Five Tips for Saving Money on Your Lunch at Work

You may not think so, but if you buy a fancy lunch every day at work, it really adds up, which is why on the Kiran Trivedi blog this week, I’ve provided five tips that you can use to save money on your lunch at work.

The Cost of Lunch Really Does Add Up

OK, you probably think I’m being petty now. What will you pay for a sandwich at your favourite supermarket? A few pounds? OK, it’s a few pounds now, but think about it. £2 a day, five days a week. That’s a tenner a week. That’s around £40 a month. All of a sudden, that’s a chunk of household budget gone for the month.

The thing is, that it’s so easy to protect your personal finances form the mounting cost of expensive lunches at work. All you need to do is make your own. Do that and watch, as the pain expensive lunches inflict on your personal finances suddenly just disappears.

Drive down the Cost of Your Work-Lunch

I’ve been doing this for a long time, Kiran Trivedi readers. I know all the tips and tricks you can use to make your own lunch for as little as possible. In my experience, here at the top five ways to make your own work-lunch on the cheap…

1. Invest in a Flask: Invest in a flask, and the world’s your oyster. All of a sudden, you have enough tea to last you the whole days for pennies a go.
2. Buy Cheap Ingredients: Despite what most people think, it really doesn’t matter whether you buy brand name foods or not. Why not try buying budget mayo for your sandwich? It costs less and tastes exactly the same.
3. Make Something Filling: You need your lunch to fill you up enough, so you don’t have to sneak down to the local corner shop for an expensive chocolate bar mid-afternoon. That’s why I’d suggest that you always make something with carbs i.e. a sandwich, pasta dish. Carbs are really filling and are great long term energy sources.
4. Buy in Bulk: Why not look at your budget, wait for when you’ve got the most spare cash, and buy your ingredients in bulk when they’re at their cheapest? Good tip; wait until your desired lunch ingredients are on special offer!
5. Do Your Research: Once again Kiran Trivedi readers, you need to do your research. Look around at different supermarket website and see who is offering your desired lunch at the lowest price.

If you remember anything from this article, Kiran Trivedi readers, let it be that if you want to protect your personal finances, you need to make your own lunch for work!

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Several Ways for Small Businesses to Save Money

Owning a small business can be a serious drain on your personal finances, which is why on the Kiran Trivedi blog, I wanted to share several ways for small businesses to save money.

When You’re a Small Business Owner, Every Little Helps

You’re really putting yourself out there when you start a small business. You don’t have the security and the safety net that comes with working for someone else. Yes, you reap all the rewards, but all the financial risk falls on you as well.

If your company goes bust, you’re the only one who’s going to suffer financially. This is why, to ensure the stability of your own personal finances, you need to find ways to save the money you spend on the business. As some famous adverts have said; every little helps!

Kiran Trivedi’s Top Money Saving Tips for Small Businesses

In fact, there are a thousand ways to cut down the bill of running a small business, including…

• Buying Office Supplies in Bulk: Office supply retailers, as normal chains do, often have special offers for customers who buy in bulk, which cuts down the significant cost of office supplies.
• Embracing Online Marketing: Don’t waste cash on a flashy ad campaign. Rather, set up a blog and social media accounts and use them to effectively market yourself to your target audience for free! You can even monetise your blog and your YouTube page and bring some extra revenue in!
• Turning Things Off: Do you know how much electricity you use when you leave an electrical device or a light on overnight? A laptop constantly left on for a year, for example, will add around £50 to your electricity bill. Get in the habit of turning everything off before you leave and save a serious amount of cash!
• Using the Government to Your Advantage: There are a thousand ways the government try to help small businesses grow i.e. tax credits for certain industries. It’s in their interest to make sure small businesses succeed. Use this to trim down your company’s expenditure.
• Reducing Employee Turnover: A study by experts at Oxford University published earlier this year revealed that the cost of replacing an employee can be over £30,000. Don’t end up letting this drive down your bottom line; treat your employees with respect!

Once Again, Say it with me People, Do Your Research!

All it really takes is some common sense to save money as a small business owner. Best advice I can give you? It’s the advice I always give you here on the Kiran Trivedi blog. If you want to save money as a small business owner, do your research!

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If you’ve had a Power Cut, You Could be in for a Bigger Pay Out!

It turns out Kiran Trivedi readers, that if you’ve had a power cut, it may not hit your personal finances as much as you might think, as you might get a bigger pay out!

Time is Money People!

You may not think that a power cut has the ability to weaken your personal finances. After all, its energy you’re not paying for, because you’re not using it. However I would argue that if you go without power for longer enough, it can seriously damage your bottom line.

Remember the old adage; time is money? Well think about 24 hours without power. Think about 24 hours where you can’t turn the lights on, go onto the internet etc. That’s a lot of time wasted, and you and up being a lot less productive. It can end up really squeezing your schedule, and thus costing you money.

With Power Cuts Coming More Often, Compensation Just had to be raised

And the situation seems to have gotten worse lately, Call it global warming, call it whatever you want, but we seem to be having more power cuts than ever lately. In the wake of the storms that rocked the nation last holiday season, over 16,000 homes in Southern England went without power for a staggering two whole days.

Now it seems that energy regulator Ofgem, in light of recent events, see things the way I do. According to the BBC, the regulator has decided this week, to lift the minimum customer pay out for consumers who go without energy for at least 24 hours. They have raised it from £24 to £70.

“There are Lessons that Have Got to be learned.”

Ofgem’s Maxine Frerk commented on the matter to the BBC. Frerk said: "There are lessons that have got to be learned for the future - both about getting some customers reconnected faster, but most importantly about the communications with customers, so that they can get through, find out what's happening and get some sense of when they're likely to be back on supply." 

Notably, the news site went on to reveal that the energy regulator was already particularly displeased with energy company SSE, along with power distribution firm UKPN. Between them, they’ve already had to pay out £4.7 million in compensation to those most badly affected by the holiday storms.

What Does This Mean for Your Personal Finances?

So what does it mean for your personal finances, Kiran Trivedi followers? First off, it means you need to remember that if you go for power longer than 24 hours, you’re entitled to more compensation. Secondly, it means that this will likely prompt the energy companies to supply a more effective service, which will hopefully have a positive effect on your bottom line. 

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Why Are Insurance Comparison Sites Failing?

Following a report from the FCA, I ask on the Kiran Trivedi blog this week, why are insurance comparison sites failing, and what could it mean for you?

Kiran Trivedi Always Tells You to do Your Research!

The best way to protect your personal finances is to budget. To effectively budget, you need to root out the cheapest deals possible; which is why I’m always telling you to do your research!

One effective research tool at your disposal to help you lower the cost of insurance, is insurance comparison sites.  In theory, they help you compare and contrast insurance policies so you can find the most cost effective one for your circumstances.

FCA Finds Insurance Comparison Sites are failing.

In practise, however, it appears that insurance comparison sites are failing; at least according to the Financial Conduct Authority (FCA), who recently reviewed 14 price comparison sites.

Last week, the FCA went on record, suggesting that instead of helping consumers, as they are supposed to, they could actually be confusing them further. The regulator claimed that these sites were failing some standards, providing “unclear” information, and that therefore, customers were not being given the information they need to make an informed decision.

The BBC recently reported that Clive Adamson, the FCA’s director of supervision, spoke out on the report’s findings, saying that "our review found that they were not meeting our requirements in delivering fair and consistent outcomes for consumers."

A Conflict of Interest?

Furthermore, the FCA suggested that some insurance comparison sites failed to point out a conflict of interest to their customers. However, the regulator went on to reveal that there was no evidence to suggest these companies had made a profit from this potential conflict of interest.

It’s important to note that some sites do flag up this conflict; however they often make it as hard to possible to find. Gocompare, for example, are 50% owned by insurance company Esure. The site does point this out, but only in the small print.

What Does This Mean for Your Personal Finances?

So what does this mean for your personal finances? Essentially, it could mean that you are not getting the most value for money from these insurance comparison sites, as you are making decisions on who you find to be the most cost effective insurer, based on potentially misleading information.

This is why I’m always telling you to do your research here on the Kiran Trivedi blog, if you want to protect your personal finances. Only once you’ve rooted out all the necessary information, can you make an informed decision on how best to save money on your household budget. 

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Get Ready for Clearer Insurance Renewal Quotes!

Insurers are to be forced to provide clearer renewal quotes, which as I’m going to explain here on the Kiran Trivedi blog, is great for your personal finances.

They Won’t Tell You What You Used to Pay

We’ve all been there. A new premium for your home, your car, hell, even your dog, comes through and it’s gone up. You don’t know why. You think it’s gone up, but you’re not sure; the insurer won’t tell you what you’ve previously been charged.

It’s a common problem, and it can wreak havoc on your personal finances. If you can’t compare your old premium to the price of your new one, it’s far harder to craft an accurate budget that you can use to balance your personal finances in the long term.

Call for Easy Comparison Renewal Quotes

Well that could be set to change, as last week city regulator Association of British Insurers (ABI), itself wrote to the Financial Conduct Authority (FCA), proposing that insurers be required to remind customers what they previously paid when they inform them of a new premium.

However the ABI went on to suggest that the change should only apply to homes and motors, which represent a majority share of the market, and not, at last initially, to other types of insurance i.e. pets, foreign travel, commercial purposes etc.

Come Clean About Introductory Discounts

The ABI also suggest that insurers be forced to come clean about introductory discounts on premiums, which are often offered in the first year, to provide customers with an incentive to switch insurers.

The BBC reported that ABI’s deputy director general, Huw Evans, spoke out on the proposals, saying: "Insurers want to make renewing your insurance policy easier and clearer to understand by reminding you of last year's premium and flagging up introductory discounts." 

Many Customers Have Been Paying Over the Odds

The fact that even insurers are backing the proposals means that you can be sure that when they come into effect, which is expected to be the end of next year –they’ll act to benefit you, the customer.

This viewpoint was mirrored by Natasha Glasgow, head of insurance MoneySuperMarket, one of the consumer groups which lobbied for the changes. According to the BBC, Glasgow said: "At long last, the insurance industry is waking up to the fact that it has made the process of renewing policies at a competitive price as difficult as possible, with many customers paying way over the odds," 

I couldn’t have put it better myself. This move is great for your personal finances because it will ensure that you don’t draw money from the budget to overpay when you are presented with a new premium!

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We all now have the Right to Request Flexible Working Hours!

The recent government decision to extend flexible working hours to everyone is monumental, and this week on the Kiran Trivedi blog, I’m going to explain why.

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Is It the Right Time to Sell Your Home?

With the UK housing market riding higher than it has in years, this week on the Kiran Trivedi blog I ask whether it is the right time to sell your home.

The Rise and Rise of the UK Housing Market

The housing market’s a world away from where it was a few years ago in the wake of the financial crash. The UK’s astounding economic recovery, along with government schemes like ‘Help to Buy,’ have persuaded people to let go of their reservations and jump back on the property ladder.

And the figures certainly back it up. According to data from HM Revenues and Customs (HMRC), home sales are rising. Specifically, HMRC has noted that a total of 100,360 homes were sold in May, up from 95,600 in April; hitting their highest level of 2014 so far.

Mortgage Approvals Are Down… Again

So more homes sold logically suggests more people are buying; but is this set to continue. Not according to the British Bankers Association (BBA). Last week, the BBC reported that the BBA suggested that the "heat is coming out of the housing market."

The Association argued that despite the record number of current house sales, mortgage approvals – an indicator of the trajectory of the housing market – were down. Specifically, mortgage approvals slumped to 65,132 in May, down for the fourth consecutive month, and measured 3.5% lower in total than in the same month of last year.

The Mortgage Market Reviews Are making it Harder to Buy Homes

Chief economist at the BBA, Richard Woolhouse, attributed dropping mortgage approval figures to the introduction of Mortgage Market Reviews; new affordability tests for home loan applicants.

Woolhouse argued that: "These are the first mortgage approval figures we have seen since the introduction of the Mortgage Market Review, so it is significant they have fallen for the fourth month in a row."

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