Quids in! The UK’s Number 1 Money Magazine ISSUE 30 SPRING 2016
INSIDE!
Advice on: ✔ Spending ✔ Saving ✔ Borrowing ✔ Earning
n t i n r a g W m S or e v a s o t d e e n l l a e Why w
COUPON KID
Can couponing really save us cash?
SURVEY SHOCK
g n i t e g e r a s g n Thi ders a e r r u o r o f e wors
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Welcome 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?
In this issue... 03 The buzz The latest news affecting you and your finances
06 Smart Saving A savings habit does more than keep us out of debt and it’s not as hard as it might seem
09 The Coupon Kid Who is the Coupon Kid and what can he teach us?
11 Switching Switch your gas and electricity and save money
12 Recipe With a basic chicken stock you can make so much
13 Crossword Win a Nexus 5 smartphone!
Jeff Editor
14 Useful numbers
editor@quidsinmagazine.com
Advice and help
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Z Z U B E H T
The latest news affecting you and your finances
SURVEY 2016 Harship deepens further for Quids in! readers
Early Quids in! survey results show a bleak picture for people on low incomes in the UK @quidsinmagazine
As the numbers continue to be crunched, initial readers affected mentally is now way over one findings of the 2016 Quids in! Reader Survey in two. suggest readers’ money worries have soared in the More people were also skipping meals, turning past two years. off heating despite being cold and becoming So far only drawing on the online responses physically ill. Online respondents who had received, every indicator of worsening fallen behind with bills rose from 35 per hardship was higher than in 2014. The cent to 43 per cent and those who were Quids in! says… magazine previously found people struggling to keep on top of debts These early results who responded online were generally increased from 27 per cent to 39 are horrifying. better off than those who did not percent. One in five had fallen into Our job has just access the survey via the internet. rent arrears. become more Readers reporting feeling anxious, A full report of the 2016 survey, important. frightened or depressed on account of which was supported by Mears and money worries increased by a staggering Aviva, will be published in May, and we’ll 53 per cent, suggesting the overall number of bring you an update then.
NUMBER CRUNCHED FAMILY DEBT Figures from Aviva’s Family Finance Report
£13,520
Average family debt today, not including mortgages
£4,000
How much it has gone up by since last summer
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£18,830
Average amount owed by couples with two children
£5,070
Average amount owed by single parents
Z Z U B E H T
The latest news affecting you and your finances
LOAN SHARK PUT AWAY Despicable dad Christopher Harvey jailed
53-year-old dad of 21 children took money from family and friends @quidsinmagazine
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 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 14 of this magazine.
C U N O S N W UPS AND DOtenants are due
Video of the issue
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FREEBIES IN THE POST Extreme couponer Holly Smith and daughters show us how to get freebies qimag.uk/videofeb16
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Z Z U B E H T
The latest news affecting you and your finances
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
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.
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POST The Editor, Quids In! 3 Monmouth Place, Bath BA1 2AT
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EMAIL editor@quidsinmagazine.com TWEET @quidsinmagazine.com
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SMART SAVING
READY FOR RAINY DAYS AND SUNNY SKIES
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…
I
had been in debt for ages on credit cards. I
her finances has made a big difference to her
had to go bankrupt. Then one member of my
wellbeing.
family got very ill, my mum and my partner were diagnosed with cancer, and I found out I
had an immune system disorder.”
WHILE THE SUN SHINES As the holiday ads hit our screens but millions
Quids in! reader Karina has been telling us how
of people are still paying off the Christmas cash
her money worries showed no mercy when illness
hangover, it may sound crazy, but it’s time to be
struck at the heart of her family. She is now a
thinking ahead and creating a war-chest to plunder
survivor and believes her decision to conquer
so the good times aren’t tainted by crippling
Think a holiday is pie in the sky? Just start saving and pin up a sunny holiday pic to remind you to stay str ong.
CONTINUED
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SMART SAVING
“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
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 that you could
debt. Good habits like saving ahead mean happier
only get money out if you gave notice, so no
holidays and less strife when life throws us a
impulse buys.
curve-ball, like flood damage or car breakdown. Karina explains that it can be daunting to start: “I
“I remember the day when I got my first £1,000 I actually did a bit of a victory song and dance. I
had to change my mind set. I wanted to be able to
called the credit union and got them to tell me
help my children and take time off if I needed to go
what I had in the bank so I could hear it.”
and nurse anyone. “The truth is that on paper, I didn’t have enough
SMARTER SAVERS
money to start saving. So I decided to save first
Research by debt charity StepChange found
and then stretch everything else out. I started
savings of £1,000 would stop half a million people
using all the leftovers, getting creative in the
turning to borrowing they cannot afford in an
kitchen and shopping less often.”
emergency. They say 13 million people would fall behind with bills in a month if their income dropped by a quarter.
SUPER SAVER
A savings habit is not just about being able to
“I set a goal of £1,000. I checked on moneysavingexpert.com and looked at gas and
weather the rainy days and coping with domestic
electric companies. I found I could get a cheaper
disasters. The fun stuff, like Christmas and
rate without even switching my supplier and £150
holidays, are more enjoyable when debt free
cash back. I looked at where I had been charged for
and paid for in advance by some sensible saving
electricity for work men in my house and asked for
through the year.
CONTINUED
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SMART SAVING Taking a holiday can feel like pie in the sky for
travel and somewhere to stay, to sun cream and
many, but the Money Advice Service has some
a daily spending allowance. Then work back from
great advice. Firstly, they point out that if you’ve
there. See how much you need to save each week
saved the money but have a credit card, put it on
and for how long.
the plastic because you’ll be more insured if things
Think it’s not achievable? Follow Karina’s example
go wrong – just make sure you pay it straight back
and just get started. Stick your favourite holiday
in full. Set a budget including everything from
photo to the fridge to remind you to stay strong.
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.
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).
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.
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:
Firstly, don’t dip into your hard-won 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.
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IN THE KNOW
THE
N O P U CO KID
x o C n o d r Jo So who is the Coupon Kid and what can this young man teach us?
J
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.
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.” CONTINUED
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IN THE KNOW
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!” 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.” 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.
15 e g a t a f f o d e t r a t s I “ t li p s s t n e r a p y m n e h w e iv v r u s o t d a h e w d n a ” y r la a s s ’ m u m y m f f o Quids in! | 10
JORDON’S TOP 5 TIPS
“I could go on for hours… but here are my top 5 for coupons and supermarkets”
1
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.
2
When you are next in the supermarket, look out for their free in-store magazines as a few of them have coupons every month.
3
If you really like a brand, let them know. They always love hearing from customers and might send you a coupon in the post.
4
Download supermarket cashback apps on your phone such as Shopitize and CheckoutSmart. You can claim cashback on your supermarket shopping – a no brainer!
5
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.
WHAT IF WE SAID WE COULD GIVE YOU £180. TODAY. NO STRINGS ATTACHED.
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.
Visit www.qimag.uk/qiswitch NOW or call Freephone 0808 1788 170
Quids in! switch Switch your gas and electricity
THE QUIDS IN!
SIMPLE COOKING COURSE
SERVES 4
5 Chicken Stock Okay, it may not exactly be a delicious meal in itself, but with a basic chicken stock you can make so much more. With just 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
COSTS 20p
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
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PRIZE CROSSWORD Win a Nexus 5X smartphone One lucky winner will get their hands on the new Nexus flagship smartphone worth £250…
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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) 15 Donkey (3) 16 Painters, for example (7) 19 Extremely clever person (6)
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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) 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)
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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.
✆
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
CREDIT UNIONS Credit unions are not-for-profit organisations that provide bank accounts, loans and savings. They may help people the banks won’t. To find your local credit union call ✆ 0161 832 3694 or visit www.findyourcreditunion.co.uk.
BENEFITS • For unemployment and work-related benefits talk to Jobcentre Plus. • Council Tax and Housing Benefit is dealt with by your local council. • Pensioners should call the Pensions Service (✆ 0800 99 12340).
• People with disabilities or carers should contact the Disability Benefits Centre (✆ 0345 605 6055) and for Child Benefit and tax credits call Inland Revenue (✆ 0845 300 3900). • Free benefits calculator www.entitledto.co.uk
DEBT ADVICE Get in touch with any of the organisations below to get free advice and help. • National Debtline ✆ 0808 808 4000 www.nationaldebtline.co.uk • StepChange Debt Charity ✆ 0800 138 1111 www.stepchange.org Offers free debt management plans, debt advice and more. • Citizens Advice www.citizensadvice.org.uk. In Wales call ✆ 08444 77 20 20 England call ✆ 08444 111 444 • Christians Against Poverty (CAP) www.capuk.org. ✆ 01274 760720
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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
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.
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.
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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