from dormant accounts would be used to combat homelessness. This was also when we initially heard of the plans to use dormant assets to help disadvantaged young people into employment.

Why a backlash?

A social media reaction has focused on the negative viewpoint of using assets from individuals bank accounts – despite being dormant. One user on Twitter explained that,

“it’s their money, you can’t just take it,”

whilst another said that the whole thing was,

“blatant theft.”

The government are only able to utilise assets that have been untouched for at least 15 years. Whilst the relevant financial institutions will have made a considerable effort to have traced the owner. Due to a change of address, or adopting a new name, some people manage to slip through the net and are never traced.

But there is good news in the legislation of the Dormant Bank and Building Society Accounts Act 2008. If any owner of assets comes forward and can prove the money is theirs, they can be reunited with their cash. Even if it has already been paid out for charitable purposes. The Reclaim Fund is regulated to maintain a reserve limit, in the case of owners coming forward.

Where we come in

If you would like to determine if you have any unclaimed money from a dormant account owed to you, head to monimine.com. Using our nationally recognised tracing expertise, we can help you unearth any hidden assets, for FREE.

Josh Cousens – Monimine. 

Image source – Flickr

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How much do I need to retire?

 How much do I need to retire?

What do you envisage your retirement to look like? Do you see yourself lounging on tropical beaches, or are you looking forward to the quiet life at home? How much of your mortgage is left to pay off, do you have outstanding debts and how independent are your children and grandchildren? These are all factors that need to be considered when establishing, how much do I need to retire?

how much do I need to retire

Unless you have ideas for a supplementary income, you are going to need a pension pot big enough to support your entire retirement. The optimum savings amount for a pleasant retirement is widely argued. A Which? survey questioned thousands of retired couples and discovered that between them;

“Households spent a shade under £2,200 a month, or around £26,000 a year.”

A study from Saga quotes a slightly more expensive figure for an individual;

“£15,000 a year is the amount we should be aiming for to guarantee a comfortable retirement.”

Retirees are entitled to £7,500 per annum, on a single tier state pension. This means that you would need £7,500 from a private pension to reach the £15,000 figure. To make this a reality, you would require a savings ‘pot of £125,222 for a standard annuity based on an average 65-year old.’

Our Advice

The exact amount you will need for retirement will vary from one person to the next. Individual spending habits, including luxuries such as holidays, new cars and a current wardrobe will all impact on the amount of savings you will need.

The sooner you start to think about your retirement and getting a plan in place, the easier it will become for you.

If you are unsure about how much you should be saving, or wondering if you are on the right rack, we would advise speaking with a professional. A financial adviser will be able to help you discuss your realistic options and what steps to take to guarantee you have the retirement you want.

We can help

If you are reading this and beginning to fill with nervous apprehension about the substantial numbers, we can help. We have discovered that there is approximately £400 million in unclaimed UK pension savings. Some of these savings could belong to you. One in five people who possess multiple pension policies have lost track of at least one of them.

To find out if you are owed any lost pension savings, search for FREE at monimine.com. Any money you discover can go towards you living the retirement you dream of.

Josh Cousens – Monimine. 

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