The Competitions and Markets Authority has ordered Nationwide to refund customers following a breach of overdraft rules.
Brean HorneFri, 02/07/2020 - 11:33
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Nationwide is to repay customers £900,000 after breaching overdraft rules set out by the Competition and Markets Authority (CMA).
Customers with a personal current account must receive a text alert warning of fees before banks charge them in an unarranged overdraft, under Part 6 of the CMA’s Retail Banking Code.
The rules aim to give people time to take action and avoid paying unexpected overdraft fees.
Although Nationwide did send text alerts, they did not contain a warning that customers would be charged for using an unarranged overdraft.
Around 70,000 customers were affected by the breach.
What happens next?
Nationwide has put an independent auditor in place to review its processes, as directed by the CMA, and has begun refunding its customers.
The refunds paid by the building society cover all fees incurred by customers from going into unarranged overdraft.
It is the second time in six months the CMA has taken action against Nationwide for breaking this order.
Adam Land, senior director of remedies, business and financial analysis at the CMA says: “Banks and building societies that fail to send customers text alerts saying they will be charged if they enter an unarranged overdraft are breaking the rules.
“The fact that Nationwide is a repeat offender makes it even more serious.
“Following our action, it will now repay all affected customers, and quickly.
“This is exactly the sort of issue we would expect to fine companies for in future, if the Government gives us the increased powers we’ve asked for.”
Nationwide say that they are in the process of contacting affected customers and will issue refunds automatically.
"While all members received their texts on each and every occasion, this review identified that alerts sent to members who were in Collections did not explicitly state that they would be charged an unarranged overdraft fee.
“While these members haven’t been overcharged, we appreciate these texts are designed to help people avoid unarranged overdraft charges, so we apologise that on this occasion we didn’t meet the high standards we set ourselves.
"We are contacting impacted members and will be automatically refunding the charges back into their account.
“From 11 November 2019, the Society removed unarranged overdraft charges, so this issue will not occur again in the future.”
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Valentine’s Day can be expensive, but it does not have to cost you a fortune. Here is a round up of the best Valentine’s Day deals
Stephen LittleFri, 02/07/2020 - 11:06
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What’s the deal exactly?
Flowers
One of the biggest romantic gestures you can make on Valentine’s Day is to send flowers.
Marks and Spencer is selling a dozen red roses for £20. The stem length is £50cm and delivery is free.
The cheapest roses at Waitrose start at £25 for a dozen, going all the way up to £100 for a luxury bouquet.
If you are looking for something a little bit cheaper, Tesco has a traditional bouquet of 12 short-stem red roses at £5, available from 10 February.
Asda also has lots of different offers, with a bunch of roses starting from £2.
Eating in
Going out to a restaurant can be expensive, so how about staying in for a romantic evening?
Marks and Spencer has a delicious three-course meal for just £20. You can choose from any starter, main, side, dessert and wine. The offer runs from 10-14 February
Tesco’s three course Valentine's Day meal gives you the choice of a starter, two mains, a dessert and a drink, all for just £20.
The deal is made up of 27 products, which allows you to choose from more than 15,000 combinations.
Starters include salmon and watercress tart filled with a crème fraiche and creamy cheddar cheese sauce, while the mains include chicken in champagne sauce and lamb shank and roasted vegetables.
Morrison’s is offering shoppers a three-course Valentine’s Day meal with a bottle of wine or Prosecco for £15 from 10 to 16 February.
Asda has a £15 meal which includes a starter, main, two sides, dessert and a drink, running until 16 February.
Restaurants
Pizza Express – Three course set menu for two people for £28.95 on 14 and 15 February only. Example menu - garlic dough balls, American pepperoni pizza and a glass of Prosecco.
Carluccio's – Three courses from its special Valentine’s Day menu for £24.95, available from Wednesday 12 February to Sunday 16 February. Example menu – chicken breast in prosciutto, ricotta and spinach ravioli, crab and langoustine fettucce, and rhubarb panna cotta.
Prezzo – Two courses for £16.50 or three courses for £19.50. Available from Thursday 13 February until Sunday 16 February. Example menu – grilled chicken breast with mushrooms, goat’s cheese and red pepper pizza and honeycomb smash cheesecake.
Zizzi – Get three courses from its special Valentine’s Day menu for £21.95 per person, available from Thursday 13 February until Sunday 16 February. Example menu – tortellini filled with pumpkin, chicken breast with sage, and passion fruit cheesecake.
Why should I care?
Valentine’s Day can be an expensive business, so it is always wise to take advantage of any discounts.
What’s the catch?
If you are going out for a meal or eating in, you will be limited by the options on the set menu.
What other options do I have?
Have a look round your local restaurants as they might be running a special Valentine’s Day deal.
You can also read the weekly updated Moneywise Cheap Eats guide to see the best restaurant offers which are unrelated to Valentine’s Day.
Ofgem says millions of households will save on energy bills.
Emma LunnFri, 02/07/2020 - 09:14
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The energy price cap will fall from £1,179 to £1,162 for the summer period (April to September), due to lower wholesale costs.
The level of the prepayment meter cap will also fall by £17, from £1,217 to £1,200 per year for the same six-month period.
Ofgem says the caps protect about 15 million customers from being overcharged for gas and electricity.
What is the energy price cap?
The energy price cap establishes a maximum price that can be charged per unit of energy, and a maximum that can be charged per day as a standing charge.
The cap is reviewed every six months and will rise or fall based on the costs that Ofgem calculates suppliers need to spend to get energy to your home.
Jonathan Brearley, chief executive at Ofgem, says: “The default price cap is designed to protect consumers who do not switch from overpaying for their energy, whilst encouraging competition in the retail market.
“Suppliers have been required to become more efficient and pass on savings to consumers. In its first year, the cap is estimated to have saved consumers £1 billion on average on their energy bills and switching rates have hit record levels.”
Why has the price cap fallen?
A large part of the reduction in the caps is due to wholesale energy prices continuing to fall between August 2019 and January 2020. A strong supply of gas, such as record amounts of liquefied natural gas and healthy gas stock inventories, has been the main factor pushing down wholesale prices.
As a result, the wholesale energy cost element of the default tariff cap fell from £446 to £408.
These reductions offset cost increases totalling £22 of other elements such as operating costs, network charges, smart meter costs and environmental schemes, resulting in an overall reduction of £17 in the level of the default tariff cap.
Shop around to save money
The energy price cap applies to energy suppliers’ standard variable or default tariffs. Energy users are often switched to these tariffs at the end of a fixed rate deal.
Ed Dodman, director of regulatory affairs at the Energy Ombudsman, says: "This reduction in the price cap is good news for the millions of UK households currently on default tariffs, but shouldn’t discourage people from shopping around for better deals.
"When switching, we would encourage consumers to look at the customer service they can expect to receive as well as how much money they could save.”
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Founded in Los Angeles in 1928, just one year before the Great Depression, Farmers Insurance survived the worldwide economic disaster and expanded to become one of America’s premier insurance providers. In its infancy, Farmers offered car insurance for farmers, but over the years, the company expanded its portfolio to include insurance for businesses, homes and recreational vehicles. Farmers also has investment products.
Farmers sells renters insurance through independent insurance agents and numerous subsidiaries, including Farmers Financial Solutions, Farmers New World Life Insurance Company, Foremost Insurance Group, The Bristol West Insurance Group, The 21st Century Insurance Group and Toggle. Farmers writes insurance policies in all 50 states and boasts a workforce of 21,000 employees, who serve nearly 20 million policyholders.
Find the Best Renter Insurance
Enter your ZIP code below and be sure to click at least 2-3 companies to find the very best rate.
The Specs
Price
$181 nationwide average annual premium
Best for
Renters who want inexpensive basic coverage
Not for
Renters in flood or earthquake zones
States served
All states
Discounts
Yes, a few
AM Best Rating
A (Excellent)
Standout Features
Customizable policies
The claim
Farmers’ standard renters policies offer no-frills protection and include additional living expenses, liability, medical payments and personal property coverages. You also have the option to add replacement cost and identity protection coverages.
Farmers claims to offer superior customer support and a simple claims process, giving you the option to file a claim by calling the company, through your insurance agent or online.
Is it true?
In its 2019 U.S. Renters Insurance Study, J.D. Power ranked Farmers eighth in the nation. Farmers received lackluster scores in all ratings categories, which include billing process and policy information, claims, customer interaction, overall satisfaction, policy offerings and price. J.D. Power awarded Farmers two out of five stars in all categories except claims, which did not receive a rating. Power’s top renters insurance company, American Family, earned five out of five stars in all categories, except claims, which did not receive a rating.
Our deep dive
Most people need a variety of insurance policies to cover what’s valuable in their lives. Farmers Insurance offers a range of insurance policies, including:
Car insurance
Business insurance
Homeowners insurance
Landlord and rental properties insurance
Life insurance
Motorcycle insurance
Pet insurance
Recreational insurance
Umbrella insurance
Farmers also offers a handful of financial and investment products, including:
Annuities
College savings plans
Mutual funds
Cost rundown
Numerous factors can affect the cost of a renters insurance policy, including:
Age of the policyholder
Dog ownership
Dwelling features, such as a pool or trampoline
Location of the home
Marital status of the policyholder
Safety features such as security systems, smoke alarms and sprinkler systems
Unrelated roommates
American households pay an average annual renters insurance premium of around $188. We requested a renters insurance quote from Farmers and liked the price we received. Based on $25,000 in personal property coverage, for an apartment in San Francisco, California, Farmers delivered an annual rate of $130 per year. The standard rate requested also included $5,000 in additional living expenses, $1,000 in medical payments and $100,000 in personal liability coverages with a $1,000 deductible.
Cheaper (or free!) alternatives
Farmers offers a few ways to reduce your renters insurance rate:
Earn a discount when you purchase other Farmers insurance policies.
Non-smoking households may qualify for a renters insurance discount.
Install a fire alarm or security system for even more savings.
Toggle, a Farmers subsidiary dedicated exclusively to renters insurance, may offer you more options and lower rates. The Toggle website enables you to adjust coverage for specific types of property such as technology, furniture and sports equipment. The quotes we received on Toggle offered a savings of $1 to $2 per month compared with the Farmers quote.
Auto Club of Southern California Insurance Group (AAA): 3 out of 5
Erie Insurance: 3 out of 5
USAA only offers insurance and financial products to military members and their families. However, if you qualify, a USAA renters policy offers much more protection than Farmers coverage. Most insurance companies don’t cover losses caused by flood or earthquake damage or they sell optional flood and earthquake policies. However, USAA covers earthquake and flood damage in its standard renters insurance policies.
American Family offers impressive optional coverages, which you can add to your rental policy. For example, travel protection coverage helps protect your belongings when you hit the road and includes global medical expense coverage and trip cancellation.
AAA auto club members can earn a discount when they purchase a renters insurance policy. AAA’s standard renters policy includes replacement cost coverage, which many other companies only offer as an option. Replacement cost coverage comes in handy if you need to replace items that depreciate, like computers or electronics.
When shopping for renters insurance, always consider the quality of coverage. Renters insurance is relatively inexpensive, so paying a few dollars more for better coverage can pay off in the long run.
What others are saying
The Better Business Bureau gives Farmers Insurance an A+ rating. The BBB has received around 700 complaints against Farmers in the last three years. In the last year, Farmers has settled more than 200 BBB complaints.
The National Association of Insurance Commissioners gives Farmers a 0.66 score on the homeowners complaint ratio report, much lower than the national average. In 2019, complaints filed against Farmers with the NAIC dropped 19%.
Farmers offers great rates for renters insurance, but its standard renters policies provide rather average coverage. While Farmers allows you to increase your coverage levels, standard renters policies with some other companies have better features, such as earthquake, flood and replacement cost coverages.
Liberty Mutual has been in the insurance business for more than a century. The Boston-based insurer sells insurance products nationwide and boasts a workforce of 50,000 employees in 30 countries. With an estimated $126 billion in assets, Liberty Mutual ranks #75 on the Fortune 500 list, where it has appeared for 25 years.
In recent years, Liberty Mutual has earned an impressive number of awards for its charitable contributions, green energy initiatives and workplace diversity. Liberty Mutual has a history of supporting entertainment and sports programs, sponsoring U.S. Hockey and the U.S. Olympic and Paralympic Team, along with PBS programs such as American Experience and Antiques Roadshow.
Find the Best Renter Insurance
Enter your ZIP code below and be sure to click at least 2-3 companies to find the very best rate.
Liberty Mutual sells a wide range of insurance products, including renters insurance. But how do Liberty Mutual’s renters policies stack up against the competition?
The specs
Price
$285 nationwide average annual premium
Best for
Renters who want low-cost basic coverage
Not for
Renters who want earthquake or flood insurance in a standard policy
States served
All states
Discounts
Claims free
Military
Early shopper
Smart Home
Protective devices
Multi-policy
Automatic payment
Online purchase
Paperless policy
AM Best Rating
A (Excellent)
Standout Features
Loads of discounts available
The claim
Liberty Mutual’s standard renters insurance policies include the basic coverages most insurance carriers offer, including additional living expenses, liability, medical payments and personal property coverages. Liberty Mutual claims to have the best discounts on the market for renters insurance policyholders.
One-stop insurance shopping makes protecting your valuables a little easier, so it’s important to find an insurance company that can handle all your needs. Liberty Mutual’s portfolio of products holds an impressive variety of insurance policies to cover your:
Automobile
Boat
Condo
Home
Life
Mobile home
Motorcycle
Pet
Recreational vehicle
In the personal insurance category, Liberty Mutual also provides policies to help protect you from identity theft losses, pay for critical illnesses and cover flood damage. Business owners can also turn to Liberty Mutual to protect their interests in land- and marine-based businesses.
Cost rundown
When shopping for renters insurance, various factors can affect your rate, including:
Your age
Location of your home
Security and safety features of your home such as alarm systems and smoke detectors
Dog ownership
Recreational features such as swimming pools
Roommates
Based on a study by The Zebra, a company that researches the insurance market, U.S. renters pay an average annual renters insurance premium of $188. We requested an online quote from Liberty Mutual and were pleasantly surprised by the rate we received. According to the quote, we could purchase $25,000 worth of personal property coverage, for an apartment in San Francisco, California, for around $100 per year. The quote also included $5,000 of additional living expenses coverage, $100,000 of liability coverage and $1,000 of medical payments coverage, with a $1,000 deductible.
Cheaper (or free!) alternatives
Some insurance companies offer just a few discounts to lower your renters insurance rate. But Liberty Mutual provides nine discounts to make your policy more affordable, including:
Claims-free discounts
Early shopper discounts
Military discounts
Multi-policy discounts
Online purchase discounts
Paperless policy discounts
Preferred payment discounts
Protective devices discounts
Smart home discounts
The competition
While Liberty Mutual earned a top-ten spot in the 2019 J.D. Power U.S. Renters Insurance Study, several companies received significantly higher overall satisfaction scores, including:
J.D. Power rates renters insurance companies in several categories, including billing process, claims handling, customer interaction, policy offerings and price. Liberty Mutual received two-star ratings in most categories, while the top two companies earned five stars in all categories.
Some of the top J.D. Power winners offer renters insurance policies with features that Liberty Mutual doesn’t. For example, USAA’s standard renters policy covers damages caused by earthquakes and floods. Liberty Mutual offers optional earthquake and flood insurance at an additional cost. USAA only offers products to military members and their families, but if you qualify, you can take advantage of their exceptional renters insurance.
AAA offers renters insurance discounts for its auto club members. That’s not unusual and comparable to Liberty Mutual’s multi-policy discount program. However, AAA renters insurance policyholders can also receive discounts with major moving and relocations companies, saving big on expenses such as moving vehicles and storage.
Allstate and Liberty Mutual received the same overall satisfaction score, five out of five stars. However, Allstate earned five stars for its superior claims handling. We’re also impressed by Allstate’s seniors discount program, which offers up to a 25% discount for policyholders 55 years of age or older.
What others are saying
The Better Business Bureau awards Liberty Mutual an A rating. Many of the complaints filed with the BBB against Liberty Mutual involve billing issues and product or service problems.
In a comparison of car and renters insurance discounts, The Zebra ranked Liberty Mutual in the top four, beating Nationwide, Progressive, State Farm and USAA. The study determined that Liberty Mutual renters insurance policyholders earn an average discount of 5.06%.
While Liberty Mutual’s standard renters insurance policies offer basic coverages, the discount programs exceed most other insurance companies. If a standard policy doesn’t fit your needs, Liberty Mutual has a few options such as earthquake, jewelry and replacement cost coverages to provide more comprehensive protection.
Your phone screen is so cracked that shards of glass get lodged into your thumb. You tote a phone charger with you 24/7 because your battery lasts no more than a few hours. You can’t actually make a phone call because the sound has just, well, disappeared.
But you don’t want to fork over hundreds — even thousands — of dollars for a new phone, so you just settle.
Not anymore. You can get a new Android phone from Boost Mobile starting at $71.99. Total.
The discount wireless carrier that operates on the Sprint network has marked all its Android devices 20% off. Plus, it’s running a solid Valentine’s Day deal where youget an extra 20% offspecific models.
Replace Your Old Phone With a New Android Starting at $71.99
A 20% savings is nothing to scoff about when it comes to buying a new phone. That can save you a serious chunk of change.
That means you can get a Galaxy A10e for $71.99 (excluding taxes and fees), regularly $139.99. Or, if you want the Galaxy A20, you can get it for $143.99 (excluding taxes and fees), regularly $229.99.
Here’s a recap of what you need to know about this Boost Mobile deal:
This deal is online only, so you won’t find it in stores.
Oh, and Go Ahead and Pick up a Family Plan For $25/Line
Getting a new phone through Boost Mobile doesn’t require you sign up with one of its phone plans, but, honestly, it’s a smart move.
It offers a family bundle (four lines) for $100 a month. That’s just $25 a line — three times cheaper than the average. (For reference, the average monthly cell phone bill these days is about $80 for a single line.)
And it includes unlimited everything: unlimited data, minutes and texting.
So are you ready to finally stop getting glass stuck in your thumb and save a ton of money on your cell phone bill? Pick out your new Android, and use code VDAY2020.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He’s got little kids who want their own cell phones.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Sometimes we just need a fresh start. A hard reset. A cleanse.
No, we’re not talking about expensive, room-temperature green juice. This cleanse is much more palatable — and arguably more beneficial. It’s a financial cleanse.
Whether you’re struggling to keep up with your monthly bills, pay off your student loans or simply want to take inventory of your money, this is the perfect four-day cleanse for you. You’ll finish feeling more confident about hitting your financial goals.
Plus, if you add up all the savings we listed in this post, you could put away an extra $3,172 this year.
Ready? Here’s your four-day financial cleanse:
Day 1: Take Stock of What You’re Working With
When’s the last time you took inventory of your checking, savings and investing accounts? If your money is scattered all about, it can be difficult (and stressful) to look at the big picture.
That’s why we like keeping all our accounts in one easy-to-manage place, like Aspiration.
Aspirationis an all-in-one cash management account that gives you what you need. With the Aspiration Spend account, you can earn up to 5% cash back on your debit card purchases. With the Aspiration Save account, you can earn up to 11 times the average interest on your savings balance. (The FDIC reports that the average account earns just .09%.)
Plus, with five free ATM reimbursements each month and no overdraft fees, you’ll never have to worry about sneaky monthly charges again. Avoiding those fees alone could save you up to $400 a year, according to Bank Fee Finder.
It takes five minutes tosign up for the account. Move your money over, and you’ll already be able to breathe a little easier when you go to bed tonight.
Day 2: Start Tracking Your Progress
When’s the last time you really combed through your transactions? Do you know much you spent eating out last month? Or how much of your budget goes toward groceries?
For this part of the cleanse, set up a simple budget to help you track your spending and hit your financial goals. Before you run away because budgets are scary, hear us out!
We recommend using the 50/20/30 method — in large part because of how simple it is. Open up a simple Excel sheet (nothing complicated!) or break out a blank piece of paper and create spending categories. They’ll look like this:
50% of your monthly income goes toward living expenses. These include rent, mortgage, utilities, groceries, car payments, gas and loan payments.
20% of your monthly income goes toward money goals, which can include investments, savings and debt-reduction payments above the minimum amount.
30% of your monthly income goes toward personal spending. That’s everything else.
Now that you’ve got the groundwork set, start divvying up your transactions from this month. See how things look.
The great thing about this budgeting method is that it’s super flexible, so if you need to put a little more money toward your living expenses and take some away from personal spending, that’s totally fine. Do what works best for you.
You’ll already start feeling more in control of your money when you see everything laid out.
Day 3: Cut The Extra Fat
This one’s really rewarding. It’s time to cut out any unnecessary monthly expenses and find ways to save on your existing bills. Comb through those transactions you charted yesterday, and challenge yourself to get your bills even lower. Here are some tips to get you started:
Take a look at your car insurance. Experts suggest you shop for car insurance every six months. Get a free quote online, and see if you can shave hundreds from your bill this year. We talked to one mom who did this and was able to save $960 a year.
Take inventory of your streaming services. With so many options, it’s easy to stack up bills for Hulu, Netflix, Spotify, HBO, Showtime, Amazon Prime… you name it. Seriously consider what you spend the most time using and cut the rest. Just cutting Showtime could save you $132 this year.
For many of us, our cell phone bills have become unwieldy. It’s time to look into a discount carrier. There are plenty of legit options out there these days, and switching could save you hundreds — even thousands — of dollars this year. We chatted with Zak Wilson, who switched from Verizon to Twigby. He was paying $180 a month for two lines. With Twigby, his bill dropped to $60 a month, saving him $1,440 a year.
Day 4: Visualize the Future
The cleanse is almost over! So far, you’ve gotten organized and purged all unnecessary expenses. How’s it feel?
Now it’s time to start looking toward the future. Think about your financial goals. Do you want to save for an emergency fund? A down payment on a home? Vacation? Retirement? Whatever it is, set your goal.
Then, determine how much you want to put away each month. Consult your budget and make sure you’re being realistic.
Now, get to work!
Withthe Aspiration Spend and Save account, you can easily funnel, say, $20 into your connected savings account each month. Even that adds an extra $240 to your savings. Plus, you’ll start earning interest on your balance.
Then, when you need to tap into your savings, it’s super easy to move back over to your Spend account. No fees, no long waiting periods, no hassle.
Congratulations! You’ve completed your four-day financial cleanse. You should be feeling lighter, more confident and, well, cleansed! Now go out and conquer your goals. You’ve got this.
Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder. She’s thankful this cleanse didn’t require any weird juiced vegetables.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Heads-up, fellow males. Valentine’s Day is rushing up on us. It’ll be here before you know it.
Can we agreenotto screw it up this time? Can we agreenotto wait until the very last minute? Can we agreenotto grab a random box of chocolates at the local Food World or order an overpriced fistful of generic flowers online?
Yeah, guys, I know that procrastination is our natural instinct. Weareguys, after all. Why do something now if you can do it later?
For the sake of your sweetheart, though, please read these tips on how to order flowers for Valentine’s Day. We’re hooking you up with sage advice from experienced florists.
Collectively, lovestruck human beings are about to dropabout $2.3 billionon flowers, so you’ll want to know how to get a good deal.
How to Get the Best Deal on Flowers This Valentine’s Day
Here are nine steps you can take to get your money’s worth.
Not only that, but consider having your flowers delivered a day early. Valentine’s Day, Feb. 14, falls on a Friday this year. Florists will be scrambling to deliver nearly all their Valentine orders on that one day.
“A lot of florists offer incentives if you have it delivered early. And if you do it a day earlier, she’ll have the bouquet all day Valentine’s Day to enjoy,” saysDirk Lorenz, the owner of Fremont Flowers in the San Francisco area.
2. Buy Local
Go with a local florist, not one of the big florist networks. Sure, those big conglomerates are convenient. But if you go through them, you’re just paying a middleman, and you won’t get the best value.
Look for a reputable florist near you who delivers. You’ll pay less for more, and you’re more likely to get the best quality flowers.
“When you order through a call center, they are not the people doing the work. They’re taking a large service charge and farming the work out to someone who’s agreed to take the order for a lesser amount of money,” says Robin Heller, president of theRetail Florists Allianceand co-owner ofFlowers by Davidin the Philadelphia area.
3. Find a Good Florist
Normally we’d say let Google be your guide, but be careful in this case.
If you type (your city) and “flowers” into the search bar, the top results will sometimes be remotely located outfits that buy up local florist domain names. They’re not really local. Local florists complain that these fake local websites can be less than reputable. You should pick an actual brick-and-mortar establishment located near you.
“Make sure it has a Google listing with a map so you can actually see where it is and you’re not falling into a trap,” said Katie Hendrick, editor of the websiteFlorist 2.0andan industry observer who has interviewed hundreds of florists. “The internet can be kind of treacherous on Valentine’s Day.”
4. Choose Your Florist
Yelpis a good place to check out customers’ reviews of florists in your immediate area.
Most florists have websites where you can browse through bouquets based on category and price range. That’s a good place to start, but these sites can look alike because so many florists have web pages built from the same templates.
“If you’re looking for a florist that matches your girlfriend’s style, look them up on social media,”Hendrick said. “Florists are very active on Facebook. Facebook and Instagram are where they’re updating their photos all the time.”
5. Talk to Your Florist
Sure, you can order online. It’s 2020, man. Just point, click and you’re done, right?
Or you could do somethingsuper crazy and out of the boxand pick up the phone and speak to a human being. This is an especially useful strategy if you’re on a tight budget.
“Florists work with all budgets. You can just tell them, ‘This is how much I have to spend. I’d like it to look as good as possible.’ They can be very creative with smaller arrangements,” Hendrick said.
You can also brainstorm about what style or color of flower arrangement your wife/girlfriend/significant other/snuggle bunny might like. Is she funny, serious, bold, shy, delicate, romantic, outdoorsy, outgoing?
“If this is a new relationship — somebody you’ve been dating for four weeks — what the florist recommends will be a lot different than for a husband getting flowers for his wife of 20 years,” Hendrick said.
6. Skip the Red Roses
You can’t really go wrong with a dozen long-stemmed red roses. But if you’re on a budget, you should know that red roses are way overpriced this time of year. Due to supply and demand, florists are payingtwice as much as usual for them.
Instead, you might consider tulips, calla lilies, hydrangeas, gardenias, hyacinths or alstroemerias — whatever looks good to your eye.
The price of roses goes up $2 per bloom around Valentine’s Day, said Alan Rulifson, head floral designer for Green Bench Flowers in the Tampa Bay area. For an alternative, he suggests tulips, which are in season in February.
7. Have Them Delivered to Her Workplace
Now, your mileage may vary here. You’ll save money on delivery fees if you’re willing to pick up the flowers yourself. You could present them to your sweetheart when you pick her up for a Valentine’s Day dinner date.
But florists generally recommend sending them to her workplace.
“Women like the attention. They like the wow factor,” Hendrick said. Also: “At the office, you know where she’s going to be. You don’t have to worry about tracking her down.”
Yes, your local grocery store will probably have flowers in stock. Yes, they can be cheaper than the floral arrangements at a florist’s shop. But this strategy can be a bit hit-or-miss for Valentine’s Day.
If you’re planning to rely on a grocery store, call ahead and ask what time its flowers usually get delivered. That way, you’re more likely to get first pick and not come up empty-handed.
You’ll have a tough time making those flowers look as good as a florist would. At least take them out of the ugly plastic wrapper, and wrap them in colored tissue paper and ribbon or something.
9. Just Do It
Finally: Don’t be intimidated by any of this. There’s really no way to do the wrong thing here, because it really is the thought that counts. You’ll get extra credit for the simple act of buying her flowers.
“There’s nothing like talking to one of our delivery drivers as they walk into a business and see the reaction of every employee there — standing up and saying, ‘Are they for me?’” said Lorenz. “Getting flowers is still one of the best feelings anyone could get.”
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. His wife likes flowers.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
You attribute all that wasted food to poor planning and kitchen skills. But I suspect that ambition — as in, having too much of it — is the bigger culprit.
And I share your pain: I’m a single woman who works long hours and doesn’t like to cook. In my 36 years, I’ve thrown out more groceries than I care to think about. Please don’t ask me about how much I used to spend on UberEats.
I can’t say I’ve completely reformed these bad habits, but I’ve made pretty good progress over the past year or so.
But I haven’t gotten more disciplined. I’ve just gotten more realistic. I know that I’m way too ambitious when I peruse Pinterest for recipes and meal-planning systems when I wake up refreshed on Saturday morning.
I know that when the weekend is ticking away on Sunday afternoon, I’ll be willing to commit an hour or two at most to meal prepping. Some weekends I’ll fail altogether at planning.
What keeps me realistic is that I’m a bicycle commuter. I do most of my weekday grocery runs on my ride home. That means I’m limited to what I can fit into my bike’s basket, which is a medium bag of groceries.
I have to be selective. I’m forced to think about how much effort I’m willing to put into that night’s dinner. Occasionally, the answer is “none,” so I’ll pick up takeout instead. Is that the most frugal solution? No. But at least I’m not shelling out for a restaurant mealandingredients for a meal I’ll never cook.
The key is to decide how much time you’re willing to commit to meal prepping each week and hold yourself to it. You want to spend less on food, but you also need to account for the value of your limited time off.
If you can set aside even an hour or two of prep time each week, I think you’ll make significant headway. Try chopping up some vegetables and cooking a couple of protein staples using olive oil and a few spices. (Just invest in some good storage containers.)
Then, you’ll have some basic ingredients you can throw over rice or a bed of greens. Or you can use them as taco fillings or toppings for a healthy pizza. Start with meals that are so basic, you don’t even need a recipe. As your culinary skills improve, you can aim a little higher.
Just be honest with yourself: When you’re working 50 to 60 hours a week, you’re probably not going to cook 21 meals a week from scratch. That’s OK.
Breakfast and lunch don’t require much prep work — you can easily toss together the ingredients for a smoothie, omelette, sandwich or salad in a few minutes. Dinner tends to be a little more of a production, or at least we treat it that way.
So maybe start with the goal of making all seven breakfasts and lunches, plus four dinners. Enlist your daughter to be responsible for dinner at least one night a week. Then give yourself permission to get takeout for the remaining three dinners.
Just keep your priorities in mind here: You want to save money. You want to eat healthy. Neither of these goals requires you to be the next Wolfgang Puck. You don’t even have to be Pinterest-worthy.
Focus on making small strides in the kitchen, give yourself a little room to fail, and I’m confident you can whittle away at the amount of food you waste.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about saving money to AskPenny@thepennyhoarder.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Sometime in the next few months, many millions of Americans will file their taxes and a large portion of those Americans will receive a tax refund check after they file, giving them back the extra money that had been taken out of their pay beyond the taxes they owed.
It’s a pretty nice feeling when you open the mailbox and there’s a nice check in there, or you peek at your checking account and discover a fresh direct deposit above and beyond your paycheck. It can be really tempting to start imagining fun things to do with that money.
But before you decide to spend that check on a jetski, consider the advantages of just using that money for something financially wise instead.
Putting yourself in a better financial position lowers your personal and professional stress levels. It can give you more financial flexibility going forward with each and every paycheck. It can help save you when things inevitably go wrong, turning what could have been a disaster into something entirely tolerable.
In other words, you can use the money for a fleeting moment of fun, or you can do something to make your life notably better for the foreseeable future.
Here are six great ways to use your tax refund check. Choose one of these, use that check and move on with life. You’ll find that your life is noticeably better in a lasting fashion.
1. Create an emergency fund.
It’s simple. Take the check to your bank and deposit all of it into a savings account. Then, just leave that money alone until something unfortunate happens that you can’t handle. Maybe your car needs some serious repairs. Perhaps you lost your job and need to keep food on the table and bills paid for a few weeks while you find another one. Maybe your best friend is getting married six states away and the trip is pretty expensive.
Whenever something like that eventually comes up — and it will come up — tap that money you set aside for it. It’s an emergency fund for just these kinds of situations.
How does this make my life better? Having an emergency fund means that unfortunate events become a lot less stressful, of course, but it also eliminates some background stress in life. You no longer wonder what you will ever do if your car doesn’t start or if you lose your job. You have a plan now, so those things don’t have to keep you up at night anymore.
2. Pay off a debt.
If you have a credit card bill or a student loan bill, simply use the tax refund check to pay it off in full. The debt’s gone. You’re free from it.
Going forward, you’ll no longer have to deal with that bill each month. It means that whatever the monthly amount of that bill is will stay in your checking account rather than disappearing into yet another bill. Thus, it becomes easier to keep all of your other bills paid, to avoid overdrafting and late fees going forward and to start considering other moves like signing up for the 401(k) at work (you can just contribute the money you were spending each month on that bill you just paid off).
How does this make my life better? Eliminating a monthly bill means less stress about keeping the bills paid. You suddenly aren’t walking quite as tight of a tightrope each month, and that feels pretty good. With that added flexibility, you’re probably reducing your overdraft fees and late fees on other bills, too, and that’s even better.
3. Put money aside for retirement in a Roth IRA (or a traditional IRA if you’re a high-income earner).
You can simply take that check and deposit it in your own Roth IRA (or, if you earn a high income, your traditional IRA) account. Once you’ve done that, it will sit there and earn a solid return each and every year, with the balance compounding and growing, until you reach retirement age, at which point (if it’s in a Roth IRA) you can withdraw it and the investment gains without any taxes. It’s all yours.
Making that choice now is going to be incredibly helpful for you when you’re older. Sure, you might forego something fun in the moment, but you’ll have some of what you need to keep the lights on and food on the table without having to work when you’re in your 70s.
How does this make my life better? Obviously, every dime you save for retirement, particularly when you’re younger and have many years for compounding to work in your favor, will have a tremendous positive impact on your quality of life in old age. However, simply having money in retirement savings is a stress reliever in daily life, and the more you have, the less worrisome retirement becomes.
4. Put it aside for your child’s college education in a 529 College Savings Plan.
If you’re a parent, putting that check aside for your child’s college expenses (or other educational expenses) is a powerful choice. Doing this will directly reduce your child’s student loans, regardless of the educational choices they may make after college.
In particular, putting that money into a 529 college savings plan is a great idea. In a 529, the money can easily be invested with the investment income being able to be used tax-free for educational expenses. It’s just money for your child, which will reduce (or even eliminate) their student loans.
How does this make my life better? Obviously, your child is the one that will benefit the most from this choice. In doing so, however, you’ll find yourself worrying just a little less about their future, and the prospect of them going to an expensive school seems a little less financially intimidating. If you’re planning on helping your child with educational expenses, then this will reduce your own burden in the future, which can be a great stress reliever.
5. Put it aside for a big upcoming expense you know is just around the corner.
Are you planning on replacing your car in the next year or two? Are you saving up for a home down payment? Are you planning on moving to another part of the country soon? What about a major home repair or addition?
If you know there’s a big expense of any kind coming up soon that you’re going to struggle to pay for, put your tax refund check aside to handle that expense or at least part of it. Putting enough money aside to cover a down payment on a car, for example, will reduce your car payments significantly and also reduce the total amount of interest you hand over to the finance company. Having a house down payment reduces your mortgage payments and can also get rid of mortgage insurance.
How does this make my life better? By simply taking care of a portion of those known bills now, you make those bills much easier to deal with in the future. You have less worry and stress about them going forward and much more financial flexibility when they do arrive.
6. Use it to pay for lasting energy efficiency improvements in your home.
Investing some money in improving the energy efficiency of your home will result in permanent reductions in your energy bill going forward.
If your return is small, consider things like switching to all LED lighting, putting a weatherstrip along the bottom of a couple of exterior doors, or putting caulk around the edges of a window where there’s a constant draft. Those simple moves will cut significantly into heating and cooling bills and, with the LEDs, will reduce the constant monthly energy cost for lighting.
If you have more money to spare, consider adding to the insulation inside the walls of your home to keep warm air inside in the winter and cool air inside in the summer, replacing light fixtures with ceiling fans to improve airflow and reduce the running of your much-more-costly furnace and AC, invest in a geothermal heating unit or solar panels or invest extra in an appliance replacement to get a more energy-efficient model.
How does this make my life better? Going forward, every single energy bill that comes into your home will be smaller than it otherwise would have been. While that change won’t be enormous, seeing an energy bill that’s 10% or 20% smaller means $20 or $40 or $60 that you wouldn’t have otherwise had every single month for as long as you live there. That kind of money can mean an end to a cycle of overdrafts, a faster pace of paying down debts, or just a little bit more breathing room in a tight budget.
Investing in your financial future helps you sleep better at night.
The real advantage of doing something wise with your tax refund is that it makes your financial future better, no matter what happens. You will always be in better shape than you would have been had you spent the money wastefully, and that will always mean less money stress and fewer worries keeping you up at night.
Household water and sewerage bills set to fall by £17 this year
Water bills are set to fall after the regulator demanded price cuts from firms
Stephen LittleThu, 02/06/2020 - 10:59
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Average household water and sewerage bills will be cut by £17 this year in England and Wales.
Water UK, the industry trade body, says the average water bill will drop by 4% to £396.60 from 1 April, although there will be variations from company to company.
Christine McGourty, Water UK chief executive, says the water industry is “committed to giving customers good value for money”.
She says: “For around £1 a day, customers get the world-class quality water they need and their wastewater managed responsibly.
“Companies are also committed to investing for the future and protecting the environment, with an ambitious goal to achieve net zero carbon emissions for the sector by 2030.
“And companies are increasing the assistance available for customers who need it most. The number of people getting help to pay their water bills will almost double, whether that’s through reduced tariffs or targeted support.”
The news comes after the regulator Ofwat said in December that water firms in England and Wales must cut the average household bill by £50 – or 12% - over the next five years.
The decision forms part of a £51 billion investment package to improve services for customers.
An Ofwat spokesperson says: “We continue to push companies to deliver improved services for customers, the environment and resilience for generations to come whilst making sure that bills are fair.
“Today’s announcement that water bills have fallen by an average of 4% has been secured because we have demanded greater efficiency, passing through lower financing costs and promoting more innovation.”
Water UK says there is also going to be more help for customers who find it difficult to pay.
It says water companies plan to almost double the number of people getting help with their bills every to at least 1.4 million by 2025.
Should you get a water meter?
The Consumer Council for Water (CCW), the industry watchdog, says customers could make even bigger savings by installing a water meter.
Getting a water meter could slash your water bills by more than £100 a year. Most companies will usually give customers up to two years to trial a meter and switch back if they are worse off or unhappy.
Andy White, CCW’s senior policy manager, says: “Many households don’t feel they get a fair deal from their water company but over the next five years customers are set to receive more for their money – and we want them to take full advantage.”
“There are still millions of households who could tap into savings by switching to a meter or cut their bills if they’re on a low income by signing up to their company’s social tariff.”
With a water meter you will get charged for what you use, rather than a flat rate.
If you live in England and Wales you can get one fitted for free.
The amount of money you save will depend on factors including your usage, how much you currently pay and the number of people living in your property.
Getting a water meter installed does not necessarily mean you will save money though.
A water meter is most likely to benefit those living alone or using small amounts of water.
If your house has a high rateable value it may also be worth changing. This is because water bills are calculated on the rateable value of the property.
As a rule of thumb, you will be paying less if there are more bedrooms than people in your household.
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