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.

Click here to read some advice articles.

Famine In Somalia

UN Declares Famine in Somalia




Somalia has been fraught with civil unrest for many years, most notably now much of the south and centre of the country are controlled by Al-Shabab, a group closely affiliated with al-Qaeda. In 2009 the group banned foreign aid agencies access to its territory, only recently allowing aid into limited areas. The worst drought seen in the country for 50 years has not been dealt with as well as it could have been, the recent violence and civil leaving the country ill-equipped. Now Somalia is suffering badly from famine, especially in southern Bakool and Lower Shabelle where the gravity of the situation has escalated rapidly.



The UN have not declared a famine in the country since 1992. The majority of aid agencies such as the FAO, Save the Children UK and Oxfam, only label a crisis as a famine when the area in question reaches level 5 on the Integrated Phase Classification (IPC) system. This level means that a minimum of 20% of the entire population have access to fewer than 2100 kilocalories worth of food per day, acute malnutrition is seen in over 30% of minors, and 2 people die in every 10,000 or there are 4 child deaths in every 10,000 children each day. This is the case in Somalia at the moment, and may spread to Ethiopia and Kenya who also saw little rainfall, and therefore depleted crops, since the beginning of the year.



The UN have said that getting aid to the worst affected regions have been limited by the need for further safety guarantees from the armed Al-Shabab across the country to ensure the safety of aid workers. So far over 10 million people have been affected by the famine, and over 25% of the country’s population have been displaced from their homes. The UN and the Disasters Emergency Committee are calling for much needed donations to the cause, as Mark Bowden, the UN humanitarian co-ordinator for Somalia, has said that $300 million is needed to tackle the famine over the next two months.

Students Are Building Up Enormous Debts

Student debt will reach an eye-watering £70 billion over the next four years. It appears that ministers vastly underestimated the number of universities that would charge maximum tuition fees.

Students will be building up personal debts of up to £50,000 which could affect their credit ratings detrimentally. A poor credit rating could prevent a former student being granted a mortgage.

Students will be building up huge debts, and some will default on their loans. This could be the start of a worrying pattern of loans being reneged upon by those who originally took them out.

The potential debt burden that young people take on if they go to university will lead to some of them giving the decision some serious consideration.

Some students who are still at school may feel that their time would be better spent getting into work, establishing financial independence as opposed to falling into crippleing debt.

The Pound Is Down Against The Euro As Athens Burns

Despite the fact that Greece appears to be imploding the pound has still fallen against the euro today. The problem is that the UK services sector has slumped recently.

The pound fell to €1.113 today, the lowest level for the past month.

Commentators have been waiting for poor services output figures after the number of bank holidays the UK has had this year. Closing the banks inevitably hits the service industry. On the bright side people have argued that the month of April was an exceptional month for the UK service industry and figures in May will be more in line with positive growth.

A further problem is that the Bank of England has left interest rates on hold for so long. Many people have argued that this is weakening the economy and the pound. Doves on the MPC have argued that interest rates will stay low as long as the UK economy falters. Bears argue that the economy is struggling because of low interest rates.

Thorntons Will Close 180 Stores Nationwide

On the one hundredth anniversary of Thorntons chocolatiers they have announced that they will be closing up to 180 stores.

The closures will put between 750 and 1,125 jobs at risk although the company has said that they will attempt to find alternative employment for some of the sacked workforce.

Thorntons has joined the list of high street stores that have been hit hard in the recession. Habitat and Oddbins have also been casualties of the downturn.

Redundancies will hit families hard. Many families’ finances have been stretched to breaking point in the current economic climate. They may even put pushed into debt.

Many commentators have said that the recession will bring about the end of the high street. It is so much cheaper to run stores online. Online stores save on property rental prices as they do not need expensive high street lots. Internet businesses save people the effort of making the trip to the shops.

Food Prices Rise by 25.0%

Food bills have reached the highest level for two years. Basic food stuffs such as bread and pasta have increased in price by 25.0%.

Poor harvests over the past few years combined with low rainfall this year have resulted in rising food prices. Wheat prices have increased by up to 72.0% on last year, corn by 112%.

People forget the majority of livestock do not graze, they are fed animal feed which will often be cereal based. As the price of cereals rises so does the price of meat.

This news will not be well received by many families who are already struggling in the current economic climate. The combination of rising food prices and utilities bills will be a two pronged attack on families in debt.

Speculators are the target of many complaints as they buy and hold commodities, waiting until demands is high to release them on the market. This style of business can cause artificial shortages which affect the world population.

Are Rising Tuition Fees Putting People Off Going To University?

Year on year the number of people going to university has increased. This year, the number of applicants has fallen. This year students will have to pay hgiher tution fees. We can assume that it is no coincidence that the two events have come as a pair.

People are clearly considering alternatives to going to university. Students must think about whether the investment of time and money is well spent when they could go into work earlier, gaining valuable experience.

All universities are permitted to raise their fees to £9,000 per year. Some commentators have said (although some people may disagree) that the value of a degree from a Russel Group university is probably higher (in the workplace) than a degree from a former polytechnic.

This sort of view has resulted in people suggesting that those who pay full fees at universities should be allowed in separate to those who are receiving student loans. This suggestion has been received with consternation.

Resist Temptation When Offered Credit By Online Stores

Commentators have argued that online shoppers are being taken advantage of by greedy shops. Some online stores are now charging almost twice the usual rate of major credit cards when they use buy now, pay later credit accounts.

The rates of interest that these in store accounts use are eye wateringly high. Interest rates of 39.7% are not uncommon. Some people feel that the rate of interest on standard credit cards is too high at 17.0%.

People already get themselves into enough debt by overspending on credit cards and eating into their overdrafts. These store accounts are another way to bleed money from those foolish enough to keep spend beyond their means.

It is all very well that saying that people should be disciplined with their spending but the fact is that these stores take advantage of people who are quick to react to the call to arms to spend, spend, spend.

UK Household Spending Hits A Low

Britain’s economy is not as stable as some commentators would like to have us think. House hold spending - a useful indicator of the state of the economy- is scraping the lowest rate for two years.

Understandably, people just don’t want to hit the high street when their most basic expenses such as gas and electricity are shooting through the roof.

It is doubtful that consumer spending is going to be revived by creating a shopping Tsar. David Cameron’s latest gimmick of placing a television savvy celebrity in a position of governmental responsibly is worrying.

Mary Portas may be nicknamed the “Queen of Shops” but I hardly think that tinkering with a few window displays will mend our broken economy.

What is next? Nick Clegg gets “Jimmy” of “Jimmy’s Farm” fame (Heard of it?) to head up the United Nations World Food Programme?

The mind boggles.

Current Generation Don’t Understand The Meaning Of Money

Will the current generation of university graduates ever be financially independent? Worryingly, many commentators think not.
The current generation of graduates have got so used to the financial support of their parents that they could not do without it.

Where financial support ended at employment for the previous generation, now children expect their salaries to be topped up by their parents.

Research carried out recently has shown that children, far from becoming less of a drain on their parents’ resources on leaving school become even more of a financial millstone.

In the current economic climate many parents’ finances are already squeezed to bursting point yet they still feel the duty to help their children out.

The generation labelled the “coping generation” has spawned a generation of takers. The question is when do parents say no?

It appears that parents set themselves no boundaries when it comes to providing for their children, they will even push themselves into debt.

University Fees – The Price Of A Good Education

Universities can now charge a maximum of £9,000 per year. Although universities cannot exceed this limit there are other factors that need to be taken into account when assessing how much a university education now costs.

Very few universities provide accommodation for their students all the way through university. If you want to study in central London you have to take the price of renting into account.

Students attending the prestigious London School of Economics (LSE) will have to suffer the most expensive living costs and education combined. It is estimated that three years studying at LSE will cost £52,319.

Both second and third place are taken by other London universities.

Cambridge pips Oxford to the post in terms of expense: Three years in the fens will cost just shy of £50,000.

If you want to go to university you need to have a good job lined up for after graduation.

Energy Bills Will Continue To Rise This Summer

The past few months may have been scorchers but this will not stop your energy bills rising. Both oil and gas prices have steadily risen over the past year.

Crude oil prices have risen due to worries about supplies caused by the Arab Spring. Rising crude prices mean inevitably mean rising energy bills.

Average energy bills are now almost £200 more than they were three years ago.

In order to find the best deal for your utility bills do some research, it really pays off. Use price comparison websites to get money off.

Rising utilities bills will hit families with lower incomes who will already be feeling the pinch. One commentator said that if things carry on this way then the government will need to provide some sort of subsidy or relief for lower income families.

Our advice is, keep the heating down.