August 14th, 2024 | Andrew Hagger | News

American Express today increased the sign-up bonus on its Amex^® Cashback Everyday Credit Card, offering new Cardmembers 5% cashback up to an increased £125, over an extended five month welcome period.   

This is £25 more than the previous £100 limit on the 5% introductory cashback rate, and runs for an additional two months – five months versus the previous three months – giving Cardmembers more time and opportunity to benefit from the 5% rate. There is no end date for this new sign-up bonus, which was initially trialled as a limited time offer in February.  

Following the extended 5% cashback period – which is currently the highest cashback earn rate of any UK credit card – Cardmembers can then continue to earn up to 1% cashback, as usual. They receive 0.5% cashback on spend up to £10,000 and 1% cashback on spend over £10,000, each Cardmembership year. There is no annual fee and no cap on how much cashback Cardmembers could earn from their spending. 

On top of this, Cardmembers can continue to earn up to £150 additional cashback through referring a friend who is approved (£20 for each additional successful referral). 

Wider Amex^® Cashback Everyday Credit Card benefits  

The Cashback Everyday Credit Card comes with a host of benefits beyond cashback. With Amex^® Experiences, Cardmembers enjoy exclusive access to some of the most sought-after sports, music and theatre events before tickets go on general sale. Alongside this, Cardmembers can make the most of Amex Offers; discounts from a range of popular dining, entertainment, retail and travel brands. 

By adding family members or partners to their Account, Cardmembers can earn cashback even faster. Cashback Everyday Credit Cardmembers are entitled to up to five complimentary Supplementary Cards (subject to approval), with spend on all Cards earning cashback.   

Full terms and conditions apply. 18+. Subject to status. For more information please visit here.  

The American Express Cashback Everyday Credit Card has a Representative APR 31.0% Variable.  

ENDS  

August 7th, 2024 | Andrew Hagger | News

New research has revealed that most people in the UK are putting money away for holidays, with more than half having a specific savings account to pay for their trips.

The survey from Leeds Building Society found that 55% of people have a dedicated holiday fund, and just over a third (35%) have more than one.

As the cost of living continues to bite, you might expect spending plans to be curtailed but almost three in four people (74%) anticipate spending the same or more on a holiday this year compared to last.

However, a significant proportion (35%) intend to use a credit card which highlights that not everyone is in a position to spend from their savings, and over a third are getting into debt to go away.

Top savings tips

     Leeds Building Society has produced a selection of helpful hints and tips on getting into a good savings habit for holidays and making those funds go as far as possible.

They include holiday booking hacks, savings tips and things to consider like the potential benefits of using a travel agent versus doing your own research, and booking a package trip versus shopping around for the best deals on flights, transfers and accommodation.

Other ideas include capitalising on differences in the timing of school breaks across the UK and crossing borders to book cheaper flights.

What are the best savings accounts for a holiday fund?

Most people start saving between one year or six months from their break, and on average save £257 every deposit.

The research shows that monthly is the preferred saving frequency, explaining why regular savings accounts are the favoured type of account (64%) followed by instant access (47%) and cash ISAs (36%).

Catherine Wray, Leeds Building Society’s Savings Manager, said: “It’s pleasing to see just how many people have planned ahead to save money for a holiday.

“Setting up a recurring payment to go into a regular savings account every month can be an effective way of building a healthy fund by the time you’re ready to travel.

“Anyone who wants to start saving for a holiday should consider what type of account is best for them.

“Those who like to seize the moment and take last minute trips might want to consider easy access savers so they can dip into their pot immediately.

“Those who prefer to plan ahead more are likely to be able to opt for a slightly better rate of interest but have less flexibility over withdrawals.

“Many people often ask how to open a savings account, and the simple answer is that it’s always a good idea to shop around for the top products and best cash ISA rates and find the savings product most suited to your needs.

July 31st, 2024 | Andrew Hagger | News

A recent study reveals that nearly a third (31%) of Brits face financial difficulties. With the cost of living crisis ongoing, 40% of UK residents are scaling back their spending on holidays this year, and nearly half (48%) are cutting back on the number of holidays they take, or skipping their break altogether.

Despite these financial challenges, a surprising 23% of Brits aren’t taking advantage of discounts or promotions. The online savings website MyVoucherCodes analysed their internal data and found that those who did use online discounts for holidays collectively saved almost £100,000.

Savings experts for the discount site urge travellers who still want to bag themselves a holiday to make use of promotional codes to snag their last-minute travel deals.

Among those planning to spend less on holidays, only 29% had used an online promotional code in the last 6 months. This means that the majority of holidaymakers looking to tighten their travel budgets could be missing out on significant savings.

In 2023, a staggering 86.2 million UK residents travelled abroad. If every traveller had used online vouchers and discount codes, they could have bagged a total saving of £3.66 billion. Yet, the actual savings made were less than 1% of the potential amount.

Of the discount methods used, brand promotional deals and discount cards were the most popular, with 48% and 30% of consumers using them both online or offline, respectively. These methods also influence travel plans as well.

61% of those looking to increase the number of holidays they take this year used discount cards and over half (59%) took advantage of promotional deals. This shows the benefits of being savvy with your spending, opening up more travel opportunities.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “Nobody should have to miss out on a holiday because of the current financial climate. Considering so many are looking to either reduce the cost of their holidays or forgo their holiday altogether, it’s shocking that more people don’t take advantage of the free and easily accessible discounts available. These savings could make a huge difference to someone’s travel plans and can even open opportunities to snag last-minute travel deals.

“As well as checking for discount codes, there are plenty more ways to save money on travel. For instance, compare the cost of flights and accommodation using online price tracking tools such as Google Flights and Trivago. Set these tools to alert you when prices drop so you can book at the best time.

“Having the flexibility to fly from a different airport can sometimes mean securing cheaper fares, and don’t forget to sign up for flash deals and exclusive offers. If you can, travelling during off-peak months often makes a huge difference to the cost of your holiday.

“Doing a bit of research before your trip can uncover many hidden gems to allow you to have a fun-filled holiday without breaking the bank.”

For more simple ways to save on travel, head to MyVoucherCodes.

July 26th, 2024 | Andrew Hagger | News

There is nothing more important than your reputation in the construction industry. Building up a positive reputation over the years will make it much easier to win over new clients and find ongoing work, especially as this can lead to word-of-mouth marketing (which remains highly effective in this industry). So, how can you build a positive reputation for your business?

Create Projects to a High Standard

The most obvious way to create a positive reputation is to complete every project to the highest possible standard. You will always be judged primarily by the quality of your work, so every project must become a priority. To win over new customers, it is then important to create a detailed portfolio of your work (including customer reviews). You must also give a great account of yourself through presentations, with AV companies to install your tech and demonstration utilities as standard.

Use Quality Supplies

Closely linked to this, you should also make sure you are always using high-quality supplies. The tools, equipment, and materials you use will have a huge bearing on the quality of the work but also the daily workflow. Cordless power tools are ideal for streamlining various construction tools, but you must ensure you have a Milwaukee battery that will allow you and your team to keep your tools running for longer and deliver power.

Communicate With Clients

The importance of strong communication with clients cannot be overstated. They are putting their trust in you and your team, so you need to be able to build trust and make yourself available for any questions you have. This is why you need to have strong social skills and take the time to listen to your clients and get on the same page.

Create Projects to a High Standard

The most obvious way to create a positive reputation is to complete every project to the highest possible standard. You will always be judged primarily by the quality of your work, so every project must become a priority. To win over new customers, it is then important to create a detailed portfolio of your work (including customer reviews). Your portfolio of work can also be used for promoting your business as well. You can showcase it in PPC ads. If you need direction on how to do this, hire an ecommerce PPC agency to assist you with showcasing your work to a wider audience through ads. Showing your target audience your body of work is a great way to get new clients and customers.

Stay Up to Date with Training

It is also important to stay up to date with training so that you can remain competitive and complete work to the highest standard. This also shows your dedication to your craft, which is important when it comes to creating a name for yourself in this industry.

Keep Insurance Up to Date

You want to keep your insurance up to date to ensure that you are always protected, but it can also help your reputation. If a client knows that you are fully protected, they are much more likely to choose your company.

Customer Fulfilment

One of the most important ways to improve your business reputation is to improve your customer service. When someone orders a product or service, it’s not unreasonable for them to expect that their order will be fulfilled in a timely and appropriate manner. This is especially true if you’re running an ecommerce business, because most if not all of your customers will order online and need their products delivered.

With this in mind, using an ecommerce fulfilment service is a great way to ensure that your customers are always satisfied. This gives you a handy way to store and deliver your products for distribution.

Have a Team You Can Rely On

Of course, you always want to ensure you have a team you can rely on. Construction is a team effort, so you need to take your time to build a team that you can trust and will help you deliver projects to the highest standard. This means hiring the right people for the job and providing ongoing training.

Reputation is critical to success in this industry, so this post should give you a few ideas for building and maintaining a reputation that will help you stand out and attract customers.

July 25th, 2024 | Andrew Hagger | News

Turkey has been named Europe’s least family-friendly destination, scoring just 2.7 out of 10 in the latest index from that evaluated Europe’s most popular destinations based on suitable family criteria.

The research, by Go.Compare, evaluated Europe’s most popular travel destinations based on several factors geared towards families: their availability of family-friendly hotels, airport reliability, and the number of family-friendly attractions. It also considered the cost increase for flights and accommodations during peak travel seasons, like school holidays.

The “Family Scores” produced for each destination revealed the following countries as the least family-friendly:

• Turkey: 2.7/10

• Portugal: 3.1/10

• Greece: 4.1/10

Despite Turkey being the eighth most visited country globally in 2023, with over 3 million visits by UK residents, it offers limited family-friendly facilities. Turkey features only 5,500 family-friendly hotels and 2,000 attractions, significantly fewer compared to top destinations like Italy and France, which boast over 40,000 hotels and more than five times the number of attractions.

While Turkey boasts of an impressive airport reliability, with 90% of flights arriving and departing on time, its biggest set back is cost. The country experiences a huge 31% average price increase during peak travel seasons, placing financial strain on families planning their getaways.

Portugal and Greece, while scoring slightly higher, also face challenges. Portugal, scoring 3.1 out of 10, offers fewer than 10,000 family-friendly hotels and less than 3,000 attractions. It also has the lowest airport punctuality rate among the destinations evaluated, standing  at 62%.

Rhys Jones, travel expert at Go.Compare, said: “Turkey’s ranking as the least family-friendly destination shows just how important it is for families to plan ahead as much as possible before choosing their getaway.

“Families should consider destinations that not only offer ample family-friendly accommodations and attractions but also provide reliable travel options, and manageable costs during peak seasons. It is also essential to plan ahead and anticipate potential obstacles that could affect your family’s holiday experience, which is why comprehensive travel insurance can be invaluable.

“By prioritising both practical considerations and safeguarding measures, like insurance, families can travel to their chosen destination with peace of mind.”

More information on the growing trend of solo travel can be found on Go.Compare’s website.

July 25th, 2024 | Andrew Hagger | News

Having financial protection in place to provision for a worst-case scenario is always a good idea, especially if you have a family who rely on you.

But which policy type provides the right cover for you, at the best available price?

In the below article we explore the merits of two of the most popular forms of cover; life insurance and income protection – helping provide the key information to enable you to make an informed decision.

What is the difference between life insurance and income protection?

The fundamental difference is that a life insurance policy pays out a cash lump sum after your passing. Whereas income protection pays out each month whilst you are unable to work due to injury or illness.

Whilst a life insurance pay out is made to your loved ones after you are gone, an income protection pay out is made to you (the policyholder).

The most popular life insurance policy comes in two forms: level and decreasing term. Level term cover provides a fixed (or level) pay out amount regardless of when you pass away during the policy term.

In contrast the cover amount on decreasing term policies reduces over the life of the policy (making it ideal for covering a repayment mortgage). As the risk to the insurer reduces after each passing month, decreasing term life insurance is the cheaper option.

Income protection comes in the form of either long-term or short-term cover and both options pay out up to 70% of your usual income, depending on the insurer. This income can help cover the monthly rent or mortgage repayments and meet family living costs.

Long-term income protection has the potential to continuously pay out until you return to work or until the policy expires and as a result it is more expensive. Whereas short term income protection only pays out for a predetermined and limited period; typically, a maximum of 1, 2 or 5 years.

Who is income protection best suits too?

An income protection policy is well suited for those who work as it can replace a lost income. It can be particularly beneficial for those who are self-employed and who cannot rely on full-time sick pay from their employer.

It is also a good option for those who do not have any personal savings to fall back on, those who rent and/or those who do not want the pressure of managing/budgeting a large life insurance lump sum.

Who is life insurance best suited too?

A life insurance policy is well suited for those who have a family and/or a mortgage. As life insurance provides a lump sum it can be used to clear a mortgage debt enabling the family to remain in their home, provide an inheritance and/or cover rising funeral costs. A pay out can help alleviate financial stress at an already challenging time for your nearest and dearest.

In summary, income protection is great if you want to protect your earnings, whilst life insurance is better suited if you want to protect your loved ones after you pass away.

Which policy is more expensive?

The cost of both life insurance and income protection is calculated based on the likelihood of a claim. The insurer will consider key factors such as your age, medical history, smoking status, weight, cover amount and term length.

It is difficult to compare the cost of these two policy types because they are very different; one providing a lump sum pay out and the other a monthly income.

However, based on information provided by leading broker, a 30-year-old non-smoker will pay £4.34 a month for £100,000 over a 20-year term. Whilst the same individual with an income of £30,000 would pay £6.41 for income protection cover until the age of 65.

Statically we are much more likely to suffer injury or illness during a policy term, than to pass away, which in part explains why income protection is usually more costly.

To compare quotes from all the main insurers free of charge see this best income protection insurance guide from Reassured.

Can you take out both life insurance and income protection?

Yes, unlike car and home insurance, it is not illegal to take out multiple life insurance policies. Budget permitting you could secure life insurance to cover the mortgage and leave an inheritance if you were no longer around to provide. And income protection to provide a regular income to cover day to day living costs in case you became too ill or injured to work.

Please note, this would obviously mean paying two separate monthly premiums and so would not be suitable for everyone.

Whichever policy option you choose, compare quotes

Regardless of whether you decide on life insurance or income protection insurance it is vital that you compare quotes from a variety of insurers. This is because the cost of cover can vary wildly between providers, due to differences in underwriting criteria.

If you know the type of policy you require then you could use a reputable comparison website to save yourself time and money. However, if you need additional support or have questions then using an FCA-regulated broker may be a better option.

A broker can help you through the application process, discuss your policy options, unpick the insurance jargon, write your policy in trust and even deal with a future claim. What’s more, most brokers do not charge you a fee (as they earn a commission from the insurer).

In conclusion, there is no policy which is better than the other and it is a case of which best one meets your unique needs, budget, and personal circumstances.

Lastly, if there is one key take away from this article it is that regardless of the policy type you choose, your age at the point of application strongly influences the cost of cover. As a result, a 50-year-old can pay double that of a 30-year-old, and so if you need cover why not seize the day and lock in the lowest possible premium for years to come.

July 24th, 2024 | Andrew Hagger | News

Remote working has in many cases become the norm since the COVID-19 pandemic and can bring a wide range of benefits for both employees and employees. While there are undoubtedly benefits for all parties, remote working can also present some unique challenges. One area that has become a lot more complex since the rise of remote work is payroll management. Keep reading to find out about these challenges and how they can be managed.

Challenges of Remote Payroll Management

One of the challenges is compliance with tax jurisdictions as remote workers could be working in areas with different tax laws. Another challenge can be handling different time zones – if you have staff working overseas and in different time zones, it can be difficult to synchronise payroll processes and ensure employees are paid on time. Finally, remote working can make time tracking much harder, so systems need to be used to track employee hours for accurate and fair pay accurately.

Leveraging Technology for Payroll Solutions

Fortunately, technology can be used to overcome the challenges associated with remote payroll. Cloud-based payroll software can be helpful as it can be accessed from anywhere and allows for real-time updates for complete accuracy. Additionally, cloud-based payroll software can often automate many payroll processes, helping to speed up processes, reduce errors, and free up time for staff to focus on other areas. Payroll software can also often be integrated into other HR systems, which helps to create a seamless flow of information and assist with time-tracking, benefits administration, and other HR tasks.

Ensuring Compliance & Security

It is also vital that businesses are compliant with local and international labour laws when it comes to remote workers. Data protection must also be a top priority to ensure compliance with data protection laws and safeguard sensitive employee information from hackers. Security measures can include data encryption, access control, and two-factor authentication. Regular security audits should be conducted to ensure that there are no vulnerabilities.

Best Practices for Managing Distributed Teams

So, what else can be done to manage payroll for distributed teams? Communication is paramount when it comes to remote work, so you must have clear channels and keep employees updated on payroll developments. Self-service portals can also be helpful as these allow staff to access their information, update data, and manage tax withholdings.

Remote working brings benefits to all parties, but it can also present a few unique challenges. Managing payroll can be difficult when you have a distributed network of employees, but there are always things that can be done to overcome these challenges. The use of high-quality payroll software, clear communication, and implementing best practices will help you keep on top of remote payroll and ensure that staff are always paid in full and on time.

July 22nd, 2024 | Andrew Hagger | News

 With holidays on the horizon for many, new research from American Express shows that British holidaymakers expect to spend £2,804 across the summer on international trips, with almost 4 in 10 (39%) planning to spend more on foreign holidays this summer versus last.

Many UK travellers are planning to take multiple foreign holidays this summer (summer defined as 1 June to 30 September), with 39% of those going abroad planning at least two international trips.

Whether it’s a hotel, B&B or villa, accommodation is the highest area of spending for those holidaying overseas – costing £812 across summer. Travel comes in next, with Brits planning to spend nearly £698 reaching their getaway destinations, followed by holiday dining at £492. 

No passport, no problem

 The research, which is based on consumers’ self-reported data and does not reflect Amex Cardmember spending data, also looked at staycations – the act of holidaying in one’s own home or home country.

The research revealed that it’s not just overseas holidays Brits are looking forward to. More than half of UK adults (53%) are planning to take, or have already taken, a staycation this summer.

In total, Brits taking domestic holidays will spend £1,754 across all their UK-based holidays this summer and one-third (33%) are planning to spend more on domestic holidays this summer versus last.

Holidaymakers in the UK will go on nearly two (1.8) domestic summer trips, on average. Younger travellers have the most appetite for discovering domestic holiday spots, with 63% of 18- to 34-year-olds planning a staycation this summer. The same is also true for international travel, at 59%.

City slickers

City breaks are the most popular type of UK holiday for staycationers, with nearly a third (30%) of domestic travellers planning to go away to a British city this summer. 78% of those going on staycations this summer say that proximity to restaurants, cafés and bars is an important factor when picking destinations. London takes top spot for staycation city breaks, with 16% of domestic tourists looking for a taste of big city life in the capital, followed by Manchester (8%) and Edinburgh (8%).

Outside of cities,16% of domestic tourists are planning to head to Wales, 14% to Cornwall and The Lake District, and 10% to Devon.

Word of mouth is the most likely factor to inspire our UK holidays. 41% of Brits say what, where and how they plan staycations is influenced by family and friends, with online reviews (32%) and local weather (31%) being next most influential. UK adult consumers under 35 are most likely to be influenced by social media, with 39% saying it impacts their holiday choices.

Dave Edwards, Vice President, American Express: “We know, for our Cardmembers, that travel is an important part of their summer plans. Whether it’s an international trip or a domestic break, Brits are looking forward to their summer holidays with 33% planning a getaway. Holidays to international beach destinations, or popular UK city and country escapes, are just some of the ways we’ll be getting away this summer, with Amex^® Cardmembers able to earn and use rewards to take them further.”

July 16th, 2024 | Andrew Hagger | News

Social media may be inspiring a new generation of savvy savers and fiscally responsible young adults, with 74% of Gen Z participating in social media-driven challenges to boost their overall savings as revealed in the latest NatWest Savings Index.

In comparison to other age groups, Gen Z are the most likely of any generation to budget. Almost seven in ten (69%) 18-24-year-olds say they create a budget for their finances, contrasting with those aged 65 and older where less than half (42%) report setting a budget for themselves.

Younger savers are actively engaging with social media-driven savings challenges. Nearly a fifth of 18-24-year-olds say they take part in ‘no-spend months’ (18%), and the ‘50/30/20’ (wants/needs/savings) rule (17%), with more than one in five trying no impulse purchases (21%), as they seek to boost their overall savings. All of this may be creating a generation of financially aware young people.

The NatWest Index surveyed 10,000 people across the UK. It found that nationally, 22% of UK adults save less than £50 a month. On average, UK adults who save are saving 24% less per month than they think they should, putting away £203.21 each month despite believing that they should be saving closer to £265.95.

As well as many lacking a savings goal, the research revealed that the absence of a savings buffer is taking a toll on their mental health, with 22% of respondents saying their savings balance is negatively impacting their wellbeing and more than a quarter (27%) of adults saying they do not discuss their finances with anyone. There are clear generational differences, with younger generations more likely to discuss their finances (86%), compared to Baby Boomers, 37% of whom say that they would not discuss this with anyone.

The research also discovered that nearly two in five UK adults (39%) do not budget at all and 13% have no emergency fund, with 25% of those surveyed having less than £400 in their emergency fund, despite ongoing economic challenges.

Over half of respondents cited increased grocery costs (56%) and increased energy bills (51%) as the top factors limiting savings potential. More than three-quarters (76%) said they were willing to cut discretionary spending to boost savings, including 42% willing to give up eating out to increase how much they can save.

“On the plus side, it’s encouraging to see the younger generation engaging with new ideas and solutions to boost their savings. The research is a stark wake-up call – nearly two in five adults (39%) don’t budget at all and just over half (53%) do not have a specific savings goal,” said Lewis Broadie, Savings Expert at NatWest.

“The findings stress a need for greater financial education and accessible tools to support people in effectively managing their budgets and getting practical support to reach their savings goals.”

View the full NatWest Savings Index for more results on the UK’s savings habits, as well as tips and advice around budgeting towards savings goals. Savings Index | Savings Statistics and Report | NatWest

July 15th, 2024 | Andrew Hagger | News

With only a few days until the six-week holidays commences, parents are looking for ways to keep their kids entertained without breaking the bank.

Hodge reveals the potential costs of family outings and shares tips on having fun while staying in budget.

Christie Cook, managing director of retail at Hodge said:

“The six-week break is a great opportunity for families to enjoy both indoor and outdoor activities.

“However, with the current economic climate, it can be challenging to afford regular days out. Mixing more affordable home-based activities with occasional outings can help balance the costs.”

Cost breakdown of popular family activities over six-week holiday

Based on a family of four (2 adults, 2 children aged 2-15 years, except Go Karting for ages 8-12 children and 13+ adults)

Three budgeting tips from Hodge

1. Board game nights: Spend time playing classic board games like Scrabble, Guess Who, or Kerplunk. These games not only entertain but also encourage family bonding at home without hefty costs.
2. Budget-friendly movie nights: Skip the expensive cinema tickets and create your own movie night at home. Subscribe to streaming services like Disney+ or Netflix (monthly fees range from £7.99 to £10.99) or rent films on platforms like Rakuten. Enhance the experience by buying cinema-style snacks from the supermarket, such as popcorn, sweets and nachos. This not only saves money but also means you can enjoy a film in your pyjamas, in the comfort of your own home.
3. Local events: Use platforms like Facebook Events to discover free or low-cost local events. From community fairs to cultural festivals, these events often provide entertainment options that are budget-friendly and enjoyable for the whole family.

Christie added: “Personally I love a good picnic and getting out in nature, whether that’s a day at the beach, a cycle along the canal, or trips to the playground to play whichever ball game the kids are into that week. Cheaper days out can be just as much fun as a trip to a theme park with a little imagination and hopefully a bit of luck with the British weather.”