Today’s tight economic times means we could all do with detoxing our finances and getting them in order to see you through tough times. Professional financial advice is expensive, but some simple common sense can be just as effective. So here are some informal tips for making and saving money.

Here are five ideas to help you through a time of economic woe, encompassing everything from general day-to-day principles to generating money instead of wasting it. Needless to say, these do not constitute formal financial advice.

1.     Know what really is coming in and going out…

Time to stop living in the red or on your overdraft – you need to sit down for this one and work out your actual monthly budget. This can be a bit of a wake-up call on where you money is actually going. Make a list of everything you spend in a month. Start with the big costs like mortgage or rent, bills and savings, and then work down to the daily expenses – no matter how small. It can be surprising to see where your excess spending is and how much you are really spending and on what. This is a great way to gain the full perspective of the state of your finances and maybe where you could make changes to make savings.

2.     Stop buying anything you really don’t need

It is hard; if you are a bit handy with the credit cards, not to impulse buy… but 10 pairs of jeans and shoes to boot later – you end up with a wardrobe full of clothes you never wear and a whooping credit card bill with added interest that you couldn’t afford in the first place so STOP. Learn the art of tantric window shopping – go look by all means, but leave the cards at home. Because if you do really find something you really like, that you will actually wear on more than one occasion and can be mix & matched in your wardrobe with other items or is necessary for work and you have budgeted for then you can afford spending the cash.

3.     Offload Online

Talking about excess clothing or unworn shoes or for that matter anything that you no longer use – why not turn that clutter into some extra cash instead. Setting up an ebay account is easy, uploading items and adding a short description takes no time and there you have it – an online car-boot to shift clothes that you’re never going to wear or haven’t worn for years and reap back some of the cash you’ve spent on them. Being a prompt sender of goods after payment has been received, builds up a ‘good’ sellers reputation on ebay too.

4.     Cut up the cards

Similarly, paying off your credit cards and the interest over a long time is extremely expensive. Don’t stick with the minimum payment – it simply keeps you in debt for longer, and therefore paying more every month. Get them paid off and then avoid using them if possible. Only keep one for emergencies, that has the best interest rate and maybe shop around and look for better deals online. In the long run, do you forever want to be living on credit, if you can put a bit aside every month as savings, and save up for the item you want and buy it outright will be a saving from the extra interest you would of paid if you bought it with a credit card.

5.     Spend less than you earn

A very simple but practical piece of financial advice, unfortunately it’s the one that plenty of people lose sight of. Spending more than you earn means debts mount up, and that means compound interest on these debts is working against you and your finances. You end up paying more for some things than necessary. Shop around for the best deals on your utility bills and mobile phone. Stick within your monthly budget for everyday necessities, buy only the food you are going to actually eat, be a little more thirty, reuse, recycle and repair instead of buying new.

All these little bits of financial advices that you can make changes to your financial circumstances, and will help you detox your finances and help get them into a better shape that will see you through these tough economic times.

This article was supplied by impartial, trusted financial advisors Norwich, Norfolk, SGWealthManagement.co.uk who serve individuals and organisations throughout Norfolk, East Anglia and the south-east.

If you are a little confused over the whole process and need investment bonds explained to you, then check out our useful beginners guide for help.

Whether buying a car, a home, sending your children off to university or in preparation for retirement, investments will come in useful at various points in a person’s life. No matter what type of investment you are considering taking, it is important to do your research first. Use all the tools available to you such as online money management advice and a savings calculator to work out how much to invest before entering into anything.

Unlike many shares, which a variable value, bonds have a basic value which you will typically receive in full once the bond has matured. Like most types of investment, you can buy bonds easily from stockbrokers or even in your local post office. Many collective investment packages will include bonds any you should be sure to consult with a financial advisor before entering into an investment if you are unsure if bonds are included.

While it is important you remember these considerations, there are lots of obvious advantages to buying investment bonds, one of the most popular being that you can receive a much higher amount of interest than within standard bank accounts. Bonds are incredibly secure compared to many other types of investments, meaning that you can be confident on the safe return of your initial investment when your bonds reach maturity, as well as the additional money which the bond has generated over a time period.

Additionally, interest rates of most bonds are fixed, which will ease your concerns over keeping an eye on the state of investment markets, as your earnings are unlikely to decline over a given time, even during a recession.

Another ideal option could be tailored investment bonds, which offer medium to long-term earning potential without a fixed term. Most tailored investment bonds will be taken out for at least five years, with these longer periods giving you greater savings, as well as tax-deferred withdrawals up to a certain allowance each year.

It is important to acknowledge that, like any investment opportunity, there can be some risks in investing in bonds. Bond spreads, for instance have a hidden commission charged to you when you buy or sell bonds. They can be costly and occur every time you buy a bond. Make sure you are also aware of bond duration; you may invest in a bond which matures in 2 years, or in 30 years. In some cases bonds with high durations can actually fluctuate as much as stocks, so be sure to know what you are investing into first. Lastly, if you buy bonds from other countries, or even companies located in other countries, this can present additional risks as they can be influenced by political and governmental issues which you may not be aware of.

A Compensation Culture?
The introduction of conditional fee arrangements (or no win no fee) has certainly played its part in making access to justice easier for all, but at what price? Unscrupulous motorists are seizing the opportunity to milk the system for all it is worth, with whiplash claims now accounting for about 70% of all personal injury claims. Seeking compensation has certainly become a routine part of modern society.

Whilst many of these claims will be genuine, a worryingly large proportion will be fraudulent; either because the whiplash does not exist or because the severity of the symptoms has been greatly exaggerated in order to increase any compensation payout. Much of the cost of this is borne by the insurance companies, which inevitably pass on the costs to the motorist in the form of increased premiums. It is estimated that the average cost on every insurance policy is about £66, which amounts to an incredible £1.9 billion a year.

A Large Scale Problem
The insurance companies themselves are exacerbating the problem by not investigating whiplash cases as strongly as they might. They argue that due to the nature of the injury, it is difficult to disprove. It’s far simpler then, to make money out of referral fees as they pass the details of accident victims on to lawyers, garages and car hire companies. Of course, it is not the insurance companies that ultimately lose out, as the costs of claims are then passed on to the consumer. Everyone who insures their vehicle is bearing the cost of these claims.

The root of the problem is that people are given an easy way to make a bit of spare cash without working for it. The fact that there seems to be very little chance of getting caught and the seemingly ‘victimless’ nature of the crime mean that even people who consider themselves honest and ethical in all other dealings can be tempted to make an exaggerated claim.

The Solution
Part of the solution needs to be to address the issue of referral fees. Whilst the insurance companies might legitimately pass on details to garages or car hire companies, outlawing referrals to no win no fee solicitors would go some way towards stemming the tide of dubious claims. Making sure that such claims are properly investigated and imposing hefty penalties on those who have been caught out in their lies might also make people think twice before making a fraudulent claim.

All the while that unscrupulous ‘ambulance chasers’ are profiting from their unethical practices, the problem is set to continue, with the honest motorist ultimately paying the price.

This guest post was contributed by Leyla, an aspiring blogger who enjoys writing on a range of legal issues. She is currently writing on behalf of EAD Solicitors, an established law firm based in Liverpool, who specialise in whiplash claims.

First of all, credit ratings don’t officially exist, every lender looks for something different but almost all check the official ratings agencies. For just two pounds you can access your credit history and see anything that might cause a problem. As for improving your rating, here are five simple steps:

Step 1: Timing
As mentioned above, lots of searches in a short period can have a negative impact on your rating, so if you’re planning to do something big like moving house, sort out all your finances and applications before hand so that your move won’t cause problems.

Step 2: Get on the Electoral Roll
If you’re not on the Electoral Roll you can struggle to get credit in any format. Getting on the roll is easy and completely free, all you have to do is go to the About My Vote website and you can do it in a matter of minutes.

Step 3: Clean Up Your Account
ID searches are the most common way that credit applications get rejected and this is often because you’ve set up something like a mobile phone contract and then changed house but the old address is still accurate. Simply take a look at your file, and amend any old or inaccurate data. It’s also worth closing old accounts that have been open and inactive for years, and reducing any outstanding debts as much as possible.

Step 4: Build A Good Credit History
If you don’t have credit, it can be hard to get credit. So one good idea is to get a credit card and start using it sparingly. Make sure that you can always pay off the monthly repayments and that you never miss a repayment and it won’t take long to build up a good record and show that you’re financially responsible.

Step 5: Quotation Searches
When applying for credit a search is marked on your file, however, you can get “quotation searches” rather than credit searches from some lenders, this doesn’t leave a mark and should let you know whether you can get credit or not. If the quotation search comes back negative, you’ll know that this lender isn’t right for you without damaging your credit rating.

Getting help with debt from the UK government
Debt has been one of the government’s top priorities over the past decades. Sadly, there has been a very good reason for this activity, as more and more people are taking on more debts than they can cope with. As a result, today there is plenty of help available for anyone who thought bankruptcy was their only resort. The government have established serious and sensible alternatives to the severe bankruptcy procedure, introducing Individual Voluntary Arrangements and Debt Relief Orders and thereby acknowledging that insolvency can have a plethora of reasons – and solutions.

Getting help with debt management
In addition to new legislation by the government, debt management companies have sprung up all across the country to offer debt solutions. Among their most important services are debt management plans involving debt consolidation. These debt management plans offer immediate practical help, as they consolidate all loans and credits into a single monthly payment tailored to your financial possibilities. But debt management agencies are useful in more than just one way, furthermore advising debtors on which procedure is best for them and how to take the right steps to avoid serious consequences in the future.

Finding the right UK debt management agency
Ironically, one of the hardest decisions is not even how to tackle your debts – but how to find the right debt management company to help you. Some important points of consideration are:

• Does the service provider’s website merely urge you to call them or does it also offer valuable resources to assist you?
• Does the debt management company have a proven track record in terms of its services?
• Does the debt management company adhere to ethical standards?
• Does the debt management company profess to be capable of offering help that will supposedly „wipe the slate the clean“ or get you „out of debt in no time“?

Your choice of debt management agency should depend on the answers to these questions.

Nowadays, no business exists as a sole supplier of goods and services; it competes for resources and market share, and in order to gain ground, business owners need to know their competitors. They can achieve this by gathering competitive intelligence and discovering the strengths and weaknesses of their opponents.

One way to do this is by researching public company accounts of competitors, where it’s possible to view information like turn over, profit and losses and performance ratios. By viewing this information, business owners can cross reference it with information on social networks, news and government sites and look for loopholes and coincidences that might “pop”.

It’s also possible to view where a company is investing their funds, which indicates where their interests might lie. This can give business leaders an idea of whether their competitors are planning to roll out a new product, make an acquisition, merger or partnership and possibly get a bigger picture of how the industry will develop in the future.

Searching online might be the easiest and quickest way to collect competitive intelligence, but it’s possible to interview suppliers to check if competitors have extended their relationships with them and conduct market research to get customers’ feedback. Business owners can also interview sales representatives who will have contacts in the industry with access to valuable information.

Once you’ve identified what competitors are up to, it’s possible to considering your own weaknesses and begin sculpting winning strategies.

Beyond cutting back on alcohol and nights out, ending cable or satellite subscriptions and stretching clothes to within a thread of their lives, the potential for better returns at MoneySupermarket savings should also be considered.

However, the problem with austerity is that it can hurt. Really hurt. Skimping and saving on life’s essentials for many months and years may appear to be a worthwhile endeavour at the time, but on reflection it is perhaps not the best way to live your life unless there is some identifiable reward at the end. Austerity must have a measurable, realistic goal. It’s important to remember that austerity can help to change the fortunes of those struggling with debt or the high cost of living.

Instant Rewards
One of the quickest ways to make money stretch a little further is to switch banks. In the murky world of finance, everyone seems to love a deserter – leaving your current bank in favour of another can offer significant benefits. Switching a current account to a new provider can prove particularly rewarding if you take time to do your homework beforehand.

Some banks offer a reward system for new applicants arriving from a rival. This reward is usually available in the form of an upfront cash bonus – typically of between £100 and £200 – but vouchers, reward points and monthly cash bonuses (usually for no more than £5) are also available.

So one of the easiest ways to make your money work for you is to give it to somebody else to look after – a new bank. Just make sure that it’s a new bank with new ideas on how to attract customers like you, such as low overdraft fees, special offers and 24/7 online access.

Although switching current accounts is the preferred and easiest method of making money go further (ignoring the fact that transferring direct debits and so on can sometimes be a considerable chore), switching savings accounts can also prove profitable.

Most Individual Savings Account (ISA) providers, for instance, offer a generous interest rate for the first year and a fairly miserable one thereafter, so moving a cash ISA around every twelve months or so can save hundreds of pounds.

Austerity Tips
Switching current and savings accounts from one bank to the next has very little to do with austerity, however, which is why savers and spenders alike should consider several other ways to maximise their bank balances.

Saving petrol is one such measure that can be employed to good effect without too much difficulty. The price of petrol and diesel always seems to be on the rise, yet people tend to cover the same distance each week. Changing routes slightly to avoid queues can help a little, but the best ways to save money at the pumps are to travel with half a tank to avoid carrying too heavy a load, ensure that the correct air pressure is maintained in the tyres at all times and to drive with limited throttle and reduced mechanical drag (that is, brake a little earlier and more slowly).

Many people with large amounts of debt immediately consider bankruptcy as an option. The truth is that bankruptcy should only be considered as a last resort. Not only will bankruptcy cost you several thousand dollars, but your credit will be affected for 7 years.

An effective way of dealing with debt is to Win Now or use a debt consolidation loan. Debt consolidation loans are most often used in order to deal with high interest loans like credit card debt. In many cases, credit card debt interest rates can be in the double digits. That rate can climb to almost 30% if a debtor is late paying the credit card payments several months in a row. In contrast, many debt consolidation loans have a significantly lower rate of interest. This means that you can save money each month in interest fees and you can pay down the principal on your loans.

A debt consolidation loan is so named because you will be consolidating your debts and paying just one payment. Instead of paying each credit card company each month, you will simply pay the bill on your debt consolidation loan. This makes it much more convenient to pay you loan. You don’t have to worry about missing a payment and all you need to do is write one check.

The most common way to get a debt consolidation loan is by using the equity in your home as collateral on the loan. This reduces the risk to lenders who will in turn offer you a lower interest rate. In some cases, you may be able to still get a debt consolidation loan if you do not own a home. In fact, some debtors use their car as collateral. However, your interest rate may not be as low.

In any case, it is important to research debt consolidation companies before doing business with any company. Check out their customer service record as well as how long they have been in business. It is important to make sure that you are dealing with a reputable company.

It is also important to address the root cause of your debt problem. Many debt consolidation companies encourage customers to take credit counselling courses because of this. Of course, sometimes people get into debt through no fault of their own. A divorce or an unexpected medical emergency can create financial problems very quickly. A sudden lay off or loss of a job can also cause financial distress. In other cases, over-spending may be the problem that created credit card debt. If this is the case, it is important to take steps to make sure that you get your spending under control.

It may take some time to get out of debt, but getting into debt also took some time. A debt consolidation loan is one way to get back on the right track financially.

There are a lot of renovations that can add value to your home, along with making your home more enjoyable to live in.  There have been many studies done, but most people know that updating the kitchen and bathrooms can bring a lot of value.  However, these renovations can be expensive, and it is important to consider a few factors when thinking about financing your renovation.

Financing Your Renovation
A common way to finance your renovation is to take out a home loan, or refinance your existing home loan.  You should do a home loan comparison to see what options you have available, but generally, if you have equity in your home, these could be an option for you.

The average kitchen upgrade costs around $20,000, while an average bathroom upgrade can cost up to $10,000.  And it is important to remember that these are average.  Beyond value, you want to upgrade in a way that will make you happy to live in your home, and you could very well exceed this.

Other Options
If you’ve run the home loan calculator and decided that refinancing or taking out another mortgage just won’t work, there are other options that add value and beauty to your home.

Some less expensive projects that still add value include garage door replacement, entry door replacement, new flooring, or even adding a deck.  These projects not only cost less, but could be more “do-it-yourself” as well.

With these smaller options, there are also other financing options available.  You could put these on your home equity line of credit and pay it off over time.  Many big box hardware stores also offer 0% APR incentives, which could be a good way to finance the project over a shorter period of time.

Of course, you could also set up an emergency fund just for home improvements.  After a year of adding in a set monthly amount, you could probably pay cash for a project or two and save yourself the hassle of any late payments or finance charges.

Either way, there are many options available to renovate to improve the value of your home.  Some are more expensive and require financing, while others are cheaper, but still improve your home.

Often the consumers select a fraud debt settlement company as they are driven by an extreme urge to attain a debt free life. The debt stricken consumer fails to identify an authentic from a fake settlement company. The victims are constantly lodging complaints with the FBI in order to take legal action against the fraud companies.

Here are a few easy ways to identify a fraud debt settlement company:

1. If a debt settlement company solicits you over the phone then you can request the company to provide with their contact information. Remember that a fake company will avoid disclosing the company name as well as address. They usually compel their clients to enroll in their program and charge upfront fee for their services. Therefore, you should avoid association with these types of companies.

2. In order to check the authenticity of the company you verify from the Better Business Bureau. A reliable and reputable debt settlement company will have BBB accreditation. You can also approach your state attorney general’s office in order to check whether the company is reliable.

3. Before you hire the services of a settlement company you can ask the company whether it is a member of the Association of Settlement Companies, a trade group that promotes good industry practices. Make sure that you confirm the membership of the company on the website of Association of Settlement Companies.

4. When you decide to hire services of a debt settlement company then make sure that you get a written contract. Remember that the fraudulent companies do not provide with a legal written document. The scam companies do not follow the FTC rule so they might charge you before providing with their services.

Therefore, these are the four ways to identify a scam debt settlement. Make sure that you keep the aforementioned points in mind so that you do associate yourself with a fraud company.