Saving when you’re broke and over 50 may seem impossible. You’re either still in work and trying to put whatever you can into your pension pot, or already drawing down from your pension for an income much lower than you’re used to.

Having no savings and a small income, and knowing your retirement is coming up, leaves many over-50s worrying about how they can save for a rainy day. We’ve come up with some solutions to help you build a savings pot even when you think you’re broke.

• Get the over-50s benefits you’re entitled to
• Put off retiring
• Create some over-50s savings
• Invest for the medium-term
• Pick up some over-50s extra earners
• Make extra savings
• Consider equity release

So, you’re over 50, feeling poor and see no hope of improving the situation? Stop right there because you have a lot more time – and opportunities – to turn this around than you might think. Don’t imagine that this is a time for you to slow down. No way – there’s too much of life to enjoy and, frankly, profit from.

Get started with our ideas on how to save if you’re broke and start building up that nest egg!

Get the Over-50s Benefits You’re Entitled To

Go to the benefits information website Turn2Us and fill in your details. It works out what benefits you should be getting. It also shows you how to apply for what you’re entitled to.

Also go to the benefits section of Gov.uk. They have a good list of the benefits and tax credits you could be entitled to. You could be getting tax credits if you’re not earning enough, or extra help if you’re caring for someone or have a disability. Get in now while you can – who knows how long these benefits and tax credits will continue!

Most benefits are now paid via the Universal Credit system. This means you need to apply online to get the benefits. If you’re not confident on a computer, make an appointment with your local Citizen’s Advice Bureau and they’ll help you. The DWP also has a Visiting Team who can come out to your home if you’re housebound or unable to claim your benefits online. They’ll make sure you’re getting everything you’re entitled to.

While you’re at it, it’s a good idea to check on your state pension situation. Do you have enough National Insurance credits to get the full pension? You need 30 years’ worth of contributions to qualify for the full state pension. Also, if you’ve been a carer or taken time off to look after children you will probably have National Insurance credits for those years. Find out what your situation is here.

Delay Your Retirement

This may not have you jumping for joy but you’re going to have to face it now: if you don’t have enough savings put by, you’re much better off working for a few more years than trying to live off the State Pension alone. The current full State Pension is £221.20 a week (£11,502 a year), and a recent report suggested a retired person needs a minimum of £14,400 a year and £31,300 a year to live comfortably.

Working more years gives you time to add to your pension pot – and means you’re not eating into your pension savings while you’re still working, too, leaving more for when you do retire!

There are various advantages to working longer anyway:

• You are more likely to live longer. Seriously. This is particularly true for men. Staying in work – or at least staying active and interested in life (which often comes with having to go out to work) helps keep us healthy. A study by BUPA found that survival rates improve with increasing age at retirement for people from all socio-economic groups.
• It’s a great way to meet people. Again, getting out of the house and into contact with others will cut down on feelings of loneliness, isolation or worthlessness which can be common in retirement.
• You could find a whole new lease of life. You don’t have to carry on doing whatever job it is that you do now. This is a great time to find a new career path and do something you’ve always wanted to do. For women fifty-plus, being a doula, for example, is a great new career. For men fifty-plus, one idea is to get into adult education, teaching the skills you’ve been using (and are probably still using) for all your career.
• You get to earn more. Once you’re over 65 you have a higher tax threshold and you don’t pay National Insurance contributions. This means that you get to take home more actual, real money from your salary. The Government doesn’t pilfer so much of it!
• Putting off claiming your State Pension means you could get a larger weekly amount when you do take it. Your weekly pension increases by 5.8% for every year you defer.
• Alternatively, you can choose to take a cash lump sum with interest instead, as long as you have deferred it for more than a year.

Don’t think that working past retirement age means you have to stay in the 9-5 rat race. Lots of shops and small businesses offer part-time work.

• Finally, claim your State Pension at the same time as working to boost your income. You can also use your State Pension to keep the same amount of money coming in each month but reduce the hours you work. Check your State Pension age to find out when

Go to this section on Gov.uk to find out about other benefits of putting off retirement.

Saving When You’re Broke: The Importance of Investments

Now this is the important part. At this stage of your life you need to be creating a stable savings base. You do have time to invest in more risky, volatile investments that should bring in a decent return year-on-year (see below for more information on how to do that) but at this point you primarily need stability.

Saving when you’re broke means working out where you can make cuts in your existing expenditure, or finding new ways to earn money. Even saving a small amount each month quickly adds up! Keep reading for tips on how to earn more money when you’re over 50.

This means that you should be concentrating on putting regular amounts of money (however small) into savings accounts and probably into gilts too. Check out our article on investing when you’re 50+ for more details – or keep reading for the quick guide below.

FIRST:

If you have no extra money each week/month to put into a savings account: take a look at our article on 26 ways to save with simple changes to your spending habits.

THEN –

Set up a monthly standing order from your current account into a savings account: Even if it’s just £20 a month, it’s still something going into a savings scheme for you. Choosing a regular savings account is a good option; the best ones offer a 12-month fixed rate of about 5% interest and won’t allow withdrawals – a good way to stop you being tempted to dip into your money!

FINALLY –

Don’t forget about your ISA allowance: you have £20,000 to save tax-free every year so make the most of it! Read on for information about investing in a stocks and shares ISA.

P. S.

There’s also gilts: That’s government bonds to you and me. These are effectively loans to the government where they promise to pay a fixed amount of interest each year in return for borrowing your money to pay for… well, goodness knows what they’re using it for right now!

The point about gilts as an investment is that they are also stable, like savings accounts, and although (like savings accounts) they don’t give a huge return, at least you know that your money is in relatively safe hands.

It’s not going to go up and down wildly in the short term like the stock market can do, but you could make fairly decent returns. Read our article on gilts here.

Do You Receive Universal Credit?

If you’re in receipt of Universal Credit, you could be eligible for their Help to Save account. If you are, it’s one of the best ways to squirrel away some extra cash – and get up to £1200 FREE CASH topped up by the Government. Read our article about Help to Save to find out if it’s something that you’re eligible for and how to apply.

Invest for the Medium-Term

If you have decided to put off retirement until you’re about 70 then you have a decent amount of time for slightly riskier investments to grow.

A word of warning! You have to be careful here. Although you have a good few years for your investments to grow and to take in the ups and downs of more volatile markets than, say, savings accounts and gilts, as you’re not in your twenties any longer you need to make sure that only a relatively small percentage of your money is going into these riskier products.

Saving when you’re broke and over 50 means the majority of your money should go into the stable savings, particularly if you are close to, or well into, your sixties now.

Stocks and shares: It’s still worth looking at stocks and shares if you’re in your fifties. Use all or part of your ISA allowance to invest in stocks and shares ISAs. Invest in a nice, cheap, easy index-tracking fund (tracker) such as the Legal & General FTSE 100 or FTSE All Share index tracker.

These go up and down with the stock market according to a clever computer programme. Trackers don’t charge much in the way of management fees because they’re run by computer so you get to keep more of the profits.

Pensions: Your employer now has to offer a pension scheme by law. You’ll have been auto-enrolled if you meet the minimum requirements – make sure to check you’re taking this pension scheme if you can!

The Government tops up your pension contributions, and your savings are put into the pot before tax – unlike money you choose to save from your pay cheque.

If you don’t have access to a company pension scheme, such as if you’re self-employed, you could set up your own private pension or two. The best types of private pensions are either stakeholders (cheap, easy, open to anyone) or SIPPs, Self-Invested Personal Pension (rather cleverer but a great idea if you have the confidence).

You don’t have to put any money in a pension but as it’s a good idea to spread your money around a few different kinds of products, it’s worth considering pensions as one of them.

Do remember that there are whole chapters on investing in stocks and shares, gilts, bonds, pensions and savings accounts in Jasmine’s ebook ‘Beat the Banks’.

Pick Up Some Over-50s Extra Earners

It’s all very well investing your money if you have some cash to spare, but what can you do if you don’t? Luckily there are plenty of things that over-50s can do to make extra cash on the side to make saving when you’re broke possible.

Tutoring

Can you play an instrument? Speak another language? Or have specialist knowledge of science or maths? If so then you can make money by teaching high school, college or even university students. Here at Moneymagpie we know this is a good way to make money, and we have known people who have made up to £35 an hour by tutoring GCSE students.
Consider placing an advert in your local community such as on NextDoor, or with a specialist website like FindTutors. Using an online site like this to advertise your services also means you can check out how other tutors are pricing themselves so that you know what to charge.

Become a doula

A doula is a someone who is paid to help a woman through her pregnancy and during her first few months after the baby is born. You do not need any qualifications to become a doula, but to give yourself some credibility you may want to join up to a website or agency that has a good reputation, such as British Doulas or the Scottish Doula Network. To learn more about becoming a doula read our article here.

Rent your spare room

If your children have all moved out, gone to university or you simply have a lovely big house, then you can make some extra money by renting out your spare rooms. You don’t have to turn your house into a hotel or B&B, just clear some cupboard and fridge space and make room for another toothbrush in the bathroom. Lodgers don’t have the same protections as tenants living in let properties, so you don’t need to worry about squatters or whether you can end an agreement early with your tenant if it’s not working out.

You could rent to students during term time if you live near a university, or to commuters Monday to Fridays if you live in a big city. If you live in a desirable area you could also rent rooms to tourists during the summer or at Christmas.

Spareroom is a really easy site to use and their basic package is free, just place an advert and wait for people to contact you. You can select what age and profession you would like your tenant to be so people don’t waste your time applying if they do not fit your specification. Of course, you can also do this through Air BnB, but the fees are notoriously large and it means a very high turnover compared to taking in a lodger.

Renting a room means you can earn up to £7,500 per year tax-free. Couples share this allowance, so won’t get twice the allowance for the same property. You can’t use this scheme if you’ve converted part of your home into a separate annexe: it has to be used for lodgers sharing facilities with you such as kitchens and living areas.

Rent other parts of your home

Make money from renting other parts of your home! If you have a large garden that you don’t or can’t manage, consider renting it to a local greenfingers as an allotment space. Your driveway and garage also earn cash when you put them up for rent on JustPark, Parklet and your local version of Gumtree or NextDoor.

Finally, with the rise of remote workers comes a rise in ‘digital nomads’ and ‘vanlifers’. You could rent out your living room as a remote working space for people who are travelling – make sure you have a comfortable desk and chair, and fast internet, and you’ll make cash while having some company around. It’s a double-whammy if you look for people who live the ‘van life’ as they tour the country, as you could rent out your drive for their overnight parking as well as your spare room to work from.

Become a house sitter

House sitting is, basically, looking after someone’s home while they are away. You get to stay in a house; to keep it clean, tidy, take phone messages and collect post, perhaps look after pets, and sometimes house owners are willing to pay you to stay.

This is where the over 50s and 60s can cash in. Websites like Trustedhousesitters ONLY let mature people sign up to their websites, as they want to reassure their customers that their house sitters are reliable.

So, even if you aren’t being paid to look after a house, it’s a good way to save money if you want to go on holiday, as you will be saving yourself the cost of accommodation.

Trusted housesitters also have houses all over the world, not just in the UK. So if you fancy a holiday abroad, you could save yourselves a lot of money by offering to house sit.

Saving When You’re Broke: How to Find Easy Savings

There are also lots of things you can do day to day that will save you money in and around your home.

Switch (or ditch) the car

Trade in the family car for a smaller, more wallet-friendly model. You’ll save money on petrol and insurance that way too. If you’ve ever been a member of the armed forces or health services, you could also be entitled to a special discount on a new car! Remember to shop around for your insurance each year too – don’t just accept the premium rise of your existing provider, as it can be easy to knock up to a few hundred quid off with some comparison and neogtiating!

Or, you could be brave and ditch the car altogether. Over-50s get discounts on public transport and if you really need a car for something, you could rent one with a scheme like Zipcar or Enterprise Car Club for cities outside of London

Shopping

Using a price comparison website like MySupermarketCompare can save you big money on your weekly food shop. In fact, MySupermarket says that they can help you save an average of £18 a week by comparing the contents of your basket to other leading supermarket stores.

Just pick your preferred supermarket from a choice of Tesco, Asda, Sainsbury’s and Ocado and start shopping. As you add items to your basket, the website will let you know how much you could save by switching to a different brand or product.

As your basket grows, MySupermarket also keeps a running total of how much you are spending, and how much it would be costing you at the three other supermarkets. So if a shop in Tesco were £10 cheaper than Sainsbury’s you could switch trolleys – genius!

Saving When You’re Broke is Easy with Cashback sites

While we’re talking about shopping, consider signing up to cashback sites like Topcashback and Quidco.

These companies are paid to drive traffic to retailers’ websites. You snag a share of that payment when you visit the online store you want by going via your cashback site first. For example, if you want to order your Marks and Spencer Christmas turkey online, log into your Topcashback site, search Marks and Spencer, and click the link. It’ll take you to the M&S website where you just shop as normal.

The cashback comes into your account a few weeks later. If you do this throughout the year for all of your online shopping activity, you can easily rack up a few hundred pounds of cashback without trying! You can pay out to your bank account or use the cashback to buy vouchers to spend online.

Become a mystery shopper

Get paid to eat, drink, shop, and go to the cinema (yes, really!).

All you have to do is sign up online and you will be sent details of where your next assignment will be.

It is your job to check that the standard of service is up to scratch, and write a short report about your experience.

Other ways to save or make money

We have loads more great ideas in our article on money-makers for over-60s, which are all relevant for over-50s too.

Also, our entire Make Money section is full of all kinds of different ways to make money on the side or even use your hobby or interest to give you a full-time earner. Start with our 10 easy ways to make quick cash article and move on to whatever takes your fancy!

If Saving When You’re Broke Seems Impossible, Consider Equity Release

We’re not especially keen on equity release for most people here at Moneymagpie. Although the industry is much cleaner than it was, it’s still not the safest path to tread. In many cases you get nowhere near the value of your property and if you have children it does mean that their inheritance will be drastically reduced.

However, if you have no children or you have no other means of supporting your retirement, then equity release could be something you might consider for later on. Seriously, though, don’t get into it until you are at least 65. Before that time, you should be using other means to create a nest egg for yourself. Equity release is a last resort (you get more for your home the later you leave it, anyway).

Use a company that belongs to the Equity Release Council, the industry regulatory body. Read up on it for as long as it takes for you to really understand what it involves and get independent advice before you jump in.

*This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with any money.

The post Help for over-50s: how to save if you’re broke appeared first on MoneyMagpie.

If you’re struggling to make ends meet, it’s only natural to turn to friends and family members for help by asking to borrow money. In fact, one TikTok user has gone viral as she revealed she now shares a bank account – with a friend.

But is it ever wise to lend or borrow money in this way? We explore the benefits and (very serious) pitfalls of unofficial lending, as well as provide some tips on how you can make sure both you and your friend or family member is protected if something goes wrong.

Read on to find out more, or click on the links below to go straight to that section.

• How much do people lend?
• The advantages of lending and borrowing among friends and family
• The cons – and the con artists
• What about shared bank accounts with friends?
• The legalities – and resources that can help
• Other assistance that is available

How Much Do People Lend?

Lending money to friends and family is more common than you might think. A third of people in the UK are currently owed money by friends and family, according to research by Starling Bank.

The amount being lent out by friends and family is not small change, either – 35% have lent more than £500 according to the survey of 2,000 UK adults.

Nearly one in four (23%) are owed more than £1,000, 10% have handed over £5,000 or more, and 6% have lent upwards of £10,000.

The Advantages 

Broaching the subject of gifting or loaning money to family may be embarrassing, but according to a recent survey of 3,000 people by Hodge Bank, many people actually get a kick out of helping their friends and family with money, with 58% of over-75s saying they liked to lend their loved ones money.

Of course, you don’t have to be a financial wizard to work out why people might want to borrow money from the ‘Bank of Grandma and Grandad’ (or the ‘Bank of Bob from Work’, for example).

Clearly, your friends and family are a lot more likely to give you some help towards bills than a bank ever is. Getting a loan is a bureaucratic nightmare, and unless a bank is confident that it will easily recoup its money, it’s not going to lend you a penny.

This preference for wealthier clients by the big banks is why those who are struggling often have to turn to ‘pay day’ loans, or even loan sharks.

Of course, if you aren’t considered a risk by the banks, they’ll happily give you a loan at a far more-reasonable rate than a rapacious pay day loan provider. But the terms are still unlikely to be anywhere near as generous as you’d get from friends and family.

Exorbitant rates

According to MoneyNerd, the average interest rate on a personal loan taken out in October 2022 with a two-year repayment was 10.16%, although many lenders charge much more, with rates as high as 36% or above.

The amount you are charged will depend on a number of factors, including your personal credit score, and your collateral (i.e. the amount of money/property the bank could theoretically seize if you fail to keep up with installments).

For help working out how much money you could realistically hope to borrow through official channels, see here.

The Cons – and the Con Artists

Needless to say, lending or borrowing money from friends and relatives isn’t without risks – for both parties.

Most ‘lenders’ are not particularly wealthy, according to Starling Bank, whose study found that a third of people who have lent money to friends and family are low-earners (i.e. on an annual salary of less than £20,000), while only 11% are higher earners, on £70,000 plus.

Embarrassment and anxiety

What’s more, two thirds of lenders told the bank that they felt either too “awkward and embarrassed” or too “anxious” to ask for money back that they’re rightfully owed, while a third of respondents (32%) said they had to ask two or more times for the money to repaid.

As Starling Bank’s chief banking officer, Helen Bieton, pointed out: “Talking about money with friends and family can be awkward, but letting debts rack up can take a toll on relationships and our own financial wellbeing.”

She added that “nearly one in five (17%) started to resent their debtors and 11% avoided making plans with them in the future”.

“When they weren’t paid back as swiftly as they would have liked, more than a quarter of people in the UK (27%) got annoyed, 8% got angry or had an argument with the person who owes them [money], and 3% ended up in a physical fight.”

Difficulties saying “no”

Of course, the easiest way to avoid such potential disputes is to just say no. However, this is easier said than done.

In July, a study from the short-term lending service Moneyboat revealed that the average Briton loses over £500 a year due to this inability to assert themselves with friends and family.

As Elizabeth Richie, a psychotherapeutic counsellor at St Andrews Healthcare, explained: “Expectations from friends and family can blur the lines when we want to say no! This may include fear of being judged, fear of being selfish.”

Richie, who helped Moneyboat with the study, said that it is crucial to set boundaries and be mindful of the fact that “we cannot control other people’s responses to us”.

“The ability or inability to say no often stems from our childhood. We will struggle to say no when we are constantly seeking approval, we will find it easier to say no when we have experienced healthy attachments in early life and have acquired a healthy identity from our early caregivers.

“Ultimately being able to say no at the right time reduces stress levels, and gives you time to prioritise what is important for you and to be more discerning about your own needs and self-care without feeling bad.”

Could your friend be a loan shark?

There are, however, far greater risks involved with casual borrowing than just hurt feelings, as Jackie Spencer, the senior policy manager at the Money and Pensions Service, explained: “Another thing to be cautious about is borrowing money from someone you know casually, such as a colleague or a friend.

“It might seem like a good solution, but you should consider how much you really know them, as they might be a loan shark who lends money illegally and the loan could cost you more than you think.

“They target people who need to borrow money and can’t access it from legal sources and may resort to intimidation and even violence if you can’t keep up with repayments.”

To help prevent this, she stressed that any informal loan should be put in writing, and recommended people read this guide on how to spot a potential loan shark.

Other issues to consider

While it can be tempting to ask friends or relatives to lend you money, you need to think about not only whether you can afford to repay the loan but what might happen if you can’t.

People thinking of borrowing from friends and family really ought to draw up a budget using a resource like this, just like someone would do before approaching a bank for a loan.

“This will help you see how much money you have left for repayments and if you can actually afford it,” said Spencer.

“You should also consider the risk that this could harm or even end the relationship if the money is not repaid. It’s stressful enough if you can’t afford to pay back what you owe, but it can be even worse when you’re leaving a loved one out of pocket.

“If you’re not sure whether you should borrow from a friend or family member, there are other credit options – even if you have a poor credit rating and if you’re struggling with debts, there is help available through our MoneyHelper service.”

What to do if you are approached for a loan you can’t afford

It can be hard to refuse when a friend, partner or family member asks for financial help, but you should consider whether you can cope with the impact of not having the loan repaid. Take the time to work out your own budget before lending to anyone.

If your money is currently in savings, you’ll need to bear in mind that removing a large chunk of this will affect the interest you make each month.

What About Shared Bank Accounts with Friends?

As the cost of living hits us all, more and more people are considering setting up shared bank accounts with friends. Much like in a couple, they pay in part of their salary each month and use it to pay bills if they live together, or to save towards a shared goal like a holiday. So, instead of lending each other money back and forth (we’ve all asked for an extra tenner here and there from our best mate), their spending comes from the shared account.

A new viral trend on TikTok, shared bank accounts are being touted as a way to find accountability in your spending, as someone else can see everything you spend.

While sharing a bank account for housemates to pay bills together might be useful, it comes with big pitfalls. The funds aren’t protected – so anyone named on the account can take the whole lot at any time. In the example of TikTokker Caitlin above, she and her friend don’t always pay in equal amounts either, as sometimes one earns more than the other. This is the highest level of trust, because anyone in this situation could run off with the money they haven’t earned!

More than that, if your friend has a terrible credit score, or they put your joint account into debt, your credit rating will be ruined, too.

Joint savings accounts can work better and some banks recognise this. Monzo has a shared saving account that helps friends save together into one pot for a specific event like a holiday or hen do. However, the funds are still there for anyone to spend and your credit rating is now linked to the people named on the account.

If you want an accountability buddy to help control your spending in tight times, you could always set a weekly date to meet with your friend and go through your bank statements together. This will make sure you know someone else is going to look at your spending, helping you to curb impulse and unnecessary expenditure, without risking your funds being withdrawn by someone else.

The Legalities – and Resources That Can Help

If you are able to help a friend or relative in need, it’s still wise to take some legal precautions to safeguard both you and your loved one in case of unforeseen circumstances.

As Spencer from the Money and Pensions Service pointed out, it’s a good idea to put your agreement in writing so both parties were aware of exactly how much will repaid and when. “It’s also important to keep records of when repayments are made, so you both know how much is still outstanding.

“Having an agreement in place can protect you in unforeseen circumstances as well, such as if the borrower died with the debt unpaid as you’d need proof to claim from their estate.”

Legal templates

You can find lots of free template agreements online that both parties can sign and keep.

LawDepot has a very easy-to-follow, one-page form that should leave both sides in no doubts as to what was lent, and to whom. You can download it here.

Things to consider in any agreement 

The team at Hodge Bank has some great advice on things to consider before lending to friends and family. For instance, they suggest you should include details such as “a time frame for when the sum is expected to be paid back by, any interest (if applicable) and any consequences for missed payments – you may choose to set a fixed penalty or an interest charge for example.”

The bank also tells would-be lenders to consider things like collateral, adding: “If your friend or family member has anything of worth, this can be a good way to ensure your money will be returned to you.

“If your money was in savings prior to the loan, it may be a good idea to charge at least as much interest as it’d earn in savings to make sure that you don’t lose out. This will also ensure that the loan is seen as a loan and not a gift.”

Tax implications

Another issue many people overlook is the tax implication. If there’s interest being added to the repayment amount, you really ought to inform HMRC and fill out a self-assessment form as, depending on your income, the interest on any repayments may be liable for tax. Obviously, if you’re not charging interest, you won’t need to tell HMRC and, instead, just need to keep a detail of the loan and repayment amounts, in case you’re challenged about where the money came from.

Of course, it’s worth pointing out that many relatives (especially older ones) loan out money on the understanding that they probably won’t need it to be repaid.

It’s worth pointing out, however, that if the lender dies within seven years of giving the money away, the recipient may have to pay inheritance tax on it. For more information about inheritance tax, read our guide on estate planning.

What to do if there’s a dispute 

When lending to family and friends, there’s always the chance that they might not pay you back. If this happens, the first step is to talk to them and find out why this is. It may be due to something simple like a change in personal circumstances or other reasons beyond their control.

If the issue is due to a lack of funds, you should try to come to an agreement to amend the payment schedule or increase the length of the loan-period. If your friend or family member is being difficult and there’s a signed agreement in place, you can always seek legal action, if necessary.

For sums below £5,000, you have the option of taking the issue to a small claims court. For larger amounts, you may need to seek legal advice on how best to proceed.

Other help out there

If you or your loved ones are struggling financially, you really should try to reduce any debts and do everything you can to consolidate your finances before complicating the situation with yet more IOUs.

Charities like Christians Against Poverty give free help and advice to people struggling to keep their head above water financially – irrespective of their religion.

Its advisers should be able to help you cut your budget and get lenders off your back.

They work very closely with local Council Tax and Business Rates’ enforcement departments to create more-manageable payment plans for people who’ve fallen behind and are racking up court fees and penalty notices.

They also help arrange Individual Voluntary Arrangements, Protected Trust Deeds and Debt Relief Orders to clear any money you owe private businesses.

The charity has helped more than 20,000 become debt-free since 2010 alone, so they know what they’re doing.

You could also try Citizens Advice or Turn2us, who can not only provide some advice on clearing debts and dealing with angry lenders, but could also point you in the direction of benefits or other assistance you may not know you are eligible for.

More information

If you are struggling during the current cost-of-living crisis, you may find the following articles of use:

• 9 quick ways to organise your finances
• Mental health and money: How to stop debt overwhelming you

MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of lending or borrowing money should conduct their own due diligence. 

The post Is it wise to lend or borrow money from friends and family? appeared first on MoneyMagpie.

However, the buy to let market looks very different not than it did 5 years ago! Mortgage rates have crept up which means that the profit margins for renting out a home are smaller.

So, it is still a good time to invest in buy to let? 

Here’s how to decide if you should invest in buy to let property in 2024.

• Do You Qualify for a Buy to Let Mortgage?
• High Mortgage Rates
• Can You Find Tenants?
• The Financial Risks of Becoming a Landlord
• Potential Returns on Your Buy to Let Investment
• More Property Tips

Do You Qualify for a Buy to Let Mortgage?

Before you start looking at investing in a property to rent out, make sure you’re eligible for the financing available.

If you have cash stashed away to buy a property outright, that’s great! The returns on renting it out versus keeping that money in the bank will be huge. Interest rates on savings are beyond shocking right now, so a cash investment in property could be a great way to invest.

However, if you only have enough saved for a deposit, make sure you qualify for a buy to let mortgage before you start looking for property. You’ll need to:

• Have at least a 25% deposit
• Already own a property (you can still have a mortgage on that one, too)
• Show that you don’t intend to live in the property yourself
• Earn more than £25,000 a year (for most mortgages)
• Know expected rental income (lenders typically need repayments to be no higher than two thirds of the monthly rental income)

Ticking all of those boxes mean you’re eligible for a buy to let mortgage!

High Mortgage Rates

Buy to Let mortgages come in different types, such as trackers and fixed periods. The deals available differ to those on residential mortgages, because being a landlord is a commercial venture.

However, the majority of these mortgages are interest-only. That means you’ll pay only the interest amount each month, and the full lump sum of the mortgage at the end of the term.

Just remember that you’ll need to put aside the rental income each month to save for the final repayment, though. Interest rates on savings are appalling, but you need to ensure you can pay back the mortgage at the end. You can, however, lock your cash away for longer periods – so take advantage of the (ever-so-slightly) higher interest rates on fixed term savings accounts.

The downside of high rates

It goes without saying that high mortgage rates aren’t great for landlords! High rates make it difficult for buy-to-let ventures to be profitable.

At the moment, the average mortgage rate is 5.89% and the average standard variable rate is a whopping 8.65%! It’s easy to see why landlords are having to up their prices.

Not only do high rates eat into your profits, they also make it more difficult to secure a mortgage in the first place. Now more than ever, it is important to make sure that you are in a financially comfortable position before considering buy to let.

Can You Find Tenants?

Buying a property to rent out relies on finding tenants! Make sure the area you’re buying in has a high chance of being filled. Property websites like Zoopla and Rightmove often have information like this on property listings. An even split of homeowners/rentals is your best bet: too many rentals means more competition for the market. Too many homeowners suggests it’s an area people prefer to buy in, rather than rent.

Look around at similar properties and their advertised rent. This gives you an idea of what you can charge for the property, and whether that would be a good return on your investment.

Check for amenities and local jobs, too. For example, areas near hospitals, large schools or universities, and near main transport hubs are more likely to fill quickly with tenants than rural properties.

The Financial Risks of Being a Landlord

If you can’t find tenants right away, or when your first ones move out, you’re responsible for paying the bills. That includes your mortgage payments, Council Tax, utilities bills, and any leasehold payments.

Can you afford do to this for several months?

You also need to consider what you would do if your tenants suddenly lost their income. Could you provide a rent holiday? It is usually easier to negotiate with existing tenants than to find new ones.

You’ll also need to register for a Self Assessment tax return and file each year. Even if you have a PAYE job, you must fill out the return and declare rental income to HMRC.

Another expensive that often goes overlooked is the cost of fixing damage or replacing broken furniture. As a landlord, you will be responsible for any costs that come with wear and etar. This might mean replacing a fridge fixing a roof or buying a new boiler! This can all be very expensive.

Potential Returns on Your Buy to Let Investment

It’s not all doom and gloom, though. A buy-to-let investment now could set you up for an early retirement, or a more secure financial future. You’re buying an asset that can deliver great returns.

What’s more, mortgage rates are rumored to go down in the near future which could make buy-to-let a lucrative venture once again. The price of housing in the UK is predicted to go up which means that homeowners are almost guaranteed to see returns in their investment.

The strongest position to be in is that of someone who can purchase a buy-to-let property outright with cash. We can all dream!

More property investment tips

There’s so much to consider when you become a landlord that you need to do your research before committing. Read these articles next to help you decide if it’s the right investment move for you.

• Everything You Need to Know as a Landlord During Coronavirus
• Renovate Your Home for Less with the Green Homes Grant
• The Big Buy to Let Hotspots in Britain
• Property Investment: Should You Be Buying to Let?
• Get a Buy to Let Mortgage Even If You’re 85!

*This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with any money.

The post Is Now a Good Time to Invest in Buy to Let? appeared first on MoneyMagpie.

Planning for retirement can seem like a daunting prospect with so much to consider. But building up a nest egg needn’t be an unnecessary stress, whatever your age.

Here are some tips for putting your money to work wisely and future-proofing your savings with easy and safe investments as well as tips for your timeline. 

1. Work out how much you will need
2. Work out your timeline
3. Think about your investment options
4. Check what you actually have in your pension
5. Boost your retirement income

1. Understand How Much You Will Need

The first step to truly being able to plan for retirement is to understand how much the average person needs to save for a comfortable future. 

According to Retirement Living Standards, a couple needs £59,000 per year for a comfortable retirement, while singles will be looking at an income of £43,108 per annum. This all also depends, of course, on where you live and what you deem “essential”.

The absolute bare minimum figures are £14,400 for a single person and £22,400, if you are willing to watch your budget throughout your retirement. Of course, by the time you retire, these figures will also have increased due to inflation.

Take a look at our article that explains how much you need to have saved into a pension for more on this point.

Individuals get just over £11,502.40 a year from the full State pension in 2024 (that will change over the years of course) so if you’re about to retire you can factor that in to your annual income. However, even to get another £10,000 a year in income from your investments, assuming a 3% return (which is a fairly safe assumption to ride out spikes and troughs) you would need a retirement pot of at least £250,000. 

The ‘multiply by 25 rule’

One way to calculate how much you might need in retirement is to follow the “multiply by 25” rule.

Multiply your desired annual income in retirement by 25. This will bring you to an approximate figure for how much you need to save. 

Understanding Auto-Enrolment and Your Workplace Pension

2. Understand Your Timeline

Once you’ve understood how much you might need from retirement age, you have to look at your timeline to achieve that, too. 

You can never start saving too early. How much money you will need for an estimated number of years can be hard to calculate, but there are steps you can take as you enter different phases of your life.

Your 20s

Saving in your 20s means you benefit from more long-term savings plans which could yield better returns over time.

Even small contributions each month means compound interest will be on your side. 

Really, you could put in a tenner a month and, thanks to compound interest over decades, it would still create a really decent pot for you when you come to retire.

It’s also a really good idea to join your workplace pension as you then get ‘free money’ from your employer, plus the tax back from the Government that all pension schemes get.

If you’re self-employed you just get the tax advantage but it’s still worth having.

Making smart choices early on will set you up well for later life and might even lead to you being able to take early retirement. 

It’s also really worth considering taking out a LISA (Lifetime ISA) as the Government adds another 25% to anything you put in (you can deposit up to £4,000 a year into one of these).

Your 30s

You’re still young enough to make a significant dent in what you’ll need to save to retire.

As time of writing, you’ll have 38 years to go until you reach State Pension age of 68 and a lot of time to gain a good savings pot from workplace pensions, where employers contribute a minimum of 3%. 

Alongside this, you might think about building up value from other assets, such as a house, to boost retirement value. 

Again, don’t forget the LISA which will help you put a deposit on a home or contribute towards your retirement.

Your 40s

In your 40s you might be established in your career and on a better earnings track than in your 20s and 30s. So this will free up more money for later on in life. 

When you save for retirement in your 40s, larger amounts need to be set aside than in your previous decades.

You’re also more likely to be on the housing ladder and can consider using your property to help fund your retirement later on. However, it’s much better, on the whole, to have investments separate from your home, so make some time to really look into good places to help your money grow.

Your 50s 

Your 50s is a good time to seriously consider when you want to retire – if you want to. Many people, especially those who own their business, enjoy what they do and don’t want to retire!

You might also want to look at how you could go about taking your pension out of the pot, be it with annuities, a drawdown or a lump sum, now or later on. You can access a private pension from the age of 55. Taking money out now will reduce what you have invested for your later retirement.

Check to see that you have paid enough NI over your life to qualify for the full State pension. If you haven’t, you are allowed to pay for some years in some cases, and it could be a good idea to do that. Check your State pension age, too.

When you’re in your fifties you qualify for a free advice session with Pensionwise. It’s worth getting that so that you can have a good idea of what money you can expect to make in retirement and, also, whether you need to put more aside now in order to fund yourself later on.

It’s also a good idea to pay for independent financial advice at this stage. It’s about funding the rest of your life so you need to get it right. Find a recommended financial advisor here at VouchedFor.

Your 60s

In your sixties you could still be working or you may have already taken early retirement if you have the cash to do it. Check when you qualify for the State pension and remember that you have to actually apply to receive it. It doesn’t come automatically.

It’s also a good idea to consider putting off your State pension by a year. You can get more per year by doing that and, if you think you’re going to live a good, long life then that’s worth considering.

Nowadays more people are choosing to reduce their working hours and opt for semi-retirement first, rather than give up work completely. Many people enjoy working in retirement. Why shouldn’t you keep in ‘life’ by working rather than staying at home?

If you’re looking to find a side-earner to supplement your income before or after pensionable age, we have loads of ideas in the Make Money section so take a look there.

3. Research Your Investment Options 

You might want to look into getting help from a financial planner or financial advisor to understand the investment options that will best help you retire with a healthy savings pot. Doing this as soon as possible means your money is put to work in more productive ways from the get go. 

Find a recommended financial advisor at VouchedFor.

• Look at investing, or, if you already do, how you can maximise your various investments (called a portfolio) on an ongoing basis, is a good way of making sure your money is being put to work in the right places.
• This could mean investing in ISAs, bonds or floating some money on the stock market, which has been proven to be one of the best ways of growing your money long-term. 
• Once you decide to invest you need to think about whether you want to do-it-yourself or hire in help. Here’s a guide to using a financial advisor or going it alone and DIY investing. 

4. Check Your Pension

It can be confusing to know exactly what you have from the different pots available. Here are a few ways to check your pension annually. 

State pension

It’s a good idea to regularly check your State pension forecast. You can do it online or request a State Pension statement so you can see how much State Pension you’ve built up so far.

You can apply for one online or by phone or post if you are aged 16 or over and at least 30 days away from your State Pension age.

You’ll find details about how to do this at GOV.UK

Defined benefit (final salary) pensions (DB)

Final salary pensions pay a retirement income based on your salary and the amount of time you’ve been part of the scheme. 

It’s generally only public sector or older workplace pension schemes that offer DB pensions, and members of one will usually be sent an annual statement by the scheme.

If you don’t receive this, you can request it.

The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.

Defined contribution (DC) pensions

These schemes mean you build up a pot of money you can use to provide yourself with an income in retirement. The value of the pot is based on your contributions, your employer’s contributions plus investment returns and tax relief. 

They can be run through an insurance company, master trust provider or you might be a member of a bespoke scheme set up by your employer. 

Annual statements will give you an idea of the monthly retirement income you can expect. It might not assume that you take your tax-free cash lump sum, however. 

In this type of scheme you have freedom over how you can access your funds if you’re over the age of 55. 

Combining your pot 

Consolidating your pensions from different workplace plans can make it easier to know what you have in total. PensionBee is one company that does this, and they provide an easy to use platform for both choosing what type of pension you want and consolidating existing pensions. 

Find out more about PensionBee and how you can retire early with this free eBook that we produced.

5. Boost Retirement Income 

One way to boost your retirement income is to increase your regular savings early on.

• Adding to regular savings pots over the years can pay dividends later on in life. 
• Adding lump sums to your pension is another way to boost savings. If you receive some inheritance or are given a sum of money the interest on that over 20 years in a pension savings account could more than double it. 
• Other things you could consider are retiring later in life, moving to a less expensive area or downsizing, or rent out part of your house (even renting out your driveway could earn you money). 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

The post 5 easy steps to plan a comfortable retirement appeared first on MoneyMagpie.

Loans are hard to get if your credit score isn’t perfect. Many of the best credit card deals that we mention are also not available to you if you don’t have the best credit record. But fear not! Even if you have a credit record that makes you want to weep, there are ways of cleaning it up over time.

• What affects your credit file?
• 10 easy ways to improve your credit record
• Should you pay to access your credit file?

What Affects Your Credit File?

• If you have been rejected for a credit application in recent weeks.
• Several applications for credit and loans at the same time make you look like you’re in a desperate financial situation.
• County Court Judgments (CCJs) against you.
• You’ve regularly been delayed with mortgage or loan payments.
• If you miss a payment on your phone or broadband bill, this is considered a big black mark.
• Your age affects your points score. Too young can be as bad as being too old.
• If you’re single it can be a problem – being married gives the impression that you’re stable and have a potential second income to rely on.
• Moving address every year or two. Financial companies like at least three years at the same address.
• If you are not on the electoral roll you can be rejected.

15 easy ways to improve your credit record

1. Make sure you are on the electoral roll

There are two electorial registers: public and private. You can opt out of the public register (and we usually suggest you do to avoid spam). You cannot opt out of the private register – this is what local councils use for elections etc. You can only be contacted from the private register for things of public interest, like a General Election.

Contact your local authority to request to be put on the electoral roll. If you’re already registered, it won’t hurt to have your information updated anyway!

2. Pay bills on time

Every missed payment knocks off points on your credit file.

If you cannot pay on time, contact the supplier, credit card provider, or bank as soon as possible to discuss what options are available to you. You may be able to change your repayment schedule, or make a minimum repayment instead.

3. Check your credit record for CCJs

Check your credit record through the credit reference agencies like Experian. Make a note of any unusual activity that you don’t recognise and contact the credit agencies to investigate.

Most importantly, check for County Court Judgements (CCJs). These can be issued and missed if you’ve recently moved house, for example, and didn’t receive the summons. It’s really detrimental to your score, so resolve this as soon as you can.

4. Check any resolved bankruptcies

If you’ve paid off your debts or have been discharged from your bankruptcy, check your record with Experian, TransUnion (formerly Call Credit), and Equifax. Settled or discharged debts can take up to four months to show on your record – if they aren’t listed after that time, contact the credit agencies and the lender.

5. Look at closed accounts as well as open ones

Any line of credit – even a mobile phone bill – that you’ve paid off should show as closed and settled on your credit record. If it’s not showing as settled – or worse, as a default – contact the lender or organisation immediately to sort it.

6. Work on building your credit history

Companies such as *Creditspring offer affordable ways to borrow and increase your credit score. Whilst rebuilding your credit score can seem complicated, Creditspring offer a set repayment plan (much like a subscription), with each repayment made on time increasing your score.

7. Let your rent improve your credit

Tenants can use Credit Ladder to prove they’re responsible to lenders. It’s a free service for tenants to use, too. You pay your monthly rent via Credit Ladder. They report each month to credit reference agencies that your rent – a large sum – has been repaid in full, on time. Over time, this rebuilds your score as a responsible borrower.

8. Use a credit improver

Similar to using your rent – an everyday expense – to rebuild your credit, you can use small savings to help, too. A credit improver service like Loqbox gives you a small loan.

You don’t get the cash, though! It’s locked into an account for you. Every month, you make agreed ‘repayments’ to this loan. At the end of it, the money you paid is released into a new bank account for you. It’s a great two-fer: you get to rebuild your credit score AND finish up with savings!

9. Stop at the first rejection

If you’re rejected for any type of credit or bank account, STOP! Research your credit record with each of the three credit reference agencies. Don’t just keep applying, assuming you made a mistake on the form. Multiple rejections in a short space of time can take YEARS to knock off your credit record – so avoid it at all costs!

10. Seek help for debt ASAP

If you’re already spiralling into debt, don’t apply for credit. Especially avoid things like payday loans – they’re expensive and look really bad to lenders looking at your credit record. Instead, take a deep breath and seek help.

Contact the National Debtline or Stepchange to talk through your finances and set up a repayment plan. You can also look up your local Community Money Advice centre for help, too. Jasmine is a patron of this financial education charity: they’ll help you manage your debts and finances and help you get back on track.

Should you pay to access your credit report?

The post 15 Easy Ways to Improve Your Credit Score appeared first on MoneyMagpie.

Online freelance writing is a great way to earn additional or full-time income, and you don’t even need to leave your home to do it.

There are countless opportunities out there, you can work as little or as much as you want and you can make in excess of £100,000 a year if you develop a good marketing strategy and work hard. The first few years will be tough as you find your feet, but the flexibility of online freelance writing and the higher fees you can charge when you’re established make the work worthwhile.

Here’s everything you need to know to make money online freelance writing.

• What is Freelance Writing?
• What Are Freelancing Platforms?
• What Do You Need to Get Started?
• What Will It Cost Me?
• What Can I Earn?
• Portfolio
• Finding Jobs
• Staying Employed
• Long-Term Clients and Long Term Success
• Alternative Income Streams

What is Freelance Writing?

Simply put, a freelance writer is someone who writes for money but isn’t tied to a single organisation. A freelance writer offers their services to anyone who needs some writing done, and will often work for several companies at a time.

It’s often said that freelancers are their own boss and that no one dictates what they do. This is true, to an extent. But freelancers actually have many different bosses. And they need to meet deadlines and to work to specifications just like any other employee.

Online freelance writing jobs come in a variety of forms. The most common job is content writing. There are are over a billion websites out there and they all need content. A freelance writer is often the one tasked with creating that content.

Other jobs include:

• Novel Writing: Ghost-writing personal memoirs, fiction/non-fiction for publishers.
• Script Writing: Everything from TV pilots and film scripts, to commercials and animations.
• Marketing (also called copywriting): Press releases, brand stories, slogans.
• Academic Writing: Academic non-fiction, peer reviewed study write-ups, essays.
• Technical Writing: Instruction manuals, how-to guides.
• Legal Writing: Terms and Conditions, privacy policies, long-form contract writing.
• Editing/Proofreading: Correcting all of the above.
• Critiquing: Providing advice on personal projects (novels, short stories).
• Consulting: Providing guidance on publishing, writing, SEO and more.

What Are Freelancing Platforms?

When it comes to the concept of online freelance writing, it usually revolves around something known as a “freelancing platform”. This is a service that acts as a bridge between the client and the freelancer. These sites include those like Upwork, Guru and Freelancer, but not all should be judged equally as many are hard work for little reward (and some are downright scams).

You can use a freelancing platform to showcase your abilities like you would on a CV, and you can also use them to find jobs.

Clients post job availabilities, writers apply to these, and the clients interview them. All of this is done through the platform, including the interview itself. And when the writer is hired, the platform continues to act as an intermediary.

If the freelancer and client agree a fee of $100, then the client must pay that $100 upfront. The platform will then hold that money in an escrow account, sitting on it until the job is finished. Upon release, the platform takes a small percentage as their fee and the writer gets the rest.

Watch out for red flags, which include: sites that ask you to write articles in the hope of selling them (ie they only pay you if it sells); sites that require a monthly fee; platforms which have negative reviews on sites such as Glassdoor; very low fees for writers (such as those offering just a couple of dollars for a hundred words).

What Do You Need to Get Started?

There is very little you need to get started as an online writer (apart from talent!). Basically you need:

• Computer: You don’t need anything flash. If it connects to the internet, it’s good enough.
• Word Processor: Clients will usually expect to receive work in .doc or .docx form. However, most word processors can convert, so you don’t need MS Word. There are free alternatives out there, like Google Docs. If you’re sharing a Google Doc with a client, always paste your work into a new document when you send it – that way, the client can’t see your edits and writing process while you work.
• Planner: When the jobs roll in, it’s easy to lose track. So, make sure you stay organised. A wall planner and a paper planner are both useful – carry one with you and keep the wall planner above your workspace at home to quickly refer to for deadlines.
• Bank Account/PayPal: You will need a bank account for clients to pay you, or sometimes a PayPal account to receive payments. Stripe is a useful payment platform if you want to write for international clients, as it gives you an IBAN number to take (for example) US payments as if it’s a US bank, which helps keep transfer and conversion fees down.
• Zoom: Many clients will want to connect with you via Zoom to talk through projects.

You’re also going to need to sign up to online freelance writing job platforms like UpWork. This will take a bit of time, especially as you create your sample articles or upload previous work to show clients your portfolio, so make sure you leave plenty of time for this as it will be what makes a client choose you over someone else.

What Will It Cost Me?

Online freelance writing job platforms like UpWork will take a percentage fee. This might be the same percentage for whatever you’re paid (5% whether you’re paid £5 or £5000) or it can vary by price brackets so the more you earn, the less you give the platform overall.

These platforms aren’t the only way to find work, either. You could invest some money in placing strategic advertisements in trade magazines if you specialise in copywriting for a particular industry, for example. You could also benefit from attending local Chamber of Commerce business networking meetings (or similar – most towns and cities have several business-to-business events you can attend to meet business owners) so set aside some money for these, too.

What Can I Earn?

When you’re starting out, you will find your rates start around £25-30 an hour. With even six months’ experience, you can rapidly increase your rates. The most senior freelance copywriters earn up to £2,000 a day. It is easier to get to these kinds of rates if you already have specialist knowledge in a particular industry, and you target specific niche clients in this area. Specialising is the quickest way to earn more, as people will value your experience and knowledge in the field.

Despite online freelance writing being remote and worked from anywhere in the world, you will have an advantage to increasing your daily rates if you can sometimes travel to meet a client. People who live in London, for example, can charge a higher rate (because London) and visit offices for in-person meetings, which helps clients feel like they’re getting more value from you. If you don’t usually travel to meet a client but one requires you to, make sure you have a stipulation in your contract that they will pay for travel and accommodation expenses on top of your daily rate.

When setting your rates, it’s really important to build in time around your quote. If you think writing a 500-word blog will take you three hours, assume it will take four. This is because, sometimes, you might only take a couple of hours and sometimes it will take you six – so it needs to average out to include the time it takes you over a number of projects rather than a specific one. Building in spare time into a rate quote also covers time you’re not writing – such as back and forths with the client about the project brief, which is easy to forget also counts as work.

Creating Your Freelance Writing Portfolio

Your online portfolio is your CV – it is what will make clients choose you over others, particularly if you’re using an online freelance writing job platform. Use articles, pamphlets, instruction guides or whatever else you’ve written for businesses to date (without including any confidential business information). If you have never written for businesses before, you can write sample articles ‘in the style of’ as examples of how you can change your tone and writing type for each different client.

However, strangely, you will also need to make sure your online portfolio is visual. Photos that represent your work (such as screenshots) can sometimes be required to create a visual portfolio that then leads a client to request your samples to read.

Your portfolio needs to be visual. You’ll be prompted to upload documents and writing samples, but no one pays attention to these. In fact, if a client wants to read a sample they will expect you to send them one during the interview.

Also, see our article on how to make money writing short stories here

Staying Employed

Freelancing will open a lot of doors. It will introduce you to publishers, publicists, web-masters and business owners. If you stay connected to all of these, using social media to keep them close, then a simple job could lead to something massive.

Work will dry up on occasion, but the good thing is that this rarely happens once you have an established profile. Until you get to that point, here’s what you can do to keep the work coming:

• Ask: If a client promised more work that they didn’t deliver on, ask them about it. If a client who gave you a lot of work in the past suddenly stops messaging you, email them. It’s best to give them a friendly nudge in the form of a catch-up message, following it up with a simple, “If you need anything done, you know where to find me”. You’d be surprised at how often this works.
• Focus on one site: It seems counterintuitive, but if you focus on one online freelance writing platform you’ll have more work. The effort you put into a single platform shows, and this is what prospective clients want to see.
• Keep applying: It doesn’t matter how many projects you have right now, you should always find time to send more proposals, apply for more jobs and sit through more interviews. You might be busy now, but soon you’ll meet those deadlines and collect your money, and then you’ll realise you have nothing else to do. Build time into your weekly schedule to do marketing outreach, both keeping in touch with previous clients and also finding new ones.
• Lower Your Rates: If you’re struggling to find work, reduce your rates slightly to get the ball rolling again. It’s better for work at a reduced rate than not to work at all. You can always kick that project to the curb when a better one comes along (just make sure you finish it first).

Long-Term Clients and Long-Term Success

Not only will a good client continue to provide, but they’ll introduce you to other clients and open many doors.

Whether you work on an online freelance writing platform like Upwork, or you do all of the legwork yourself, keep the following in mind:

1. Always go out of your way for a client you respect. Never take liberties and apologise profusely if you make a mistake.
2. Always be prepared to strike a deal. Offer cheaper rates for bulk jobs in the hope they will increase your workload.
3. If you haven’t heard anything for a few weeks, send a message to enquire if they have anything available. In a competitive marketplace, freelancers can be forgotten.
4. Give them advice. You’re the expert here, so if you notice an area of their site that could be improved or added to, tell them. They’ll appreciate it and you’ll get more work.

Alternative Income Streams

The work isn’t always going to be there. It’s important to keep trying, because it’ll get easier. But there are also other ways you can make money.

So, if you have the time but you don’t have the jobs, and if you’ve done all you can in terms of applying and being interviewed, you can try some of the following:

• Search “write for us”: More and more web-masters are turning to online freelance writing platforms to source content, but there are still sites that wait for the content to come to them. These sites typically pay well, and if you Google the phrase “Write for us”, you shouldn’t have an issue finding them.
• Websites/Blogs: If you don’t know anything about SEO now, take your downtime to learn all about it. It will add an extra string to your online writing bow, and help you produce content that delivers trackable results for clients when you get them.
• Flipping Sites: Flippa is basically eBay for websites. You can buy and sell all kinds of blogs, high-profile domains and established online businesses. You can buy poor-quality sites, rewrite the content, do some more and sell them on. It’s just like Homes Under The Hammer—if you have the capital and you can cut costs by doing the work yourself, you’ll turn a profit.
• Contribute: Contributors to sites like Huff Post do not get paid. However, they are allowed to write what they want (within reason) which gives them an opportunity to embed links in their articles. There are countless clients on online freelance writing platforms seeking freelancers who can get a single link on Huff Post. If you’re a contributor to this site, you can get anywhere from $200 to $500 for that link, and you only need to write a short article in order to post it. Forbes pays even more and works in much the same way.

The post Online Freelance Writing: Make £100+ An Hour Writing for a Living appeared first on MoneyMagpie.

We all love hot deals but sometimes it can be hard to get what we want at a discount price. Enter the world of group-buying sites. It’s a way of getting a discount when a large number of people commit to the sale. There are loads of websites that organise these discounts and send them straight to your inbox. All you have to do is pick the deal.

Here’s all you need to know about how group-buying deals work.

• What are group-buying deals?
• What deals can you get?
• Are they genuine?
• How do you use the sites?
• Which group-buying sites should you join?
• Are they worth it?

Did you know about our fab article on Luxury for less? It’s packed with links to sites where you can enjoy a decadent lifestyle on a budget. You’ll find everything from five-star holidays to gorgeous designer lingerie.

What are group-buying sites?

Group-buying sites are basically discount websites. If you sign up, you get deals on pretty much everything – from theatre shows, to meals out at swanky restaurants and even health spa breaks.

Simply sign up to get their emailed offers. Sometimes they’re daily deals, sometimes just a couple of times a week, depending on the company. Then if enough people sign up to the offer, it’ll go ahead. If not, the deal gets cancelled. So if there’s a deal you really want, it might help to invite some friends to make up the numbers.

These sites can offer discount deals by means of the power of the group-buying strategy. In the same way that restaurants may provide a discount on a meal for a large party, certain companies will provide a discount on their services if the sites get enough people signed up to the deal. As they’re guaranteed the custom, companies are happy to offer a discount.

Currently the sites only organise deals within large cities (London obviously, but some of them also do other places like Birmingham, Manchester and Edinburgh). They separate their deals by city so you can search for the ones nearest you. As there’s usually a new offer every day, you’re likely find something you’re interested in at least once a month.

What deals can you get?

Many sites offer a ‘deal of the day’ along with longer-running offers. You’ll be surprised at the range of deals. Pretty much anything and everything will feature at some time or another.

Theatre trips, restaurant meals, vouchers for concerts and discounted hair and beauty treatments are pretty common. But you’ll also find things like hot air balloon trips, golf tutoring, dental treatments, photographic prints, paintball sessions, photoshoots, chocolate-making classes, car valets and dancing classes!

Are group-buying sites genuine?

Yes. Certainly the ones we have included in this article are. The reason they can offer such good deals is not just that they use the power of group-buying (although that’s the main one). It’s really because there are loads of restaurants, spas, beauticians and the like that really need the custom. The credit crunch has been (and continues to be) very tough on a lot of businesses and many are looking around for ways to get more ‘bums on seats’.

As you’re already aware, many restaurants, attractions and luxury businesses have been doing 2-for-1 offers, discount vouchers, money-off deals etc for a while to entice us through their doors. This is another way that they can guarantee themselves a load more customers. In many cases it’s worth their while offering deals where profit is minimal or even make a loss on the deal. Once they get you in they’ll do their very best to cross sell to you (offer you other things that you’ll need to pay full price for) or upsell to you (try to get you to go for a more expensive deal instead).

Be aware that you might get this when you take up the deal. Try not to be sold to and you’ll save more money.

How do you use the group-buying sites?

Every site runs in a similar way. To take advantage of the deals, first of all you have to become a member and sign up. It’s a free process. So long as you don’t mind getting extra emails every day, it’s probably worth signing up for all of them as they all come up with different deals.

Most sites will let you view deals without signing up first so you get an idea of what they offer. Others require you to set up a membership first.

When the deals come into your inbox, you can just scan them and decide whether you’re interested or not. All deals have a time limit in which to buy them – usually that day. So you need to make sure you subscribe to the purchase before the time runs out.

Most sites will allow you to pay by credit or debit card, or by PayPal. You’ll need to enter these details when you sign up as payment is automatic once the number of buyers has been reached.

You’ll only be charged for the deal once it has met the required minimum number of sales. In other words, if enough people sign up to it then the deal goes through and you’ll be charged. You’ll find out (probably the next day) if that has happened. If the deal doesn’t reach the number, it’ll be cancelled and you won’t be charged.

Once the deal closes, you’ll be sent a printable voucher for your offer via email which you can then redeem. Don’t forget that most offers have an expiry date. Also, most require you to make a booking or reservation.

Which group-buying sites should you join?

Group-buying is becoming hugely popular and there are now loads of sites you can use. We’ve compiled some short reviews of some of the better-known ones to let you know their pros and cons and what they can offer.

Best for homeware

The MoneyMagpie readers are really keen on Dealtastic. They mainly offer limited time-only deals so you’ve got to be quick.

Dealtastic have some fab offers on lovely homeware items such as cool retro clocks for your kitchen and energy-saving products to dramatically reduce your electricity and water bills. In these hard times, we could all use a bit of help there!

If you narrowly miss out on a fab offer, don’t despair. Dealtastic have a new deal every single day!

MoneyMagpie rating: ****

Best for luxury holidays

Voyage Prive

Voyage Prive is a free members-only site offering hand-picked luxury holidays discounted by up to 70%. Holidays range from world-class spa breaks to all-inclusive exotic island retreats, with every holiday being 4* or 5* bliss and relaxation! Fresh deals are added on a weekly basis. But they don’t stick around for long.

So sign up to enjoy fabulous once-in-a-lifetime holidays with Voyage Prive.

MoneyMagpie rating: ****

Best for theatre and cinema

• Groupon

Groupon is a firm MoneyMagpie favourite. It promotes the best deals from across the UK depending on the location you select. The site has great offers on things to see, do and eat as well as more unusual deals such as cosmetic surgery discounts.

Groupon focuses on one main offer but it’s always worth checking the ‘more deals’ section where you’ll find some real gems.

Once you’ve signed up to Groupon – for free – you can recommend as many friends as you like. If any of them go on to sign up, you’ll get £6 for each one who does. The money will be credited to your account so you can use it towards your next purchase on the site.

MoneyMagpie rating: ****

Best for health & beauty

Treatwell

Treatwell specialises in health and beauty deals. You’ll find offers such as facials, massage, manicures, spa breaks, haircuts and all sorts of weird and wonderful beauty treatments.

The fantastic thing about it is that it also offers free deals – like gym passes, personal training sessions, pilates and reflexology sessions and even burlesque dance classes! There’s a whole range of free offers but be careful what you go for – a lot of them are simply consultations for things like botox, teeth whitening and cosmetic surgery. You’re not going to get your fine lines removed for free.

You can search for deals in your region by clicking on the map if the daily deal doesn’t take your fancy. The site also offers spa breaks in France and Italy but these are more holiday bookings than discount deals, so stick to the UK for the real bargains. You can, however, use the site as a how-to health and beauty guide. Got a question? Post it online and you’ll be notified by email when another user offers their advice.

As with Groupon, each deal is timed and the site will announce when the deal has tipped. You can’t refer friends though, so you’re really counting on others buying the deal as well.

MoneyMagpie rating: ***

Best for days out

Wowcher

Wowcher features some really nice deals and a good range of fun things. These include spa breaks, paintballing, afternoon teas, meals out, museum trips, beauty treatments, cinema tickets and more. The chances are you’ll come across something that appeals. They’re particularly strong on days out and attractions, so it’s a great site if you’re looking for a weekend activity.

Every day the website runs one new deal which is sent to your inbox. They don’t offer any incentives (i.e. money) for you getting a bunch of your friends to join, but then the more people that buy the deal the more likely it is to go ahead, so you’re still on to a winner. The website for this one is also excellent. It presents the deals clearly, with good descriptions of what will happen on the day. You can read reviews of past deals to get a feel for whether or not the company offers good experiences. Again, though, make sure you book quickly, as all the previous deals we viewed had expired so there’s no real chance of you bagging a last-minute bargain.

MoneyMagpie rating: ***

Are group-buying sites worth it?

If you like to grab a bargain, these sites are definitely worth a go. The good thing is that new deals are added every day but you’re not overloaded with offers. You shouldn’t be tempted to sign up to too many than are good for you.

Don’t sign up to an offer just because it’s offering a good discount, though. Half price off a skydiving session sounds great but if you’re afraid of heights it’s just a waste of money. And keep in mind that you’ll be charged as soon as the offer reaches its minimum number of buyers. Only commit to the offer if you’re happy to pay for it.

Don’t be put off by the fact that you have to register your payment details in order to take advantage of any deals. Your information is safe. If you encounter any problems, just deactivate your account immediately.

There’s always the chance that a deal will be cancelled. Increase your chances of it going ahead – and make some money with some of the sites – by referring friends to the deals.

If you’re worried about getting hoards of emails in your inbox every day, set up a separate account (say a free one with Hotmail or Yahoo) and use that for your deals. Just remember, that most deals only last for that day so if you don’t get to it in time you could miss it.

All in all, group-buying sites are a goldmine for bargain hunters. We recommend that you sign up to all of them to get your choice of great offers every day.

If you like the sound of group-buying sites, you’ll love our article on cashback sites! You could redeem hundreds of pounds every year by shopping through them.

We love hearing from you. If you’ve managed to grab yourself some hot deals from group-buying sites, let us know on our Facebook and Twitter pages.

The post Get hot deals with group-buying sites appeared first on MoneyMagpie.

We could all do with cutting our household expenditure, so we’ve come up with 51 easy ways you can save money in your home. By making these tiny changes in your everyday life, you will notice a big difference. It’s a huge list, but every little saving adds up – even if you choose just a few to start with.

1. Raid the Kitchen for Cleaning Alternatives

Forking out for ‘miracle’ cleaners that don’t work is a pain. But there’s no need – have a go with an old-style cleaner instead. White vinegar unblocks sinks, removes limescale and cleans your worktops, and it works a charm to clean windows, too. All you need to do is mix it with a bit of water and a few drops of essential oil to mask the smell. If you have pets, make sure the essential oil you choose is safe for them (for example, cats can’t process lavender while dogs can’t handle teatree).

Bicarbonate of soda works on descaling teacups and teapots, gets rid of smells in your fridge and is a great microwave cleaner. For cleaning, just make a paste with a small amount of water, or mix with water and leave to soak for descaling.

2. Cheap Lick of Paint

Save money when sprucing up your house by checking out the ‘oops’ paints at DIY stores. These are paints left over from when the mixer doesn’t quite get the colour right. Some shades are not so nice, but you may find exactly what you’re after for half the price. You may also get lucky and find a really nice shade that is on sale.

If you only need to touch up a few bits here and there, or have a craft project such as turning that bland wooden mirror into something colourful, check out the tester pots. They’re more expensive per litre compared to a large tin, but if you’re only using a small amount it will save you a lot of cash.

3. Do a Mortgage Check

Mortgages have been hot news for the last few years as interest rates have been doing some… interesting things.

It looks like we’re due an interest rate cut in the near future, and if that happens it could be a prime time to remortgage your home if you’re out of your fixed term. Shopping around can save you thousands of pounds, while it could also reduce your overall mortgage term if you’re able to pay more each month than you currently do.

4. Put a Lid On It!

Save energy by always boiling pans with the lid on – it’ll use less energy and heat faster. If you’re an avid cook and want to save more money in the kitchen, consider a pressure cooker, which makes dishes like slow-braised roasts in a fraction of the time.

When it comes to pre-heating the oven, let’s be honest: you don’t always need to if you’re cooking a midweek dinner that’s not served up for guests. If you do pre-heat, don’t leave it for more than ten minutes (ideally five) to save energy.

5. Revive Carpets with Steam Cleaning

If your carpets are looking tired, they can be spruced up with some elbow grease – so don’t race to replace them at a small fortune just yet. Hiring a steam cleaner from somewhere like HSS is easy and costs around £30 a day, depending on where you live. This will give your carpets a serious deep clean and revive the pile.

For very busy families or messy households (usually those with fluffy pets), it could be worth investing in a wet/dry carpet cleaner to keep on hand like the Bissell SpotWash. This can also revive your sofas, mattresses, and soft furnishings, as well as your car interior.

6. DIY It

In an previous version of this article, we suggested taking a local DIY course for around £100 to learn the basics of being handy around the home. But the truth is, you can learn most things you need for free on YouTube and social media these days!

Before you call an expert, do a little online research. That dripping tap can be fixed with a washer, the strange cubby hole can have some custom-built shelves by your fair hand, or your bathroom retiling could revamp an entire room. Whatever you need to do, take some time to look online and learn what you can – it could save you hundreds of pounds. Some things, like electrics, we always recommend using an expert for, of course. But if you want to try and fix that wobbly stair bannister before calling a carpenter, look to YouTube.

7. Make a Shopping List

Some of us like to collect things, others have a penchant for fashion. Some love shiny jewellery, yet more can’t walk past a craft shop without picking up ‘supplies’.

When you go into the town centre, or the grocery store, make a list and stick to it. Only buy what you need – and if you pick up what seems to be ‘a bargain’, think long and hard whether you want this unplanned purchase. Do you really need it? Do you already have something like it? Will you use it? These questions will help you curb your spending at a time when costs seem to be rising rocket-fast.

8. Make Your Savings Earn Maximum Interest

If you’ve held onto the same savings account for more than a year, it’s time to shop around. There are lots of different types, and it is often worth opening more than one if you have some spare cash to set aside.

Regular savers limit how much you can pay in each month – usually around £200 or £250 – but have a high interest rate. These are great for building an easy-access rainy day fund. They’re usually only available to people who hold a current account at the same bank – which means you can also often set up ’round up’ savings. This is when your bank rounds up everything you spend to the nearest pound (or £5 for some, if you choose). For example, if you purchase something at £4.50, this is rounded to £5 with the 50p moved into a savings account. It’s an easy way to save without realising it.

ISAs have limits (an annual pay in limit of £20,000) but they’re wonderfully tax-free – so you don’t pay any tax on the interest earned. There are several different types of ISA (Cash, Lifetime, Stocks and Shares, IFISA) and you can have more than one – but the £20,000 limit is across all of your ISAs each year, rather than for each account.

A fixed term savings account locks your money away for a period of time but has a much higher interest rate. So, if you can afford to lock up some of your savings for the future, consider one of these.

If saving feels impossible as you’re on a low income and Universal Credit, find out if you’re eligible for the Government’s Help to Save account – which could net you up to £1200 FREE over four years.

9. Re-use Old Clothes

Make old jeans into draught excluders by cutting the legs off, stuffing them (try newspaper, magazines, or old plastic bags) and then sewing up the ends. You could re-use baby trousers by turning them into shorts for slightly older kids, or use odd socks for puppet making or stuffing to make dog toys. Tights are great for making cress heads, storing onions and bulbs, packing together to make abrasive cleaner for your sink or wrapping around ordinary coat hangers to pad them out.

Learn how to make do and mend – a smart bit of embroidery or an iron-on patch can work wonders for covering the stain on your favourite top you can’t bear to get rid of!

10. Make a Budget

Take control of your spending by sticking to a budget. Make a list of everything you spend in a week and weed out all the little extras you don’t need. Total up the costs of things you really have to buy, and this is your budget. Make sure you can afford this budget and keep a little left over if possible.

If you don’t have enough money for this budget, then more things need to go. Do you really need to buy lunch at work? Can you live without that Spotify subscription? Make your budget realistic and then stick to it. This should leave you with a little extra every month. You can use this to pay off loans, or make more money by putting it into a savings account.

11. Refuse to Buy Until You Run Out

Go on, admit it: you’ve got half-empty shampoo bottles, a freezer drawer with forgotten leftovers, and at least three opened ketchup bottles in the fridge. We throw out so much food and household waste each year, when making sure we maximise our usage first could save you a significant chunk of cash.

Make a rule: items must have run out (or have one use left, for commonly-used items like washing up liquid or laundry tablets) before you replace them. Keep a list on the kitchen fridge or somewhere easy to see, and write down whenever you throw away an empty container.

This will help you control your spending and minimise overall household waste.

12. Claim Benefits You’re Entitled To

Alright, we’ve snuck this one in because it’s not so much a way to save money in your home as it is a way to ensure you’re getting all you’re entitled to, to boost your income. With recent changes to things like Child Benefit and Child Tax Credit, your household could be entitled to receiving some financial support – even if you previously weren’t.

Use an online benefits calculator such as EntitledTo or Turn2Us to find out if you could claim financial support.

13. Spend Time to Shop Around

Whether you’re renewing your car insurance, house insurance, or broadband, don’t let autorenew catch you out. Make a note in your calendar for EVERY contract renewal (yes, every one) and set a reminder for three days before (or thirty-two days, if your contract has a thirty-day notice period).

Take some time to compare prices online and shop around for deals. Even if you like the current service you’re receiving, getting a cheaper quote elsewhere gives you a bargaining chip to renegotiate with your supplier for a reduced price.

14. Batch Cook

Buying in bulk is a great way to save money – so if you see a BOGOF offer on a household staple like chicken, beef mince, or your favourite veggies, stock up.

Cooking several extra portions in advance and freezing them not only saves you money because you’re only cooking the meal once and you’ve saved on discounted food, it also stops you from reaching for Deliveroo on a night you just can’t be bothered to cook. Replacing one takeaway night each week with a prepped freezer meal could save you around £50 a week – or £2,600 a year.

15. Renegotiate Your Mobile Phone Plan

If you’re out of contract, it’s time to shop around. And now, many providers will let you renegotiate while you’re still in contract, too! Mobile phone providers are clamouring to keep your business, so make sure you contact them to see if you can nab a better deal. If you have a partner or children on the same network, you might also be able to benefit by bundling these together – even better if your broadband could do with upgrading, too.

16. Don’t Pay for Entertainment

Ditch your Sky contract and opt for streaming. Make the most of free trials with a rotating savvy trick: rotate through streamers like Netflix, Apple, and Amazon Prime each month so you’re only using one or two at a time, and set up the free trial. Make a note for when the trial ends!

When you next want to use the service, set up a free trial with a new email address. You sometimes need to use a new payment card, too – but if you’re rotating services each month, this means you could get a year of free entertainment before you’ve run out of payment cards to link to each new account!

If you’re an audiophile, check out Spotify’s family plans – it could save you a fortune, as could Apple Plus (which includes every Apple service for a single fee each month).

17. Make Your Home Energy Efficient

Losing heat and electricity is like throwing money away. According to the Energy Saving Trust, the average household loses around 50% of the heat generated from inside it. So, you’re paying for power you’re not even getting the benefit from. There are easy ways to fix this:

Block draughts

A whopping 20% of the heat lost is through draughts and poor ventilation. So, even small insulating measures like draught-excluders, or thicker curtains, can really make a difference.

Turn your heating down

It’s hard to do it when it’s chilly, but turning the thermostat down a few degrees can save loads of money. According to the Energy Saving Trust, a reduction of just one degree can reduce bills by as much as 10%. It’s clearly worth it. So grab a big woolly jumper and socks, and turn down that thermostat – even if it’s only by one degree.

Switch everything off

We spend £1 billion every year on powering our electrical appliances whilst they are on standby. It’s so easy just to turn them off at the mains and save money.

18. Save Your Hot Water!

The average bath uses about twice as much hot water as a five-minute shower. That means it takes twice as much energy to heat the water. We know five minutes isn’t much, but if you’re having a bath every day, then swapping some for a few five-minute showers will really reduce your energy bills. (Now add that up for a family of four or more and it’s easy to see how quickly you can save!). If you must have a bath, don’t let the water go down the plughole – reuse it for indoor plants or your garden to save water.

You can also save money in your home by only boiling enough water for what you need – 67% of us boil too much, so save energy and only heat as much water as you need.

19. Go for Own Brands

Own brands are the key to big household savings. You might be attached to your favourite names, but own brands are cheaper. They are also often really good quality. If you aren’t sure, just try them out. We’re not just talking food either – own brand cosmetics and medication are cheaper, too. A pack of Nurofen will set you back around £3, but the same ibuprofen costs as little as 16p when it’s own brand.

20. Sort Your Insurance

You should always be checking to see if you can get a better deal on your insurance. With road tax on the rise, reducing your car insurance costs are a must. Lots of companies are also offering 12 months home insurance for the price of nine, or 25% off when you buy online. Click here to compare home insurance premiums.

It’s also worth considering whether you even need some of your insurance policies – you might accidentally be doubling up. Some paid-for bank accounts offer insurance as a perk, for example, while your home insurance could cover your mobile phone when it’s out of the house. Check the small print and work out which insurance packages overlap, and which are the cheapest to keep.

21. Ditch the Tumble Dryer

Tumble dryers are one of the most power-hungry appliances in the home. They use twice as much power to dry your clothes as washing machines do to wash them. According to the Energy Saving Trust, only 35% of us have a tumble dryer. Those who don’t are already ahead in the energy saving race. Those who do can save easily by ditching the tumble dryer altogether. If you are really attached, try spin-drying your clothes before putting them in the tumble dryer. This way they won’t take as long to dry. You can also dry your clothes outside or on a heated airer, and then just finish them off in the tumble dryer.

If you can’t give up the dryer, make sure you keep your dryer’s lint screen clean and its outside exhaust free of obstructions. Clean the lint screen after each load of laundry and check the exhaust regularly. A lint screen in need of cleaning and a clogged exhaust can lengthen drying time and increase the amount of energy used.

22. Get Supermarket Savvy

Keeping your wits about you when shopping can save you money. Look at the price per unit (usually per grams or kgs) to compare prices. Buying in bulk often means you get more for your money. Buying own-brand food is also cheaper.

If you are reluctant, try it at least once. You’ll probably find own brands are equally as good. Trolley will do all the price comparison work for you. Go online and choose from Asda, Tesco, Sainsbury’s or Waitrose. Then select items from your list as normal. Once you’ve totalled everything up, the website will tell you what items you can swap to save money. It will also tell you how cheap you can get your shop at the other supermarkets. If one is cheaper, then consider switching and saving money.

There are also lots of membership cards and loyalty schemes that help you make the most of your shopping – from the Lidl Plus card that gives you 10% off a shop for every £250 cumulatively spent in store, to Tesco Clubcard and Morrisons’ More Card special offer prices for members. They are free to join and hold a card, but could save you a pretty penny every time you top up the pantry.

23. Plan Your Weekly Menu

Meal planning can help you make the most of ingredients, avoiding food waste and reducing your grocery bill each week. It also allows you to buy in bulk, which adds to your savings. For example, if you know you want chicken fajitas on Monday and a curry on Tuesday, a large pack of chicken will be cheaper per gram than buying smaller packs for each meal. You can freeze leftovers, too, which helps cut down on future shopping bills.

Before you go to the shops, check your cupboards, fridge, and freezer. It’s often easy to buy multiples of things you already have at home – common culprits are things like ketchup and other condiments, which you don’t use all the time and might think you haven’t got in stock. Looking at what you already have helps you meal plan as you can see what needs to be used up and you can get creative with your menu that way, too! Sites like SuperCook let you submit the ingredients you already have in the cupboard to find out what meals they’ll make – and if you’re off to the shops, add a few ingredients you want to buy and you’ve got a zero-waste approach to groceries!

24. Use Your Computer as a TV

Gone are the days we all sit around the single TV in the house for the evening. We’re surrounded by screens all the time – so if you want to watch something in your bedroom but only have a TV in the living room, don’t think about buying a new TV for the second room. Instead, use your laptop, tablet, or even phone to watch something.

Alternatively, you could buy a portable projector for around £70 – much cheaper than a television, and they come with an operating system that lets you download your favourite streaming apps like Netflix, Prime, and Disney Plus. They’re pocket-sized, often have built-in speakers and connect to external speakers with Bluetooth, and can give you a massive screen anywhere!

25. Buy Seasonal Fruit and Veg

It’s no longer trendy to eat peaches in the middle of winter. It’s bad for the environment to ship them here from hotter destinations. Plus it means they cost more. Try buying seasonally – root vegetables like carrots and swede are winter vegetables grown in the UK, while spring and summer bring you amazing greens like asparagus, lettuces, marrow, new potatoes, beetroot and raspberries. The National Trust has a great guide to seasonal eating in the UK.

26. Winter Woolies

Wearing your winter woollies indoors can save you money in your home. The human body gives off heat at about 390 BTUs (British Thermal Units) per hour for a man and around 330 BTUs for a woman. Wearing closely-woven fabrics can help you retain an extra half degree in warmth, and a light long-sleeved sweater is another two degrees. Go for a big woolly jumper or hoody and you can gain up to 3.7 degrees more.

What this all means is that you can turn the thermostat down and save money. So don’t walk around your house in a T-shirt and shorts in the winter if you need to turn up the heat to do it. Layer up just a bit so you can turn the heat down.

27. Clear Out Your Junk

You could have hundreds of pounds’ worth of unused stuff lying around in your house. All you’ve got to do is gather up all the old junk that you don’t need and sell it off at a car boot sale. You might have a secret goldmine in the form of vintage vinyl or collectible toys, but even if you just want to get rid of last year’s wardrobe apps like Vinted help you sell them to make some money and make sure they get a new lease of life elsewhere.

28. Grow Your Own

With food prices seemingly on a constant rising trend, and reports of a risk of food shortages in the future, growing your own is one way to help improve your finances, eat nutritious seasonal food, and have some food security. However, we realise most people don’t have massive gardens or allotments to plant, or even tons of time to turn their fingers green.

The good news is there are lots of things you can do even with a windowsill in an apartment (you can grow an entire herb garden on one shelf!). For balcony space, ideal small-area growers are potatoes, tomatoes, leaves like lettuce and Swiss Chard, beetroots, and carrots. There are some ingenious space-saving planters available these days, which let you use vertical space for planting, so check out your local garden centre to get inspired!

Read our article on growing your own veg for more tips.

29. Thrift It

According to Oxfam, its 2019 Christmas sales were the best for eight years. Loads of clever clogs are already rooting around for bargains in charity shops, so get in on the game. The best places to shop are in affluent areas. You’ve got a better chance of getting good quality picks where people have enough money to throw them away. You can get clothes, toys, books and music from charity shops. It takes a bit of effort, but don’t be put off. Plus, buying from charity shops means your money is helping someone else. Get the real finds by making friends with the staff and persuading them to give you a call when any good stuff comes in.

Charity shops are also fantastic for starting a new hobby – you can often find an absolute steal on used equipment, which is great for trying out before you know whether you like something enough to splurge. For example, you are almost guaranteed to find a yarn corner in your local charity shop, complete with knitting needles and crochet hooks, for just a few pounds – ideal if you want to start knitting but don’t want to splash out just yet.

If you need new furniture, most areas will have a warehouse-style shop, either for a larger charity or your local hospice charity. There, you’ll find all kinds of furniture – which is all up to fire safety standards, too – at a fraction of the price.

30. Ditch Bottled Water

Some bottled water is more expensive per litre than petrol. If you could get free petrol, would you continue to spend so much on it? We didn’t think so!

Keep a jug in the fridge if you like cold water, and refill from the tap. It’s not only more cost effective, but it is much better for the environment – a win-win situation.

31. Use the Dregs

Don’t throw away a ketchup bottle with the dregs left in the bottom. Save money by draining it into the new bottle. This works for most condiments and it can be a bit of fun for the kids to get the bottles balancing. You can also re-use sunflower oil for deep frying. Just drain it into a jar using a funnel and a piece of kitchen towel for a filter. This will clear out everything that isn’t oil.

Other handy saving tips are to snap dishwasher tablets in half, water down beauty products, mix value products with more expensive stuff, turn stale bread into breadcrumbs and use scissors for cutting open old toothpaste tubes so you get everything out.

32. Do Your Sums on Supermarket Offers

Usually we tell you to be wary of supermarket offers. But there is a strategy to making them work for you.

First: only buy something that is already on your grocery list. The exception here is if you see a fantastic bargain on a household product you would usually buy, but haven’t put on your list as it hasn’t run out yet. Things like cat litter, kitchen roll, toilet paper, bleach and cleaning supplies, bin bags, and laundry detergent won’t go out of date but could save you a pretty penny if you snap them up on a bargain.

Check the labels on the shelf, too. Something might look like a good price, but look for the price per kilo, litre, or gram, and compare to other labels. A packet of something may seem like the cheapest option – but you might be better off getting the larger packet at a smaller cost per kilo if it is an ingredient you use a lot.

Definitely make the most of the newer supermarket loyalty schemes, too. They’re free to sign up to, but the new trend is to offer ‘loyalty only’ prices, which can be up to half price on some top label items. You’ll also get vouchers, bonus rewards, or even in-store credit on your spending, saving you money in the future.

33. Use Your Local Library

Libraries are the unsung heroes of our local communities. Sadly, many have closed in recent years – but the ones that are still around are a fantastic resource for saving money. If you can’t walk past a bookshop without ‘just going to browse’ and coming out with three books and £30 less in your pocket, try the library! You can also borrow eBooks, CDs, DVDs, and some even have board games you can borrow. Find your local library here.

34. Say No to Packaging

Items that are pre-packaged are often more expensive. This is because you have to pay, not just for the packaging but for the person who put it in the packet. Buying loose is cheaper and produces a lot less waste. You can also choose exactly how many items you want, rather than paying for items you don’t need.

35. Don’t Gamble

Gambling might make you think of casinos or betting shops, but it includes scratchcards and a weekly flutter on the lottery. You are more likely to be struck by lightning than you are to win the lottery. It’s better to put that weekly couple of pounds into a high-interest savings account and make it your Christmas shopping budget.

36. Drink Less Alcohol

With the average cost of a pint now over a fiver, that Friday night after-work drink (that usually turns into more than a few) is looking like a costly weekly expense. Have you added up how much you spend on alcohol each week lately? You might be surprised. A bottle of wine with a meal out can easily be £15 or more, while a spirit and mixer is over £8 in most establishments. If you go out to drink twice a week but stay moderate – let’s say you have two pints on a midweek date night and three pints on a Saturday afternoon at the pub – that’s at least £25 a week (or £100 a month) just on alcohol.

And that’s before you consider what you buy for home, too. If you regularly have wine or beer in the house to have a glass with dinner most nights, you’re easily adding £30 a week to your grocery shop (or £120 a month). Add that to your going-out alcohol budget and it’s easy to see how savings can be made.

We’re not saying go sober! (Unless you feel you need to, of course). But cutting back on a few drinks a week could save you at least £50 a month (that’s £600 a year).

37. Make Your Own Fun

There are loads of ways to entertain the kids and save money in your home. Recycle old paper by letting them draw and make collages on the other side. Make anything you can out of leftover packaging. Add a little glue and paint to some cut-up cereal boxes and they can create some great 3D pictures. Make your own ice lollies and sweet treats. It’s fun and a lot cheaper than buying them in the supermarket!

38. Don’t Spend More for the Garden

Almost everything you need for the garden can be made from household products and waste. Don’t buy new garden pots – re-use old colanders, teapots, or even old terracotta chimneys. Great compost can be made from vegetable leftovers. You can also make your own weedkillers from washing up liquid, water and vinegar.

Check out your local neighbourhood groups like NextDoor, FreeCycle, and Facebook community groups, too. Very often you’ll be able to nab free soil, rocks (great for drainage) or even old pallets to make garden furniture and troughs from.

39. Reduce Laundry Drying Time

Your washer probably has an ‘extra spin’ function. Use it! It is usually around ten minutes long, but it’ll significantly cut the time required to dry your clothes after. All it does is use the spinning action of the drum to draw water out of the clothes, so they come out much drier. Some fabrics even come out almost entirely dry!

You can also use a portable dehumidifier (around £30) to reduce moisture in the air and help clothes dry faster. Did you know it also doesn’t have to be a sunny day for your clothes to dry quickly outside? As long as it isn’t raining or below freezing, your clothes will benefit from being hung out to dry if you have outside space.

40. No Half Empty Runs

We know you’re not supposed to overfill them, but running washing machines and dishwashers half-empty defeats the purpose. Both dishwashers and washing machines use the same amount of water and heat, no matter how full they are. Get your money’s worth by filling them up as much as you can before they are overfull and won’t work properly. This will save money in your home, and it’s better for the planet.

41. Use Supermarket Schemes

You’ve got to get the most out of your shopping loyalty points, offered by the likes of Tesco (Clubcard) and Sainsbury’s (Nectar). But before you get the most out of them, you’ve got to get them. Sign up for the card your supermarket offers and start earning points to save money in your home ASAP. Even Lidl has a loyalty scheme these days – you’re missing out by not being signed up to them all! If you don’t want to give out your personal details, create a new email address just for things like this and check it periodically.

42. Buy in Bulk

Save money in your home by buying toilet paper, detergent and other household items in bulk from a wholesale supermarket, or from your regular supermarket when there is a special offer. Try specialist stores for cheaper prices.

Find out if you could benefit from a wholesale membership such as Costco. Remember: only buy the things you need and not the things that grab your attention as you walk around! It is easy to get distracted by the many bargains on offer, but it’s not really a bargain if you weren’t planning to buy it in the first place. If you don’t have a membership card, or only need it just for a big event (like in the run up to Christmas), ask around your family and friends to see if they’ll take you for a visit.

43. Keep Your Freezer Stocked

Freezers work far more efficiently when they are frost free and full up. Defrost your freezer, and while you’re at it, check what you’ve already got in stock!

Keep your drawers full even if you don’t have food in there, to make it run as efficiently as possible. Use ice cube trays to fill the spaces (and get creative – fill some with stock, pancake batter, or even slices of lemon to use in your cooking and drinks). Any ice-proof vessel will do to fill the space too, even old takeaway tubs or Ziplock bags filled with water. You can take them out to make space for food and reuse them again later.

44. Don’t Shell Out for New Furniture

Give old chests of drawers and wardrobes a new look instead of replacing them. All you need is a lick of paint and a new inexpensive handle.  They will really change the look of your furniture without changing the look of your bank account for the worse.

You can do this with most household furniture – and if you really need something, check out apps like FreeCycle to see if anyone is giving something away for free. You could even make a decent side hustle out of flipping furniture if you discover a hidden talent for upcycling old furniture!

45. Go Electronic

Direct Debits and electronic statements can save you money. Paper bills now incur extra charges from some services. Mobile phones are a prime example, with companies charging up to £3 more for a paper itemised bill. These bills are often available online free of charge. So if you really need one on paper, you can just print it off.

The same goes for Direct Debits. This is because the process of sending you a letter to request payment and then waiting for it costs them money. Payments can always be queried, even after they’ve been paid. So embrace the Direct Debit and save some cash.

46. Never Throw Fabric or Towels Away

Fabric and towels are some of the easiest things to recycle. Old curtains can be made into seat and cushion covers, table cloths, new clothes and even just tea towels and cleaning rags. All you need for new upholstery is a good staple gun and for the rest, a sewing machine or some time for hand sewing.

If your towels are going a bit grey, bring them back to life by dyeing them a new colour. Thinner towels are great for drying hair or taking to the swimming pool when you don’t have much room in your bag. You can also use them for stuffing draught excluders or making toys for your pets to play with. The possibilities to save money in your home are endless, and all free!

47. Check Your Council Tax Band

When the council tax system was put in place in the early 1990s, houses were put into bands from A-H according to their value. The valuations were done in 1991 and so are not necessarily accurate. Your house could have been worth more then than it is now, especially considering the drop in house prices. This could mean you are paying more than you should be. To check if you are paying too much, see what your neighbours are paying at GOV.UK.

48. Less Dust, More Heat

Make sure you bust the dust on your radiator surfaces. Dust and grime seriously impede the flow of heat in your house. So make sure there is no dirt on your radiators so you don’t spend more money than is necessary heating your home.

While you’re in cleaning mode, make sure you empty the filter on your tumble dryer! You should do this regularly anyway, as it can be a fire hazard, but cleaning the lint out will help your dryer run efficiently.

49. Get Rid of Ready Meals

Even if you think you can’t cook, there’s no excuses for ready meals if you’re trying to save money. They’ve got extra additives and preservatives in compared to a homecooked meal. Plus they are far more expensive than it would be to make the same dish yourself. Life doesn’t always give you time to cook, but if you can cook from scratch three times a week and make double, you’ll still be able to have the convenience of microwave meals the other days – just healthy, low sodium, homecooked dinners instead!

50. Keep Track of Your Finances

Always check your receipts, bank statements and bills. You never know who has got hold of your details, so you need to keep tabs on what is going out and coming in. This way if anything is amiss, you’ll be on it like a flash, saving time and money in your home. And of course, always read the small print!

You might be surprised to find old Direct Debits going out for things you don’t use anymore – magazine subscriptions, streaming services, even gym membership. Set up text alerts for your credit and debit cards, so that every time you make a purchase you get a text. It will help you spot possible places to save – and stop fraud in its tracks if you see a transaction you don’t recognise, too.

51. Use Your Oven Less

Ovens use a considerable amount of energy per year, especially if you’re using the oven to cook for a single person. Instead of heating up a full oven why not try using a microwave oven? They are smaller and take less time to cook than regular ovens. There are also other options available such as air fryers and slow cookers. Air fryers have become so popular in recent years, even Jamie Oliver has a cooking show dedicated to them!

The post 51 ways to save money in your home appeared first on MoneyMagpie.

In the past few years there have been substantial changes to disability benefits and support available. Below is a helpful bank of information, where you can find out what you may be entitled to claim, the amounts you can receive and how to apply for each.

• • Working age – 18+
    • Employment and Support Allowance (ESA)
    • Personal Independence Payment (PIP)
    • Television Licence Discount
    • University Student
  • Retirement age – 65+
    • Attendance Allowance (AA)
    • Television Licence
  • Benefits for carers
  • Carer’s Allowance (CA)
  • Carer’s Assessment
    
  • Other sources of financial help
  • Council tax discount
  • Housing benefit
  • Disabled facilities grant
  • Blue badges
  • Motability
  • Water Sure
  • Warm Home Discount Scheme

Working Age 18+

Universal Credit Disability Allowances

Previously, Employment and Support Allowance was a separate benefit you could claim for short-term or long-term disability. With the national rollout of Universal Credit, most ESA claims now form part of a UC claim instead.

ESA is paid every two weeks instead of every four weeks for Universal Credit, and is not means-tested (which means it is not linked to your income). If you apply for ESA and Universal Credit, your ESA counts as income so your ESA payment will reduce your Universal Credit payment.

ESA counts towards your Class 1 National Insurance payments, which entitles you to other benefits. Universal Credit only counts as Class 3 NI, which means it only contributes credits towards your State Pension.

You might also be better suited to not claiming ESA and instead applying to be in the Low Capability for Work and Work Related Activity group on Universal Credit, if you have a long-term health condition that prevents you from working. This entitles you to more Universal Credit.

New applicants of UC can apply here: visit the government web page.

During your application you’ll need to provide the following information:

1. National Insurance number.
2. Medical certificate from your GP or doctor.
3. Your GP’s office address and telephone number.
4. A contact telephone number.
5. Up to date mortgage or landlord details if applicable.
6. A recent council tax bill.
7. Your last employer’s address and telephone number, with your start and end dates of employment.
8. Bank or building society account number and sort code.
9. Details of any other income you currently receive.
10. Details of your savings.

Once you have officially registered your claim, you’ll then be asked to complete a short claim form so that it can be properly assessed. You may also be invited to a face-to-face Work Capability Assessment.

The decision maker will then write to you to confirm if application is successful and, if so, whether you have been placed in the Work-Related Activity or Support Group. There is also an appeal process in place. This is if your application is rejected and you’d like to challenge that decision.

How much?

How much you receive will depend on your personal circumstances, such as your other income and how much you have in your savings.

There are different standard amounts depending on your age and whether you live with your partner. If you live with your partner, their income is considered in your claim and you must make a joint claim (even if your partner is not seeking benefits).

ESA Payments

For the first 13 weeks (the assessment period), you will receive either £70.70 a week if you are under 25 years old, or £90.50 if you’re over 25. This increases to £90.50 if you’re in a work-related activity group (which means you should be looking for suitable work), or £138.20 if you are in the support group (which means you don’t have to look for work). You can only take on permitted work for a limited number of hours each week.

Universal Credit Payments

Paid monthly, Universal Credit has different age and circumstance brackets.

Under 25 and single: £311.68 per month

Under 25 living with your partner: £489.23 for you both (if they are not low income, your amount may be reduced or you might be ineligible to claim)

Over 25 and single: £393.45 a month

Over 25 and living with your partner: £617.70

You might get additional housing allowances to help with rent, and extra allowances for having children.

Your disability element is on top of the figures above. If your Work Capability Assessment puts you in a group with Limited Work Related Activity, your amount is an extra £416.19 a month. So, let’s say you’re single, over 25, and it’s decided you don’t need to look for work due to your disability, the minimum you would receive each month is £809.64 before any housing or child allowances.

You are not limited for working while claiming Universal Credit and the disability allowance, but when you earn over a certain limit, you lose 45p for every £1 you receive from work.

Personal Independence Payment (PIP)

Personal Independent Payment replaces Disability Living Allowance (DLA) for all new applicants aged 16 to 64. PIP recognises that disabled people incur extra costs in their daily lives. This can influence how much you may recieve.

To make a new claim telephone 0800 917 2222.

You’ll need to provide the following details in order to make your claim:

1. Contact telephone number
2. Date of birth
3. National Insurance number
4. Bank or building society account number and sort code
5. Your GP’s name and contact details, plus those of any other doctor or health worker whose care you are under
6. If applicable, dates and addresses of any time you’ve spent in hospital, in a care home or abroad.

The DWP will then post a long ‘How your disability affects you’ form to fill in. The questions take the following into account: your mental health, learning disabilities and physical impairments. If you need help filling out the form, ask your carer, friend, or contact the Citizen’s Advice Bureau.

Once the DWP has received your form, an independent health professional may invite you to a face-to-face meeting, either at an assessment centre or your home. You’ll be asked about your ability to carry out daily activities and how your condition affects your life in general.

The representative will then write to you to inform you if you have been successful or not. They will also confirm the level of benefit you are entitled to receive. However, if you are rejected do not agree with the decision: you can enter the appeal process.

How much?

There are two parts to PIP: mobility rate and daily living. Qualifying for one does not automatically qualify you for the other. Both parts have a higher and lower rate, and which one you receive depends on your assessment outcome.

Mobility lower rate is £72.65 a week and higher rate is £108.55 a week.

Daily Living lower rate is £28.70 a week and higher rate is £75.75 a week.

Television Licence Discount

People in the UK who suffer from a visual impairment or blindness can apply for a 50% discount on their television licence. This usually costs £169.50 but with the discount it is £84.75.

Remember, this is for the whole household to benefit from. So if you live with someone who is blind and they are not aware of this, then they should consider applying.

If the licence holder is over 75 years old, regardless of whether they have a disability, and they receive Pension Credit, a TV Licence is free.

Full details are here.

This podcast explains the process in audio.

University Students

Disabled Students Allowance (DSA) is available for full and part-time students at undergraduate and postgraduate level. It’s designed to cover some of the additional costs that students who have mental health problems, long term illnesses and other disabilities may incur.

Examples include covering the cost of specialist equipment, and non-specialist equipment, non-medical helpers and travel costs. What it doesn’t cover is day-to-day costs every student has, such as groceries and rent.

The rate you receive will depend upon an assessment of your needs. Your university will have their own way of doing things, however it never hurts to inquire and find out for certain.

To apply:

• England apply via  Student Finance England
• Scotland apply via Student Awards Agency Scotland
• Wales apply via Student Finance Wales
• Northern Ireland apply via Student Finance Northern Ireland

If you are training for a medical degree such as nursing or as a GP, you can apply for NHS Disabled Student Allowance as an additional payment with your bursary.

Retirement Age 65 +

Attendance Allowance (AA)

Attendance Allowance is a benefit for people over the age of 65 which is intended for those who have from severe health problems. They may require someone to stop by regularly and help them with their daily tasks, helping to look after them in any way that may be beneficial. However, you do not need to be using or employing a carer to apply.

There are two rates, lower and higher, depending on the level of help needed. AA is not means tested.

To claim telephone 0800 731 0122.

How much?

For the 2024/25 tax year the weekly rates are:

• Lower rate: £72.65
• Higher rate: £108.55

And you may also be able to receive other benefits such as Pension Credit and Housing Benefit to help further.

Benefits for Carers

Carer’s Allowance (CA)

People over 16 living in England, Wales or Scotland who care for someone for at least 35 hours a week may be eligible for Carer’s Allowance. This is if the person they care for also receives:

• A daily living component of PIP
• The middle or highest care rate of DLA
• Attendance Allowance.

To claim, fill in the online form. You’ll need the date of birth, name and address, national insurance number (if they’re over 16) and DLA reference number (if they’re under 16) of the person you’re caring for.

You’ll also need your own NI number, bank or building society account number and sort code, P45 or current employment details.

In Northern Ireland the rules are slightly different.

If you are not eligible for CA, then you may be entitled to Carer’s Credit instead. This is a national insurance credit for those caring for someone for at least 20 hours per week. For information, read here.

How much?

For the 2024/25 tax year the weekly rate for Carer’s Allowance is £81.90.

Carer’s Assessment

It’s important that the needs of the carer are not overlooked. After all, they need to be fit and healthy in order to function effectively as a carer. Carers are entitled to a free Carer’s Assessment from their local authority.

This assessment will review your situation and ascertain what practical support you may be entitled to. It’s important that you are honest about the impact that your role as a carer has on your life, health and ability to work.

To arrange a carer’s assessment, contact your local council’s adult social services department. Carer’s UK has useful factsheet on how the process differs in England, Scotland, Wales and Northern Ireland.

Other Sources of Financial Help

Council Tax Discount

If you have a disability, your local council will tell you if you are eligible for a council tax discount. People who are severely mentally impaired; who have a live-in carer who isn’t their partner, spouse or child, aren’t included when working out a council tax payment.

Those who live in a larger property because to their disability needs, and require the extra space for use of a wheelchair or an extra bathroom/kitchen, may also be eligible for a discount.

You are responsible for applying to your council for the discount. To find your local council’s website type in your postcode on this Government web page.

Housing Benefit

People who are on a low income can apply for Housing Benefit to help with their housing costs. Couples of working age living in social housing who cannot share a bedroom for health reasons, and disabled people who require an extra bedroom for overnight care, may not have to pay the spare room subsidy. This is commonly known as the bedroom tax.

To see if you’re eligible and to apply go here.

Disabled Facilities Grants

Local councils can grant money for disabled people who need make changes in their home. This can help to make their living arrangements easier for them. Services such as widening doors for wheelchair access, installing a stair lift and ramps are all things that are included.

Contact your local council for eligibility information and how to apply.

Blue Badges

Blue parking badges are available for qualifying disabled people. They allow holders to park in marked disabled spaces without charge (or at a reduced fee) in most pay-and-display car parks. They also allow holders to park on single and double yellow lines for up to three hours, so you can park closer to a venue (but you can’t block traffic or cause a danger with your choice of parking position). The badge is for you and the car you’re travelling in – so it can be used for any car instead of being registered to a single one. You can’t give your badge to anybody else, the exception being if they are coming to pick you up or drop you off at the location.

Historically, only people with difficulty walking have been eligible for a blue badges. However, the government recently extended this to people with mental health conditions too. Conditions such as dementia and autism may also be covered.

England, Wales, Scotland, and Northern Ireland have different ways to apply. See here.

Motability

Disabled people who receive the highest level of PIP’s mobility component are automatically entitled to apply to Motability. This is a scheme which enables customers to lease cars, scooters, powered wheelchairs and wheelchair accessible vehicles at a lower cost.

For further information and how to apply visit their site.

Water Sure

If you have a condition that requires a heavy use of water, such as a serious skin condition or extra laundry due to incontinence, you could apply to your water supplier through the Water Sure scheme for a discount. If you live with a large number of school age children, you could also be eligible even if your medical conditions don’t use extra water.

Find out more here.

Warm Home Discount

People on a low income or certain disability benefits qualify for the Warm Home Discount. This is an extra payment on your energy bill of £150 during winter, to make sure you can afford your heating and energy bills.

Each supplier has their own criteria; however all suppliers must accept certain people onto their scheme. Find out more about how to get the warm home discount here.

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With recovery slow after the huge economic impact of the pandemic, and current global upheaval disturbing markets, PLUS the cost of living crisis, it’s easy to see why many people are worried about their jobs, while others know it could be time to change careers to secure their future.

Here are some professions you should consider if you’re looking for a change:

• Adult Social Care
• Architects
• Programmers and Developers
• Plumbers 
• Drivers
• Got a question about employment?

1. Adult Social Care

Adult social care is a bigger employment sector than the NHS – and yet there are around 152,000 open vacancies. This number reduced slightly when the Government introduced the Health and Care Worker Visa, but with strict immigration laws in place now, the number of open vacancies remain open as retirement living centres, residential carers, and those working with adults with learning or physical disabilities in independent living homes cry out for support workers.

You don’t need qualifications to get started in many adult social care professions, as training will be provided. Hours can also be more flexible if you want a part-time job, and others might offer accommodation with the role as a live-in carer. If you’re compassionate and like people, adult social work could be for you. Most jobs will require a DBS check – it is worth registering for the annual check update to ensure your DBS is always up to date which makes moving jobs much easier.

2. Architects

This is one of those long-game professions that will pay off big time. Training to be an architect takes seven years – but the end result can be a healthy salary of £80,000 or more.

You can train solely on a university course, or take an architect apprenticeship which gives you work experience and a salary to learn ‘on the job’. Starting salaries for fully qualified architects are around £30,000 quickly rising to £75,000 or above, particularly in London and other metropolitan areas.

Architects are in demand as the UK tries to keep up with the need for more housing as well as improving city centres with public architecture that is accessible and provides pleasant surroundings. It is the type of job that will always be needed, even as we move into a digital age – computers can do the drawings, perhaps, but the vision and skill required will always be human-focused.

3.Programmers and Developers

Software developers and computer programmers are in increasingly high demand as world digitisation shows no sign of slowing down. Companies that previously had openly spoken against tech developments like AI are now investing in the UK and crying out for staff – such as Microsoft’s new centre for AI, which is opening in London soon.

It might seem that getting a computer job while we’re teaching computers how to run without our input is putting yourself out of a future job, but that won’t be the case. AI is a tool that will always need human input at some stage – and we’re still very early stages in the technology development. A software developer starting salary is around £26,000 but can quickly and easily rise to well into six figures for those who show they can handle complex scripts and have good problem solving skills.

4. Plumbers, Bricklayers, Construction Workers

Professions that can’t be automated, like plumbers and construction workers, are in dire need of new recruits. A recent study by Checkatrade revealed over a million new recruits are needed in the trades to fill the huge skills gap the industry currently faces.

Some of the problem is recent changes to UK immigration law, which has eliminated a large portion of the potential workforce from qualifying and taking up vacancies. Schools are also not promoting the possibilities of apprenticeships to their students, while parents are worried about the stigma of taking an apprenticeship instead of following a university-based further career path and that it might limit their child’s financial opportunities.

These fears are unfounded: the average salary for a qualified contract plumber in the UK is £31,000 – and self-employed plumbers earn around 8% more. Bricklayers can expect to start on around £20,000 rising quickly to an average £46,000. Carpenters and joiners earn an average of £37,000 a year rising to over £50,000 with experience. These salaries also rise considerably if you take further qualifications and specifications, such as being able to operate heavy machinery.

5. Drivers

Logistics companies and local courier services are crying out for drivers. The pandemic saw so many businesses turn to online ordering and delivery – and most have kept it in the years since. Food delivery, for example, is a popular way for many people to earn some extra money on the side a few nights a week – and there are always vacancies because it’s a service that is in constant demand.

There is a national shortage of bus and coach drivers, which impacts travel infrastructure. Since the pandemic, there has also been a shortage of national and international HGV drivers. In response to this, the Government is considering relaxing the age rules from the current minimum age of 21, to allow for recruiting drivers from a wider age range.

Professions in driving don’t have to be something that takes you away from home for a long time – such as bus and coach drivers working relatively regular shifts in a local area on a salary around £30,000 a year. However, if you are prepared to drive longer distances, the salary can be significantly higher: an HGV driver can earn upwards of £50,000 a year.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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