10YOURMONEYHOMEPORT
Your Money
Al Voice, Al’s Advice
Managing W
ell, we are rapidly approaching the time when we
begin spending even more both on our loved
ones and ourselves. Before you look forward to the gifts
Director for under the tree, make sure that you have adequate
Household Insurance. If you live in quarters (or rented
Close Brothers accommodation), make sure that your contents
insurance policy covers you for military items you do not
Military own but may be liable for. For example: the cooker,
carpets, windows and military kit on loan. Otherwise an
Services, accident could hit your Christmas spending power if you
are not covered.
continues his
The New Year will bring the sale of general insurance
regular money products under the control of the Financial Services
Authority. Simply, it will mean that those selling (credit cards, personal loan and car loan) exceeds 75%
advice column insurance products will have to ensure, when advising, of your annual salary, it may suggest you are over-
that products meet the needs of customers. Thus, an extending yourself.
by inappropriate contents insurance sold to someone living
in military quarters will make the adviser liable. Not Remember, if your debts do get out of control, never
encouraging before time, in my view! pay fees to debt management companies. Use charities,
a list of which follows this article. If in difficulties, talk to
us to look Interestingly, the Government has seen fit to exclude the lender involved; in the main they are helpful.
travel insurance sold by travel agents as well as white
ahead and and brown goods’ extended warranty products from the Talking of gifts, why not start a savings-account for
Act (there’s a clue about what to avoid). younger relatives. A tax-efficient Friendly Society
plan now for saving scheme will often be of greater benefit than the
Without sounding like scrooge, now is the time to set latest game.
Christmas. your budget for Christmas and STICK TO IT. Last-
minute purchasing often results in increased spending. So, enjoy the festive season when it arrives; mine’s a
Remember, a 50% saving is only a saving if you were beer and remember - bills arrive in January! G
going to buy anyway, otherwise it’s an expense.
The following guidelines may be useful if you are
borrowing to fund Christmas. If your credit card balance
is consistently above 25% of your annual salary (that is
£5,000 if earning £20,000) then your balance is
unhealthy. Similarly, if your total unsecured borrowing
Free Debt Advice
N
ational Debtline: a free, confidential and
independent service funded by the Department
of Trade and Industry, and the credit industry.
www.nationaldebtline.co.uk freephone:
0808 808 4000.
Consumer Credit Counselling Service: funded by the
Money Management
credit industry, the service offers advice to people in
debt.
www.cccs.co.uk freephone: 0800 138 1111
I
f you are struggling with your finances, or want to
improve your money management, these booklets
Citizens Advice Bureau: offers free, independent and may be a good starting point. The booklets are
confidential advice from more than 700 locations available from Service Information points or direct from
throughout the UK.
www.citizensadvice.org.uk phone: us at
www.nff.org.uk, e-mail
admin@nff.org.uk or
0207 833 2181. G phone 023 9265 4374. G
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