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10 Most Expensive Movies Ever Made

Blockbuster movies take a tremendous amount of time, work and, most of all, money. When it comes to cash, the following movies had no expense spared. Here are the 10 most expensive movies ever made.

1. Pirates of the Caribbean: On Stranger Tides – $378.5 Million

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Pirates of the Caribbean: On Stranger Tides was the fourth instalment of the Pirates of the Caribbean film series. It might have cost an incredible $37.8 million, but it created a whopping $1.046 billion at the box office!

Why was it so expensive? It was the first film in the series to be released in both Disney Digital 3D and IMAX 3D formats. Ten companies were also involved is the movie’s digital format. Inflated production costs therefore resulted in the movie becoming the most expensive film ever made to date.

2. Pirates of the Caribbean: At World’s End – $300 Million

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Pirates of the Caribbean: At World’s End was the most successful film of 2007, and despite the production cost of $300 million, it took home $960 million worldwide at the box office. At the time of its release, it was the most expensive film ever made, until it was overtaken by the series’ fourth instalment, mentioned above.

3. Avengers: Age of Ultron – $279.9 Million

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With a cast that comprises of Robert Downey Jr., Mark Ruffalo and Scarlett Johansson, Avengers: Age of Ultron was bound to be an expensive movie. Following on from the huge success of The Avengers, the sequel, and eleventh instalment in the Marvel Cinematic Universe (MCU), was bound to be bigger and better than any of superhero movies in film.

Costing $279.9 million, making it the third most expensive movie ever, it was a box office smash, grossing $633 million worldwide. That’s a pretty fantastic return on an investment!

4. John Carter – $263.7 Million

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John Carter has been hailed as one of the biggest movie flops of all time. Not just because it was a pretty terrible movie, but because it cost a $263.7 million and only grossed $284.1 million – and that doesn’t even include the $350 million in marketing costs.

Paul Dergarabedian, the president of, commented: “John Carter’s bloated budget would have required it to generate worldwide ticket sales of $600 million to break even – a height reached by only 63 films in the history of movie making”.

5. Tangled – $260 Million


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Tangled, based on the Walt Disney Pictures animation based on the German fairytale ‘Rapunzel’, spent six years in production ans so cost an estimated $260 million to make.

It is therefore the most expensive animation movie of all time, and the fourth most expensive film ever. After its release in 2010, the film went onto make $591 million in box office revenue.

6. Spider-Man 3 – $258 Million

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Many have criticised Spider-Man 3, viewing it as the worst movie in the trilogy. Despite its mixed reviews, the film grossed $890.8 million at the box office and is therefore the most successful film in the series.

7. Harry Potter and the Half-Blood Prince – $250 Million

Harry Potter and the Half-Blood Prince

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The wonderful world of Harry Potter captured minds, imagination and, more importantly, plenty of pocket money across the globe. Adored by millions of people across the world, it made millions at the box office, grossing an estimated $934.4 million – and so it is the 28th highest-grossing film of all time worldwide.

8. The Hobbit: The Battle of the Five Armies – $250 Million

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Harry Potter and the Half-Blood Prince might have made a ton of money at the box office, but The Hobbit: The Battle of the Five Armies took a whole lot more – and cost the same amount to make! The third and final instalment of the epic fantasy film made $955.1 million, and so surpassed The Fellowship of the Ring and The Two Towers – and it is therefore the 26th highest grossing film of all time.

9. Avatar – $237 Million


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James Cameron doesn’t do things by halves, so you just know Avatar cost a significant amount of money. A massive $237 million, to be exact. The film, which was supposed to head into production after Cameron’s 1997 movie Titanic, was halted as the technology necessary to create the sci-fi movie did not exist, and so Cameron would not be able to achieve his vision for the movie.

The screenplay was written back in 2006 and is estimated to have cost $237 million, but other estimates have placed production costs between $280 million and $310 million. It also cost $150 million in marketing.

The production cost paid off, as the movie grossed an estimated $2,788 billion at the box office. That’s right, we said billion! It therefore broke several box office records and easily became the highest grossing film of all time – surpassing Cameron’s Titanic. It was also the first film in the world to gross over $2 billion. Sheesh!

10. The Dark Knight Rises – $230 Million

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The Dark Knight Rises received critical acclaim upon its release, with many stating it as one of the best movies of 2012. With underground prisons, batplanes and batcopters, it was bound to cost a lot – and so many won’t be surprised it cost $230 million to make.

Just like The Dark Knight, the movie grossed over $1 billion – in fact, it made a total of 1.084 billion. It is now the 12th highest grossing film of all time, and the third highest-grossing superhero movie ever.

Love movies? The Big Money Guide is offering facts on the 10 Highest Paid Actors of All Time. Check it out!

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10 Highest Paid Actors of All Time

The actors on this list have amassed a fortune many of us could never comprehend, and they owe it all to talent, fame and, most likely, a little bit of luck. So, without further adieu, here are the 10 highest paid actors of all time.

10. Sean Connery – $300 Million

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Sean Connery is, to many, the ultimate James Bond – and his acting talent is reflected in his bank balance. Sean, whose mother was a cleaning lady and father was a factory worker, is now one of the highest paid movies stars in the world.

9. Arnold Schwarznegger – $300 Million

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When Arnold Schwarzenegger started out as a body-builder, we doubt he ever believed he would amass a fortune of $300 million for acting. The actor with the nearly unpronounceable surname is now one of the most popular stars on screen, featuring in some of the most loved movies of all time, including ‘Kindergarten Cop’ and, of course, ‘Terminator’.

8. Keanu Reeves – $350 Million

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Keanu Reeves is not only one of the highest paid actors of all time, he is also one of the sweetest. Very aware of how blessed he is, Keanu gave away his $75 Million salary for The Matrix to the movie crew, with each person on set taking away $1 million, as he believed they deserved the money more than him.

8. Tom Hanks – $350 Million

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Oscar winner Tom Hanks is one of the most popular actors in the movie industry, adored by audiences across the world. Thanks to his superb acting talent in movies such as ‘Philadelphia’ and ‘Forest Gump’, he is now worth an incredible $350 million.

7. Bill Cosby – $350 Million

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Bill Cosby maybe a controversial figure at the moment, but that doesn’t stop the fact he’s still worth a significant amount of money from his stand-up performances, movies and ‘The Cosby Show’.

6. Clint Eastwood – $375 Million

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Clint Eastwood is more than just a talented actor, he is now one of the most respected movie directors in the world, creating Oscar nominated movies such as ‘American Sniper’ and ‘Million Dollar Baby’. Not bad for a college dropout!

5. Johnny Depp – $400 Million

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Johnny Depp’s versatility and acting ability has most definitely paid off, allowing him to bag 5th position on this list. Who needs a golden ticket when you have $400 million in the bank?

4. Sylvester Stallone – $400 Million

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At the start of his career, Sylvester Stallone struggled to land an acting gig. So what did he do? He created his own opportunity, writing a screenplay that would change his life forever. What was that movie? Only one of the biggest boxing films of all time: Rocky.

3. Jack Nicholson – $400 Million

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Jack by name, Jack by nature – as Jack Nicholson really is a Jack of all trades. Not only is he a respected actor, but he is a screenwriter, producer and director. The actor, who has received Academy Award nominations every decade from the 1960s to 2000s, is also one of the richest thespians in Hollywood.

2. Mel Gibson – $425 Million

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Mel Gibson would have made number one of this list, if it wasn’t for the fact he lost half of his $850 million fortune to his ex-wife in his 2011 divorce settlement. Still, Mel Gibson’s net worth is not to be sniffed at, as he has secured a whopping $425 million for starring in movies such as ‘Braveheart’, ‘Lethal Weapon’ and ‘What Women Want’, as well as producing films such as ‘Apocalypto’ and ‘The Passion of the Christ’.

1. Tom Cruise – $450 Million

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Tom Cruise never wanted to become an actor. His goal was to become a priest. So, if you’d have told him many years ago that he would one day be the richest actor of all time, he would most likely have laughed in your face – and repented afterwards. He now has a wealth of $450 million thanks to critically acclaimed movies such as ‘Born of the Fourth July’, ‘Jerry Maguire’ and ‘Top Gun’.

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The Ultimate Money Management Guide


Our aim is to help you effectively manage your money to improve your finances to help you steer clear of debt. This guide is therefore packed full of informative tips to help boost your bank balance.

Who is the Guide for?

Our Money Management Guide is for everyone. Whether you are struggling to manage your finances, suffering from debt or just want some helpful money advice, we can provide the tools you need to fix your finances once and for all.

Do I Need to Read the Whole Guide?

We recommend you read the guide from beginning to end if you really want to make the most of our advice. However, we’ve separated our tips into handy chapters to help you easily find the tips that apply to your needs.

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Part 1 – Personal Budget

In this chapter, we’ll provide helpful hints and tips to help sort your finances, such as boosting your income, planning a budget, comparison shopping, as well as helpful tools that could help you step out of the red.

Part 2 – Financial Support

In this chapter, you’ll identify new ways to receive financial support and advice. You’ll read about financial opportunities you might have been previously unaware of, as well as schemes and grants that can improve your circumstances.

Part 3 – Debt Management

We’ll provide handy debt management tips in this chapter, so you can say sayonara to your debt worries. You’ll learn how to talk to your lender to resolve outstanding debts, make an informed decision on consolidation loans and how to prevent stepping into a debt spiral.

Part 1 – Personal Budget

Before you start, we recommend you grab a pen and a piece of paper to take some notes, as we’re going to offer a few money management tips that you’ll need to follow.
Now that you have your pen and paper at the ready, we can start.

Step 1: Write down a list of your monthly debts.

Step 2: Once you’ve done that, number them from your highest priority debts down to the smallest priorities (1 being the highest). Priority debts are often things such as a mortgage, rent, council tax and utility bills.

Step 3: Take a look at your small debts, which are usually things like credit card repayments. Could you boost up the repayments to eliminate the debt as soon as possible? Removing a debt as quickly as financially achievable will reduce the stress on your bank balance.


The Domino Effect

Think of your finances as dominoes. Try to knock each one down until there are no more left standing. By eliminating the smaller debts first, you’ll give yourself more financial room to kick your bigger debts to the kerb. You’ll then have financial freedom to do all those things you’ve been dreaming of – such as buying a new car, taking a holiday or home improvement tasks. Sounds good, right?

Plan a Budget

One of the reasons you might be struggling with debt is because there’s more money going out than coming in – that’s why it’s essential to continually review your finances.

Remember when we asked you to write down a list of your debts earlier? Write down how much each debt is costing you on a monthly basis, add the sum together and see whether you’re living beyond your means. Don’t worry if you are, we’re about to provide some helpful tips to help reshuffle your finances. The Citizen Advice offer an easy household budgeting tool.

Budget Tip #1: Comparison Shopping

Most of us spend more money than we actually have to – and many of us don’t even realise we’re doing it. Websites such as and are superb tools to see if you’re receiving the best bang for your buck.

Here are some ways you easily reduce your finances:

• Compare insurance policies online (including car, life, employment and health insurance)

• Switch energy providers for a better deal

• Browse the market for the best grocery deals

• Compare banks to see if you can receive a better deal

Budget Tip #2: Grocery Shopping

The thought of switching from premium brands might not sound like an appealing alternative, but there really is little difference in the quality of the food. All foods sold in store are subject to strict tests by the Food Standards Agency to ensure quality; therefore, you can trust they wouldn’t be sold in store if they weren’t up to standard. Switching to no frills produce really is a great way to cut back on your finances without changing your lifestyle. So there’s no harm in switching for a week to see if it boosts your pockets without impacting a diet.

Budget Tip #3: Savings Day

Pick one day every few months to spend time ringing suppliers to see if you’re entitled to a better deal. You could find that a provider is willing to cut back on a package due to customer loyalty or because they sympathise with your financial situation. You could save hundreds of pounds per year simply by rearranging a repayment plan.

Budget Tip #4: Recycle Old Goods

You could be sitting on more money than you realise. Look in your cupboards and drawers to see if you can flog any old phones, games consoles, DVDS, books or even clothes. Websites such as Music Magpie offer a great facility to flog your old stuff in one quick swoop. They’ll even pick it up from your address.

Budget Tip #5: Pay Debts with Savings

Should you find you have a little extra money remaining one month, we suggest you use it to pay off your debts. Whilst your first thought might be what you can be buy with your influx of cash, think of how much better you’ll feel knowing you’ve paid off all your debts. That’s a feeling even money can’t buy.

Part 2 – Financial Support

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Did you know you might be missing out on extra cash? So many people are unaware that there are financial opportunities out there just waiting to snapped up. For this reason, we’ve compiled a list of helpful money breaks that could help you take control of your finances.

Finance Tip #1: Benefits Check

If your family earns less than £72,000 per year, you could be entitled to benefits, such as tax credits. A great way to identify if you’re eligible for benefits is to take Money Saving Expert’s Benefit’s Check Up tool.

Finance Tip #2: Uniform Tax Rebate

You might be surprised to learn you can claim a tax rebate between £12 to £56 per year if you wear a uniform. The money covers the cost of washing, repairing and replacing the garments – and you can claim back cash for the past six years. Visit for more information.

Finance Tip #3: Tax Rebate

Most people don’t check they’re on the right tax code, and could therefore be missing out on a significant amount of money each year. You should therefore ensure you’re on the right tax code, as you could receive a rebate if you’ve paid too much. Visit to find out what tax code you should be on.

Finance Tip #4: Energy Grants

As we all know, utility bills are becoming more and more expensive. However, there is support out there to help with heating bills. However, to do so you’ll need to know what energy saving measures you have in place (such as double glazing or cavity wall insulation), as well as a rough idea of when your home was first built. Visit to find out if you’re entitled to help.

Finance Tip #5: Support for Mortgage Interest

Homeowners receiving income related benefits could be entitled to government help towards interest payments on mortgages and loans. This is known as Support for Mortgage Interest (SMI) and will be paid straight to a lender. However, the help will only be towards the interest and not the borrowed amount. Apply for SMI here:

Finance Tip #6: Energy Trust Schemes

Many utility suppliers offer an Energy Trust scheme to their account holders if they’re struggling with their finances. In order to receive help, account holders will have to complete a full income and expenditure budget sheet, as well as providing proof of income. Debt details will also need to be provided, such as how the arrears have built up; for example, redundancy or illness. Visit British Gas Energy Trust, Npower Energy Fund or EDF Energy Trust for more information.

Finance Tip #7: WaterSure Scheme

The WaterSure scheme can cap your average household water bills if you:

• are on a meter

• are entitled to benefits

• have 3 or more children (under the age of 19) living in your home

• have someone living in your home with a medical condition

It’s also worth talking to a water provider to see if you are entitled to special tariffs that could match payments or write off your existing water debt by entering an arrears repayment plan.

Finance Tip #8: Local Council or Housing Association Grants

Your local council or housing association may be able to offer Home Repair Assistance Grants to help you with repairs or improvements within your home. Each local council will offer different grants, so it’s worth visiting their website to see what you may be entitled to.

Part 3 – Debt Management

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There is no shame about being in debt. £163 million was the daily amount of interest paid on personal debt in November 2013 – so you can trust you’re not alone. Many people fall into debt due to a number of reasons, but it’s how you deal with your financial situation that will set you apart from the crowd. While it might seem easier to suffer in silence, it’s really not. You need to tackle the problem head on to quickly recover your finances, and here’s how…

Debt Tip #1: Talk to Your Lender

If you have struggling to meet debt repayments, the first thing you must do is talk to your lender. Explain to them your financial situation to see if you can arrange a new debt repayment plan – but ensure excessive interest rates won’t be added on top of the amount.

Debt Tip #2: Repay Debts Quickly

You should strive to repay your debts as soon as possible. Try to pay back as much as you can afford each month – which could mean paying more back than you originally owe that week or month. The sooner you make the repayments, the sooner you’ll be debt free.

Debt Tip #3: Avoid a Debt Spiral

It can be so easy to fall into a debt spiral when faced with debt. What you must not do is enter into one debt to pay for another. This is a vicious circle that will not only sink you into further debt, but will take a toll on your personal life.

Debt Tip #4: Never Take Out a Payday Loan

There is a reason payday loan companies are criticised so widely in the media, and that’s because they offer loans with excessive interest fees. Even though the money can be delivered to your account the same day, the service comes at the cost of your bank balance. Avoid.

Debt Tip #5: Consider a Consolidation Loan

Should you have multiple debts that are taking a toll on your finances on a monthly basis, a consolidation loan might just be the answer. Instead of paying multiple debts to multiple lenders, you could consolidate all your existing debts into one affordable monthly repayment to one lender. Therefore, you can quickly eliminate your finances whilst taking the weight of the debt off your shoulders.


When it comes to managing your money, you just have to remember to plan ahead, make the most of financial opportunities and avoid being sucked into a debt spiral. It really is as simple as it sounds.

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10 Mind-Blowing Mayweather-Pacquiao Money Facts

Floyd Mayweather v Manny Pacquiao is, without question, the most lucrative boxing fight ever. The prize fight is worth a total of $300 million (£198m) – and boy is it worth each and every penny. Mayweather and Pacquiao aren’t just boxing for an amazing pay check – but they will fight for a place in history that even money can’t buy.

So, what is the cost of MayPac? Here’s a money breakdown for you, according to UK Business Insider…

Mayweather v Pacquiao

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1. The Fight Split

Win or lose, Mayweather is taking home the biggest share of the cash, as the $300m will be split 60/40 in Mayweather’s favour. This is in addition to his current $400m bank balance. Sheesh!

2. Ticket Sales

The Mayweather-Pacquiao fight will generate an incredible $72m (£48m) in ticket sales. The cheapest seats cost $1,500

3. Sponsorships

The fight will generate an incredible $12m (£8m) in sponsorship deals alone. Mayweather Promotions and Top Rank – who are the promoters that represent both Mayweather and Pacquiao – have set a minimum sponsorship bid at $1.5m.

The fights biggest sponsor is Tecate, who are a Mexican beer company and have signed a $5.6m deal. The Mexican Tourism Board, Paramount Pictures, The Weinstein Company and the Filipino telecoms company Smart Communications have also signed deals.

Mayweather & Pacquiao

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4. Pay-Per-View Sales

Pay-Per-View sales for the Mayweather-Pacquiao fight could reach an incredible $270 (£179m). Standard definition is available in the US for $89.99, whilst HD is priced at £99.99. The fighters will receive a 55-65% share of the profits.

5. Mayweather-Pacquiao Merchandise

You would think there was no other way the fight could make money, right? Wrong! It is expected the fight will create $1m (£661,000) in merchandise sales, which includes everything from t-shirts, hoodies, caps, keychains and posters.

6. Closed Circuit Broadcast

Plenty of people will head to bars to catch a glimpse of two of the greatest modern-day boxers fight it out to prove who is the best welterweight. Closed circuit broadcast at bars is therefore expected to result in a $13m (£9m) revenue.

Mayweather Pacquiao

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7. Floyd ‘Money’ Mayweather

Floyd Mayweather has earned approximately $420m (£278m) in his boxing career. He received $32m (£21m) for his last fight and his biggest payday, before Pacquiao, was against Saul Alvarez, taking home $75m (£50m). He also made an additional $20m from Pay-Per-View sales.

Mayweather also signed a $200 million (£134m) deal with Showtime – which has been labelled the richest individual athlete deal in all sports”. Not bad for a boxer that has no endorsement income!

8. Manny ‘Pac-Man’ Pacquiao

Manny Pacquiao might not be as rich as Floyd ‘Money’ Mayweather, but his career earnings aren’t to be grumbled at. He’s earned $335m (£221m) in his professional career, with his last fight earning him an amazing $23m (£15m). His biggest payday was against Marquez III, as he brought home $30m (£20m).

9. The Payout

Both Manny and Floyd will receive an amazing lump sum for 12 rounds or less. So, what will they spend their money on? Promoter Bob Arum believes Mayweather’s money will be spent on his love of cars, whilst he believes Manny will donate even more money to charity.

10. Biggest Boxing Purse in History

The Mayweather v Pacquiao showdown will undoubtedly dwarf the biggest boxing matches in the sport’s history, which includes Mayweather’s fight against De Le Hoya in 2007, which made a reported $52 million.

Tune into Mayweather v Pacquiao on 2nd May 2015 for an unforgettable night of sport. This is one boxing fight you won’t want to miss!

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Save Money with a Fixed Rate Mortgage

With a large number of Britons struggling with debt problems, the news that the Bank of England might well increase its base interest rate in 2015 was certainly not welcomed by anyone.

Homeowners who are on the Standard Variable Rate (SVR) offered by their lender or are approaching the end of their current deal can save themselves a lot of money if they take action soon, says the comparison website MoneySuperMarket.

The site’s Dan Plant commented that homeowners should reconsider the options they have at their disposal as far as mortgages are concerned before the Bank of England decides to hike its base rate.


He added: “The minute the base rate rises, and possibly even before, lenders will increase their rates as well, resulting in an increase in mortgage payments.”

Plant went on to say that people who want to control their monthly expenses have no better option than to opt for a fixed interest rate, which will avoid future shocks and protect them against rate increases.

The site did some research and came to the conclusion that borrowers who are currently paying 4.99% interest on an SVR loan could save as much as £4,749 if they changed over to the best deal that is currently available in the UK: a 2-year fixed rate mortgage offered by HSBC at only 1.49% per year, with a £1,999 arrangement fee.

Someone who currently pays 3.99% would save up to £2,609 over a 2-year period with the same deal. If the base rate increases during that time, he or she would save even more.

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One More Reason Why Britons are Sliding into Debt

What would happen to a nation if its citizens were to gradually earn less instead of more? A logical answer to that question would be that they would eventually succumb to debt and that many of them will in the end face bankruptcy.

The sad reality is that we are not talking about a theoretical nation here. According to the results of a new study by the TUC, the level of real earnings in the UK has been dropping consistently over the past seven years.

The study reveals that since 2007, there was a drop of 8% in average real earnings in the country after taking into account escalating prices and an absence of wage growth to compensate for the former.


This means the latest pay squeeze is worse than what happened during the Great Depression. It is, in fact, the worst since the start of the Victorian era around 150 years ago.

The fall in real spending power of British consumers was shown to be more than double the reductions recorded during the financial crises of 1865-1867, 1874-1878, 1921-1923 and 1976 to 1977.

During the worst of these recessions real income dropped by only 4%. The latest downturn is also lasting much longer than any of the recessions quoted above, which makes it fair to say that we are living in the worst recession in recent history.

Frances O’Grady, the secretary general of the TUC, called the situation ‘shocking’ and said: “The government says the economy is growing again, but there’s no evidence of any recovery in ordinary workers’ pay packets.”


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Tenants Have Less Protection Against Financial Disasters

New research by insurance firm Aviva reveals that many of the seven million people in the UK who are currently renting a property are more vulnerable to debt problems should they suffer a sudden and unexpected loss of earnings or incur unforeseen expenditure.

The study revealed that, while 13% of those living in a home with a mortgage have income protection, only 2% of individuals who live in rented accommodation have this type of insurance.

When it comes to critical illness cover, the situation is much the same, with 19% of homeowners having cover, compared to only 3% of those who rent.

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A similar picture emerges when we look at life insurance: just over half (51%) of those who live in a home with a mortgage have life insurance, while the percentage drops to 23% for those who are renting.

There is also considerable disparity between the two groups when it comes to home contents insurance, with 73% of home owners financed with mortgages being protected by this type of insurance, compared to the 40% of those who rent accommodation.

The company’s protection director, Louise Colley, said: “When someone takes out a mortgage they are often asked to consider how they might pay it if they were seriously ill or if sadly an income-earner was to die.”

She added: “If a family rents, these conversations may not happen, so there’s a risk that if a renting family loses an income, they may not have the protection that could help to pay the rent and cover the bills.”

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How to Stay Out of Debt This Christmas

Last year the Money Advice Service (MAS) carried out a survey the results of which indicated that approximately 34% of Britons feared they would end up in debt after spending too much over the Christmas period. The organisation says all the information at its disposal indicates that this did indeed happen.

Very often, it’s simply a lack of financial planning (and restraint) that causes people to end up with money problems after the Christmas period. This is why MAS decided to publish a number of tips to assist people with their financial planning this year.

The organisation says that the first step is to draw up a budget for the festive season to make sure you don’t spend more than you can afford. Draw up a list of holiday expenses such as Christmas dinner and gifts and if necessary cut down where it’s needed.

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Buying gifts long before the time will enable you to make use of special offers and discounts, while waiting until the last moment will inevitably end up being more expensive. Don’t forget the online option – there are often great discounts on offer from online stores this time of the year.

Cut down on non-essential items such as eating out for lunch or buying expensive takeaways. Also, consider cheaper alternatives for Christmas gifts. It is, after all, the thought that counts, not the price of the gift.

As Jane Symonds of MAS rightly points out: “Christmas can be an expensive time of year, but it’s important to know that you don’t have to live beyond your means to make it a fun time, especially if you plan well in advance – after all, it does come every year!”

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Insurer Highlights Increasing Debt Levels Among Individuals Over 55

In a recent article we reported on research carried out by the British charity StepChange, which showed that problem debt is costing the UK in the region of £8.3 billion a year. Traditionally, debt has been a much bigger problem in the under-40 age group, but a new study recently revealed that debt among the country’s over-55 population is rapidly increasing.

According to insurance firm Aviva, debt among this age group has surged by nearly 20% over the last year, as Britons seem to have once again adopted a lifestyle of high spending.

The average individual in this age group now owes about £1,680 in unsecured debt, significantly higher than the figure of £1,420 recorded a year ago.

Senior woman paying bills

While overdraft debt has also shown an increase, the problem areas mainly seem to be credit card debt, which has increased by 10% compared to the same time last year, and personal loan debt, which has surged by nearly a third over the last year.

The insurer ascribes the relatively high debt levels to people whose house prices have increased rapidly and they now feel confident to spend their savings.

Aviva issued a stern warning that individuals approaching retirement age should under no circumstances waste their savings in the belief that house values will continue to appreciate, thereby increasing their overall wealth.

The thought that this might make up for any shortfall in pensions could be completely erroneous.

That is sound advice for those who are not yet in debt. Those who have already slipped into debt should get expert debt management advice before their credit ratings are severely damaged.

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Two More Reasons Why Many Britons are Slipping into Debt

Ever wondered why your pay cheque is simply not going as far as it used to and why you are trapped in a spiral of debt? The reason might not be financial mismanagement as many experts claim.

According to a new study by the consumer group Which?, we are currently paying £410 per year more for our energy bills than a decade ago – after making provision for inflation.

The study analysed how Britons’ spending on energy has sky-rocketed by a whopping 52 per cent over the last 10 years. At 2012 prices the average electricity bill in 2003/04 was £790. Using the same price index it has now escalated to £1,200 – and this during a decade during which energy usage went down 17 per cent.


Richard Lloyd, the group’s executive director, said: “It is shocking that people are paying more despite using less.”

That is not the end of the story either. While it might be good news for landlords, tenants can certainly not be too happy that the average rent now stands at £768 per month.

While that is only 1.2 per cent higher than a year ago, the news still angered Shelter’s chief executive, Campbell Robb, who stated: “Once again, England’s nine million renters are paying a steep price for our broken housing market.”

Robb added that the fact that there is simply not enough affordable homes available for rent is forcing increasing numbers of individuals into private rental properties that they cannot really afford, leaving many of them scrambling to make a living – with virtually no promise of putting down permanent roots.

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