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Archive for category Tips and advice

Savings Calculator Tool

Dec 2

Posted by Financial Facts Admin in economy, Financial News, Tips and advice

Halifax has developed something really exciting useful that I thought I would share with everyone!

It’s a savings calculator, and what with Christmas just around the corner, it seems like the perfect time to start thinking about putting a bit of money away and saving for something.

click the “Add this calculator to your site” link (found in the bottom left corner) to embed the calculator onto your site for FREE!







Every year the Government allows people to save a certain amount tax efficiently in whats known as an ISA (Individual Savings Account).

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Finding the right savings account for your money

Sep 12

Posted by Financial Facts Admin in Financial Tips and Advice, Tips and advice

It can be a hard decision to choose from the many savings options on offer – especially with the nation in recovery from a recession.

The Bank of England cut its base rate in March 2009 to 0.5% – the lowest level on record, and has kept it there ever since, which has had a detrimental effect on the savings market.

Before the recession hit, many savings accounts were paying in excess of 6%, with higher returns paid out on longer term accounts such as fixed rate bonds.

However, in harder times we have been forced to put more thought into making our savings grow, while in most cases keeping risk at a minimum.

ISAs

The first avenue to explore for all UK savers is the Individual Savings Account (ISA). These accounts are like no other, in the way that they allow you to take home 100% of the interest accrued, unlike their savings account counterparts that require income tax to be paid on all earnings.

All UK residents are given the option to save/invest up to £10,680 per year into Cash and Stocks and Shares ISAs. Only half of this allowance can be deposited into a cash ISA, leaving the option to invest the other half into stocks and shares. Alternatively investors can use the full allowance on the stock market, allowing them to avoid the tax man when collecting any returns.

These accounts can be built up over the years to create a tax free haven, so it pays to leave your savings alone – if you withdraw any of your funds you cannot replace them. Savers have the option to move their ISA funds to other providers (if the provider accepts previous funds), but it is important to leave the new provider to transfer the funds.

It’s a good idea to stay on top of your ISA, as the best rates tend to come with introductory bonuses that expire after 12 months. Changing providers is easier than you might think, so it may be a good idea to move around once a year (unless you have fixed a term) to chase the top offers.

Fixed Rate Bonds

The best interest rates are generally offered on longer term accounts, as these require savers to cut off access to their funds in exchange for an improved return. While these account are seen as ‘low risk’, savers must be willing to gamble their interest – as the name fixed rate bonds suggests, the rate paid on your funds will remain the same until the bond expires.

If you locking in low and rates began to rise, you would be left behind earning a low rate of interest.

On the flip-side, this can also have its benefits, as if you are lucky enough to lock in on a rate when interest rates peak, you can enjoy the agreed rate despite other accounts cutting their rates.

It can pay to keep an eye on interest rates and not go for a term of several years when rates are low. It can sometimes be difficult to predict the direction of rates, so stay on top of your strategy. For example, many savers may have chosen against fixing their rate after the base bottomed out, but the fact is that they could have been earning half decent rates for the last 2 years.

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How to save money when traveling to Singapore

Jul 4

Posted by Financial Facts Admin in Financial Tips and Advice

It’s not a challenge to travel to Singapore. Although Singapore is an expensive country to go for a holiday, with the right tips and tricks, you’ll be able to enjoy a trip to Singapore on a budget.

Getting In

Traveling to Singapore by budget airlines can definitely help you cut cost. Tiger Airways, Jetstar, AirAsia and Cebu Pacific are some of the low-cost carriers flying in to Singapore. As for those from Europe, America and Africa, check if it’s cheaper to get into the nearest country with a budget airline to Singapore.

Look out for holiday promotions online on the website of international airlines. Singapore Airlines, Qatar and British Airways are some of the major carriers that fly in to Changi Airport.

Getting Around

Upon arriving in Singapore, opt for public transportations instead of taking a taxi. Take the MRT (Mass Rapid Transit) from Changi Airport to get into the city. There are public buses at Terminal 1 and 2 too. Find the nearest MRT station or bus stop to your hotel and plan your routes. A bit of homework can help you save a lot of money as public buses and trains cost only a fraction of what taxis do.

Buy the one-time travel tourist pass or standard value tickets at TransitLink Ticket Office located at every MRT stations. This will help you save money when traveling in Singapore.

Sleep

Most of the hostels are located at Chinatown and Little India whereas the budget hotels are in Geylang and Bugis. Hostels like InnCrowd at Little India is surrounded by pubs, food places and supermarket. Sleepy Sam’s at Arab Street, near Bugis is in the heart of Middle Eastern and Malay eateries.

Budget hotels like Hotel 81 and The Fragrance Hotel are around Geylang and Bugis. Do note that Geylang is a red-light district.

Eat

Eat at local eateries or hawker centers to save money. Avoid eating at Newton Circus, Lau Pa Sat and even indoor hawker centers at ION Orchard, Wisma Atria and Takashimaya; they are expensive. You can get the same dish for a cheaper price at heartland places such as Toa Payoh, Amg Mo Kio and Bedok.

Activities

Heritage places and religious monuments in Singapore are usually free. Explore Chinatown and visit the temples. Botanic Gardens has no fee entry and it is a good place to take photos. Singapore Art Museum offer free entry on every Friday night and National Museum of Singapore allows visitors to enter some of the exhibition rooms for free. Watch a free concert at the Esplanade’s outdoor stage or enjoy the view at The Marina Barrage.

Shop

One of the perks when travel to Singapore in June is the Great Singapore Sale. Most stores slash prices with discounts of up to 80% . The sale usually starts late May till late July.

Shop at Bugis Market for cheap t-shirts, bags and shoes. Scour around along Pagoda Street or People’s Park Complex and you will be amazed with your findings. Far East Plaza at Scotts Road is slightly more expensive than Bugis Market but it has a wider variety and air-conditioning, a treat you’ll learn to love when you travel to Singapore.

Party

Here in Singapore, Ladies Night is on every Wednesday. Most night clubs are at Boat Quay and Clarke Quay. On any other days, the cover charge for most clubs is expensive.

Look out for Happy Hour at bars around Clarke Quay. It is still expensive but beats having no deals at all. Otherwise, get a beer from convenience store and drink outside a club or by the Singapore River.

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Buying a franchise: a foolproof way to start a £100k-a-year business

May 23

Posted by Guest Author in Financial Tips and Advice

Because the government guarantees savings of up to £85,000 per individual per institution in the
UK, many British savers are content to keep amounts up to this limit in a bank or building society.
But if you’ve got £70,000 to £80,000 and some time on your hands, couldn’t your money be
working a lot harder than just sitting there in a bank account?

That’s seed capital that you could use to start a profitable business – one which, with a bit of hard
work and dedication, could see you earning £100,000-a-year in profit within a few years. Read the rest of this entry »

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