Financial checklist for the new year

2016 has flown by, and 2017 is now only a few days away.  Here at SavingScotts we have compiled a financial checklist to get 2017 off to a flying start. 

The start of a new year provides a great opportunity to assess your financial situation and goals to make effective plans for the new year (and perhaps even some new years resolutions). As with all finances if you are in a serious relationship we recommend that if you have a spouse or partner to work through this checklist together and it is important you are both on the same page about finances (check out our post on money conversations to have with your spouse if your feeling a bit apprehensive about having a joint checklist meeting).

To get your new year off to a great start we have shared some of the key items to include in you financial resolution checklist. To help you on your way we have included a free printable which you can find at the bottom of the post. 

Assess your current situation. 
Look at how much you have in debt, savings and investments and make a note of it as this is the starting point for your year. It is important to be familiar with your starting point to allow goals to be made and progression to occur. Reflect upon the past year and how your financial situation has changed throughout 2016. A great way to do this is to know your current net worth and where your assets and liabilities are held. This will allow you to compare where you are now to throughout the year. 

Pay down debt 
Paying down debt is key to making financial headway. Credit card and other consumer debt should be highest on your priority list. Look at paying off the debt with the highest interest level first in order to save more money. If you are working on paying off debt have a read of our 5 steps to becoming debt free. 

Check your credit score
Though it is a good idea to check it regularly, now is a great time to check it. We love to use Noddle who provide a free credit check for life. Making sure your credit score is where you need it to be is important when you set your goals for 2017.  For example, you may want to take out a mortgage, but have just discovered your very low credit score, knowing this information will allow you to take steps to amend your credit score and move it in the direction you want it to go. 

Set your goals
Set a few goals (but not too many) to aim for achieving this year. If you have any debt then your focus should be on working to pay of this debt first before any savings goals are set. Whatever your goal is it is important write it down and make realistic steps for achieving that goal. Think about how you will achieve this goal? Will you need to cut spending, do you want to take on a second job, work from home more. There are so many ways that you could achieve goals, so it is important to discuss the how within the making of a plan. 

Perfect that budget
If you already are using a budget then work through how effective it is and if there are any areas that need to be tweaked (especially in light of the goals you have set). If you don't already use a budget then now is a great time to start. Get out a pen and paper and write down your income and expenses for the month. If you prefer an app why not try Dave Ramsey's every dollar or out student budget spreadsheet. What is important is to pick a method, go through your budget monthly and stick to it. 

Be tax efficient.
Tax efficient savings accounts often have a limit of how much can save within a certain period. Whilst in the UK all of this periods are based around the tax year; the new year provides a good opportunity to assess how much you are going to want to use up of those allowances (obviously the optimal option is to max them out, but that can't always be the case). For those in the UK making use of accounts such as ISAs (tax-free savings accounts) especially Help to Buy or the soon to be launched lifetime ISAs where you can receive a 25% bonus on all your savings when used for property. If you are saving for retirement, ensure that make use of the tax relief (for most its 20%) meaning that if you contribute £8000 into your pension, the government will raise it to £10,000. 

How are you preparing for 2017?

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek (get £5 free with this link) to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

*This post contains affiliate links, all opinions are our own*

Why we choose to live on one income (and how you can too)

Are you making the switch to live on one income? Maybe you are a stay at home parent, or one spouse is still in college there are many reasons why it might be a necessity. Living off one income does not have to just be for those who find it essential it can also be a great way to get intense with your savings plans. Today we will share with you our tips for living on a single income and why we choose to live on a single income.

Why we live of one income?
When I started work we figured that my starting salary was enough to cover our essentials plus our budgeted luxuries.
With our goal to get intense with our savings for our future home we knew that we needed to be setting aside as much as possible each month into savings. But it can be so easy to see lots of money in the checking account and spend, especially if we thought in terms of our joint salaries our surplus was quite a bit.
To get us out of this mentality we live as if my income is our only income, this is what we live off, this is what we budget from and any excess goes into savings (just like any normal budgeting situation). We then assign all of Chris income into the various savings pots we invest into which currently includes our Help to Buy ISAs, stocks and shares ISA and my Self Invested Pension Plan.

Whilst Chris is still studying being able to live off my income only means that there is less stress on him to work during busy periods when exams occur. It also means that the variability in his hours and any overtime he picks up during holiday is just bonus savings and not something we have to rely on.

However, being able to live solely of one income is no easy feat for us. Im in my first graduate job and Chris is working during his degree, so we are not super high earners. We also live in one of the most expensive cities in the UK so there are number of things we do to ensure that this is an achievable situation.

How you can live on one income too

1. Reduce essential expenses
There are somethings you just can't avoid to pay for rent, food, utilities. But you do have some control. We live in the less affluent area of Brighton to make our money go further and are considering a move further along the coast next year in order to reduce the cost of rent. Keeping your usage of electric, gas and water low helps reduce the cost of utilities. Whilst meal planning and cooking frugally helps keep the food bill down.

2. Ensure income covers essential expenses as a minimum.
Having assessed and reduced your essential expenses you now have a clear picture of the minimum amount you need coming in each month from the income you are going to live off. You may at this point find that the income is just not enough.
There are two ways to change a budget, spend less or earn more and you may find that you have to do more. Consider asking for a raise, could you take on more hours, maybe now is the time to change jobs, could you do some training at work to become more qualified? Look at the different ways you could increase your income.

3. Reduce unnecessary expenses
Bynreviewing all your monthly payments to see if there are any subscriptions your could drop. subscriptions can easily slip through the next but being ruthless with them and really think about what you want to keep. All the time remembering that these are wants boy needs so they are the area in budget to cut. Some big costs include TV (discover how you can watch for free).

4. Comparison shop
Looking to see if you have you got any monthly subscriptions or annual purchases that you could switch or move down to a less expensive package. Whilst this can be more challenging to do for essentials (I.e rent) this is easier for non essentials it can make a huge difference and you army really having to cut back.
Don't forget to look at the details of packages you pay for are you using all the elements, could you cut down if so see if you could drop down to a less expensive package. If you are not sure how much you are using, for example on a phone plan don't be afraid to call up your current provider and get a breakdown of your current usage, arm yourself with this information when making comparisons between packages offered.

6. Keep a constant track of your finances
Being intentional with how you spend your money comes from knowing how it is being spent. We are currently loving using tiller spreadsheets to track our finances and have the daily email alerts set up to really keep any eye on our spending.  The spreadsheets link automatically to your bank and track all transactions. From there you can categorise the transactions, making you conscious of your spending habits. At the end of the month we like to print out the spreadsheet and review how it compares to our budget goals.

7. Live debt free

If we were not debt free living off one income would be so much harder if not impossible as we would need to be putting all our income towards becoming debt free. Being debt free is the key foundation to be able to successful in living on a single or low income. But if you are in debt don't stress you too can become debt free and gain control of your finances. To start on your journey check out our 5 steps to becoming debt free.

Do you live on a single income? How do you make it work for your family?

Financial lesson my Grandad taught me

This past Sunday, my beloved Grandad passed away. Whilst it has been a period of immense sadness for all the family, we have also had the opportunity to think about the good times and all the wonderful things he taught us.
My grandad was raised a Quaker, they were incredibly entrapenaurial, thrifty and philanthropic people. He carried his heritage with him throughout his life and it shaped the financial decisions he made and the lessons he taught my mum and I.

1. Save a big percentage of what you earn.

Unusual for their era, but my Granny was not a stay at home mother but a headmistress in a School. Her career was in many ways more reliable than Grandad's as a scale salesman. However, early on they decided that they could live off one income and instead save Granny's for retirement.

Doing this massively increased what they could save but it also helped to prepare them for when Granny became ill and had to retire early as they were not used to living off both incomes. It meant they were fully prepared for the cost of 30 years of retirement, where they could travel and enjoy activities they loved.

There was never any question but the only way to live was below your means, well below. Give yourself a big savings buffer because you will never know when a rainy day may occur.

2. Invest, Invest, Invest.

The power of inflation over time erodes the value of cash making investing it so important. Grandad loved to buy shares and did most of his adult life. He taught me the value of not being complacent about investing (he would check share prices EVERY day) and that in depth and thorough research should be done into a company before investing in them. Be intentional in where you invest your money and why you have chose to invest in that way.

I remember as a small child making a money box and I gave it to Grandad because I knew he loved to save. Every time I visited him after he would bring out the box and let me take home the pennies he had put in there. He taught me that to save, you need to purposeful and have a place you want that money to go (i.e the money box) because the pennies won't collect themselves.

3. Don't worry about the Jones.

Granny and Grandad could have chosen to move to a more affluent area, but instead (Warren Buffet style) chose to live in the same house they had always. Though they kept renovations to a minimum, but it always felt like a home. They never bought new cars, loved to use public transport, grew a lot of their own food and made much from scratch.  They're holidays were not fancy, but they were sure fun and filled with memories. Not once did I ever see Grandad compare his life to another, and I think this was key to his contentment.

Some might of thought they were too tight with money, but they taught my mum some valuable lessons. Her rent used to increase with inflation and phone calls were charged to the minute. When she left home and bought her first house with dad during an era of unprecedented interest rates, she had already learnt the powerful less of the power of inflation.

4. Give generously.

Especially as Grandad got older he became increasingly generous. He would always sponsor family doing good causes, even if he couldn't directly participate. He gave generously to those in need in India, after developing a passion for Yoga opened his eyes to the hardship the impoverished suffer.  The happiness in his life as he aged seemed to coincide with increased generosity.

Reflecting on the lessons he taught me, I am so grateful for his example. What lessons have your family before you taught you about money.

In honour of Harold Hey. 

Retire a millennial millionaire

The idea of having £1 million in a retirement account for most millennials seems like an unfathomable idea. Though as a generation millennials are starting to save sooner than previous generations with mounting costs of living it can feel difficult to make progress.  But it could be reality for not an awful lot each month. At SavingScotts we are going to share with you the simple steps to make this dream a reality. 

To make this a reality there are a few factors to consider.

Fund little and often. 
Setting up a direct debit to create monthly contributions is a super simple way to may paying into a pension part of second nature. In fact you probably won't even notice it. Making regular monthly contributions is also beneficial as it helps to reduce the effect of stock market fluctuations on the value of your portfolio. 


Take advantage of employee benefits. 
Many employers offer pension schemes which they contribute to or match contributions, this is essentially free money and always worth taking. Wells Fargo found that only 13% of Millennials were signed up to employer contribution schemes. Though the downside is that you normally have less control over how the money is invested and managed this is outweighed by the free money. 

It is always a great idea to invest in the most tax and investment efficient manner whilst considering employer contributions. This may mean contributing in the employer pension (or 401K) up to the match limit  and then contributing to a plan with more flexibility (a SIPP (UK) or Roth IRA(USA)).


Achieve good rates of return over time. 
Investing wisely in funds can produce long term returns in excess of 10-12% (and often higher) far greater than you will earn in cash savings accounts. The power of compound interest really amplifies when there is lots of time. Investing for a longer time means you don't need to make as big monthly payments and the overall return on you investments is likely to be greater. 

As with all investing in funds its best to take a long term view to ride out fluctuations in the stock market this means look for funds with the potential for long steady growth rather than sudden overnight growth. As a millennial you could be looking at around 40 years of the power of compound interest and stock-market changes. This time is truly the key to your retirement success.

£1 million from £2.20 a day?

To show how simple this is to achieve here is an example contribute £64 (in the UK this gets "grossed" up to £80, but you may also have an employer match). Invest regularly for 40 years with average returns of 12.11% (which with sensible choice of funds taking a long term view is reasonable) and you could see returns of £1,003,056.20. £65 is around £2.20 a day. Think about what you spend that money on each day. Would you give up a coffee for the ability to retire a millionaire? 

Plus £1 million is a great amount to aim for as of present the lifetime allowance in the UK is £1 million. This means this is the maximum amount you can invest in pension schemes without incurring tax liabilities. Though the lifetime allowance has changed over the years and could easily change by the time millennials retire, it is still a great goal to strive for. As you get closer to retirement keep an eye on the lifetime allowance and how close your pension pot is to it as going over the limit could result in a rather hefty tax bill (presently 25-55%) 

So whats stopping you, you could be the next millennial millionaire

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

The pitfalls of lending to family and friends

So you brother is struggling to make his car payments, or your niece just needs some more money to tie her over to the end of the month. Sound like a familiar story? It sure did to us. At the start to the month we had two situations pan out that we are going to share with you today. 

*For privacy reasons names are omitted*
Chris and I had been talking for a while on how to approach the situation with family member 1. When they got married just under 2 years ago Chris lent them some money but they took this to be a 'gift'. About a month later he lent them some more money this time they had acknowledged that it was a loan. We decided to let the first money go (though a very generous wedding gift, we wrote it off as that) but then the second lot we didn't want to write off as it had been clear to both parties it was a loan. 

We finally contacted Family Member 1 and asked what his plans for repayment were and that we were willing to accept instalments.  The response shocked us, they said they thought we were in no rush and that us doing this would make things really tight for them as they have a child. This situations highlights how easy it is for communication to break down over something like this as further disagreements have stemming from this have lead to a rift in the relationship. 

The second situation involved Family member 2 booking a holiday last minute with his girlfriend and in-laws and being completely unable to afford it. He asked for help with his bills, but the reason he can't pay is because of his holiday. Our first thoughts were of frustration, knowing that if we lent we would be essentially funding his holiday.

These situations occurring really reminded us of why we now both feel it is not appropriate to be lending money to family. There are just too many pitfalls to justify it. Below are just a couple of reasons why family and lending don't mix well and what other alternatives may be better.

1. It isn't always clear if it is a loan.
Usually lending between family and friends is very informal and unlikely to comprise of any written documentation. This can lead to misunderstanding as to whether the money given is in fact a loan or simply an outright gift.

2. No set terms
It is not unusual for there are not set minimum monthly payments, no set time period, no interest and no collateral. The informal nature and lack of terms can lead to the borrower feeling far more relaxed about repayment than the lender may expect. By not loaning in a matter comparable to a bank its is realistic that the borrower may not also behave how they would when borrowing from a bank. If a loan is open ended it can mean it is not a priority for the borrower to pay it back especially as there are no 'real' repercussions i.e bad credit score. It can also mean that you are not on the same pages as to what a reasonable time frame would be.

3. It puts a strain on a relationship
It makes situations awkward, it causes frustration and annoyance, and can lead to the breakdown of relationships. The dynamic changes, there is a burden that is owed yet you might not be treated in the same manner a professional leder would. This can impact your overall relationship and how you view each other especially if one feels the other is acting unreasonably.

4. Recovering assets is challenging
Not being paid back is not an all that uncommon situation, and you don't hold the same power as a bank to act quickly and cheaply. You are unlikely to have taken collateral for the loan. Recovering assets via county court is a time consuming process and though pretty efficient it would be better to avoid the situation altogether.

5. Enabling a habit
Once you have lent once, it is not unlikely you will be asked again. But is isn't a great position to be in if you are constantly lending especially if the loans are not interest bearing. Each time you continue to lend you are enabling a bad money habit. You are a quick fix not a long term solution. Try finding ways that can help rather than facilitate, consider why they are finding themselves in this situation perhaps they don't know how to budget or have a gabling problem.

So what to do instead of loaning money? Offer something more practical and not furling a money issue. For the brother who is going on holiday we have offered to work with him on making a budget and debt snowball. Whilst with the other brother cash gifts no longer occur instead individual items are bought I.e nappies so that we know it is going on needs not wants.

What experiences had you had with lending to family and friends?

How we budget as college students

Budgeting a student can be a big challenge. Often its the first time budgeting. Having a budget and sticking to it is the key to being successful with your finances at all stages in life and being a student is no exception. However, due to the intermittent nature of income and expenditure it can feel overwhelmingly challenging. When this post goes live I will be in my last ever exam in Law school and though Im done with my studies Chris still has a few more years on his Engineering degree. As students there a few things we have learnt along the way that can be done to make the whole process easier and more manageable.

As well as sharing some tips we have learnt that have helped us budget we are also including in this post an editable excel budget spreadsheet that is tailored towards student budgets. Click on the image below to be direct to Google Drive where you can download the spreadsheet

1. Knowing when all payments are going in and out.  
They key to managing a budget where this are intermittent is being in the know and consequently in control. In our budget spread sheet we note when our income streams are paid in by adding the comment boxes to annotate. Knowing how long a payment needs to last you helps you avoid big fluctuations in finances.
Things that count as income in a student budget include:
- Student Finance
- Grants/Scholarships
- Part-time work (term time)
- Holiday work
- Parental financial assistance
We also have on our calendar the dates of all our bills that come out through the month via standing order and direct debt and we have the amounts of each bill next to the date. I do this because before we were married I could just about remember the dates for all my expenses, but once we added Chris' stuff into the situation it just became too much for me to remember and left me feeling stress. Now I wonder why I didn't use a calendar before as it just makes life so much easier. For bigger, infrequent bills such as annual insurance we put a reminder on the calendar the week before its due (so if money needs to be transferred we have time) and then a note on the day its due.

2.  Budget for an academic year
When we make our budget spreadsheets we budget from September for 12 months rather than following the normal calendar year which most budgets apply. This allows us to see our expected income and expenditure over an academic year and avoid having to deal with two academic years at a time. We do this because it is easiest for us to project that time frame as most of our income is grants and scholarships and these are paid on an academic year basis. Taking this longer term perspective (rather than just looking at term time) allows you be aware if you need to make any changes for your budget to keep your balance in the green.

3. Pay your self a monthly income
We get student finance in three instalments and scholarships in two and they all come in at awkward times. We have easy access savings accounts linked to our current account and we divide up our total anticipated income over the year and pay ourselves a 1/12 each month. This works for us right now because we have 12 equal rent payments but when I was in halls my rent was paid in three instalments (the same as student finance) so what I would do is wait for the rent to go out (as it was only a day or so later) and with the remaining money divide it into the number of months it needed to last and put the other months money in an easy saver. To make things even easier (so you don't even have to remember to 'pay' yourself set up an automatic payment for each month.

How do you help keep your budget organised with the fluctuations of student life?

5 ways to get the most value from your degree

The end of the academic year is rolling around. For some this will mean the end of a journey, whilst others have several years to go. Getting a degree is an investment and an expensive one at that the average UK student will graduate with £44,000 in student finance (click here to learn more about UK student finance). Like all investments it is important to work to ensure you get the maximum return but sometimes its hard to understand return on investment in relation to education. The key return on investment in relation to a degree is the increase earning potential is provides over your working career. However, this can be difficult to appreciate this whilst you are studying and in the increasingly challenging employment market  makes it harder. There are things you can do whilst completing your degree that boost the value of your time at univeristy.

1. Attend the best university you can
Everyone has different academic abilities and not all universities offer the course you wish to pursue. But consider carefully the reputation of the university you are attending especially considering most universities in the UK charge the same fees. Also if you find you are doing much better academically at your degree than you did in your secondary education consider transferring to a better university. Though not particularly common it is not hugely difficult to transfer universities and is worth discussing with their admissions department. Also when deciding the subject you want to study consider the employability it brings.

2. Keep the cost of a degree low
Though the reputation of a university is important this should be viewed in light of the comparative cost. While tuition fees are likely to exactly the same (unless you are a non-English UK student) there are other areas cost occurs. Consider whether there a good university near by you could commute to allowing you to save on the cost of living. Consider if there is an equally reputable univeristy in a more affordable city? Cost of living is one the costs that varies the most between institutions but is commonly most overlooked when selecting a university. I know in hindsight I should have considered more the cost of living in Brighton before choosing to study here(though having expected to study in London everything seemed cheaper). While Chris was fortunate enough to be able to commute from home to univeristy before we got married doing this saved us considerable amounts on rent. It is also important to look at what scholarships and grants are available at those universities and which if any you may be eligible for. This may significantly reduce the cost of the degree and for me was one of the reasons I chose the University of Sussex as they offered a good scholarship scheme for those who are the first in their family to go to university.

2. Get the best grades you can
Graduating (on time) and with good grades is key to attributing value to your time at university. Though there is so much more to the experience graduate jobs will often require a degree with a certain grade. If you are looking to go into a certain field then look at the educational requirements that you will need. The value of your degree increases and opens more doors the better grades you achieve and yes you can always supplement bad grades with work experience but its just easier to work hard and get the best grade you can. When deciding modules try to be strategic, find a balance between subjects you find enjoyable, are likely to get the best grades in and those an employer would want to see.

3. Join clubs and societies.
University gives you the opportunity to join so many different activities the list is almost endless and the costs are often very low. Subject orientated societies are also a great way to learn more about career options, attend networking events and obtain internships. Being on a club/society committee allows you to develop practical skills that are beneficial to employers.

4. Complete work experience and internships
During you degree your unlikely to have little financial commitments and as such it makes it the perfect time to undertake unpaid (or if your lucky paid) work experience and internships. These can really make the difference and make your job application stand out from the crowd. Take advantage of the careers help offered at your university and put this valuable resource to great use when applying for internships (or your graduate job).  Undertaking work experience will also help you to gain a greater understanding of whether a career is for you as it is far easier to change your direction early on in your education that upon graduation.  You may choose to do a year in industry, these are a great opportunity to learn more about a sector and may result in an offer of full time work. Though it is important to remember whilst they are normally paid, you also have to pay tuition fees for that year (though normally at a reduced rate).

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

Why it made financial sense for us to marry in college

Often the cost of marriage puts young couples off trying the knot. When we decided to get engaged we started to think about whether getting married whilst we were both still in college was a feasible option. A big part of the decision was the financial impact of marriage and if it was something we could afford to do whilst both studying. But we were luck to discover that getting married whilst in college made great financial sense for us and has saved us money. Today we are sharing some of the reasons why getting married as students has been financially beneficial for us.

• Our living costs are reduced. Rather than renting two separate rooms which in Brighton often cost £400-500 p/m we have a 1 bed flat that gives us so much more space than shared student housing for £750 a month. We  found that being married generally means living off campus which is typically cheaper accommodation anyway. Also we are able to share the costs of food, transport and laundry that would have been separate. 
• Grants and scholarships. As we are both students presently we are considered a low income household and so our eligibility for grants and scholarships is based on our joint income. This means we have been eligible for money that we would not have got had it we been assessed on our parents income. As we are assessed on what we take home, as although many students do part time work the income from this is unlikely to surpass parents income. Even once I start work following graduation our household income will not surpass many thresholds for assessment. This can make a huge difference to paying for the cost of college as we have gone from receiving the minimum amount of grant  to the maximum (£3000) plus Chris got a £2000 scholarship from his college that we didn't even have to apply for simply because we're low income. 
• Tax benefits. Married couples cam get a tax break worth up £432 if one spouse is a non-tax payer (earning £11000 or less) and the other is a basic rate rate payer (its backdates so many can get this years and last years allowance). This tax situation is likely to occur if one of you is still studying whilst the other is working. To apply for this head to HMRC website 
• Less student finance. Chris has just completed his first year of a 4 year engineering programme and I am about to start work following Graduation. We are fortunate to be in a position where my salary provides us with enough to live off and that the money Chris brings is is out savings. Because of this we have taken the decision to only take out a maintenance grant and not a maintenance loan this means Chris will owe less on his student finance when he graduates.
• Different perspective. Being married we have both found ourselves moving away from the typical student scene. This has benefitted both our grades (both of us averaging 1st class degrees (4.0 GPA)) and our bank balance. For me knowing the outcome of my grades and getting a job not only impacts me but my husband motivates me to succeed so that I can provide for him whilst he completes his degree. 
• Independence. Though we were pretty independent from our families before marriage being married has made us completely. This is unusual for college students but is a super important life skill. Though independence brings challenges we have also relished in it as it has provided the opportunity for us to set our own goals ands aspirations. 

Earn $2,500+ a month talking to international students

Love to chat. What if I said you could earn a tidy sum just by talking to strangers.

Don't worry this is no cold calling job, no targets, no sales involved, just simply talking.

Native talk pays good money for you to speak English to international students (primarily Chinese) in order to help them practice their spoken English.

If you love to talk and have the heart of a teacher then this could be the perfect job for you. The flexibility of the work makes it perfect for college students looking to boost their income.

How it works

To sign up to NativeTalk as a tutor, you need to be a student or alumni from their specified list of colleges (in UK and US). Though if your university is not listed don't panic, drop them an email as they are willing to consider student/alumni from elsewhere.

You will need to have proof of your student/alumni status (I.E. a ID card), and create a profile and audio proficiency example. You are able to specify your availability, so you determine how much or little you want to work. The only restriction is you need to have a wifi access.

The level of competency of the students have vary massively, but many will have elementary proficiency, so you need to be patient and expect conversations to be basic in this instances.

How much could I earn

NativeTalk pays $12 an hour. So if you worked a normal 7 hour working day 30 days a month you could bring in over $2,500.

But you may not have that much time and be looking to fit in extra work around full time employment, if you worked 2 hours, 5 days a week you could bring in $480 a month, that is a tidy sum and a good amount of money.

Regardless of how many hours you work, it has the potential to be a great income stream and particularly targeted at college students looking to supplement their income


Isn't it just like NiceTalk?

The concepts are incredibly similar, but there are two main reasons why NativeTalk provides a better option.

Firstly, the NativeTalk site is in English, where as NiceTalk's is in Chinese, this is not great for the English speaking tutor. 

Secondly, NativeTalk pays $12 p/h vs NiceTalk paying $10, though not huge, does make a difference, especially if you are looking to make this a more full time role. 

If you end up giving NaiveTalk a try, feel free to comment in the comment section down below on how your experience was or if you have any questions!

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

2for1 movies for a year for £2 or less

We love going to the cinema on our date nights but it can get very pricy. We used to go out on cheaper nights but now our local cinema no longer offers them we can be looking at close to £20 for both of our tickets, if we choose to have any snacks the price can quickly escalate. 

With meerkat movies you can get 2for1 movies on Tuesdays and Wednesday and works a many cinemas including most cineworld and odeon as well as some independent cinemas.  There are several ways to go about getting this awesome freebie. Plus this can be combined with student priced tickets (or an unlimited card). 
The cheapest way to get this is to use comparethemarket to do a price comparison when when you are renewing your Car, Van, Motorbike, Home, Landlord, Pet or Life insurance policies. If you have one or more of these types of insurance (which most people will have at least one) then you can claim a code for nothing and you may even save money by getting a better deal on your insurance policy. 
If you are looking to switch your energy, TV or broadband again you can use the comparison site to get the best deal and if you purchase through the site then you will be eligible for the 2for1 freebie.

Not got any insurance policies? Or non due for renewal any time soon but still want to take advantage of this great deal. Then there is a loophole. We purchase a single trip travel insurance from within the UK (domestic travel) for 2 nights we spent about £3 but I have found ones for as little as £2. As there is no minimum purchase price on products to qualify for the Meerkat Movies this purchase will be eligible. Though there is a slight cost, you will be making a saving even if you go to the cinema once in the whole year. 

Have you taken advantage of this great deal offered by ComparetheMarket? 

What are Personal Savings Allowances?

The personal savings allowance (PSA) will come into effect from the 6th of April 2016. Though the changes were mentioned a lot in the budget announcements many people still do not understand the implications of PSA and what it means for them as an investor.
It is really important to understand PSA as it is a huge change and has the potential to mean 95% of the population won't pay tax on their savings.

What is an PSA?

• PSA affects the amount of tax you pay on your savings
• If your are a basic rate tax payer your PSA is £1000. A basic rate tax payer pays 20% tax on their savings so you can earn £1000 in interest per financial year without paying tax on it. 
• If you are a high rate tax payer your PSA is £500. A high rate tax payer pays 40% tax on their savings, meaning you can earn £500 in interest per financial year without paying tax on it.

How likely is it I will use the allowance?

Lets assume you have a savings account with an interest rate of  1.35% (this top of the market for easy access savers). You would need the following amounts to meet your thresholds. 

If you earn £17,000 or less per year then you will not pay any tax on savings income.

- Basic Rate Tax Band- £74074 

- High Rate Tax Band- £37,037

Those are some pretty large amounts you would need to have saved. But lets say you were more risky with your investments and had an account with a higher rate. 

Wellesley - 30 Easy Access Account- 3.35%

- Basic Rate Tax Band- £29855 annual interest would be £1000.14

- High Rate Tax Band-  £14926 - annual interest would be £500.02

Thats still quite a lot to have saved and that is why the treasury estimate that for 95% they won't have to pay tax on their savings. 

What type of accounts are covered by PSA

Covered

• Normal savings accounts (fixed and variable rates)
• Current accounts (in banks, building societies and credit unions)
• Investments with NS&I
• P2P investments
• interest distributions (but not dividend distributions) from authorised unit trusts, open-ended investment companies and investment trusts 
• income from government or company bonds
• most types of purchased life annuity payments
• Investments in other currencies held in the UK

Not Covered (already tax free money)

• Money invested in ISAs
• Premium Bond winnings

How valuable are PSAs and what does it mean for ISAs?

- We don't know if future governments will retain PSAs. ISA have been around for much longer and therefore are less likely to be subject to a removal from the budget (though of course the annual allowance could very easily change).
- If we see high interest rates again then then £1000 will no longer feel like such a large amount.
- Also quite often ISAs have higher interest rates than traditional savings accounts (when compared for like for like features). Though this is not always the case and should be a consideration factor when considering which to choose.
- It is not clear how interest from bonds which accumulates over several years but is paid in one payment (rather than over several financial years) will be dealt with.

What do I have to do?
 To reap the rewards of the PSA you don't need to do anything. If you interest surpasses the the allowance you will pay tax. Banks will let HMRC know that you need a different tax code.

For more information please visit Gov.uk

Give your child financial freedom | Junior ISA

Whether you want to help your child with the cost of higher education, a downpayment on a house or their wedding. There can be many reasons why you want to save to give your child a lump sum. However, it can feel like an insurmountable challenge. But it doesn't have to be that way. With the help of tax-free perks, regular deposits and the magic of compound interest the help that you dream of giving your children is within your potential.

That is where Junior ISAs come in. They are tax-free savings accounts for under-18s that can either be held in a cash ISA (like normal savings account where the rate of interest is set by the bank) or in a Stocks and Shares ISA (where there is more risk but more potential for return).

Currently the maximum you can invest each tax year is £4080. Were you to invest this amount for 18 years assuming a 3.25% interest rate which is the current best (by nationwide). The when the lump sum at the end would be over £98,000.
Many providers allow you to start saving with as little as £1 so there is nothing to stop you starting to contribute to a junior ISA even if it is smaller amounts.
Lets say you can't afford to make such a large contribution each year. For example you invest £30 a week at the end there would be over £35,000. That is is enough to give serious financial assistance to your child all for £30 a week.

Not got £30 a week to spare. Think about the simple ways you could make little changes to free up that money.

• Taking a pack lunch to work everyday could save between £5-10 a day quickly freeing up money to save in an ISA.
• Bring your own tea and coffee. At £3 at cuppa in many places the cost of your morning fix quickly mounts up. If you gave up a coffee every work day until your child was 18 you could have over £17,000 saved.
• Another simple way is to save the Child Benefit money you receive, for many it is not an essential state benefit and so creating a habit out of having it automatically be saved and with the power of compound interest can result in a decent sized lump sum at the end.

Do you use junior ISAs? Do you find them a good investment product?

Save money cancelling unwanted subscriptions.

We've all done it signed up for an online service, movie streaming or gym membership. You may have even signed up for a free 'trial' period on the basis that you would cancel before you have to pay.  Yet 4 in 10 Brits remain paying for services they simply don't use.  At the start of the year we cancelled a movie pass subscription pass C had (that we really weren't using) and saved almost £200 a year. 

Likely culprits

These are the services which are the greatest pitfalls and have the most underused subscriptions. 

• Gym memberships
• Magazine Subscriptions
• Credit Reports
• TV streaming
• Music streaming
• Donations
• Weight-loss
• Subscription boxes
• Delivery services
• 'deals' subscriptions 
• Insurance 

However, you don't have to let subscriptions be a drain on your bank account. Follow these simple steps to help re-organise your finances and clear out the clutter. 

1. Know your Direct Debits and Standing Orders.

This is relatively simple to find if you do online banking (there should be a tab for you to see what direct debits and standing orders you currently have set up). If you still have paper statements then the task is a bit more time consuming but you will see on the statement that the type of payment is show and this will denote if its a DD or SO. Make a note of what it is for, how much it is and how often.

2. Asses your bank statements.

There may also be regular payments coming out of your account that are no by DD or SO but are by authorised card payment (or paypal). It is useful to look to the last 12 months of statements as there may be amounts paid less frequently (i.e. annually). Basically keen an eye out for regular payments of the same amount the the same company. Again make a note of what it is for, how much payments are and how often they occur. 

3. Determine which subscriptions you want to cancel.

Not all of the subscriptions you will want to cancel, but now you have a list of everything so you can start to assess the situation. Think about how many times you have used the service since you last paid. Is it a necessity? It is still useful?  Is it value for money (it may be worth thinking about cost per use)? Also it is good to consider how much you could save by cancelling a subscription.  Use the Money Advice Service quick cash calculator to find our how much you could save. 

4. Cancel what you don't need

So you know which subscriptions you want to cancel. You may wish to write down the subscription renewal date in your diary if you want to wait until just before renewal to cancel. However, this leaves you susceptible to forgetting and also sometimes there are notice periods as well. If it is being paid by Direct Debit or Standing Order then simply phone up or write to your bank to cancel that. However, if payment is being directly made from your card then you must tell the company taking the payments, preferably in writing, and give a copy of this to your bank or card issuer.

How much have you saved money by cancelling subscriptions?

Healthy budget friendly meal plan

It can be a challenge to find recipes that are both delicious, healthy, and budget friendly. Let us take some of the legwork out of the process with our favourite meal plan that meets all of those needs. 

This week we are sharing some of our all time favourite recipes that are both healthy and great for on a budget. The meal plan includes 7 dinners the cost of which works out to be approx £25 (though this will vary store to store and sending on seasonal offers). 

• The dinners all take 30 minutes or less to cook so you don't have to worry about slaving away in the kitchen all day. 
• The recipes are designed for two portions (great for busy couples) but for families multiply up the quantities depending on your needs. 
• Meats and fish can be substituted for alternatives that you may prefer or find are better value for money and don't forget buying meat/fish in bulk and freezing is a great way to save on cost per portion. 
• It has a self contained shopping list of everything you need for the week plus all the recipes. So you only need to print of one document to take with you to the store. 

Our favourite tools for meal planning

We love to keep all the meal plans we create in one easy to use binder. 
Plus, by keeping the meal plans in sheet protecters means we can re-use them time and time again and saves us printing out several copies. *Affiliate link: see disclosure below*

  

Click on the images of the meal plan below to be taken to the Google Drive where a PDF of the plan is available for you to download and print off. We hope you enjoy them as much as we do. 

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!