Quids in! 37 City of London

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WHEEL OF

SHAME!!

BILLBUSTER DON’T GET RINSED BY THE ENERGY FAT CATS

Can you name the 8 celebs and the guilty secret they share?

EXPERT ADVICE ON: ✔SPENDING ✔SAVING ✔BORROWING ✔INCOME

D THE N I H E B S WHAT’

S W E N Welcome Every year I resist turning on the heating until I just cannot bear the cold any longer.

Now it’s all about preventing the New Year money shocks, starting with the heating bills. As they say, ‘Look after the pennies and the pounds look after themselves’, so I’m using all the bill busting tips on pages 8-9 to max those savings.

I’ve used a couple of Apps on my phone to record my spending, like the shoppers on page 11. I set a daily and weekly budget, so I could see if I was going over and try to pull back.

It added up all I was spending. I was shocked into curbing my takeaway habit. Apps are fine but a notepad and pen can do the same.

It’s good to review our habits but even better to win some cash while we’re at it, so share your thoughts with our survey (page 5) for a chance to win a cracking £500. Then double your chances by testing yourself on page 15 to discover how on top of your money you are. Send it in and also receive a fab, free money Guide.

16 MILLION

WITHOUT SAFETY NET

M

illions are risking financial ruin should the worst happen to their homes, a report by the Financial Inclusion Commission has concluded. While one in three (35%) has no cover across the board, for people with incomes of less than £16,000 a year the figure rockets to three in five (60%).

Home contents cover means insurers pay out to replace belongings destroyed by fire, theft, flood or sometimes accidental damage.

Previous Quids in! research, which was quoted in the report, found that

Jeff, Editor

Report finds one in three have no home contents insurance

more than a quarter (28%) of lower income households would have to go without if something like a washing machine broke down, and slightly fewer (24%) would be forced to raid their savings.

The report called for more to be done to extend coverage to groups like social tenants and young private renters by advertising the cheapest options (sometimes 33 pence a day or less) and by landlords including insurance cover in their rent. Many tenants wrongly think their landlord insures all fixtures and fittings against fire, theft and flood.

Celeb Losers:

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Double-Bubble: Take our survey. Do the quiz Pages 5 & 15

A D AY

Quids in! magazine

◆ Address 3 Monmouth Place, Bath BA1 2AT. Tel 08456 8049 06 ◆ Editor Jeff Mitchell Email editor@quidsinmagazine.com ◆ Comms Officer Dan Fineman Email dan@ socialpublishingproject.com ◆ Advertising Opportunities Lisa Woodman Email lisa@ socialpublishingproject.com ◆ Copy Sales Lisa Woodman , Rhiannon McNamara, Email lisa@ socialpublishingproject.com, rhiannon@socialpublishingproject.com ◆ Design Joe Burt ◆ Cartoon by Rachel Wotton www.harmfulraes.com © This magazine may not be reproduced in part or full without prior written permission of the publisher 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.

2 | Quids in!

A NC

Quids in!

5

High stakes for rich and famous Page 7

IN

E

In this issue…

F

editor@quidsinmagazine.com

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.

Money Health: Start your Finance 5-A-Day Page 12

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.

NEWS

Holding them to account…

LIVING WAGE Great news that Chancellor Phillip Hammond announced the national living wage will go up in April. The bad news?

He is not talking about a living wage but the minimum wage, the lowest employers are usually allowed to pay

their staff. The Living Wage Foundation, set up long before the government re-branded the minimum wage as the living wage, says the least we can live on is £8.75 an hour outside the capital and £10.20 in London.

£1.5 UNIVERSAL CREDIT BILLION

● Reduced waiting times for first payment ● Advance loans to be available 5 days after application made

C

hancellor Phillip Hamond announced in his Autumn budget that the government would spend £1.5 Billion pounds on trying to fix Universal Credit. He said he would do this by reducing the waiting time for the first payment for new claimants from 6 to 5 weeks. He also announced that advanced loans would be made available 5 days after a Universal Credit application is made, and that people taking them will now have 12 months instead of 6 to pay them back. In addition, new claimants will continue to receive Housing Benefit for an extra two

weeks after moving on to Universal Credit.

These new rules will come into effect in January 2018.

But critics have already taken aim at the new measures. “They don’t go far enough,” Money Saving Expert Martin Lewis told BBC Radio 5 Live. “I would have liked to have seen the waiting time removed altogether.”

In other budget news, Hammond told parliament that the point at which people would start to pay tax would rise to £11,850 in April 2018. At the same time, the national minimum wage will be increased from £7.50 an hour to £7.83.

“They don’t go far enough”

Money Saving Expert Martin Lewis

JOIN THE CONVERSATION… DAILY BREAD "When I am out shopping, if I see bread reduced I purchase it and then freeze it at home because it extends the shelf life of the product. It then means I don’t have to spend regularly on bread."

WO Healey, Telford

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.

THE

BUZZ Winners

COFFEE AND CHOC

Must be dreaming but eating more chocolate in middle age or drinking up to 4 coffees a day can reduce heart disease and have other health benefits

MARTIN LEWIS

Kudos to the Money Saving Expert for personally funding a new money management text book to put into schools across the UK

INTEREST RATES

Good news for savers, bad news for borrowers, as the Bank of England starts to increase interest rates

DRIVERLESS CARS

The government is investing £500 million in the tech but Jeremy Clarkson tried one out and claims it made two lethal mistakes

Losers Quids in! | 3

HIGH STAKES The bigger they come, the harder they fall. Gambling addiction can trap anyone, even the rich and famous

O

ne of the worst vices for our financial health can be gambling. We never know what it is going to cost and it really plays to our emotions.

The more confident someone is, the more likely they are to have a problem as gambling is really hard to walk away from once you’re losing, believing we are one of the special ones who can earn it all back.

No surprise then that lots of celebrities have problems and it’s shocking how badly some of them have lost. It seems the knowledge they are best in the world at one thing makes them believe they are going to be great at other things and this sort of mindset leads to disaster, as this graphic from casinosites.me.uk shows.

Ego-driven gambling ruins entire lives.

It works the same way as addiction but affects our financial health before our physical health.

One of the most infamous gamblers, Charlie Sheen, lost up to $2.5 million in three months. Tiger Woods gambled away $58.5 million over 7 years. Michael Jordan lost $1 million in a single golf game after he bet $250,000 per putt – a crazy amount that is more than 5 times the average American’s yearly earnings.

Nobody in their right mind could continue down this path. No logic is involved and anyone can get hooked.

See the full story and the whole graphic from Casinosites at: qimag.uk/qilosers

For help, contact National Gambling Helpline Freephone 0808 8020 133, or visit Be Gamble Aware at www. begambleaware.org

4 | Quids in!

Quids in! SURVEY Welcome to Quids In’s 2018 survey! We want to know how you are faring with your money so we can tailor our magazine to what you need. Do the survey online (go to qimag.uk/qisurvey1718) or pop your completed survey into an envelope and send it to our FREEPOST address (FREEPOST QUIDS IN MAGAZINE, Bath BA1 2AT) and we’ll enter you into a Prize Draw with a chance to win a whopping £500! Entry closes on 26th January 2018. (See quidsinmagazine.com for full terms and conditions).

Let us know if you’d like to receive monthly money emails from the Quids In Readers Club or take part in further research, otherwise your personal details will only be used for making sure you’re in the running for winning that prize!

ABOUT YOU

✁

1. On employment, which of the following do you agree with?

(Please tick all that apply) I am retired I am full-time employed I am part-time employed I am self-employed I am a student I am a carer (looking after a dependant) I am unable to work I’m in work but I’d like a better paid job My job is not meeting my money or personal needs I have a job but receive benefits or tax credits I don’t have a job but am looking I’m out of work but not claiming benefits I’m under pressure from the Job Centre but can’t find work 2. Thinking of everyone living with you, what is your household’s weekly income, whether benefits or earnings (after tax): £260 or less £261-385 £386-442 £443-507 £508+ Don’t know

In partnership with:

Aviva underwrites home contents insurance for tenants of social and council housing. Ask your landlord if they have a scheme in place.

WIN £ 500

3. Do you have access to the internet? (tick all that apply) PC or tablet at home On my Smart Phone Café, library or community centre Borrow someone else’s No access 4. Regarding the internet, which of the following do you agree with? (Please tick all that apply) I can and do use the internet regularly Computers and the internet are too complicated for me I don’t see the benefit of being online I don’t know where and how to use a computer I can find information I want on the internet without help I use email regularly I can use online forms without help I use Skype (or video messaging) to talk to people I watch videos on YouTube I have a Facebook account and use it I do my banking online I shop online I have sought and found advice I need online I have checked or applied for benefits online I arrange my home contents insurance online If I need any of the above, I have someone to do it for me

YOUR MONEY 5. How good are you at managing your money?

Not very good I’m usually okay

I struggle a bit Never have a problem

6. In the last year, due to money worries have you?

(Please tick all that apply) Skipped meals Stopped paying for broadband Fallen into rent arrears Fallen behind or struggled to pay bills (not rent) Felt my performance at work suffered Taken sick leave from work Cancelled home contents insurance Used a comparison service to switch and reduce bills Took steps to reduce energy usage and cut bills Missed out on occasions with friends/ family Had to turn off heating despite it being cold

Had difficulty keeping up with payments on debts?

Felt frightened, anxious or depressed Had arguments with friends and/or family Become physically ill Faced serious financial problems Turned to a loan shark None of the above 7. Do you or anyone in your household claim any of these?

Jobseekers Allowance Universal Credit Council Tax Support/ Reduction Personal Independence Payment Disability Living Allowance Working Tax Credits Income Support Employment Support Allowance Child Tax Credits Housing Benefit Discretionary Housing Payment Help from gas/electricity/water supplier

Quids in! | 5

8. Which of the following do you have and which do you use? have

10. Imagine you need to replace something, like a washing machine, costing about £300, how would you do it?

(Please tick all that apply) From savings or income With a credit card Would do without Borrow from friend or family A loan company that I know, which will call at my home From a store that offers credit From a second hand shop Pay day loan Approach a charity

use

Savings account A private pension plan A work-based pension plan Credit card Bank account Basic Bank Account Post Office account Private health care Credit union account Pay day loan Store card, catalogue or items you owe money on Loan from someone who approached me at home Cheque cashing services

11. Do you have home contents insurance?

No (please specify why below) Yes It’s too expensive I don’t think I’ll need to use it I don’t understand what it covers me for If I make a claim on the insurance the price will go up Couldn’t find right cover I’ve never heard of it I buy insurance along with individual items of value (e.g. tv, phone) Other It’s too complicated to arrange

9. With regard to banking, which statements apply to you?

I couldn’t open an account as I didn’t have ID I was refused a loan/overdraft and don’t know why I couldn’t get what I wanted as I don’t use the internet I save for things I want to spend on I regularly save to cover unexpected expenses

12. If on Universal Credit, how did you find the process of applying for it?

Very hard Tricky but managed on my own No problem at all

HELP AND ADVICE 13. Have you needed advice about any of the issues below in the last year or so? (Please tick all that apply)

16. If you receive Quids in! do you find the advice useful?

All the time Often Sometimes Not really 15. In relation to Quids in!, which of the following do you agree with? (Tick all that apply)

Earning more money Debts of any kind Insurance Budgeting and making ends meet Checking you get all the benefits you are entitled to Savings Other Borrowing money 14. Did you go to anyone for advice in the last year?

Bank/building society Friends/family No Citizens Advice Power/ water supplier Debt charity Professional debt adviser GP Didn’t know where to go Other (please specify)

MORE ABOUT YOU

(To be in with the chance of winning £500, we need these details to enter you into our Prize Draw)

Name

Name of landlord/who owns your home

Address Age:

Town/ City Male

Female

Married

How many of the following are living with you? Children Tel/ Mobile

Postcode Widowed

Adult dependents

Divorced

6 | Quids in!

Living with partner

Lodger/sub-tenant

Single

I live alone

Email

Would you be interested in taking part in future research, (sometimes paid) Please contact me by:

✁

I have read the magazine I have visited quidsinmagazine.com It made me realise I’m not alone in my situation It makes me think more carefully about my finances It prompted me to look after my money more carefully I would now think twice about high interest loans I learnt what is happening to my benefits/pension After reading something, I realised I might need help After reading something, I decided to get help After reading something, I got help I’d like to receive your monthly money emails (Quids In Readers Club)

Post, I’m not online

Email but send a text alert

Yes

No

Email, I check it regularly

THE QUIDS IN!

G N I T S U B BILL PULL-OUT SPECIAL

The last time we ran the survey you’ve seen on pages five and six, more than two in five (44%) of our readers said they turned off their heating despite being cold. Among working age people who didn’t have a full-time job, this jumped to more than half of you, 51 per cent.

Unlike rent and bills like Council Tax and the TV Licence, though, we have some control over the cost of running our home (and it’s much less likely to end up in court). Most gas and electricity companies will help if we ask for it. Their pricing schemes depend on how much we use, so we can check if we could be on a cheaper rate or ‘tariff’. They may also offer support if we tell them we’re struggling to pay.

Too many of our readers get sick because of their money worries.

(They made one in five (21%) physically ill and almost half (47%) anxious, frightened or depressed.)

So we’ve put together our top tips for beating the bills or even the fear of them. Keep well, people.

Jeff, Editor

editor@quidsinmagazine.com

SMART METERS Ignore the cynics, Smart Meters can transform how we run our homes.

These free-to-install gadgets mean we can see how much energy we’re using at any time. Sometimes it’s shocking. When it goes into the red as we’re making a cuppa while the washing machine is running, it reminds us to only fill the kettle with what we need. Because the display unit tells us the cost of what we’ve used each day, there’s a great game to play trying to beat our low scores – and kids can do it too. It says what our next bill should be and puts an end to estimated bills because meters are read without a home visit, so we always know where we are. See: qimag.uk/qismartmeters

WINTER FUEL PAYMENT For pensioners, and some on other benefits, who turned 64 before 6th August, a ‘Winter Fuel Payment’ of up to £300 is available to help pay heating bills. It is usually paid no later than mid-January without you doing anything but if you don’t get it, it is worth checking if you need to claim, which you’ll need to do by the end of March.

Call: 0345 915 1515. See: qimag.uk/qiwinterfuel

INSULATION SCHEMES COLD WEATHER PAYMENT A Cold Weather Payment of £25 is made each time the average temperature is no more than 0oC for seven days in a row between 1st November and 31st March. You should get this if you receive Pension Credit, a Disability Premium or a Child Tax Credit that includes an individual element for a disabled child.

If you get Income Support, income-based Jobseeker’s or Employment and Support Allowance or Universal Credit, you may qualify if there is a child aged under five in your household or you have some kinds of disability or health condition. Contact the Pension Service, Jobcentre Plus or the Universal Credit Helpline to check. See: qimag.uk/ qicoldweather

Martin Lewis at moneysavingexpert.com says there are loads of schemes for boiler upgrades to cut heating and hot water costs.

There is also free insulation to keep your home warm by lining your loft or cavity walls.

Schemes are usually aimed at people on incomes of £16,190 or less and for people on some tax credits. A free boiler is worth an average £2,300 and insulation £600, plus the cost of running your home will be cheaper year after year. If you’re renting, you should talk to your landlord first. More info: qimag.uk/ qiinsulate The Home Energy Trust has details of schemes, including those that only apply to Scotland. Its website also explains how homes generating energy, such as through solar panels, can earn money back from the national grid. See qimag.uk/qienergyst

Quids in! | 7

THE QUIDS IN!

BILL-BUSTING

PULL-OUT SPECIAL

Let’s beat the energy companies at their own game. Prices nudge up and up but the power’s in our hands to push usage down and down. What tricks can we use to fight back and keep cash in our own pockets?

Quids in! reveals the small changes that make a big difference

25

ING BILL-BUST

H T T F IGH

TIPS

Turn your heating down by 1°C

8 | Quids in!

R E W O EP HEATING

1

SET YOUR HEATING to come on 30 minutes before getting up or arriving home and to go off 30 minutes before going to bed or leaving for work. You will avoid heating an empty house which will just cost you money.

2

IF YOU CAN TURN YOUR heating down by 1°C, this can cut your energy use by 10%.

3

KEEP your radiators clear. Don’t put anything in front of them or on them.

4

CONSIDER putting radiator panels behind radiators fixed to external walls.

5

USE THERMAL or heavy curtains during the winter. Keep them drawn after dark.

6

TRY TO BLOCK all draughts around the house to help stop the heat from escaping.

7

IS YOUR WATER too hot? Your boiler and cylinder thermostat should be set at 60°C.

LAUNDRY

RESOURCE SAVING

8

ALWAYS TRY TO use a full load in a washing machine. Half loads waste energy.

22

ENERGY SAVING light bulbs last up to 10 times longer and cost less to run. And of course, remember to turn off the lights when you don’t need or aren’t using them.

9

USE AN ECONOMY programme on your washing machine whenever possible.

23

UNPLUG your mobile phone or games console from the socket when it has charged.

10

WASH your clothes on a lower heat. Most modern washing powders work well at 30°C or 40°C.

24

SWITCH APPLIANCES off standby. Leaving TVs and other devices on standby wastes valuable energy.

11

IF THE WEATHER IS FINE, dry your laundry outside instead of using the tumble dryer.

25

LIMIT the time you spend in showers or buy a water flow limiter or shower monitor to watch how much hot water you’re using.

12

KEEP FILTERS clean in your tumble dryer. But don’t use a dryer at all, if you can avoid it.

13

Limit time ythe spend ou showe in rs

HANG OR fold clothes up straight away after drying them so they will need less ironing. If you’re going to iron make sure the clothes are still slightly damp, they will iron more quickly.

IN THE KITCHEN 14

YOU CAN SAVE fuel by putting lids on saucepans when cooking.

15

ONLY FILL the kettle with as much water as you actually need.

16

WHEN BOILING veggies, use just enough water to keep them covered and don’t use a ring bigger than your pan.

17

TRY TO AVOID putting hot food in a fridge or a freezer. Let it cool down first.

18

KEEP YOUR FRIDGE at the optimum temperature of around 3°C to 5°C.

19

DON’T LEAVE the fridge or freezer door open any longer than you need. Position them away from cookers and direct sunlight where possible.

20

YOU WILL SAVE electricity if you regularly defrost your freezer and fridge.

21

WHEN REPLACING electrical goods look for at leas an ‘A’ energy rating. Don’t buy bigger items than you need.

POWER IN OUR HANDS

1 Challenge your supplier

We are the customer. If they want our business, they have to earn it. Contact suppliers and check we’re on the best tariff for what we use and see if they have any other help they can offer us – even free gadgets to reduce our costs

2 Shop around

Grab a year’s worth of bills and check online, or visit an advice agency, to see if other suppliers will be cheaper based on how much your household uses. See if they have any discounts or schemes that could help

3 How we pay

People who are good with money always get the best deals and they know having a bank account and paying by Direct Debit is almost always cheaper. Pre-payment meters are the worst, so get rid, if that is an option

4 Smart Meters

Sometimes, the worst thing is not knowing how much we will be stung for. So ask if the supplier can provide a free Smart Meter that says what costs we’re running up as we go

Quids in! | 9

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Quids in! | 14

SERVES 4

7 ‘Cheats’ Pe Although it sounds a bit posh, the word simply italian ‘pesto’ is for ‘paste’. While the original feature pine may nuts, we’ve replace d them with to make a much peanuts cheaper, but just as tasty, version.

INGREDIEN TS

• 50g of roasted , salted peanut s • Handful of basil leaves • Small clove of garlic • Small cup full of grated cheddar • Olive or vegeta ble oil Visit www.qu idsinmagazine .com for more recipes and cooking ideas

sto

COSTS 98p

METHOD

1

If you’ve got a blender you can just chuck ingredients all the in and whizz them up. If not, the peanuts smash to bits with a rolling pin still in their or bottle while packet, chop the basil and as you can and garlic as finely mix them all together in the cheese and a bowl with oil. You’ll need just enough combine everyth oil to ing.

ALTER NATIV ES: You can use any nuts to hand – brazil you have nuts, walnut s, even cobb the trees all nuts off make a lovely pesto. If you raw garlic will think the be too much for you, then (fry, poach or cook it first simply microw ave!), or even it out altoget just leave her. Mix into a big bowl of tastes great pasta. Also with tomato es, boiled eggs, sandwiches… tuna, in

Quids in! | 12

✔ Top Tips for stretching a budget ✔ News on benefits and pensions ✔ Know your rights

✔ Competitions with cash prizes ✔ Where to go for help ✔ Freebies, deals and special offers

Join the growing crowd of money-saving, savvy-shopping, debtbeating, cash-boosting Readers Club members and receive freebies and top tips throughout the year.

Sign up here: qimag.uk/QIClubReg EXPERT ADVICE ON: ✔SPENDING ✔SAVING ✔BORROWING ✔INCOME

WARDING OFF THE

JANUARY BLUES

ow more’ rr o b d an d en p ‘s s p ti The top nt us to know companies don’t wa

W

hether we’re last minute shoppers or well-prepared planners, research shows that thinking ahead could make the difference between a prosperous 2018 and a New Year that brings on the January blues.

The ‘help’ we’re offered by big finance companies largely falls into two camps: ‘Spend and borrow more’, with credit cards and loans, for example, and ‘plan better and save more’, so budgeting, saving and pension-planning. Royal London, which focuses on the latter, asked consumers what planning helps them keep on top of their spending.

The finance firm asked a bunch of customers to budget for three months. They offered an ‘App’ for those with a smartphone and a paper budgeting tool for the others. What they found is food for thought for all of us:

1

Half said using a budget helped them keep closer track of what they spent

2

Many cut back by shopping at cheaper supermarkets and cycling or walking, instead of taking public transport

3

They were more likely to check their bank statement and many spotted old direct debits that should have been cancelled ages ago

4

Some gave up smoking and other habits they’d been meaning to for a while

5

Others quit buying coffees and other ‘bought-in’ treats they could easily make for themselves

6

A quarter (26%) said they were more likely to start saving for unexpected setbacks In the run up to Christmas and beyond it’s worth listing all the money we have coming in and, underneath it, all we spend each week, month and year, like on Christmas. (It’s best to think monthly, so divide annual costs by twelve. Multiply weekly spend by 52 and divide this by 12.)

If too much is going out, or if we want to save more, target things to cut back on. There is almost always some way to tighten the purse strings. We can also aim to increase the funds coming in with extra hours of work or, for many on low incomes, there could be benefits we’re not claiming.

The Quids in! website, quidsinmagazine.com, has a budget planner and other calculators including a benefit checker, to walk us through the process.

Once we know how much we have to play with, we can set a more realistic budget for saving and spending for Christmas, for building up a war-chest of savings, or just for peace of mind that we’re not on a collision course with debt.

Chris:

“The more I spent, the less I kept track of what I have spent because it’s like I don’t want to know until that bill comes.”

(Full interview at qimag.uk/qichris)

Debbie:

“If you’d have asked me three months ago, I would have said I know exactly how much money I’ve got, and I’d have been convinced of that.

‘Deluded’ is another word...’

(See full interview at qimag.uk/qidebbie)

Quids in! | 11

PROMISES, PROMISES 1. BALANCE

Every day check your bank balance. This isn’t just about knowing where you are, although that’s step one. It is also about stopping to think about money more often. Better to get any surprises before they’ve mounted up as it’s easier to make up for the little setbacks.

For people with Direct Debit payments going out, it’s essential to know what has come in and gone out and when.

If you’re moving onto Universal Credit, this could be a new discipline because rent money will come to you first and you want to know it’s gone on to the landlord like clockwork. For the first few months on UC, it’s worth checking what’s come in is what you were expecting and the date it’s paid.

If you cannot check your balance easily, change how you use your bank account, registering for daily text alerts or telephone or online banking. If you have to visit a cashpoint, change your account or bank, even.

2. SET LIMITS Set targets for everything: Daily and weekly spend, what the kids can have, cutting down travel costs by one trip a week for example.

To start, write down everything you spend using cash or cards – from stamps to petrol in the motor. The main thing is to record it all, adding anything on your statement you didn’t include like bills that go straight out of your account.

You see exactly how much you’re spending on different items in a week and also find out what your total daily and weekly spend is.

Once you know where you are, you can aim to trim off any fat and set daily and weekly limits. Be strict with yourself at the start, in case you need to go easier later on. You will only know what you can achieve if you really go for it.

Even the smallest goals make a difference. Remember, each pound you cut back per week equals more than £50 a year, towards Christmas or a holiday!

12 | Quids in!

Come 2018 what are the best New Year’s pledges we can make to transform our money and our lives? Here are the Quids in! top five (or six)

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A fool and their money are easily parted but the secret to wealth is the reverse is also true. The richer people are, the cannier they are about spending cash.

Shop like them, like there must be a bargain to be had. Shop around or find it online and ask the local seller to match the price. It may be on a smaller scale than the rich and famous but if a bag of peas is cheaper at Lidl than Tesco, (and it doesn’t cost more to get there), switch. Take your money seriously and shop around for everything from the cost of your gas supply to the loyalty points you can earn and spend wherever you shop.

Invest now to save later, buying loo rolls and tins of beans in bulk. Almost everything is cheaper per item when sold as a multi-pack.

And act like you’re entitled because you probably are due some help, whether that’s unclaimed benefits or a bit of advice.

‘Wealthy’ is a state of mind.

A D AY

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4. THINK WEALTHY

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Quids in!

3. OPEN UP People who are on top of their money will tick this off without thinking but many are drowning in unopened mail, let alone debt.

Since money was invented it has been part of the human condition to bury our heads in the sand but even ostriches who shut their eyes and hope for the best still look like lunch to a hungry predator.

Open your bills.

Every debt adviser has met people who feel they’re sinking and turn up with a bag full of unopened envelopes. It doesn’t take a doctor to tell you what that will do to someone’s state of mind.

We might owe ten people money but the bag’s full of 200 envelopes – so 20 copies of pretty much the same letter. We only need one of each, so let’s shed 190 bits of bad news in one go!

Like checking your bank balance every day, there’s more to this than facing the pain. There is no way forward without taking this step. Clear the way and make a pledge to get some help to get it sorted.

IN

5. SAVE All but the very worst off people might find some way to set aside a couple of quid on a regular basis.

If you can resist temptation, emptying small change into a jar on the mantlepiece will grow before your eyes and get you into the savings habit. Putting the money aside for each cigarette, coffee or takeaway you say ‘no’ to will soon add up without feeling like a hardship.

For the digital-minded, widgets like Lloyds Bank’s ‘Save the Change’ or the Moneybox App, attach themselves to bank cards and round up spending to the next pound, diverting the difference to a savings pot.

Experts say we should all have at least £300 set aside if we possibly can but £500-£1,000 will cover most financial shocks, like a car breakdown or family emergency.

But if money’s too tight, becoming a regular saver with a credit union where even Motivat just a few pounds a e yourse lf to kee by signin p trying month could qualify g up for m e onthly m mails fro us for a cheap loan oney m the Qu ids In Re It’s free a aders Clu should the need nd just a b. bout as g this mag ood as arise, could be our azine, on ly more re Visit qim next best bet. gular! ag.uk/qic lubreg

6. GET

INFORM ED

Quids in! | 13

WIN

Martin James ct Food a Comp essor Proc

RECIPE

THE QUIDS IN! GREAT BRITISH CAKE OFF Bake a Cup Cake, win a Food Processor by James Martin!

We ran this competition a few years ago and we loved the idea of all you readers donning an apron and having a go at this cheap and lovely recipe that’s always a crowd-pleaser. Why not show the kids (or grand-kids) how easy it is to bake something great at a fraction of the price of what’s in the shops? Decorate them their way!

TWO WAYS TO ENTER:

1

Send us a picture of your master creations and a description of what you attempted, especially if they

didn’t quite go to plan. You can email editor@quidsinmagazine. com or post your pic to Quids in!, 3 Monmouth Place, Bath, BA1 2AT

2

Upload your picture entry to the Quids in! Facebook page at facebook.com/ quidsinmagazine. Don’t forget to like the page to start following us, if you haven’t already Entry closes on 26th January 2018. Full terms and conditions are at quidsinmagazine.com

On you marks, get set, BAKE!

Cupcakes

Cupcakes are quick, easy and very adaptable, and look great piled up for a kids’ birthday party. Makes 12 Ingredients: Cakes n 125g unsalted butter, at room temperature n 125g caster sugar n 2 eggs n 125g self raising flour Icing n 200g icing sugar n 3-4tbsp hot water Method: 1. Preheat the oven to 180C. Line a 12 hole cupcake tin with paper cases and set aside.

2. Mix butter and sugar together with a wooden spoon until pale and creamy.

3. Add the eggs one at a time and mix well. Add the flour

RECIPE COST:

under £1.25

and stir until everything is well mixed in.

4. Spoon a heaped tablespoon of the mixture into each paper case, then bake in the oven for 10-12 minutes, until golden brown and the cakes feel springy to touch.

5. To make the icing, place the sugar in a bowl and add the water a tablespoon at a time (you may not need all the water). The icing should be the consistency of glue, with no lumps.

6. When the cakes have cooled a little, dollop a heaped teaspoon of the icing on the centre of each cupcake.

Spread the icing to the sides of the cake. Be fast as it will start to dry straight away!

NOTE: The cupcakes will keep for up to four days in a cake tin, or freeze well un-iced.

✆ 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.

• People with disabilities or carers should contact the Disabilit y Benefits Centre

14 | Quids in!

(✆ 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 DEBT ADVICE For free debt advice and help, contact any of the organisations below.

• National Debtline ✆ 0808 808 4000 www. nationaldebtline.co.uk • StepChange Debt Charity ✆ 0800 138 1111 www.stepchange.org • 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

Quids in!

Readers Club Pleased to receive your free Quids in! every three months? Now you can stay in touch all the time with our new Readers Club. Join the growing crowd of money-saving, savvy-shopping, debt-beating, cash-boosting Club members and receive freebies and top tips throughout the year.

Sign up here: qimag.uk/QIClubReg

…

P O T N O M I’ : F L E S R U O Y T S TE ?

E M F O P O T N O Y E N O M OR IS MY Quids in! and the Open University have joined forces to help readers think about small changes to help shape a better financial future. Our 9-question money quiz will start to point you in the right direction

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at the end and see how you did. You can do it online at qimag.uk/ouquiz1 Send us your answers and you’ll receive a tailored version of the Guide, entirely free. PLUS, £500 is up for grabs for one lucky reader as every entry will go into our prize draw, (see www. quidsinmagazine.com for terms and conditions).

Draw closes 26th January 2018

1

4

✁

ersonal finance experts at the Open University have designed a free, step-by-step Guide to help Quids in! readers work out what to do to get on top of our money and make the most of what we have. It’s not about lecturing people or pushing us towards huge lifestyle changes, the Guide just offers the tips and tools to make things happen.

For each question tick one answer that best matches you. Add up the score

Which of the following best describes your views on money?

A) Money is important because it shows how successful and powerful you are B) It is important to have savings, you never know when you may urgently need the money C) I often demonstrate my love to people by buying them things D) With enough money, you can do whatever you want

2

How do you feel about how you manage your money?

A) I have some money worries but I manage day-by-day B) I feel in control of my finances C) Money is a constant source of stress D) I don’t think about my finances that much

3

How do you feel about putting away savings?

A) I’m focused on making ends meet dayto-day, saving money isn’t a priority for me at the moment B) I’d rather save money than spend it C) I’d like to have some savings but I struggle to put money away D) There’s no point saving anything as banks pay so little interest on it

What’s your biggest financial worry?

A) I’ve got lots of debt and I don’t know how I’m going to pay it off B) I often run out of money before the end of the month and go overdrawn, borrow on my credit card or miss payments C) I get by day-to-day but I’ve not managed to save anything D) It would be nice to have more money but I don’t have any real financial worries

5

If you use a credit card, which statement best describes how you repay it?

A) I always pay my credit card off in full every month / I don’t have a credit card B) I’m in arrears on my credit card and can’t afford to pay it off C) I pay whatever the bank tells me I have to pay on my credit card each month – the minimum repayment D) I usually clear my credit card each month but sometimes overspend and end up taking a month or two to pay it off

6

Do you save money?

A) I have no savings and couldn’t afford to start saving anything B) I try to save and I’ve got some money stashed away C) I save up for things when I want to buy

TAKE PA YOUR C RT FOR HANCE T O

WIN £50 0 IN OUR PR IZ DRAW! E

something – a holiday, Christmas presents, a car – but I don’t save regularly D) I put some money into a savings account every month

7

Imagine your car is essential to you – you need it to get to work or do the weekly shop – but it breaks down and the garage says it’ll cost £650 to fix it. What would you do?

A) I’d put it on my credit card or borrow the money from friends or family B) I might dip into my savings but I’d be able to afford it without too much hassle C) I’d struggle to pay it but if I cut back spending I could just about cope D) I might be able to get a payday loan but there’s no other way I could find £650

8

Your gas and electric company suddenly realises they’ve been overcharging you and refunds you £400.

What would you do with the money?

A) I’d save it B) I’d pay off some debt C) I’d use it to treat my family or friends D) I’d buy the outfit/computer/holiday I’ve been wanting for a while

Quids in! | 15

9

How do you plan your spending?

A) I don’t really plan my spending, I just go with the flow and hope there’s enough money left at the end of the month B) I set a budget and tend to stick to it pretty well C) I try to control my spending but I can never understand where the money goes D) I don’t actively plan my spending but I keep track of how much is in my bank account to make sure I have enough to pay my bills

SCORES 1. Your views on money A=2; B=1; C=2; D=2 2. How you feel about money A=2; B=1; C=4; D=3

YOUR SCORE 17 or less:

25-31:

You’re really on top of your day-to-day finances and in a great position to cope with life’s surprises. Well done! Now you can think about your long-term future and making the most of your money. Do you have any burning goals like buying a house or a dream holiday?

Are you prepared for retirement? Send us your completed quiz and we’ll send you our free Guide to help you decide what you want and to plan your next steps

You’re not in financial difficulty but a small financial shock or unexpected bill could push you into trouble. Take control. Look closely at your income and spending then decide what you want. Budgeting is not about giving up things that make you happy, it’s about making the most of your money. The Guide we’ll send you will make budgeting simple, and you’ll be surprised how much a few moments to plan can help you achieve. Just send in your quiz

18-24:

32 or more:

You’re getting by right now but one major financial shock could set you back. Could you and your family cope if you lost your job or fell ill? Saving even a small amount each month can make a big difference. It’s easier than you think. Maybe you want a holiday or a debt-free Christmas? Our free Guide can show you how to achieve your goals with a practical, step-by-step guide to budgeting and saving. Just send in your quiz and details

If you’re in debt that you don’t know how to pay off then you need professional advice to guide you through. Luckily, that’s available for free. StepChange Debt Charity and your local Citizens’ Advice both offer expert support to help you back to financial health.

(Details of national charities that help are also on page 10). The sooner you do this, the more successful it’s likely to be and the faster the weight will lift off your shoulders

I’M ON TOP!! – now focus on your future to achieve your goals

Managing day-to-day – start putting a little by each month

3. Putting away savings A=3; B=1; C=2; D=2 4. Biggest financial worry A=15; B=5; C=3; D=1 5. Using credit cards A=1; B=10; C=3; D=2 6. Saving money A=5; B=2; C=3; D=1

8. Dealing with a refund A=1; B=2; C=3; D=3

In debt difficulty – see a free professional debt advisor NOW

9. Planning your spending A=4; B=1; C=3; D=2

Quids in! Magazine Quids In! and the Open University are researching whether money guides work. When you send us your completed quiz (above) and details (below), we will send you our free Guide with money advice tips based on your quiz answers. You will also be entered into a prize draw to win £500.

Once you have received the guide, as part of our research, we will send you a survey to see how you found it. Your details will only be used by Quids In! and the Open University and solely to assess whether the Guide works. No personal data will be shared with any third party.

To enter, complete both sides of this quiz and either post it to FREEPOST QUIDS IN MAGAZINE, Bath BA1 2AT or take a photo and email both pages to editor@quidsinmagazine.com, or take the quiz online at qimag.uk/ouquiz1 Name:

Address: Postcode:

Tel/Mobile: Age:

Email: Male

Please contact me by:

Female

Other post, I’m not online

Employed:

Full-time

email but send a text alert

Part-time

Not

email, I check it regularly

Tick here if you do not want Quids In Readers Club emails with details on making extra money or news and tips on managing your finances

16 | Quids in!

✁

7. Fixing a car breakdown A=3; B=1; C=2; D=4

Struggling to make ends meet – budget and take control