Why £50,000 p.a. is no longer enough to live on

The average UK salary is £26,500 and yet research carried out by the Daily Mail found that families with incomes of £50,000+ are struggling to get by. If those considered to be living a ‘nice middle class’ existence aren’t coping, what hope is there for someone on a much smaller income? The Daily Mail spoke to four families – all bringing in a joint income of more then £50,000 per year – who said they were struggling to get by. Some had to borrow from friends and family to meet end of the month bills while others hadn’t had a holiday abroad since 2012. You might assume that these families must be splashing the cash on new clothes, Christmas presents and pets but the spending actually showed rather a lack of extravagance. So where does the money actually go and how could these families find savings? Childcare £400 £1,200 per month The cost of childcare was one of the biggest expenses for the households with children. In fact, three households spent more on childcare ea
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How to live the Good Life in 2017

The Good Life – being entirely self sufficient – has been a dream for decades. But whether you’re pursuing Tom and Barbara’s 70s hippy vision or something altogether more millennial where do you start when it comes to growing your own and turning green fingers into a great life? Back garden or allotment? If you’re lucky enough to have a fairly sizeable back garden then you’re off to a great start. If you don’t then there’s always an allotment. The idea of an allotment is that you’re allocated a patch of land that you can use to grow. Applications for allotments are made through the local council (search your local council website for details) and availability varies wildly from city to city. Most plots usually come in at between 100 and 300 square metres and will be located with other allotments managed by other local residents. The cost of renting an allotment is low – around £10 per year outside of London. The only complication with allotments is that, in areas
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What are your rights as a social housing tenant?

If you live in social housing then you will either be a tenant of your local authority or a housing association. The rights and obligations which go with these tenancies vary considerably. In this article, we look at the main differences. Your Rights if you are a Tenant Most people who rent from a housing association or council are assured tenants which means that they are guaranteed the right to live in the home for life so long as they are not evicted for non-payment of rent or other breaches of the tenancy agreement. However, some tenants of housing associations are on assured shorthold tenancies which may mean that their housing association is able to end their tenancy when the fixed-term runs out. Other types of housing association tenancies are starter tenancies for new tenants and demoted tenancies for people who have been convicted of certain types of behaviour by a court and results in fewer protections against eviction. If you have an assured tenancy, you’ll must be given
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Top 10 cheapest places in the UK to live

Do you like where you live? What would you change about your current hometown if you could alter one thing? For many people, the biggest discomfort factor right now is affordability – or lack of it. Rising house prices, transport costs and the expenses involved in trying to have a social life can all impact on budgets. If the idea of upping sticks and moving to the place where your day-to-day costs would be as low as possible appeals, here are the top 10 options: Copeland, Cumbria Copeland is one of the six districts of Cumbria, which is one of the UK’s most outstanding areas of natural beauty. It’s also one of the most affordable parts of the country with the average property price being £114,011, a figure that has shifted only minimally in 12 months. House prices here are three times the annual average salary of £37,000 £39,000. That may sound a lot but compare it to Kensington & Chelsea where the average house price is 46 times the average annual salary. Copeland also rate
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The 12 things holding you back

The 12 things holding you back Do you ever think that something is holding you back? That something about the way you live your life is preventing you from exploiting your full potential? If you do, then you’re not alone – everybody at some point in life will come up against an inner obstacle that they need to overcome to carry on growing. The only person holding you back is you. Nobody, no matter how close they are, can veto the changes that you know you need to make in your life to release your potential. Can you identify one or more of those things from our list? Do you want to change things? This applies to any area of your life. Look at your situation, pick an area you want to change and then: What is bothering you about the situation? What do you need to change about it? Write these down. What are the ingrained habits that have contributed to this? Write these down you need to be honest about these. What would the perfect situation look like? Write this down Write down what
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How to budget and live within your means

Financial enslavement is corrosive and toxic. Left too long, it will not only lead you into serious monetary difficulty but it will erode your personal life, disrupt or destroy relationships and have serious effects on your health Avoiding this enslavement – where you have to earn more and more just to maintain your commitments and keep on repaying debts relies upon being able to live within your means, putting money aside for a rainy day and your retirement and responsible use of credit. All three of these are predicated upon setting a household budget and sticking to it. But, despite this being a relatively simple task, it seems to be something that many Britons prefer not to do: recent surveys have indicated that fewer than three in 10 people in the UK keep track of all their income and expenditure! But having a home budget will help you achieve your life goals as well as ridding yourself of the burden or debt, saving for a house or putting money to one side for a pension. And he
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How to pay off debt even when it seems overwhelming

It can be tempting to live in denial when it comes to debt. As long as you are making the minimum monthly repayments on your credit cards and sticking to the schedule on your loans, why worry about the total sum that you owe? But while the responsible management of debt is healthy, irresponsible behaviour can mean that debt can eventually overwhelm you and reduce the chances of financial security in later life. It is now common for Britons to owe more than £10,000 in unsecured borrowing which excludes mortgages and other loans secured on property. Having such a large amount of debt can often lead to exactly the kind of behaviour which will pile misery on top of misery: those in this situation often prefer to pretend it is not there and just carry on with reckless spending. But dealing with your debts – even when your income is low and the amount that you owe seems overwhelming – is perhaps more straightforward than you think. Here are some steps you can take to start to reduce th
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