New money advice service launched

Are you one of the many women who, when it  comes to asking for advice about money, has no idea where to go? The friendly bank manager is now a distant memory and even friends you trust can offer nothing but financial horror stories.

Or perhaps you’re scared about approaching organisations who offer ‘advice’ for fear you’ll get sold something you don’t want, or get charged for advice?

We’d like to allay those worries and point you to a safe pair of hands.

The Money Advice Service.

It’s the government advice service (formally the Consumer Financial Education Body) launched today that really does offer free, impartial money advice. 

We think it's a friendly site that's easy to browse without getting tripped up by horrid jargon. Perhaps it's the green colour scheme and homely images that makes it particularly relaxing and non-threatening? And there are free printed guides on offer, as well as face-to-face services and a free helpline (0300 500 5000).

A big plus is that it's very female friendly, with great sections on childcare, finance for parents, and help with those less-than-happy events like divorce and redundancy.

We particularly like the way they acknowledge that seeking financial advice isn't just a fact-finding exercise, and that money induces a lot of anxiety in people. There's a section headed 'Money Worries' especially for those wobbly times.

Check out www.moneyadviceservice.org.uk

Proud parents of a financial bombshell!

Following on from Jessica’s lovely blog post, and also from a Consumer Finance Education Body seminar I went to last week, I thought I’d bring family finance to the fore this Friday (what a lot of F’s!).

Like it or not, sometime in your life a big financial bombshell is likely to come your way. 

One of the biggest of these is a baby. Yes, I know babies are actually quite tiny things but, boy, they can wreak some huge havoc!

Aaaah! I think she's got your nose. And my savings.

So I was dead impressed by all the advice that’s waiting for expectant parents over at the money made clear website.  And I was surprised to see that quite a lot has changed since I had babies (apparently they don’t make you bite on a bit of wood during delivery any more! And Dads can have time off too!)… 

in particular I learned that:

·      Yes, most Dads can have two weeks’ paternity leave (start lining up the jobs for him now)

·      Expectant mums are entitled to paid time off for antenatal care (no need to take a day’s holiday or throw a sickie)

·      Mums may get help with childcare costs while studying or retraining (perhaps go for a Crowd Control qualification if you’re having a large brood?)

·      Even if you’re self-employed you can usually claim Maternity Allowance (if you’re a self-employed financial advisor you probably know this)

·      Dads can pay into a pension for their partner (this I did know but it really is worth repeating –anything to stop women’s pensions taking more of a hammering).

www.moneymadeclear.org/parents

So if you’re the type who thought that planning a family just involved sex and knitting (not at the same time) it might be advisable to get yourself over to www.moneymadeclear.org.uk/parents/ 

Just to make absolutely sure you don’t do something you regret. I’m speaking financially here. You cannot take babies back and ask for a refund.

Don't drive miles for cheap petrol.

This photo was taken on a visit to Liverpool last year....ooh, makes you want to rush in there for some health advice doesn't it?

On the rare occasions that I visit the gym (I know, I know) I always get really miffed if I can't find a parking space close to the entrance. As if walking a few hundred yards isn't exactly what I need to do.
Are you a living bundle of contradictions? Now there's talk of reducing the price of petrol, are you tempted to drive around looking for the cheapest deal?
Do you eat ready meals while watching cookery programmes? Lie on the sofa watching a fitness video?  Slouch around wearing jogging pants and running shoes?

Well, can we suggest you sprint over to the money made clear website  for a workout that most of us could do with at this time of year. Financial fitness here we come.

We particularly like their 'Give your money a workout' article.
You can gorge on all their solid, sensible, straightforward advice  - and it won't cost you a penny.

Don't lose out in divorce!

Did spending two weeks cooped up, snowed-in and turkey-bound put a strain on your relationship? 

Was it the iron he gave you for Christmas, or his failure to mention that his mother was staying for ten days, that finally had you slapping the words ‘quick divorce’ into google?

Hold on a minute. Remember that a marital break up isn’t just for Christmas, it’s for life. So don't make decisions that might cost you later on. The common view is that men get fleeced by women in divorce settlements. The reality is quite the reverse.

A study by the Institute for Social and Economic Research found that divorce often rescues men from poverty while plunging women into it. The incomes of ex-husbands rose by 25% immediately after a split. Yet women saw a sharp fall in their finances, which rarely regained pre-divorce levels.

Sadly, 27% of women ended up living in poverty as a result – three times the rate of men – and only 31% received maintenance payments from ex-husbands for their children.

Now help is at hand in the form of the Moneymadeclear divorce and separation

website. 

This site brings together loads of useful financial information, plus impartial help with financial issues, including:

• thinking about divorce or separation

• the steps involved

• if you have children

• living arrangements

• splitting what you have – using an interactive online calculator; and

• managing your money.

With the moneymadeclear interactive online calculator you can draw up a budget to help you:

·      work out what you have and what you owe (it suggests a number of actions you can take)

·      look at how you can split what you have (it explores different scenarios and helps you prepare for discussions with your partner, solicitor or mediator)

This is the first calculator of its kind. And it's been created with help from experts in this field, including Relate, Resolution, National Family Mediation, Families Need Fathers and the Family and Parenting Institute.

So much better to hit him with some plans, straight facts and plain talking than with the iron. 

Savvy-nomics rules this yule!

Will the festive season knock the stuffing out of your budget this year? 
Is it going to be a blow-out Christmas, or will you be sipping Lambrini instead of Laurent-Perrier on the 25th?

According to new research UK shoppers are going to rein in their spending this Christmas, spending on average £26 less per head than last year.

It seems austerity messages have hit home and people are thinking about how to make their money go further. Does that sound familiar to you?

The CFEB’s survey says we’re more savvy this year than we were five years ago:

• ·      Nearly twice as many of us (37%) now set a Christmas budget and intend to stick to it (up from 19% in 2005)
• ·      6 out of ten people will post cards earlier to cash in on cheaper 2^nd class postage rates (up from 40% in 2005)
• ·      Twice as many of us (16%) are happy to source second-hand items as gifts (up from 8% in 2005)
• ·      More than half of us (54%) say we’ll cut back on the food budget by buying supermarket’s own brands (up from 25% in 2005)

This is great news and should mean that Santa's the only one who'll be starting 2011 in the red. 
Although a worrying 34% of people say they will fund Christmas from their December pay packet. 
Then they've still got another long month to get through before the next pay day. 
And…er…no they haven’t done anything so far this year to help spread the cost.

So, while I'm not saying ho ho ho to those who intend to have a no frills, fully paid up Christmas I'm reminded of psychological research showing that intentions don't always translate into reality. 
Will those good intentions melt away when the jingle bells and seasonal smells of the festive stores seduce us into slipping extra boxes of baubles and novelty socks into the basket?  


Will we be overcome with guilt at the paucity of the present pile and nip out for another singing fish at the last minute? 
Might we even risk buying things people don't need with money we don't have?
It’s the unplanned, impulsive purchases that can trip us up and, as sheconomics research shows, women are especially likely to get overwhelmed by the urge to splurge.

Check out the cheery CFEB Christmas website www.moneymadeclear.org.uk/christmas

Luckily the Consumer Finance Education Body has some great tips on its Christmas website launched today. There is a Christmas cut-back calculator to work out where you can release cash from other expenses to cover the seasonal spend. Plus they’ve got lots more Christmas tips and really accessible, useful (and free) financial advice.


Check out their tips now and be a savvy spender this Christmas.

IF YOU'D LIKE TO HEAR MY PODCAST INTERVIEW ON THIS TOPIC GO TO
http://www.sheconomics.com/news.html

Free money guidance & Simonne's view on the CFEB

Last November saw the formation of the new Consumer Financial Education Body (CFEB). Independent of the Financial Services Authority (FSA), the remit of the CFEB is to focus on meeting consumer’s needs and be less bound up in regulation.

The FSA did a great job in starting to boost people's financially literacy and capability. Now it's up to the CFEB to keep this up and to roll out the Moneymadeclear money guidance service nationally. The challenge is to transform us into a nation of financially-savvy people who save for their future. Quite a tall order!

At CFEB’s conference recently I (Simonne) was impressed by the measures they've taken so far to improve people’s understanding of financial matters. It felt good to participate in talks and discussions that will help shape further developments to engage people in money matters.

While the financial services industry expect people to act rationally, at Sheconomics by default we assume most people don’t. Complex emotions often hijack rationality and people don’t always behave in the way that economists or experts would have us believe we should. A big thumbs up to the CFEB for recognising this too and for commissioning a report ‘Transforming Financial Behaviour’ which explores ways in which people can make better choices. 

Visit CFEB's site to find out more. And you can download information on ‘Transforming Financial Behaviour’ from the following links: Read summary | Read full report  

by Simonne Gnessen