Want to Start Saving Money? Here are Some Tips!

Saving money is not fun or easy. But it is necessary, especially now that the economy doesn’t seem to be recovering any time soon. With the expense of Christmas hanging over many of us, the New Year is as good a time as any to start thing about your finances. Adding to your savings accounts is often simple; spend less money! It often means that you have to change some of your habits, which is the hardest part of all. Follow these tips to make a real difference to your outgoings!

1. Keep a note of all that you spend for a couple of weeks. Writing down every pound you spend, in cash, through direct debit, by card or credit card, will make you sharply aware of where all your money is going and even in itself stop you from spending.

2. Use the data you collect on your spending to identify your weak points. Whether it’s eating out, buying clothes or high rent, there are ways of cutting down.

3. Keep a copy of your most recent bank statement on your fridge or somewhere where you see it every day, to keep your balance in your mind and make you more careful when spending.

4. Cut back, stop spending and watch the money roll in!

Keen to Cut Your Petrol Bills? Here’s How!

The price of petrol at the moment is enough to make anyone flinch at the pump. Whether you just want to save money, or are more concerned about the environment, there are some things you can do to cut down on the amount you spend on filling up the tank without cutting back on the amount you drive.

Here are a few simple tips that anyone can follow. They might seem like small changes, but if you stick to them, you’ll notice your petrol bills going down.

1. Find the cheapest place to buy petrol and forward plan to fill up there. Many of us try to buy petrol at cheaper garages, but make sure you do it every time. Larger supermarkets often have the lowest prices.

2. Drive slower on the motorway. You might not think that driving at 70mph instead of 80mph will make a difference, you save in excess of £10 depending on the length of your journey.

3. Empty your boot of things you don’t need. If you car is very heavy, you will be paying more in fuel to move it.

4. Drive in as higher a gear as possible! This will mean your engine will run more efficiently and you will save some cash today!

What is a Payday Loan?

Since the economic crisis and the recession, banks have been more and more reluctant to lend money. All types of borrowing have become more difficult to get approval for, from small personal loans to mortgages. This has however opened up the loan market to a range of private loan companies which now offer a new range of loans for your convenience.

One loan that has become very popular over the last few years is the payday loan. As the name implies, these loans allow you to borrow smallish amounts of cash to tide you over until your next payday. The loan amounts are relatively small, ranging from £100 to £1000, and the loan lengths are short, normally 2 weeks to a month.

As the nature of the loan means that you need it quickly, you can often have the money put into your bank account on the same day as you apply. In some cases, you can even have the cash within 15 minutes. This feature of the loans is helped by the fact that credit checks are rarely carries out, making approval instant.

You have to be over the age of 18, be a UK citizen, have a bank account and you may have to provide proof of employment. As the loan amounts are small and for short periods of time, the interest rates are quite high. But if you are stuck for cash, need to pay the rent, for emergency dental treatment or a car repair, then a payday loan could come in very handy.

Want to Save on Your Heating Bill This Winter? Here’s How!

With the big 6 energy companies hiking up their prices by up to 18% this winter, more people across the UK will be in fuel poverty than over the last few years. Fuel poverty is when more than 10% of a household’s income goes on heating their home. Although things may not be that bad, we all could do with reducing the amount of money we spend on our gas bills.

Just as with saving money on anything, it’s not always easy and old bad habits must be broken in order to save. If you are serious about reducing your bills, helping the environment and saving yourself some cash. There are various small changes you can make, and bigger ones too, to save money today! Just follow these tips.

1. Insulate your home! Lagging your boiler and insulating the attic will save you more than you might think.

2. Turn it down. Have your heating on a lower heat to save money.

3. Turn it off. If you put your heating on a timer, you can often get away with having it on for just a couple of hours in the morning and a few hours at night.

4. Invest in double glazing! This costs money initially, but will save you in the long run.

5. Layer up. Put more clothes on, drink hot drinks and make a hot water bottle before you reach for the thermostat.

Keen to Start Saving? Here Some Tips to Get you Started!

Saving money is not an easy thing to do at the best of times, let alone at a time when borrowing has become expensive, pay freezes are common and prices are rising. Saving money is not something that happens by itself; it takes planning and some effort.

The main thing you can do to make a difference is to stop spending! This is the only real way you will be able to add to your savings accounts. Here are some tips to help you pin point the areas you can save on today!

1. Keep a diary of all your outgoings. This is a great place to start to get a clear picture of your bad spending habits.

2. Cook at home, avoid eating out in restaurants and buying take aways. You’ll be surprised how much money you’ll save.

3. Keep a copy of your bank statement on the fridge to keep your finances on your mind so you’ll be more careful with your money!

What Could You Get With a Reward Credit Card?

Many of us have credit cards. They are a fantastic way to keep our finances ticking over and ensure the smooth flow of money without paying interest for borrowing short-term. They can help you build up a good credit rating, making it cheaper and easier to borrow in the future, as well as giving you insurance on all of you online purchases.

There is more to credit cards however, if you want there to be. Reward credit cards have all the same features as a regular credit card, except that they give you the ability to collect points as you use it. These points are then redeemable for a range of rewards of your choice.

Whatever you’re into, there is a reward credit card out there to suit your needs. You can get reward cards for your favourite supermarkets, giving you points to spend in store; you can get gaming cards to buy games, gadgets, films and more with your points; you can go shopping for free and get hefty discounts; you can collect air miles to put towards your holidays and you can even get free insurance.

There is a wide range of cards out there, so it’s worth doing your homework to find the best deal for your spending habits. Make sure you compare all features of the cards, from annual charges, the amount of points you will collect with each pound you spend and the interest rates.

Consolidation Loans Explained!

Put simply, a consolidation loan is a loan that allows you to pay off your debts. This means that instead of making multiple payments to multiple companies, your debts are consolidated into one lower payment each month for a longer period of time. Although you will still owe the same amount of money in the long run, these loans can really take the pressure off.

A consolidation loan doesn’t just ease the pressure of mounting debts, but it can even have a payment protection scheme is some cases. This means that if you are ill, in an accident or lose your job, you are covered for the payments, taking all the worry away, especially if you have dependents.

You should always research all the options available to you before committing to a loan. Different companies may offer you different deals as often the loan is tailored to your personal circumstances. It’s best to weigh up your options; having to pay big bills every month puts pressure on you, but these loans do have higher interest rates, so you will be in debt for longer.

How Could a Payday Loan Help You?

The global economy is slowly worsening; as the European debt crisis sluggishly goes on and economic data continues to disappoint, it has become increasingly difficult to get approval for loans from banks. Loans from traditional institutions like banks are also mostly long term and for large amounts. So what if you only need to borrow a relatively small amount of money, but don’t know where to get it from? This is where payday loans have come onto the market.

You can only borrow from £100 to £1000, usually for a couple of weeks to a month. This means that these short-term loans are great for tiding you over until your next payday and getting you out of a tight financial corner. Whether you need money for an unexpected expense of any kind, need some spending money for holiday or need to take you car to the garage, a payday loan could be the answer.

You have to be over 18 years old, have a bank account, be a UK citizen and you may need to provide proof of employment. Credit checks are very rarely carried out, so if you have had debt problems in the past, you don’t have to worry about not being approved. The application forms are mostly online, and as there are no background checks, you often will get the money in your account within a matter of hours.

Although the lack of credit checks has its advantages, it also means that these loans are relatively high risk to the lender, meaning that interest is often high. If you budget properly to pay back the loan as soon as possible, this does not have to be a problem. Do however make sure you are fully aware of how much you will be expected to pay back before you agree to anything. Shop around and find the best payday out there for you!

Spending Too Much on Food?

It can often feel like you’re spending all your money on food. Prices seem to be going up constantly, from meat, fruit and vegetables to coffee and restaurants; it’s easy to spend a bomb just feeding you and your family. The trick with saving money on food is the same as saving money on anything - find a cheaper option and stop spending! Being aware of how much money you are spending is the first step. You won’t save anything without trying and making some cut backs.

The best step you can take towards saving is to cook at home from basic ingredients. By choosing meals that have inexpensive ingredients, you can really stretch out your budget. It is often healthier to cook meals yourself as you can more easily regulate fat, calorie and salt content. Avoid restaurants and take-aways when you can, the mark up is more than you might think!

Another great way to save is to take lunch into your place of work from home, or buy basic ingredients in a supermarket. The prices of sandwich shops, cafes and restaurants are hugely elevated, so why not make your own?

The bigger the supermarket, the lower the prices. Perhaps you should consider switching supermarket to a less expensive one if you really want to save money. Smaller convenience stores always have higher prices, so forward planning will save you money so you don’t have to pop around the corner to pick up extra items.

If you like your coffee, and buy one from a cafe on the way to work, this can really mount up. Why not make your coffee at home or at work? It might seem like a hassle but if you’re spending £3 a day on coffee, that amounts to £60 every month, so it’s really worth it.

Start Saving on Petrol Today!

With the price of petrol going through the roof, it’s no wonder that people across the UK are cutting down on the amount they use. Using your car is often the most convenient option, but it’s time to ask yourself is it the most efficient? There are various things you can do to cut down on the amount of money you spend on petrol, with the added bonus of being kind to the environment.



1. Walk, cycle or take public transport on short journeys. A cold engine uses more fuel, making shorter distances less efficient.

2. Get rid of excess weight in your vehicle. A full trunk will require more petrol to shift.

3. Drive slower! It’s obvious, but the faster you drive, the more petrol you use.

4. Keep your engine well maintained, it will be more efficient and use less fuel.

5. Share car journeys with friends, family and neighbours when you can.

Pet Insurance Explained

As a nation of animal lovers, many of us have pets. Whether you’re potty about parrots, dizzy over dogs or crazy for cats, the chances are you will need to visit the vet at some point. If you have pets, you know how much these bills can amount to. Pet insurance is a must. You can get all types of cover for a whole menagerie of animals. There is no equivalent to the NHS for your pets, so whether it’s a major operation or a general check-up, you’ll be footing the bill.

You can get cover not only for vet bills, but also if your pet is stolen, strays or dies. You can also get third party liability cover if your animal causes an accident, does any accidental damage and even holiday cancellation due to your pet.

There is often an excess to pay on any vet bill however, which is usually at a level which means you will have to pay for flea control treatments, worming and vaccinations. But this is not always the case, so make sure you fully understand the terms and conditions before you buy.

There are countless numbers of companies that offer insurance, so do your homework and find a policy that suits you and your beloved pet. Most companies cover cats and dogs, but if you have a more unusual animal like a reptile, exotic bird or horse, you may need to find a more specialist insurance company.

There are many pitfalls to look out for when buying pet insurance, other than an excess. Some policies will only cover a certain condition for a year. This means that if your pet has a reoccurring problem, anything from a specific type of cancer to an allergy or epilepsy, then you will only be covered for the first year. Always read the small print!

Want to Save Money But Don’t Know Where to Start?

Every day seems to bring more bad financial news at the moment, and even if you don’t understand completely the implications of it, we all know it’s not good. If ever there was a time to examine your finances and where your money is going, then this is it.

Saving money however is not always that easy. There always seems to be one reason or another cropping up meaning we can’t add to our savings accounts. It’s your mum’s birthday, the kids need new shoes, you’re going on holiday or whatever it is, there is always something. It can easily feel like your finances are out of your control.

There is no need to feel like this! If everything is a bit overwhelming and you are looking for some clarity, then keep a financial diary for a month or two. Write down everything you spend, in cash and on cards, even direct debits. A picture will quickly emerge of your spending patterns and bad habits.

We all have weaknesses and it’s usually the little things that add up rather than bigger expenses. Look at what you spend your cash on, and if there are ways to avoid parting with this money. We all have busy lives, but this trick is simple and doesn’t take much time. You’ll find that you save money just by keeping the diary as writing everything down will make you more reluctant to spend.

Whether you eat out once or twice too often a week, indulge in expensive clothes, taxis or holidays, there are always areas that you can work on with your spending. Old habits are hard to break, but think about what you’re buying and find a cheaper alternative. You’ll be so grateful in the long term .

Ways to Tackle your Debt!

There is nothing worse than worrying about money, especially if you have children or any other dependents. It can keep you awake at night, and the stress can seriously affect your health. There is no need to suffer in silence as there are various options available to you to sort out your finances once and for all.

If you feel like you’re drowning in your debts, then a consolidation loan could make all the difference. Owing a range of sums of money to several lenders, all at different interest rates and with different deadlines can be extremely stressful. A consolidation loan allows you to pay off all of your existing debts at once. This leaves you with only one monthly repayment, with one loan to keep track of. The monthly repayments are much lower, and the interest rate is considerably less than you were paying before.

As these loans are specially designed for those in debt, you don’t have to worry about being accepted for bad credit. You can apply online and get your debt situation sorted before you know it. The company will assess your debts and devise an appropriate loan amount, interest rate and repayment plan to suit you. Remember that the lower monthly payments don’t mean you owe any less money in total, and it will take you a lot longer to get out of debt.

If a consolidation loan is not for you, then the best option is to consult a debt solutions company and get your own personalised debt management plan. These are flexible financial plans that can help manage your debt should you not be able to keep up with repayments. The professionals at your debt solutions company will be able to negotiate with your creditors for you when making your plan. Interest rates may be frozen, and you often will be left with a lower monthly payment. You may have to have a minimum amount of debt to qualify for a debt management plan, usually of about £1000, so it’s important to check the terms.

Whatever method you go for when sorting out your debts, it’s important to address the problem sooner rather than later. Paying back existing debts by taking out other loans will only suck you into a debt spiral that is extremely difficult to get out of. So don’t bury your head in the sand and look towards a brighter, stress-free future for you and your loved ones.

Retail Sales Across the UK Fall in August

According to the British Retail Consortium retail sales across the UK dropped throughout August. As heightened inflation and poor consumer confidence continue to negatively affect spending, a marked decrease was seen on the high street. The group however did dismiss the riots as being a major cause in the drop, saying the disruption was not widespread or long enough to have any significant affect on the sales figures. Data releases on Monday did suggest that the riots did affect footfall on high street throughout the UK, which inevitably would affect sales.

The British Retail Consortium has said that like-for like sales dropped by 0.6% in August this year compared with 2010. This figure does not include sales figures for new stores. Total sales for August 2010 saw a 2.8% increase. This year however the figures were only up by 1.5%.

Other data published yesterday again showed sluggish activity in the services sector in the UK, which saw the largest monthly decrease for over ten years. Food and drink sales increased during the month, whereas clothes remained the same. All other goods, including furniture and footwear, saw falls in sales.

It would seem that high inflation, knocked consumer confidence and the squeeze of personal finances across the country are taking their toll. Many of us are dipping into our savings accounts in order to maintain the lifestyle we have grown accustomed to but perhaps can no longer afford. Others are taking out loans and putting more and more expenses on credit cards.

We put advice articles up on our website every day, with tips on how to save money as well as explaining financial products that could help your situation and make things a bit easier. Click here to read some.



Do You Need a Payday Loan?

We all have months where our paycheques just don’t stretch far enough. If you get caught out by an unexpected bill, dental cost or car repair, there are loans out there that are specifically designed to help you out of a tight financial situation. Payday loans are tailored to lend you relatively small amounts of money for short periods of time.

You can typically borrow anything up to £1000, usually for a period of a couple of weeks to a month. The application process is quick and easy, with online forms that can be completed in minutes. Credit checks are rarely carried out, making it easy to get your hands on the money you need.

The criteria for being approved for a payday loan is pretty straight forward. You have to be over 18 years old, be a UK citizen, have proof of employment (although this is not always needed) and have a bank account. The money can be in your account within 24 hours.

The loans are short-term, meaning that the interest rates on borrowing can be high. The more money you borrow, the more interest you will have to pay so be careful that you fully understand how much you will be expected to pay back. This factor of the loans also can get people into spirals of debt; once they have paid back the first loan, they need another one to tide them over until the next payday and so the cycle continues. If you are sensible with your budget and make the repayments, payday loans could really get you out of sticky financial situation.

What Benefits Can I Get With My Credit Card?

Choosing a credit card can be difficult at the best of times. Today there are hundreds of deals to choose from, and it can all get a bit much. Whether you just a regular credit card or one that offers rewards, there is something out there appropriate for you, it just might take a bit of research.

First things first! Decide how you want to be rewarded! Other than reward credit cards, which offer a variety of ways you can benefit from your spending, you can now get football credit cards and even charity credit cards.

Reward credit cards let you collect points as you spend, which are redeemable for a variety of things from air miles, hotel rooms, a selection of shops and even petrol. You can now sign up to cards that have even more specialised reward schemes.

Football credit cards are being put on the market by many of the top football clubs in England. These cards let you collect points as you spend, which are redeemable for exclusive offers, merchandise and even tickets for games. Often the card provider will make donations to the club on your behalf without you spending a penny.

Charity credit cards work under the same premise as other reward credit cards, the only difference being that you earn money to be donated to your preferred charities. By having one of these cards, you can donate to worthy causes as you spend, the money coming from the credit card provider not your pocket. This is a great way, as well as donating, to contribute to charitable causes.

Whatever it is you are after from a credit card, always make sure you do your homework and fully understand what it is you are signing up to. Never borrow more money than you can afford to pay back, as you could be in danger of getting into a debt spiral and seriously damaging your credit rating and chances of borrowing again in the future.

What Is A Payday Loan?

With the cost of living increasing almost daily, money can get tight sometimes. Why not get a payday loan to tide you over? If you are bit low on cash, or get an unexpected bill or expense, then a payday loan could get you out of a financially sticking situation. You can normally borrow anything up to £1000 for a period of 2 weeks to a month, so they are specially designed to give you a bit of cash until your next paycheque clears.

There are lots of different payday loan companies out there, so make sure you research the market before you commit to anything. Never borrow more money than you can afford to pay back, or you could get into debt. You can compare different companies on our website, click here to have a look.

Violence in London Spreads, is the Cause Poverty?

London is today recovering from the third and most destructive night of violence yet across the capital. The rioting, beginning on Friday in Tottenham following a peaceful protest after the shooting of local man Mark Duggam. Copy-cat activity started almost immediately across London as many youths saw the opportunity to wreak havoc and loot local businesses. The violence and destruction then continued over the next two nights, and has been starting earlier and earlier in the day, with many employers across London sending people home early from work to insure the safety of employees. But can this widespread violence, now being seen in cities outside of the capital, really just be put down to a degenerate few. It would seem that we are in the midst of a social breakdown, unhelped by the high unemployment rate and increasing poverty across the country as the financial crisis is now thought to lead to a double-dip recession.

There is no doubt that the people taking to the streets are from poor backgrounds. The recent impact of cuts in local council funds to general effects of a global recession such as the price of fuel skyrocketing and energy prices going up considerably have all affected the household budgets, incomes and even benefits in recent months. The growing tension between the poorer and the richer population has been on the up, with the richest 10% of the population in the UK now earning 100 times what the poorest equivalents live on.

Although these social problems in no way excuse the violence and criminality being seen on the street of London from Enfield to Ealing, the problems undoubtedly run deeper than just a bunch of greedy kids. 

E.On Ups the Cost of Energy

Energy provider E.On is now number 4 of the 6 biggest energy companies to hike the price of electricity and gas. The hike will see the cost of gas increase by 18% and electricity to go up by 11% from 13 September this year. The significant increase has been blamed on the 30% hike on wholesale energy earlier this year. This comes as the government released estimates that these rising prices of energy will see up to a fifth of UK households in fuel poverty. Fuel poverty occurs when more that 10% of the household income is spent on fuel to keep warm.

The 5 million customers, both domestic and business, of E.On have already seen a rise in the cost of energy this year, when the company hiked the price of electricity by 9% and gas by 3% in February. These combined increases mean that by the end of the year customers will be paying 22% more for fuel, roughly equating to an increase of £250 on every £1000 spent, a significant hike.

Nervous About the Impending US Debt Doom? Better Get Saving

As we await the US government's new legislation to be passed and the debt ceiling to be raised, hopefully saving all of our skins, the international financial markets have all but clammed up as investor confidence takes a beating. With the price of energy increasing, with promises from British Gas of further price hikes before the year is out, and the cost of petrol literally is driving away with our disposable income, it may be time to adjust the standard of living we have become so accustomed to and tighten our proverbial belts.

There are various ways you can save money on a daily basis, but also other ways you can save cash in the long run. Whether it’s insulating your home properly to avoid wasting money on heating, or properly planning the meals of the week to keep the cost of food down, making small changes to the way you live could really make a difference.

At Which Way to Pay, we don’t only strive to give you the best, impartial advice and reviews of financial products, but also to keep you up to date of financial news and give you general financial advice on a daily basis. On our website you will find hundreds of tips and pointers to help you make the most of your money, and to help you feel a bit more in control of your situation in this time of turbulence in the economy.

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