You may have heard in the news over the past few days that the UK’s rate of inflation has jumped to 2.9%, a four-year high that came as a bit of a surprise to many economists. But what does this actually mean for people and families up and down the country?
It effectively spells higher prices for goods and services across the board, particularly clothing which has become more expensive due to rising import costs for retailers. According to the latest figures from the Consumer Price Index, petrol prices have increased from 1.8p a litre to 115.7p over the course of August, while diesel rose 2p to 117.6p. In both cases, experts say that this is also a continued knock-on effect from the falling price of the pound, which has dropped 13% since the Brexit referendum last June.
As for wage growth, recent statistics from the ONS also show that the value of the average British pay packet remains unchanged in months, and therefore lagging behind the rising cost of living. The challenge now facing households is working out how to stave off the impact of inflation wherever they can, particularly in the key areas mentioned above.
Making your money go further
The weekly shop. Most households have their preferred choice of supermarket nailed down, and this is often based on convenience rather than value. While most of the big UK supermarket brands may be closer to our home, or offer online delivery, it usually pays to scout around places like Aldi or Lidl to find bargain deals on your pricier purchases such as meat or alcohol. Get hunting!
An alternative commute. If you’re a regular commuter and drive to and from work in the car every day, it’s worth weighing up the total cost of your weekly petrol against public transport options. This might mean that you have to get up slightly earlier in the morning, or make walking a bigger part of your daily routine, but that isn’t necessarily a bad thing – and if you stand to save a few bob in the process, even better.
Track your spending. For those who are serious about making their monthly income go a little further, it might be worth downloading a personal finance app that can help you to measure and manage your daily and monthly expenditure. Most of these apps are quite intuitive and can be synced safely with your personal bank account. Clever, huh?
Almost six months have passed since the new 12-sided pound coin was unveiled and introduced into financial circulation by the Royal Mint. Although the new design is thinner, lighter and said to be the most difficult coin in the world to counterfeit, it also effectively spelt the death knell for our beloved ‘round pound’, which has been in circulation since 1983 when it was introduced as a replacement for the former £1 note.
During these 34 years, it’s said that over two billion pound coins have been printed by the Mint, making it one of the most widely produced coins in British history. Now, people living in Great Britain only have a limited time remaining to spend, bank or donate their old pound coins before they becomes obsolete and no longer usable.
The deadline
If you have any old £1 coins lying around in your wallet, or down the back of the sofa, you have until 15 October to spend them. This is the date by which shops and businesses are legally allowed to refuse the old coin as legal tender.
For those who are looking to make every penny go as far as possible, we recommend having a major review of every nook and cranny in your house to make sure you’ve no quids lying around.
Adam Lawrence, the chief executive of the Royal Mint, said: “The end of the round £1 is a significant chapter in the Royal Mint’s 1,000-year history, and I’m sure that many in Britain who have grown up with the familiar round coin will experience a certain amount of nostalgia when the last one comes off the presses.
“The Royal Mint is constantly looking to the future, however, so, whilst the round £1 has served us well, it is time to turn our attention to the new £1 that in time will be used by millions of people in Britain and become equally well-recognised across the world.”
It’s not all that long ago that the very idea of booking your holidays online seemed like something out of a science fiction movie. Fast forward to the modern day and it’s clear that digital technology (particularly the Internet) has changed the way we do things forever, and it seems that taking our vacations is no exception to that rule.
But it’s not just the process of booking your jollies that has been updated for the modern world. It’s safe to say the Internet has made its stamp on the average holiday in a number of different ways – and we’re here to run through a few of them for you…
Well-connected airports
The journey to the airport is always one full of promise and anticipation. Now, the very act of being there has been optimised and streamlined by the Internet of Things.
Aside from the ability to cut the queues and check in online before getting there, many airlines now let you download your boarding pass to your smartphone or tablet, so you don’t have to worry about any missing tickets or paper. Not only that, certain airports even send you notifications when your passenger gate opens, or if there’s a delay on your flight.
Bye, bye maps
When you picture a tourist, it’s hard not to conjure up the classic image of them floundering with a oversized map of the city, trying to pinpoint their path to a beautiful bridge, church or some other local landmark.
This image is becoming far less commonplace these days, all thanks to our friend the Internet. Mobile 3G data (or 4G if you’re really lucky) allows holidaymakers to ditch the A3 fold-up map in favour of one that is a fraction of the size, completely intuitive at the touch of a thumb and that even directs you where to go! All things considered, that’s some feat that has probably saved a lot of tourists a lot of time getting lost.
A bigger voice
In the past, the prospect of a bad experience with a particular travel agent, airline or resort was often brushed under the carpet to an extent. People could lodge complaints, of course, but the need for the organisation or establishment in question to address these concerns was always a private affair.
That’s certainly not the case now with social media. Many people are choosing to voice their bad experiences on Twitter or Facebook, where their entire network (potentially thousands of people) get to view their displeasure for a particular experience. No wonder then that some of these companies make a show of replying to the customer in kind, promising them freebies or discounts or whatnot! Not bad, eh?
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
