Savings Accounts - Professional Advice

When it comes to savings, you may well find yourself daunted by the sheer variety of ways to invest your money. Particularly if you find yourself with a substantial amount to invest, and are less than confident at dealing with things like the stock market, bonds and trusts, you're likely to gain from professional expertise. The main issue here is trust ? you want to be sure your money is being used to its full potential and whoever you entrust it to must be someone you have total confidence in.

If you have a basic understanding of how savings and investments work, however, it will be a lot easier to make judgements about the reliability and efficiency of individual advisers.

Independent Financial Advisers

Usually you will not be charged for general advice, but the adviser will gain commission when he or she sells you particular products. Don?t be afraid to ask about commissions ? a good adviser should be open and transparent about such matters. They are duty bound to find out all relevant information about you and then give ?best advice? ? which means selling you the products that are most suitable for your situation.

Accountants

Accountants normally advise on book keeping and tax, but sometimes also give advice about investments. If involved with investing, they must belong to one of the Recognised Professional Bodies responsible for regulating their business. These include the Institute of Chartered Accountants and the Association of Chartered Certified Accountants.

Stockbrokers

If you are dealing on the stock market, you will need to buy and sell your shares through a broker. If you want advice on your investments, choose a traditional stockbroker. On the other hand, there are brokers that offer a dealing-only service, and this is a cheaper way to buy and sell shares. Stockbrokers charge a commission on deals, and a traditional brokers service should include advice. provides detailed advice and ways to locate a broker.

The Financial Services Authority regulates all these professionals ? if you are unsure about the credentials or dealings of someone check with them to verify that they are legitimate and are operating fairly. The FSA website also has details of what to do if you are unhappy with the service you've received from a finance professional ? check . Once again, the government's advice site has sound information on the basic principles ? and links to other information sites.

Read More

Business Banking ? Keeping Your Accounts Healthy

There's no room for complacency when it comes to running a business, and running your account is no different. You should check your statements carefully, and have a periodic review of the market to make sure your account is still the best one for your needs.

New accounts and special offers crop up all the time, and it may be worth your while to change banks. You can also point out the competition's rates when negotiating terms with your own bank ? often these are flexible and a bank may offer you improved rates if you hint that you are considering taking your business elsewhere. Stay on top of bank charges, and if any show on your account that you do not understand, contact the British Bankers? Association for more detailed explanations on charges and interest:

There are ways to minimise charges and run your account as smoothly as possible:

1. Automate Your Account

If you have frequent customers, you could encourage them to make payments by direct debit or standing order. The more electronic payments you have, the fewer charges you will incur. The same goes for your expenses ? try to use automated services for all your regular payments.

2. Bank Online

If your bank account has online facilities, make use of them. It is both more efficient and cost effective. Larger businesses may be offered ?PC banking?, which involves special software being installed on your accounting computer, so that your accounting system is linked directly to your bank.

If you find yourself struggling, for example if cash is short and it's becoming difficult to meet the repayments on your loan, the best course of action is to visit your bank and renegotiate your account. You should do your best not to exceed any overdraft limit that has been agreed, and stick to the terms of your account. If you break the terms of your agreement there can be stiff penalties, such as referral fees and administration costs.

If you accept a cheque which then bounces, you will lose the money owed to you and also incur a charge. Be sure to write the number of the cheque guarantee card on the back of all cheques

You should also keep your records scrupulously accurate ? noting all transactions and crosschecking your records with your bank statements. Not only will this mean you can query any discrepancies, but it will make filling in your tax return much quicker and easier!

Read More

Holiday Shopping And Credit Cards

Minimize Credit Card Spending During the Holidays

The holiday shopping season is a much-anticipated time of year for both the retail industry and consumers. For the retail industry, the largest percentage of their sales are earned during the holidays by consumers who have failed to plan and are easily lured to make impulse purchases for shiny new gadgets. Consumers on the other hand make a dash for the mall, credit card in hand, in search of a thrill from the fancy decorations and Christmas music, the sale signs, and the crowds. At the end of the day, or shall I say in January after things have calmed down, consumers are weeping because of their huge credit card bills wondering where all the money went and retailers are laughing all the way to the bank or the board room. While, its not such a bad thing for the retail industry, how can we as consumers make sure that we are not weeping but celebrating along with the industry? It is simple. We can develop a plan and a budget, which includes shopping year round for gifts and doing some comparison-shopping.

Christmas comes the same time every year. We have approximately 12 months to develop a plan and to execute it if we desire to save money and keep our credit card balances low. Why wait until December 1 or Black Friday to begin our Christmas shopping? For the adults and even some of the children on our list we can shop for gifts year round. Why not begin in January or early February when the winter clearance begins for many retailers? Or stock up on the latest toys and gadgets at significant savings on the day after Christmas. To avoid the long lines the day after the holiday, shop online where the deals have proven to be just as good. Some merchants even offer free shipping. Be on the look out for online coupon codes and free shipping offers.

Your plan should also consist of making a list, which includes the names of all the family members, and friends that you need to purchase something for along with a gift or two that is representative of them and your relationship. Then you should develop a total budget using the highest price item of the two that you listed and make the conscious decision to adhere to that bottom line. After you've done this, prepare to do some comparison-shopping, which you can do from the comfort of your own home. The thing about comparison-shopping is that you must give your self enough time; this is not for procrastinators. Check the Internet sites of competing retailers to see who has the best price and check the weekly advertisements too. This way you know what you want and where to get it before you leave home, which will reduce the number of impulse purchases you make and reduce the temptation to pick up things along the way.

Don't become trapped in credit card debt year after year during the holiday season. Make a decision to develop a plan and follow it. Decide early on who you want to purchase gifts for and select the ideal gift. Then develop a budget that you can adhere to that will cover the expense of all these gifts. Finally, allow yourself enough time to do some comparison-shopping. Watch for sales cycles and weekly advertisements from those same merchants. Then make up your mind to be done or at least 95% complete with your holiday shopping before December 1st. By having a plan and make a concerted effort to stick with it, you can ensure that you will be rejoicing at all the money you saved in January because you made the decision to stop letting retailers control your credit card spending.

Read More