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Money Uncovered
Money Uncovered
Quick reads on topical money matters
Welcome to this week's Stepsave newsletter! Discover how to retire early with Guiide's FREE pension calculator, turn £1 a day into £165,000, navigate election impacts on your finances, and grab 'free money' from UK banks. Dive in!
Let's be honest, picturing yourself at 65 with a piña colada in hand is far more exciting than wrestling with a mountain of pension paperwork. But hold on, that dream holiday (and countless others) might be closer than you think! This week, Stepsave is here to help you ditch the nine-to-five (or at least, a lot sooner than you think). We're introducing you to Guiide.co.uk , a FREE pension calculator that takes the stress out of retirement planning.
This week, we delve into the psychology of "Cash for Grades" and explore creative cost-cutting strategies. From supermarket hacks to smart borrowing tips, discover gems to boost your wallet. Dive in!
Ever wondered if dangling a carrot (or a wad of cash!) in front of your child could propel them to exam success? The idea of incentivising students with money for good grades is a hot topic, with strong arguments on both sides. Let's delve into the pros, cons, and the psychology behind it.
Stuck at the airport, frazzled about childcare, or need a budget beauty fix? Stepsave has your back this week! Learn how to claim flight delay compensation, decipher free childcare rules, and slash your skincare costs – all in just a few clicks!
Flight delays... guaranteed to turn even the cheeriest traveller into a right frazzled flyer. But fear not, frustrated flyers! Passengers flying within the EU or from a UK airport can claim compensation up to £520 if the airline messed up. Here's what you need to know: When are you eligible? Simple terms: If your flight arrives more than 3 hours late, departs from or arrives at a UK/EU airport, and the airline is to blame, you're likely in luck (in compensation terms that is!). How much compensation can you get? The amount depends on the flight distance and delay time (see table below).
This week we're diving deep into your finances! Uncover billions in unclaimed benefits (seriously, it's a staggering amount!), explore budgeting hacks, decode dishwasher dilemmas (eco-friendly vs. speedy?), and plan for a golden retirement.
Did you know billions of pounds in benefits go unclaimed in the UK every year? A report out this month by Policy in Practice reveals a staggering increase in this figure. £23 billion! Yes, £23 billion – that's the amount of money in income-related benefits and social tariffs going unused annually! This represents a significant jump of 21% compared to previous estimates, which we reported on here at Stepsave. There are several reasons behind this rise: Benefit uprating: Benefits are adjusted each year to keep pace with inflation. Universal Credit rollout: The ongoing transition to Universal Credit may be causing confusion and leading some people to miss out on what they're entitled to. Improved data analysis: More accurate estimates suggest benefit take-up is lower than previously thought. Here's a breakdown of the £23 billion in unclaimed benefits:
Ready to unlock the secret to making your money work for you? Explore the power of compounding interest and turn your savings into a supercharged growth machine! Plus, say goodbye to money anxiety by discovering your financial attachment style.
Feeling overwhelmed by the thought of cooking after a long day, or tired of the same old dinner routine? Batch cooking, your superhero with a cape made of savings and sanity, can come to the rescue! Did you know it can save you money and several hours a week on meal prep? What is batch cooking? Imagine preparing several portions of a meal at once, storing them in the fridge or freezer for future use. Batch cooking lets you leverage economies of scale: buying ingredients in bulk (often at a lower cost per unit), prepping once, and enjoying delicious, home-cooked meals throughout the week. This translates to: Reduced grocery bills : Bulk purchases often come with lower unit prices. Plus, you'll minimise impulse buys at the supermarket when your fridge is already stocked with prepped meals. Saved time : Eliminate the daily "what's for dinner?" dilemma. Pre-made meals are ready to be reheated in minutes, freeing up your evenings for relaxation or other activities. Healthier eating : Batch cooking lets you control ingredients, ensuring you use fresh produce and healthy staples. Getting Started with Batch Cooking: Your Stepsave Toolkit 1. Plan your meals : Before you hit the supermarket, draft a weekly meal plan featuring batch-friendly recipes. Consider dietary needs and preferences within your household. Tools like online meal planners can help you organize your shopping list and ensure you have everything you need. 2. Invest in essential tools : Large pots, casserole dishes, and airtight containers are your batch-cooking allies. Portion-control containers make freezing individual meals a breeze. 3. Embrace the prep : Dedicate a specific time each week (like a Sunday afternoon) to chopping vegetables, marinating meats, and cooking base ingredients for your chosen recipes. Batch Cooking Inspiration
April showers might bring May flowers, but this month also brought a payrise for many UK workers! We've got the details, plus some thought-provoking articles to help you manage your money - from the perils of skipping pension contributions to the surprising secrets of professional competition winners. Happy reading!
"Compound interest is the eighth wonder of the world" Albert Einstein Ever heard the saying "money makes money"? Well, there's a powerful financial concept behind it: compounding . It's not magic, but it can feel pretty close when you see how it grows your savings over time. Here at Stepsave, we're all about helping you reach your financial goals. And compounding is one of the best tools you've got in your arsenal. So, how does it work? Let's say you invest £1,000 at a 5% annual interest rate (APR). That means you'll earn £50 in interest after a year. Now, here's the magic part: in year two, you don't just earn interest on the original £1,000. You earn interest on the total amount, which includes the first year's interest! That means in year two, you'll earn interest on £1,050 (£1,000 + £50). It might seem like a small difference at first, but this process keeps snowballing over time. Real-Life Example Imagine you're 25 years old and you want to save for the future for when you'll be 65. You decide to start saving £100 every month into a savings/investment account with a 5% average annual return (remember, past performance is not a guarantee of future results). Here's what happens: By the time you reach 65, you would have contributed a total of £48,000 (£100 x 12 months/year x 40 years). But thanks to compounding, your nest egg could be much bigger! With a 5% average annual return, your total savings could be worth approximately £153,000! That's a whopping £105,000 more than you actually put in – all thanks to the power of compounding!
Looking to save money? This week we cover how to slash phone and broadband bills with social tariffs, find free and cheap Easter activities for the kids and navigate government schemes for first-time homebuyers.
Feeling the pinch? You're not alone! Did you know there are special discounted deals for mobile phone and broadband, designed to help people on lower incomes? These fantastic deals, called social tariffs, can save you hundreds a year, allowing you to stay connected and focus on what matters most. Stepsave is here to help you navigate the options and find the best fit for you. What are social tariffs? Social tariffs are offered by phone and broadband providers to qualifying customers who receive certain benefits, like Universal Credit, Pension Credit, or Jobseeker's Allowance. Think of them as special offers to ensure everyone has access to essential services.
Life throws curveballs – car trouble, unexpected bills. Don't let these derail your finances! This week we equip you with powerful strategies to build an emergency fund and master popular saving challenges like the "no-spend" method.
Life throws spanners in the works. From a surprise car repair to a sudden illness, unexpected expenses can wreak havoc on your finances. That's where an emergency savings fund comes in – your financial safety net to catch you when things go belly up. A staggering one-third of working-age families in the UK, rising to nearly half of low-income families, lac k even a basic emergency savings cushion of £1,000 according to the Resolution Foundation . Why's an Emergency Savings Fund Important? Imagine this: your washing machine conks out just as your car needs a new tyre. Without an emergency fund, you might be forced to: Rack up credit card debt: High-interest credit card debt can quickly spiral out of control. Dip into your long-term goals: Raiding your pension savings can have serious long-term consequences. Stress over every little unexpected expense: Financial anxiety can take a toll on your mental well-being. An emergency savings fund provides peace of mind. It allows you to handle unexpected costs without jeopardising your financial future or racking up debt on the plastic. But How Do I Save When Money's Already Tight? Building an emergency fund might seem daunting, especially when you're living from one payday to the next. But even small steps can make a big difference. Here are some tips to get you started: Start Small: Aim for a manageable amount – even £20 a week adds up. Track your progress to stay motivated! Review Your Spending: Identify areas where you can cut back. Maybe it's that daily takeaway coffee or unused subscriptions ? Every penny saved is a penny towards your emergency fund. ✂️
This week's your chance to double dip on your finances! We'll show you how to sniff out those hidden subscription fees draining your wallet. Plus, good news for families! New budget changes could mean an extra £1,260 in child benefit for some.
Learn how to avoid subscription traps and save money! A report out today by Citizens Advice reveals a shocking trend: UK consumers are losing a staggering £688 million annually to unused subscriptions! However, the good news is, with a few proactive steps, you can avoid these "subscription traps" and take control of your finances. Understanding Subscription Traps Subscription traps are deceptive marketing tactics that make it easy to sign up for a service but difficult to cancel. These traps can drain your finances and leave you feeling frustrated. Citizen's Advice survey reveals: Over 13 million UK adults (roughly 1 in 4) have accidentally signed up for a subscription in the past year. These subscriptions span various services, from fitness apps and meal delivery kits to pet food and magazines. The most common reasons include automatic renewals without user knowledge (40%), forgetting to cancel after a free trial (39%), and mistakenly believing a purchase was one-off (24%). Fight Back Against Subscription Traps: Here's How! Citizens Advice recommends changes to the upcoming Digital Markets, Competition and Consumer Bill, including consumer choice over auto-renewal and clear free trial terms. But you don't have to wait for legislative changes! Here's how you can take control: Be a Savvy Signer : Always read the fine print before signing up for any subscription. Look for details about auto-renewal policies and cancellation procedures. Calendar to the Rescue: Schedule reminders to cancel free trials before they convert to paid subscriptions. Explore Free Alternatives: Many services offer free or ad-supported versions. Explore these options before committing to a paid plan. Become a Budgeting Boss: Utilise free budgeting tools and apps to track your spending and identify areas where subscriptions might be impacting your budget. Even a small monthly subscription can add up over time!
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