Five Cardinal Don’ts of Money Saving

I want to help you keep your budget in check this week on the Kiran Trivedi blog, with the following five cardinal don’ts of money saving.

It’s Important to Remember What You Shouldn’t Do

With winter fast approaching, it’s more important than ever that you keep your budget in check. After all, not only are their rising energy costs and perpetually climbing cost of living expenses to think about, but Christmas is on its way too, and you’ll need as much cash to hand as possible to make it one to remember.

Of course, when it’s comes to money saving, there’s a lot of things you should do. However, it’s equally important to remember, that there are a lot of things you should absolutely not do if you want to keep your bank balance high throughout the winter.

You Really Shouldn’t Do the Following Five Things

There’s lots of things you shouldn’t do, but the following five rules really are the five cardinal don’ts you need to avoid if you want to keep your bottom line high…

1. Don’t Shop on an Empty Stomach: Have you ever done the weekly shopping when you’re hungry? Your hunger will make you more prone to buying everything you want. Great, but not good for the old pocket book. Full people tend to actually think about what they’re buying.
2.  Don’t Take Your Card on a Night Out: Basically, alcohol impairs judgement, so if you take your card on a night out, you’ll end up spending far more than you ever dreamed of, damming your budget to the red. Either take cash, or invest in a prepaid card.
3.  Don’t Buy the First Thing You See: You may see something you love, and you will be tempted to buy it straight away. Don’t. You may be able to get the same thing for less somewhere else.
4.  Don’t Pay the Minimum on Your Credit Card: Have you ever actually worked out how long it’d take you to pay off your credit card, if you only paid off the minimum. Years. That’s why if you want to secure your budget in the long run, you need to pay as much of as possible as quickly as possible.
5.  Don’t Throw Away Your Receipt: So many people throw away their receipt, and they really shouldn’t because it’s the only thing they can use to get their money back, should they buy a faulty product. That is why you should always keep your receipts.

Will This Save Me Money?

A lot of this is just common sense, which is why the best advice I can give you, Kiran Trivedi readers, is to simply think before you do anything. When you’re presented with a choice, stop and ask; will this save me money?

What’ll happen to Your Money if Scotland Goes Independent?

With the referendum so close, this week on the Kiran Trivedi blog, I ask what’ll happen to your money if Scotland goes independent and you live in Scotland.

Money is a Major Consideration for Scottish Independence

Although people don’t often tend to think about it a lot, when you’re looking to protect your personal finances, the currency your money is actually paid to you in is vital. That is because certain currencies have different values in comparison to each other, thus those whose wages are paid in pound sterling, for example, pay more for their everyday items, than those paid in the Euro. Because the pound has a higher value.

This is why I’ve no doubt, Kiran Trivedi readers, that you’ve heard so many arguments about currency in the recent debates over Scottish independence. Independence won’t affect the pound too much.  It may suffer slightly on the world stage, due to fears over the UK’s economic strength, but it’s always been a strong currency. The real question would be whether Scotland would be allowed to keep it.

Would Scotland Be Allowed to Keep the Pound?

One of the real issues raised in debate is whether Scotland would be allowed to keep the pound. Whist Alex Salmond – leader of the yes campaign, has said that they will, Alistair Darling, leader of the opposing Better Together campaign, has said that they won’t.

Losing the pound would be disastrous, as not only is it a desirable currency, but it would cost the collective taxpayer north of the border millions to convert to a B currency. A B currency would not only be worth less than the pound, but has been shown to be incompatible with the EU lately anyway, thus less desirable for the people of Scotland.

Could Scotland Keep The Pound Even Without Permission?

From here, we’re lead to ask, Kiran Trivedi readers, whether Scotland could just defy the British and keep the pound anyway, without permission. There is precedence for this. Countries including El Salvador, Panama and Ecuador use the US dollar without permission.

But look at their quality of life – hardly desirable for the people of Scotland, which as a member state of the UK is part of a first world country. The problem with keeping a currency without permission, is that you have no control over that currency. That means that If England needs to raise its benchmark interest rate, for example, they would, and taxpayers north of the border would have to like it or lump it.

Scottish Independence Could Effect Personal Finances North of the Border

That’s not to say I’m against Scottish independence, Kiran Trivedi readers. I actually think there are some quite effective arguments in favour i.e. moving capital away from London, but currency is definitely an issue to contend with. If Scotland does go independent, it really could affect your personal finances if you live north of the border.

How to Protect Yourself from Cash Machine Crime

Anyone can fall prey to a criminal when taking out cash, which is why this week on the Kiran Trivedi blog I let you know how to protect yourself from cash machine crime.

Criminals Are Getting More Sophisticated Than Ever

One of the most common ways criminals try to steal your cash in the modern era is card machine crime. This is where they counterfeit your card at the point it’s most vulnerable – as  you’re getting cash out of your local cash machine.

And they’re getting more sophisticated to. Just last week, a gang was jailed for fitting spy cameras at cash machines, to get people’s details and counterfeit cards. With the criminals using more sophisticated technology than ever, you need to be ever more vigilant when you’re getting money out of your local cash machine.

One of the most common ways criminals try to steal your cash in the modern era is card machine crime.

Five Protective Measures to Prevent Cash Machine Crime

In actual fact, it’s fairly easy to protect yourself from cash machine crime. You just need to take the following five protective measures…

• Cover Your Pin: A vital one, if a criminal sees your pin, then they have a thousand ways to access your cash. That’s why whenever you’re putting your pin into the machine, you should cover the keypad with your hand.

• Destroy Receipts: With increasingly sophisticated technology at their disposal, if a criminal gets a hold of even one receipt, then they can use it to hollow out your bank account. That’s why you should always destroy it; shred it, burn it etc.

• Put It Away: You need to make sure that you put your cash and card back in your wallet before you leave the machine. If you don’t, and a criminal has fitted a spy camera in the vicinity, they’re far more likely to see your details.

• Don’t be Social: The cash machine is not the time to start networking. If someone tries to talk to you, they might have an ulterior motive, they might be trying to distract you. Don’t get social at the cash machine.

• Report any Discrepancies Straight Away: If a machine swallows your card, it might be because a criminal has fitted it with a device to trap said card. If this happens, cancel your card that second, then report it to the police.

Anyone Can Fall Victim to Cash Machine Crime

As the criminal gangs start using more sophisticated technology, it’s more important than ever that you stay vigilant. Kiran Trivedi readers, if you take nothing else away from this, then please remember that anyone can fall victim to cash machine crime.

Why Should You Be Self-Employed?

In light of new figures suggesting that self-employment has risen to its highest level in 40 years, on the Kiran Trivedi blog I ask; why should you be self-employed?

Self-Employment in UK Hits Highest Levels in 40 Years

According to the BBC, the Office for National Statistics (ONS) has released new figures showing that self-employment in the UK has risen to its highest level in 40 years. A staggering 4.6 million people – 15% of those in employment throughout the UK – are self-employed.

This is telling. That figure has risen from 13% back in 2008 at the height of the financial crisis. So why are people turning to self-employment? The government explained it for us.

Control of Your Own Financial Destiny

The news source reported that a government spokesperson commented on the figures. They said that “many people aspire to be their own boss,” before adding that “self-employment has been a growing part of the labour market for most of the last 30 years, which is why we continue to support budding entrepreneurs.”

Essentially, self-employment gives you control of your own financial destiny. In light of the disaster of the 2008 economic crash, it’s not surprising more people are self-employed; it’s the only way to achieve unshakeable job security.

Self-Employment is Not Without its Risks

Yet self-employment is not without its risks; risks that were highlighted by TUC General Secretary, Frances O’Grady’s, response to the release of these figures. O’Grady said that: “The growth in self-employment is reducing people’s pay, job security and retirement income – and is likely to be reducing the government’s tax take too.”

Basically, the risks that your employer usually takes on, fall on you when you decide to become self-employed. So yes, you’re never exactly going to fire yourself, but if your business is doing badly, then you have to take a greater share of the responsibility for it.

Self-Employment is a Double-Edged Sword

So why should you be self-employed, Kiran Trivedi readers? Because it gives you guaranteed job security and ultimate control over your personal finances. Yet self-employment is a double edged sword, and the very freedom that is making it a more attractive employment option than ever, makes it a more risky employment option for your personal finances.

Is a Degree Worth the Money?

With university fees higher than ever, the week on the Kiran Trivedi blog I ask, is a degree worth the money that you pay for it.

University Seems More Expensive Than Ever These Days

It seems like university is a less stable investment than ever these days. Fees are up, and we’re always hearing stories in the press about how university graduates aren’t able to get jobs. If it doesn’t help you get a job, what’s the point.

Are you at the point of deciding whether you want to do a degree? If you are, then you have to consider how much it’ll effect your personal finances. These days, it’s too expensive not to. So how much does it actually cost to do a degree?

Risk vs. Reward of University Degrees

According to AOL Money, the Office for Fair Access (OFFA) has revealed that the average cost of university fees is set to hit £8,700. This will bring the total bill for a three year degree to £26,000. Furthermore, now almost three quarters of universities in the UK are charging the maximum of £9,000.

But it isn’t all bad. Jobs sight Adzuna has revealed in its most recent report, that the average graduate can expect to earn £15,000 more per year than the average non-graduate. This means that collectively, a graduate will earn £500,000 more than a non-graduate throughout their working life.

It All Depends What Job You Get

So, on the face of it, it seems as though a degree is easily worth the investment. But that all depends on a graduate’s ability to get a job; in the modern market that’s not so easy. New figures have suggested that this year, almost 250,000 graduates will fight for a mere 54,200 across the UK. It’s particularly bad in London; with a ratio of 30 graduates to every vacancy.

This leads me to ask, what is the best degree for a job? According to Adzuna, these degrees are maths, computer science and engineering; these provide an average newly-qualified pay of between £40,000 and £45,000. However the average starting wage for a degree in hospitality and tourism is just £18,000. A huge disparity.

Will this Course One Day Benefit my Personal Finances?

So, Kiran Trivedi readers, is a degree worth the money? It really can be, it all depends on what you actually study. If you’re thinking about doing a degree, you need to think; is this the course that will one day benefit my personal finances?