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The Independent
30-05-2025
- Business
- The Independent
Six money saving tips to make your cash go further this summer
As summer approaches, the challenge of balancing an active social life with financial prudence is a common concern. New data from MoneyPlus has revealed that Generation X, those aged 45 to 60, are facing significant financial pressures. However, the balance of saving and spending affects individuals across all age groups. But finance expert at Moneyfacts, Rachel Springall assures that 'it is possible to both save and have a sociable summer.' 'It is down to consumers to budget and be conscious of any essential bills whilst also juggling their aspiring saving goals,' she says. Why is it harder to save in summer? MoneyPlus found that 60 per cent of people surveyed felt a pressure to spend a lot of money on big events and milestones – which may be amplified during summer. 'The cost of the summer can escalate quickly if someone does not make efforts to budget,' Springall says. 'It's unwise to neglect building a saving pot at this time and it is true that consumers could be a bit apathetic this time of year to save. 'However, putting a little bit of cash aside each month could really make a difference in the months ahead.' Springall and Santander financial advisor Mark Weston share their tips for balancing saving along with enjoying the summer holidays. 'During this time, the arrival of app-based savings providers can be useful for those who want to automate their savings habits,' Springall says. 'There are apps available, such as Plum, which can connect to a customer's bank account and work out their weekly savings amount. This is incredibly handy for those with busy lives and may forget to make a manual payment each month into their savings pot.' Weston explains that the more you're aware of your spending and the more you plan, then the more likely you are to have flexibility. 'Having a clear idea of your expenses and budget is a great start,' Weston says. 'Using budgeting tools is a good way of getting a handle of what you're actually spending and what you can afford to spend. 'Making sure you understand where your spending has come from and also having a budget plan for the whole year, with summer in particular, can help for planning ahead.' 'Using a budget app like Emma, could be useful on the go,' Springall adds. 'It monitors spending and can help build a pot towards different goals, like holidays, an MOT or even Christmas.' Ask if all costs are relevant 'When trying to balance saving and still having a social life, it is important to question if all costs you are making are relevant,' Weston says. 'Ask yourself, could you cut back on some things such as coffees every day and spend that on a holiday instead.' Use regular savings accounts Springall explains that these types of savings accounts are ideal for slowly building a pot as they instil good habits. 'However, consumers will need to work out if they are the right choice for them as some can be restrictive and might not be suitable for larger deposits,' Springall says. 'Regular savings accounts can also revert to a flexible account after the term ends, which might not pay a good rate, so savers must make a diary note to reinvest if they are still building funds toward their future goal.' Have savings for a rainy day 'For parents in particular we would advise them to have savings put away in advance for a rainy day,' Weston says. 'If you know that your normal monthly disposable income is a bit tighter due to children being home more rather than being in school, it is good to have savings put away so it is still possible to socialise and do things with them in the summer.' Shake any apathy 'Consumers need to shake any apathy they may have and take a step back to decide how their money could work harder for them during this time period also,' Springall says. 'Consumers ready to get started would be wise to explore the latest top rate tables and read up on some tips and guides to help them on their savings journeys.'
The Independent
30-05-2025
- Business
- The Independent
How to save money without sacrificing your social summer
As summer fast approaches, it can be a difficult time to balance having a social life alongside trying to maintain saving goals. New data from MoneyPlus revealed that Generation X (ages 45-60) are facing some of the worst financial strain in particular, with over half even cancelling holidays due to their financial situation, or using buy now, pay later schemes to stay afloat. But balancing saving and spending isn't unique to just this age range, as it can affect everyone. However finance expert at Moneyfacts, Rachel Springall assures that 'it is possible to both save and have a sociable summer.' 'It is down to consumers to budget and be conscious of any essential bills whilst also juggling their aspiring saving goals,' she says. Why is it harder to save in summer? MoneyPlus found that 60% of people surveyed felt a pressure to spend a lot of money on big events and milestones – which may be amplified during summer. 'The cost of the summer can escalate quickly if someone does not make efforts to budget,' Springall says. 'It's unwise to neglect building a saving pot at this time and it is true that consumers could be a bit apathetic this time of year to save. 'However, putting a little bit of cash aside each month could really make a difference in the months ahead.' Springall and Santander financial advisor Mark Weston share their tips for balancing saving along with enjoying the summer holidays. Automate saving habits 'During this time, the arrival of app-based savings providers can be useful for those who want to automate their savings habits,' Springall says. 'There are apps available, such as Plum, which can connect to a customer's bank account and work out their weekly savings amount. This is incredibly handy for those with busy lives and may forget to make a manual payment each month into their savings pot.' Know your income, expenditure and budget Weston explains that the more you're aware of your spending and the more you plan, then the more likely you are to have flexibility. 'Having a clear idea of your expenses and budget is a great start,' Weston says. 'Using budgeting tools is a good way of getting a handle of what you're actually spending and what you can afford to spend. 'Making sure you understand where your spending has come from and also having a budget plan for the whole year, with summer in particular, can help for planning ahead.' 'Using a budget app like Emma, could be useful on the go,' Springall adds. 'It monitors spending and can help build a pot towards different goals, like holidays, an MOT or even Christmas.' Ask if all costs are relevant 'When trying to balance saving and still having a social life, it is important to question if all costs you are making are relevant,' Weston says. 'Ask yourself, could you cut back on some things such as coffees every day and spend that on a holiday instead.' Use regular savings accounts Springall explains that these types of savings accounts are ideal for slowly building a pot as they instil good habits. 'However, consumers will need to work out if they are the right choice for them as some can be restrictive and might not be suitable for larger deposits,' Springall says. 'Regular savings accounts can also revert to a flexible account after the term ends, which might not pay a good rate, so savers must make a diary note to reinvest if they are still building funds toward their future goal.' Have savings for a rainy day 'For parents in particular we would advise them to have savings put away in advance for a rainy day,' Weston says. 'If you know that your normal monthly disposable income is a bit tighter due to children being home more rather than being in school, it is good to have savings put away so it is still possible to socialise and do things with them in the summer.' Shake any apathy 'Consumers need to shake any apathy they may have and take a step back to decide how their money could work harder for them during this time period also,' Springall says. 'Consumers ready to get started would be wise to explore the latest top rate tables and read up on some tips and guides to help them on their savings journeys.'
The Independent
16-05-2025
- Business
- The Independent
3 financial experts outline the money tips they want you to know
Money can be an ongoing stress for many people, particularly in today's economy with a cost-of-living crisis, inflation and rising bills. There can also be a lack of education when it comes to making your finances work best for you, from knowing how to budget, understanding which is the best savings account to open, and knowing how to invest. We spoke to the head of personal finance at Moneybox, Brian Byrnes, the managing director at Evelyn Partners, Jason Hollands, and the director of financial support at Santander, Mark Weston, about their best and most important money tips that people should know. Set some money aside for emergency funds New research by Santander, carried out in April by IPSOS with members of the UK public, shows that one in five (20%) respondents do not save anything from their personal income across the year. However, Weston says saving is important. 'We do recognise that the cost of living and inflation over the last few years has made it much more difficult for people to save,' says Weston. 'However if people do have the ability to save a little, it is a real benefit for things such as rainy day funds or for the future. This means if you have an unexpected expense, having those savings takes pressure off.' Make sure you've got the best value financial deals When it comes to household finances, investments or utility bills, Weston says keeping on top of the best deals out there is crucial. 'Whether the deals are for your energy costs or anything else for that matter – make sure you've got the best value for money for the service that is needed,' Weston says. 'Also make sure you keep an eye on all those expenses and don't just let them roll over every month.' Do a household budget 'It's important to understand and make sure that your outgoings aren't greater than your income or you're going to end up with a problem and possibly in debt,' Hollands says. 'It can be very easy to build up added costs, such as subscriptions that you don't actually use, so it's important to be aware of those things through a budget. 'When designing a budget for yourself, think about the things you know are essential. This would be the cost of your housing and groceries for example. Then you have your wants, which are the luxuries and nice things to have that you could live without for a period of time. Prioritise what you need most and keep the other things to the end of your budget.' Clear up debts 'It's really important to try and clear any debts, particularly those with high servicing costs like credit cards. People of course have mortgages and other things for a longer term that they aren't going to clear right away,' Hollands says. 'However, if you're paying high levels of interest on a loan or credit cards, you really need to get those under control before starting to put money aside for the future.' Byrnes says that rounding up spare change and using it to invest could be done rather than saving this money. 'The reason that works is because investing tends to concern or scare people,' he says. Byrnes explains that the initial step of putting money into investments or the stock market can feel risky. 'However we found over the years with clients that the spare change which feels less like real money is easier rather than a big lump sum. It can also break down the barrier to investing and as time goes on, they will start to see the benefit of it without having to necessarily take a big leap with larger sums.' Automate finances in the summer months 'We have found with customers that it's actually easier to save during the winter where there is less social pressures to go out,' Brynes says. 'When we get into the summer months and various social invites such as weddings tend to pop up more – it is important to automate your finances and pay yourself first. 'This should happen on your pay date,' he says. 'Put money into your emergency fund, your savings account, your investment accounts and ensure they come out automatically on the first day you get paid. This is more successful for savings in comparison to doing it at the end of the month – especially at this time of year.'
The Independent
18-04-2025
- Business
- The Independent
Third of 18 to 21-year-olds ‘worry about money every day'
More than a third (35%) of Gen-Z adults aged 18 to 21 worry about their finances every day, according to research for a major bank. But only a fifth (20%) of young adults said they would be interested in learning about debt management, the survey for Santander UK found. Just over nine in 10 (93%) of young people surveyed said they worry about money generally. Less than a third (30%) of young adults surveyed said they had learned about student loans at school. One in eight (12%) said they had been taught about personal loans, and a fifth (21%) recalled learning about credit cards. Separate research published in November last year by StepChange Debt Charity indicated incomes are 28% lower among its clients aged 18 to 24 compared with all StepChange clients, equating to £490 less per month. Mark Weston, director of financial support at Santander UK, said: 'Debt is an important part of most people's day-to-day finances. 'Borrowing money allows people to buy homes, access higher education, and make big purchases. However, it's crucial that people know the appropriate risk and reward trade-off before making the decision to borrow, to avoid unexpected difficulties in the future.' Many banks and building societies have tools on their websites to help people with finances and budgeting and Santander UK has free financial health check and budget calculator tools. Help with budgeting and debts is also available by visiting websites such as the Government-backed MoneyHelper service as well as comparison websites and websites belonging to charities. People can also reach out to their lender to discuss their options if they are worried about struggling with debts. Getting help early can mean there are a wider range of potential options to deal with any problems. Savanta surveyed more than 2,000 18 to 21-year-olds across the UK in October and November 2024 for Santander.
Yahoo
21-03-2025
- Business
- Yahoo
Plan to ban Park Street through traffic is backed
A council transport committee has approved plans to ban cars from driving down a major city centre street. Green councillors approved the £15m scheme that will see Bristol's Park Street only used by buses, cyclists and pedestrians in a bid to ease congestion and improve bus times. "There's been lots of literature that shows if you restrict through-traffic, then traffic just evaporates," said Green councillor Rob Bryher. But Conservative group leader Mark Weston said: "Traffic flows like water. Once you start stopping it up, it then moves into random directions. We're creating a problem, we're not solving it - we're just moving it." Mr Bryher added: "People behave differently if you change the priorities of a street." Under the plans cars will still be able to access the street via side roads but will not be able to drive from end to end. The transport committee voted to approve the plans, which still face one final hurdle. The committee voted to approve the plans with Green councillors voting in favour, Labour abstaining and Conservative and Liberal Democrat members voting against. The plans face one final hurdle as a full business case has to be submitted to the West of England Combined Authority (WECA) for approval. Some businesses on Park Street have raised concerns about the plan's potential impact on them. "The business community have been very clear — this scheme will damage trade for local independent businesses and potentially force them to leave" said Steve Smith, a former councillor and the Conservative mayoral candidate for WECA. A group of local businesses have started a campaign opposing the plans - but has so far only gained 315 petition signatures - well short of the 3,500 needed to trigger a debate. Meanwhile, the extra space for pedestrians has prompted some local venues to consider putting on a new arts festival. Green Councillor Ed Plowden, chair of the transport committee, said: "Victoria Rooms, the Royal West Academy and St George's are talking about some kind of arts festival, and they feel that the space is there that they can use now, rather than having a great big racetrack in front of the beautiful statues and architecture." Park Street's bus gate roadworks to start in October Incentives to boost support for low traffic scheme Anti-liveable neighbourhood petition handed to council Bristol City Council WECA
