Future's healthy; WEEK 8 AN END TO PANIC BUYS AND WORRY.Byline: TRICIA PHILLIPS NURSE June Grainger is delighted. She has savings for the first time in her life, after completing our brilliant free Financial Detox Plan. June started the detox just before Christmas last year and now has an impressive pounds 6,500 in her savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: . "I'm so excited to have savings behind me, it feels incredible," says the 52-year-old. "When I started the detox I had been divorced a couple of years and was in such a muddle with my finances. I hadn't a clue how much I was spending and didn't know where my money was going." June was scared to open her bank statements and hadn't checked them properly for years. "I just had no idea where my money was going. I wasn't a big spender Noun 1. big spender - one who spends lavishly and ostentatiously on entertainment; "the last of the big spenders" high roller scattergood, spend-all, spendthrift, spender - someone who spends money prodigally I was just disorganised and was panic-buying at the last minute. "But it just goes to show how much I was wasting as I've got money in the bank now." Purely by luck most of June's financial products, such as insurance, were reasonable deals. "The only one I''m stuck with that isn't great is my mortgage, which I took out as a fiveyear deal before I started the detox. "But now I'm in control, I'll be getting that sorted to a better deal as soon as it comes up for renewal. I now plan my grocery shopping and don't get sidetracked by special offers on products or panic buy. "I now know what's coming in and what's going out," says June, from Cambridgeshire. "I put money aside for bills and for things like birthdays, so I've always got the cash I need and get no nasty surprises. "Getting my finances organised has made a huge difference to my life. The worries have gone. I have plenty of money in the bank and it's such a lovely feeling of freedom." WEEK 8... CREDIT CARDS Credit cards are an extremely lucrative business for providers and, because we don't always pay attention to the small print, many of us play right into their hands. Rates of interest charged on many cards are extortionate and bear no resemblance Resemblance may refer to:
You need to use cards wisely so you don't get caught out by hefty heft·y adj. heft·i·er, heft·i·est 1. Of considerable weight; heavy. 2. Rugged and powerful. See Synonyms at heavy. 3. charges. The only way to beat the system is to pay off balances in full each month. But if you can't then don't let the following catch you out: Cash withdrawal fees - never withdraw cash on credit cards. You'll be charged high rates of interest, much more than that charged on purchases, and it'll be charged from day one. There's no interest-free period as with purchases. Plus you'll be charged a fee of around 3% of the amount withdrawn. Order of payments - all cards, except Nationwide and Saga, use your repayments to pay off the cheapest debt first, leaving expensive debt clocking up hefty interest. Credit card cheques - avoid like the plague. They're treated the same as cash withdrawals with high interest charged from day one and a handling fee. Minimum payment - low minimum payments, usually 2% or 3%, may seem appealing but it's just another ploy ploy n. An action calculated to frustrate an opponent or gain an advantage indirectly or deviously; a maneuver: "A typical ploy is to feign illness, procure medicine, then sell it on the black market" for cards to make more money. A pounds 3,000 balance will take over 19 years to clear and you'll pay pounds 2,732 interest, if you pay 3% each month. But pay an extra pounds 20 each month and it will take six-and-a-half years with pounds 1,343 interest. An extra pounds 50 will clear the debt in three-anda-half years, with pounds 803 interest. 0% transfer deals - these are great for clearing existing debt but use them for that only. Don't be tempted to spend on cards or you could end up even further in debt. WINNING TIP: Anne Murphy, from Cambridge, wins pounds 200 for this: "Set your heating and water timer timer, n radiographic timing device that functions as an automatic exposure timer and a switch to control the current to the high-tension transformer and filament transformer. The face of the timer is calibrated in seconds and fractions of seconds. to come on five minutes later and go off five minutes earlier each day. You won't notice the difference but will save 15 hours' usage over a quarter and cut your bills." ALSO congratulations to Samantha Jones Samantha Jones is the name of:
SIGN up for the full FREE Financial Detox at www.moneynet.co.uk/mirror or call 0800 612 3048. SIGN UP AND SAVE pounds pounds pounds pounds YOU too could be quids in by signing up to our 12-week Financial Detox plan. We've teamed up with financial experts moneynet.co.uk to bring you this simple, free plan to help you get on top of your finances and save money. We are up to week eight of the plan but you can sign up anytime at www.moneynet.co.uk/mirror and you will receive weekly emails to guide you step by step. WIN pounds 200 CASH EACH week we give you the chance to win pounds 200 for sending the best money-saving tip or telling us about your success with the detox, like June. Simply send your tips or success stories to: Financial Detox, Your Money, Daily Mirror, 1 Canada Square
Canada Square is a public square at Canary Wharf, on the Isle of Dogs in London's Docklands. , London, E14 5AP. Or sign up at www.moneynet.co.uk/mirror and you can send us your feedback online. NEXT WEEK Ways to reduce mortgage costs and use your mortgage to pay off debt. CAPTION(S): FIRST AID: Nurse June Grainger has savings for the first time ever |
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