Quids in! 30

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Quids in!

The UK’s Number 1 Money Magazine | ISSUE 30 Spring 2016 www.quidsinmagazine.com

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INSIDE!

Advice on: ✔ Spending ✔ Saving ✔ Borrowing ✔ Earning

Why we all need to save

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COUPON KID Can couponing really save us cash?

SURVEY SHOCK ting Things are ge readers r u o r fo worse

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S YOUR MONEY

BE INFORMED

WIN A state-of-the art Nexus smartphone

TAKE CONTROL

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The worst thing about the shocking findings so far of our reader survey is that I already thought things were going to get tougher, especially for benefit claimants. Universal Credit (UC) is the new system being rolled out to just about every claimant under retirement age. Research has found nine out of ten people are in debt before they even get their first payment.

UC makes sense on paper.

Trusting claimants with all their money, not paying rent to landlords, putting all the different benefits under a single heading, and making sure people are better off in employment. But landlords and local councils think it is going to be an admin nightmare. Worse, the claimant has to do all the paperwork. I’ve looked up who to speak to at the DWP when things go wrong. Not even I can find it and we’ve been researching all this for years now!

We’ll have to wait to see if what we found in our 2014 survey remains true: Working age people not working full-time struggle most. But guess what? They’re the people moving onto UC. If things are worse for them now, with UC barely rolled out, what’s it going to be like by the next survey?

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Jeff Editor

SURVEY 2016

Harship deepens further for Quids in! readers

In this issue…

“Simple savings” How to get some money behind you page 4

Readers reporting feeling anxious, frightened or depressed on account of money worries increased by a staggering 53 per cent, suggesting the overall number of readers affected mentally is now way over one in two.

More people were also skipping meals, turning off heating despite being cold and As the numbers continue to be crunched, becoming physically ill. Online respondents initial findings of the 2016 Quids in! Reader who had fallen behind with bills rose from Survey suggest readers’ money worries 35 per cent to 43 per cent and those who have soared in the past two years. were struggling to keep on top of debts So far only drawing on the online increased from 27 per cent to 39 responses received, every indicator percent. One in five had fallen into of worsening hardship was higher Quids in! says… rent arrears. than in 2014. The magazine These early results A full report of the 2016 previously found people are horrifying. survey, which was supported who responded online were Our job has just

by Mears and Aviva, will be generally better off than those become more important. published in May, and we’ll bring who did not access the survey you an update then. via the internet.

Early Quids in! survey results show a bleak picture for people on low incomes in the UK @quidsinmagazine

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editor@quidsinmagazine.com

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Welcome

The Coupon Kid Inside the crazy world of Jordon Cox page 8

Quids in! magazine

❍ Address 3 Monmouth Place, Bath, BA1 2AT. Tel 08456 8049 06 ❍ Editor Jeff Mitchell Email editor@quidsinmagazine.com ❍ Publisher Steve Faragher Email steve@socialpublishingproject.com ❍ Comms Officer Dan Fineman Email dan@ socialpublishingproject.com ❍ Advertising Opportunities Lisa Woodman Email lisa@ socialpublishingproject.com ❍ Copy Sales Rhiannon McNamara, Deborah Colvill Email rhiannon@socialpublishingproject.com, debbie@socialpublishingproject.com ❍ Cover Illustration and cartoon by Rachel Wotton www.harmfulraes.com Quids in! makes every effort to ensure content is correct at the time of going to print. Readers should take specialist advice where necessary. Quids in! has no political allegiances, and opinions expressed are not necessarily those of the publisher or editor. Any relationship with advertisers or sponsors is always on the understanding that we retain our editorial independence.

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Quids in! magazine is designed to help people understand and manage their money better. It is published quarterly by the Social Publishing Project, a social enterprise.

Taking stock How chicken bones make delicious meals page 7

Quids in! magazine is supported by Aon and Aviva. Aon arranges home contents insurance with Aviva for tenants of social and council housing. Ask your landlord if they have a scheme in place.

BUZZ

The latest news affecting you and your finances

Despicable dad Christopher Harvey jailed

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53-year-old dad of 21 children took money from family and friends

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him that he had abused the trust of his family. “You abused family and friends and you have shown yourself to be a man who seems to think that you’re somehow entitled to do it.”

If you have a problem with a loan shark, notify the Illegal Moneylending Unit in the strictest confidence by calling the number on page 7 of this magazine.

UPS AND DOWNS ON UC

Video of the issue

Rents for social tenant s are due to decrease in Engla nd from April and increase in Scotland and Wales.

If your rent changes and you’re claiming Universal Cre dit, you must notify the DW P, as your landlord canno t tell them because of the Da ta Protection Act. Then the y will adjust your payments.

JOIN THE CONVERSATION… CHRISTMAS ALREADY

I know it may seem a bit crazy, but this is the time of year when I start to do my Christmas shopping. I have a special space at the back of my cupboard where I keep bargains I find safely wrapped away.

No one ever knows that I spent hardly anything on them!

Best of all, it helps spread the cost out so that I don’t have that horrible January feeling of having no money by the middle of the month. Cara Green, Glasgow

since last summer

£18,830 £5,070

Average amount owed by single parents

Figures from Aviva’s Family Finance Report

SPOTTED OUR QIMAG.UK LINKS?

You can follow up what you read in Quids in! by turning to the internet.

Simply type the qimag.uk/link (as it appears in the story) into the web address bar on your browser and press 'enter'. Check out our latest pop playlist at qimag.uk/qipopspring16

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Extreme couponer Holly Smith and daughters show us how to get freebies qimag.uk/videofeb16

£4,000

How much it has gone up by

Average amount owed by couples with two children

A shameless loan shark who preyed on vulnerable members of his own family was jailed for three years and four months in December last year.

Christopher Harvey, 53, of Hengoed, near Caerphilly, South Wales took control of his family’s bank accounts and helped himself to more than £22,000 of their money, while charging them 400,000 per cent APR to borrow it back from him.

Sentencing Harvey, the judge told

FREEBIES IN THE POST

£13,520

Average family debt today, not including mortgages

LOAN SHARK PUT AWAY

@quidsinmagazine

NUMBER CRUNCHED FAMILY DEBT

WIN £50

POST The Editor, Quids In! 3 Monmouth Place, Bath BA1 2AT EMAIL editor@quidsinmagazine.com TWEET @quidsinmagazine.com

Have you got something you want to tell us, or a money-saving hint or tip to share?

Each issue we’ll send £50 to our best letter writer, emailer or tweeter! Don’t forget to include your name and address.

Quids in! | 3

READY FOR RAINY DAYS AND SUNNY SKIES E L P M SA

Whether preparing for a rainy day or something special like a sunny holiday, a savings habit does more than keep us out of debt and it’s not as hard as it might seem…

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had been in debt for ages on credit cards. I had to go bankrupt. Then one member of my family got very ill, my mum and my partner were diagnosed with cancer, and I found out I had an immune system disorder.”

Quids in! reader Karina has been telling us how her money worries showed no mercy when illness struck at the heart of her family. She is now a survivor and believes her decision to conquer her finances has made a big difference to her wellbeing.

So I decided to save first and then stretch everything else out. I started using all the leftovers, getting creative in the kitchen and shopping less often.”

SUPER SAVER “I set a goal of £1,000. I checked on moneysavingexpert.com and looked at gas and electric companies. I found I could get a cheaper rate without even switching my supplier and £150 cash back. I looked at where I had been charged for electricity for work men in my house and asked for the whole amount from my housing association... I was pretty shocked when they gave it to me!

“It turned out I’d overpaid my water bill and got a surprise cheque in the post. It was like the flow had turned the other way.

“I opened a credit union account

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WHILE THE SUN SHINES As the holiday ads hit our screens but millions of people are still paying off the Christmas cash hangover, it may sound crazy, but it’s time to be thinking ahead and creating a war-chest to plunder so the good times aren’t tainted by crippling debt.

Good habits like saving ahead mean happier holidays and less strife when life throws us a curve-ball, like flood damage or car breakdown.

Karina explains that it can be daunting to start: “I had to change my mind set. I wanted to be able to help my children and take time off if I needed to go and nurse anyone.

“The truth is that on paper, I didn’t have enough money to start saving.

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“I remember the day when I got my first £1,000 I actually did a bit of a victory song and dance” Quids in! reader, Karina

SMART SAVING debt free and paid for in advance by some sensible saving through the year.

Taking a holiday can feel like pie in the sky for many, but the Money Advice Service has some great advice. Firstly, they point out that if you’ve saved the money but have a credit card, put it on the plastic because you’ll be more insured if things go wrong – just make sure you pay it straight back in full. Set a budget including everything from travel and somewhere to stay, to sun cream and a daily spending allowance. Then work back from there. See how much you need to save each week and for how long.

Think it’s not achievable? Follow Karina’s example and just get started. Stick your favourite holiday photo to the fridge to remind you to stay strong.

that you could only get money out if you gave notice, so no impulse buys.

“I remember the day when I got my first £1,000 I actually did a bit of a victory song and dance. I called the credit union and got them to tell me what I had in the bank so I could hear it.”

SMARTER SAVERS Research by debt charity StepChange found savings of £1,000 would stop half a million people turning to borrowing they cannot afford in an emergency. They say 13 million people would fall behind with bills in a month if their income dropped by a quarter.

A savings habit is not just about being able to weather the rainy days and coping with domestic disasters.

The fun stuff, like Christmas and holidays, are more enjoyable when

TOP TIPS

Our website has more tips on ways to save. Visit qimag.uk/ qi30save. Top tips include...

Name your goal Think about all you’ll need for your target. For Christmas, think food and booze and gifts, just don’t go overboard. For holidays, beyond the cost of travel and somewhere to stay, remember the kit you’ll wear and a daily allowance for food, drink and the fun stuff. Be realistic and if it looks a lot, cut it back. Name your fund and you won’t want to let it down.

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Just do it Start right away. Save a little and often and, so you know if you’re falling behind, divide your target by the number of weeks before you’ll need the money and get tough on yourself – don’t skip a week. Put the money somewhere safe, be that a jar or bank account (preferably one that pays you interest – check out comparison websites to find the best).

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Give it a boost

On top of your weekly sum, top up the savings with any little extras that come your way. Maybe you get a rebate from your gas supplier or sell your old CDs. If you didn’t expect it, you won’t miss it.

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Get obsessed

Once you see the savings grow, you’ll find it addictive. After a couple of weeks, count it up and pat yourself on the back. Maybe you could do more?

There are a couple of warnings:

the day is pie in Think a holi d an ng vi sa art sky? Just st ay pic to lid ho y nn pin up a su ng. to stay stro remind you

Firstly, don’t dip into your hardwon savings. But if you’re in debt elsewhere, and you’re paying interest, then the money in your savings will do you more good settling debts.

Quids in! | 5

WHAT IF WE SAID WE COULD GIVE YOU £180. TODAY. NO STRINGS ATTACHED.

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You'd jump at it, right? £180 is a lot of money. You could add it to your savings. You could spend it on the kids. You could have a weekend to remember.

Well £180 is the average annual saving readers of Quids in! make when they switch gas and electricity with our new service.

And it could be a whole lot more...

So what are you waiting for?It takes just 5 minutes to find out.

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Visit www.qimag.uk/qiswitch NOW or call Freephone 0808 1788 170

Quids in! switch Switch your gas and electricity

Odds & Ends

The page that has all the bits that don’t fit anywhere else!

PRIZE CROSSWORD Win a Nexus 5X smartphone

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WIN!

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One lucky winner will get their hands on the new Nexus flagship smartphone worth £250…

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Enter online at qimag.uk/ crossword or simply complete the crossword and pop it in the post to us. Don’t forget to include your name and address. Send your completed crossword to Nexus 5X, Quids in!, 3 Monmouth Place, Bath BA1 2AT. Or you can enter by taking a pic of your completed crossword and sending it to editor@quidsinmagazine. com. Closing Date 30th April 2016. See www. quidsinmagazine.com for terms and conditions.

HOW TO ENTER

ACROSS 6 Settee (4) 7 Skin decoration (6) 8 Cowboy movie (7) 9 Rodent (3) 11 Perfume (5) 13 Draw, Stud or Hold’em (5)

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Donkey (3) Painters, for example (7) Extremely clever person (6) Big cat (4)

✆ QUIDS IN! USEFUL NUMBERS LOAN SHARKS The National Illegal Money Lending Team tackles loan sharks. To report a loan shark anonymously you can call them 365 days a year on ✆ 0300 555 2222, text LOAN SHARK and your details to 60003 or email them at reportaloanshark@ stoploansharks.gov.uk.

In Wales call ✆ 0300 123 3311or send an email to imlu@cardiff.gov.uk

Disabilit y Benefits Centre (✆ 0345 605 6055) and for Child Benefit and tax credits call Inland Revenue (✆ 0845 300 3900).

• Council Tax and Housing Benefit is dealt with by your local council.

• Pensioners should call the Pensions Service (✆ 0800 99 12340).

• Free benefits calculator www.entitledto.co.uk

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DOWN 1 Mislay (4) 2 Cocktail of spirits with vermouth (7) 3 Passage of heavy weather (5) 4 Pig-pen (3) 5 007 had a quantum of this (6)

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10 Largest of the apes (7) 12 General killed at the Little Bighorn (6) 14 Rubbish (5) 17 Where the Trojans lived (4) 18 It’s nice with tonic (3)

THE QUIDS IN!

SIMPLE COOKING COURSE

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DEBT ADVICE For free debt advice and help, contact any of the CREDIT UNIONS organisations below. fornotare Credit unions • National Debtline profit organisations that ✆ 0808 808 4000 www. , unts acco bank ide prov nationaldebtline.co.uk They loans and savings.

• StepChange Debt Charity may help people the banks ✆ 0800 138 1111 l loca your nd fi won’t. To www.stepchange.org credit union call ✆ 0161 • Citizens Advice 832 3694 or visit www. www.citizensadvice.org. .uk. n.co unio edit findyourcr uk. In Wales call ✆ 08444 77 20 20 England call S EFIT BEN ✆ 08444 111 444 and t men • For unemploy • Christians Against work-related benefits talk Poverty (CAP) .

Plus e entr to Jobc www.capuk.org. or ies • People with disabilit ✆ 01274 760720 carers should contact the

5. Chicken Stock

SERVES

Okay, it may not exactly be a 4 delicious meal in itself, but with a basic chicken stock you can COSTS make so much more. With just 20p the addition of a few vegetables and some red lentils, for example, you’ve got a hearty and satisfying chicken soup – and for next to no money. So the next time you roast a chicken, collect those bones and get some (nearly) free, delicious food.

INGREDIENTS • Chicken carcass • Bay Leaf • Carrot • Onion • 2 litres (4 pints) water METHOD 1. Chop the onion and carrot in half, and put everything into a large pan.

Then bring it to the boil.

2. Turn down the heat and leave it to simmer for at least an hour. Turn off

the heat, and let it sit until it’s cool – the flavours will keep improving.

3. Strain the resulting liquid through a sieve. Bin the bones and veg.

You can keep your stock in the fridge for a few days, or, if you want, you could return it to the pan and boil gently until it reduces by half.

Pour into ice trays and freeze and you’ve made your own stock melts!

Visit www.quidsinmagazine.com for more recipes and cooking ideas

Quids in! | 7

IN THE KNOW

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N O P U CO KID E L P M x JordonSCoA So who is the Coupon Kid and what can this young man teach us?

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ordon Cox, AKA The Coupon Kid, has been hitting the headlines for years now. His most famous escapade was probably when he discovered that rather than getting the train from Sheffield back to to Essex where he lives, it was cheaper to fly to Berlin and then on to Stansted, having a mini 7-hour break in Berlin on his way! But it’s not all stunts with Jordon, he’s serious about saving us money – we asked him why.

You’ve become really well known for your trip to Berlin, any other adventures planned?

“I’m an avid traveller so I would love to see if I can go full circle around the world for very cheap. Tokyo and Los Angeles are top of my wishlist!”

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“I could go on for hours… but here are my top 5 for coupons and supermarkets”

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There are so many coupons online. moneysavingexpert.com/deals/ supermarket-coupons has a full list and it is so easy. A few clicks of a button and you will have cash pouring out of your printer.

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Tell us a bit about yourself. How did you become such a money saver?

“I started off at age 15 when my parents split and we had to survive off my mum’s salary. I watched an American TV show called Extreme Couponing and thought that sounds like something I can do, so I decided to take up couponing. From that moment on, I was hooked. Once I knew that I didn’t have to pay full price for anything, I didn’t want to ever again, and I still try not to every day.”

You’re working with Martin Lewis at Money Saving Expert, that’s really exciting. How did that come about?

“I did two weeks’ worth of work experience in 2013 and loved it. After two years of finishing school and doing my own thing, they invited me back as MoneySavingExpert’s Coupon Kid. I’m ecstatic to be working at a place where everybody has the same mind-set – saving people money.”

JORDON’S TOP 5 TIPS

That’s right up our street too! So (cheekily) when’s your first book coming out?

“I’m just focusing on helping people to cut their costs every day right now, but who knows what the future may bring…”

■ To find out more follow Jordon on the Deal Hunters blog of MoneySavingExpert.com or follow him on twitter @Jordon_Cox.

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When you are next in the supermarket, look out for their free in-store magazines as a few of them have coupons every month.

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If you really like a brand, let them know. They always love hearing from customers and might send you a coupon in the post.

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Download supermarket cashback apps on your phone such as Shopitize and CheckoutSmart. You can claim cashback on your supermarket shopping – a no brainer!

“I started off at age 15 when my parents split 5 and we had to survive off my mum’s salary”

Try the downshifting challenge. A lot of the time the value brands are made by the same company or factory, so the only difference is the price.

Don’t be scared to give them a try.