Now we’re into autumn the nights are starting to draw in and the weather is decidedly cooler. To try to counter the glum feeling, we thought we would start with some upbeat money news – how about a pay rise?
The BBC recently reported that income levels will increase in 2013. Perhaps we shouldn’t get too carried away though, after inflation it works out to be 0.5% extra, which may just be enough for a portion of fish and chips or maybe a trip to the cinema.
How rich do you feel?
Speaking of income levels, do you feel rich or poor? How much money we need to feel rich can vary from person to person. Your attitude to money may have a bigger bearing than how much you actually earn. However, if you are reading this blog through a monocle or your butler is reading it to you, then you probably are rich.
Cost of living for the elderly
It would appear that you have a higher chance of feeling poor if you are among the older generation as the cost of living is rising faster for the elderly. So the price of things that the elderly buy is going up quicker than the kind of stuff young people like. With retirement leading to lower income for a lot of pensioners this increase in costs is likely to feed into the rise we have seen in debt problems amongst this age group.
Cost of university
Moving from the elderly to the newborn, The Telegraph reports that if you want your baby to go to university you should start saving straight away. It is impossible to know how much the price of student staples such as cider will rise, so make sure you put plenty of money aside.
Charging Order changes
In more serious news the law around charging orders is changing from Monday onwards. This means that anyone receiving a county court judgment from October onwards is more likely to see their unsecured debts being attached to their property. If this happens to you, get in touch.
According to recent research we each fritter away £107 a month on average. Of course this all depends on your definition of frittering, for many of us chocolate, clothes and DVDs are essential items. Obviously these are luxuries that people in debt are often unable to afford. So if you’d like to plan a monthly budget to see how you spend your money use our debt advice tool, Debt Remedy.