Make an easy £5

Easiest £5 ever

Making £5 has never been easier. The Money Shed is offering £5 to each new member who makes 50 posts. The Money Shed is a fantastic resource for people looking to earn money at home. It is full of people member diaries, lists of websites, guides and daily chatter.

To get your £5, all you need to do is:

  1. Register for The Money Shed.
  2. browse the forums and reach 50 posts by making new posts or replying to other posts
  3. Send a PM to verify your 50 posts
  4. Get £5!

The offer has no set end date and is subject to change, so the sooner you complete your 50 posts, the sooner you can have £5 nestled away in your Paypal account.

Full details can be found at The Money Shed.

Dinosaur Financial Advisors Face Extinction

Getting married comes with a whole host of things to do. Venue. Check. Caterers. Check. Life insurance? As part of getting married and becoming a grown up, I have vowed that we will be sorting out our finances, our wills and life insurance, ready to embark on marriage together. My knowledge of life insurance extended to “we need to get that sorted” and “we need to talk to a financial advisor to get that sorted”.

Life insurance can seem confusing, and this is reflected in 55% of the UK’s adults not being covered with life insurance.

What is life insurance

Life insurance, sometimes known as life assurance, gives your family financial security should the worst happen. This helps them to cover things from mortgage payments to household bills. It is an insurance policy that pays out a lump sum in the event of your death. There are many types of life insurance policies available, including ones that are specifically designed to help pay off the mortgage. There are also extras you can add, such as critical illness cover, which will pay out for specific critical illnesses – to help ease the pressure of financial commitments. You can tailor the life insurance policy to suit your needs – from mortgage only cover to much more extensive cover. Premiums are affordable and can be paid monthly.

This tongue in cheek video, created by Beagle Street, explains how financial advisors are facing extinction, as more and more people are able to get the answers they need and find suitable products themselves. Beagle Street give you all the tools to search for life insurance to meet your needs, and you could be covered in just ten minutes.

Whilst death isn’t a topic I want to think about regularly, I do understand the importance of getting life insurance cover, especially as we embark on becoming a family and making large purchases, such as a mortgaged house.

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Topcashback are offering new members the chance to get two Disney DVDs for free – here’s how:

  1. Head over to Topcashback and sign up – you must sign up using the links on this post.
  2. Once you have signed up you will be redirect to the offer.
  3. Click on “get cashback & visit retailer”.
  4. Complete your purchase as normal – pick two Disney DVDs, up to the value of £12.99, to enjoy.
  5. Your cashback should be pending in your Topcashback account within one week

You must be a new member to be eligible for this promotion. Act quickly as the offer expires at 23.59 on Sunday, 19th October.

How to manage your money better

How to manage your money betterWe would all like to manage our money better. I used to get stuck looking at my balance and trying to figure out whether certain bills had come out and whether I would have enough money to cover the next bill. Now I don’t have that problem, due to a banking system that is known as piggy banking.

Piggy banking is where I take my income and divide it into separate “pots”, depending on what it needs to be spent on. You can use cash and envelopes, or what I do is have different bank and savings accounts. When I log into my online banking, I am greeted with lots of accounts. In fact, there are 12 in total. As you can see, I have my “main account” which is just my normal current account with a debit card, and our joint account, which again, comes with a debit card. Everything else is either an e-savings account, an everyday savers account or my ISA. None of these other accounts came with a debit card, but I can access my cash in any of them instantly. It is important to note that whilst these are technically savings accounts, I am not using them as savings accounts – they have awful interest rates and I’m not saving long term in them.

Every month, on pay day, I divide my money between each account according to my predicted spending. The best example of this is my “petrol and car” account, as I pay for my fuel with a credit card (for Tesco Clubcard points) and then pay it off once a month. Before paying it off, I simply transfer the money from my “petrol and car” account into my normal account, using the Barclays Mobile App.

It also helps you to budget for annual costs. I know roughly how much my car insurance is, as well as the other annual car related costs such as MOT, servicing and new tyres. I add this all up, divide it by 12 (or you can do it by 52 if you are paid weekly, 13 if paid every 4 weeks) and make sure to put that amount into my “petrol and car” pot. Then once those costs roll around, the money is there waiting, instead of spent because it was sat in my current account and I thought it was mine to spend. There are plenty of other annual costs that you can use this method for:

  • Christmas
  • Birthdays
  • Other gifts (wedding, christening, etc)
  • Heating oil delivery
  • Emptying septic tank

Whilst you can plan for certain expenses, you may still find yourself hit with a bill higher than you were anticipating. That is why it is a great idea to have an emergency fund, no matter how little you can save per month. Even £10 a month is a good start.

You could go one step further and separate your money even more – by allocating a certain amount for groceries, toiletries, clothes, etc. I found that this was too restrictive for me, so instead I leave a set amount of money in my current account to spend as I see fit, and for the joint account we have a weekly budget to cover groceries, toiletries, cleaning, meals out and any other household expenses.

You can set up some extra savings accounts by ringing your bank, in branch or applying online. They are free to open, and you just want really basic savings accounts – not to be tied in to anything, such as a withdrawal notice period.

I would love to hear from others as to how they manage their finances. Please leave a comment and let me know.