What’s The Best Method Of Getting To Work?

Around 25% of British people travel more than 30 minutes to work, this is a long time and not always enjoyable. Perhaps you are getting fed up of the way you get to work and want a change, or your car broke down and now you are forced to think of some alternatives. Whether you are looking for a new way to commute to decrease your carbon footprint or save money, this blog post will give you plenty of options to choose from.

Walk

If you live close to your work place then this is probably the best option. However, it’s not just reserved for those who can get to their destination in 10 min. There are so many advantages to getting some fresh air before a long days work, that you might reconsider walking even if it takes you 30 min. Below we listed some of the advantages and disadvantages of walking to work.

Advantages Disadvantages
Exercise The weather might ruin your outfit
You breathe some fresh air You might get tired before you get to work
An opportunity to start your morning on a mindful note Might take a long time
It is relaxing You might not feel like walking early in the morning
It gives you an opportunity to lis-ten to music or an audiobook and get energised before workYour attire might not be appropriate for walking or perhaps you have a lot of things you need to take with you

If you want to get yourself properly awake and energized before work this short type of exercise is the perfect method of getting there. It is also a great way to relax and set your intentions for the day. There are however some disadvantages. If you want to look smart and your best at work a 30 min walk before hand might make that much harder especially if the weather isn’t helping.   

Cycle

If you live a bit further but you still want to get some exercise in before work, this is the option for you.   

AdvantagesDisadvantages
It’s therapeuticCan be too strenuous
It’s a great form of exercise You need a place to store your bike
Saves money You might have to change your clothes before you start work
It’s great for the environment Might be inadvisable depending on the weather
Can get you to work quicker when there’s traffic You might not enjoy it much if you have to go uphill a lot

There are so many health and environmental benefits of cycling. It’s also great fun, feeling the wind in your hair as you cruise down the streets of your city. The best part, no traffic jam will slow you down! You may encounter some problems with regards to this means of transport if the weather is bad and you get all wet to or from work. Furthermore, if the ride is long chances are you’ll get sweaty and then feel uncomfortable for the remainder of your day.

Public Transport

Public transport is a great option for those living far from their workplace, do not own a car or prefer a more eco-friendly manner of getting to work. It can range from very cheap forms of transport like a bus to more expensive, if you have to take the train. It also gives you an opportunity to do something productive during the journey as you are a passenger.  

AdvantagesDisadvantages
Economic benefits to the commu-nityCan be expensive
Reduces road congestionCan take a long time
You don’t have to worry about parkingOften late or unreliable
One of the safest modes of transp-ort Might not be very comfortable if over packed
The weather won’t affect you as muchIt’s easier to catch a cold

This is the perfect way of commuting if you want to read a book or check your emails on the way to work. It doesn’t have to be expensive even if you have to take the train if you get a railcard, buy a seasonal pass or use a fare finder. Nevertheless travelling on a late and packed bus or train where it’s difficult to get a seat could be a downside.   

Drive

If you want to choose exactly what time you want to leave and have maximum comfort and control over your journey driving to work will suit you the most.

AdvantagesDisadvantages
You can choose when you leaveParking spaces may be a problem
You can keep your stuff in your car Fuel is expensive
Could be relaxing if you like drivingNot eco friendly
You are protected from bad weatherYou have to focus on driving
You can take more things with you and leave them in your car You might be affected by traffic jams and road rage

If it’s possible, split the responsibilities of driving to and from work with a colleague. In some workplaces, schemes are set up to encourage this. If you need to find parking every day, instead of using the multi-storey car parks you could also look at car parking sites such as Just Park, which allows you to park in private residential parking spots at a much cheaper rate.         

Original

If you are looking for a more exciting way to get to work and maybe learn a new skill try: roller skating, skateboarding or riding a scooter. You can even get an electric version if you want to speed things up. Remember to practice a bit before hand so you don’t fall and hurt yourself on the way to work.

AdvantagesDisadvantages
You get to do a fun act-ivity before workCould be dangerous
You can try somethin-g new and develop yo-ur skillsDepending on your skills this might take a long time
An entertaining form of exercise Require investment in equipment which could be expensive if you want to get for example an electric scooter
You can be a part of a communityNot all attire is suitable so you would have to change
It’s eco-friendly You will need a place to store your gear

This could be an exciting way to start and end your working day. With the fresh air and an activity to wake you up you’d probably arrive lively and excited to work. However, it does carry some disadvantages. Be careful not to try something for the first time when you are rushing to work, not only are you risking being late but more importantly hurting yourself.

There are many ways to commute to work and you don’t have to stick to one. In the summer perhaps walking or rollerblading would be your favourite, this doesn’t mean it will be your best option for winter. Change it up to prevent boredom and don’t be afraid to try new things.  

Traditional Personal Finance Rules Revised

Some financial rules really survive the test of time. Don’t spend more than you earn, stick to your budget, save for retirement. However, some tips are outdated and plainly not valid in this day and age. These previously holly pieces of advice just do not stand in today’s economy and rapidly changing job market.

Buy or Rent?

House

The stereotypical response would be to buy property, putting the money into your own investment rather than the landlords wallet. Despite the fact that buying your own home can be expensive it could save you money over the years. Renting on the other hand comes with less freedom to alter your home but offers more moving out flexibility. There are benefits to both and it’s not as black and white as it used to be. Here are the benefits of each and how to decide whether to rent or buy.

  • Benefits of buying
    • Each payment goes into your property
    • Once you pay off your mortgage you can live rent free
    • You have freedom to alter your home the way you like
    • You can have pets
  • Disadvantages of buying
    • Upfront costs like mortgage fees and stamp duty can make it pricier than renting
    • Joint mortgages might make things complicated if you separate with your partner
    • You have to pay for maintenance
    • Moving can take a long time if you have to sell your house first
    • If you can’t pay your mortgage you’ll get into debt and it will be harder to move into a cheaper property
  • Benefits of renting
    • You can move easily
    • It takes less time to find a home
    • You won’t loose money if the property’s price goes down
    • The landlord has to pay for repairs
    • You may be able to rent a bigger home in a nicer area than you could afford to buy
  • Disadvantages of renting
    • You won’t own your house/ flat
    • You have to move out when your landlord decides
    • Your landlord makes the rules
    • You have to pay the deposit which is sometimes not rightfully kept
    • Rent could increase

Which is cheaper? In the short-term it is paying rent, however in the long-run it could be buying a house. It really depends on your life priorities. If you will travel a lot or if you can’t afford a mortgage than renting is definitely a better option, making buying property a questionable advice. The new rule is: don’t pursue buying a house blindly.

Save 20% of your salary monthly

Saving

For a long time we’ve been told that we should save 10% for our retirement, 5% for emergencies and the rest for holidays, weddings or other high expenses. This rule no longer holds true, with longer lifespans, the decline in retirement plans, altering social security benefits and higher individual diversity.

Now your best option is to calculate an estimate number depending on your life-style and personal goals. People may have varying income needs in retirement or emergency. Therefore instead of blindly following the 20% rule, be honest with yourself and calculate a more accurate number that counters in your passions, living expenses and frequent high expenses like cars etc. You can use a pension calculator to help you see the full picture of your likely retirement income.

Student Loan

Student loan

The pervasive though is that a student loan is a “good debt” because it’s an investment. The fact is that graduates do earn more than non graduates, so in the long term, you are statistically more likely to improve your earning prospects by going to university.

However, not all careers need a degree and some have job training pathways. Furthermore, not all courses will guarantee you a higher pay or even employment. Therefore it’s vital to weigh the costs and benefits of a degree. Unfortunately, the debt that comes with higher education isn’t always necessarily a good thing to take on.

Take time to consider all the pros and cons of getting a degree on your finances and the return on investment you can expect. Consider whether the industry you’re planning to enter cares more about skills and experience than it does for a university credential. If you’re going to school with a plan to “find yourself” or take a break from the workforce, think twice about the price tag that comes with it.

Assume nothing

Old man

There are endless sense gaps in finance, business and governmental processes that undermine even the oldest rules. The best method to currently employ is common sense, for example don’t save only 10% of your salary if you are planning to retire around 40, it will definitely not be enough.

Inquire more to find out about your rights. You might be entitled to benefits or discounts. Do your research rather than follow any old beliefs you might have and take your time making important decisions, especially if there is no rush.

Be in control

Writing

Staying stagnant in your finances will cost you more than you can imagine.
Not switching to a more competitive mortgage rate costs us £2.5bn a year, failing to consolidate credit card debts leaves us £10.5bn worse off and leaving personal loans where they are brings with it an unnecessary bill of £5.7bn. We have now more choice than ever and the fierce competition using new sales tactics is making it even harder for us. Try to beat through the overwhelming feeling and keep pursing the best financial option.

Keep track of your accounts and documents as you might be loosing money because of outdated addresses and organisations loosing your records. This is particularity worrying for our generation who is switching their jobs frequently and is loosing their pension income. If you want to track down your pension details click.

It’s clear that in this day and age if you want financial security you will have to pay for it. The generation inequality might feel unfair, but in this case you have to play by the new rules.

Tips For Living On A Tight Budget

Living on a tight budget can get tiresome, irritating and plainly hard. However, if you go the right way about it and save up where you can you won’t have to constantly feel deprived. You just have to make sure every pound has its purpose and you priorities expenses that really matter. Whether you have found yourself in this position because of general money problems, an unexpected emergency or you recently lost your job, these tips and tricks will help you make the best of your situation.

Have Clear Priorities

When living on a tight budget you can’t  afford luxuries. You have to focus on meeting your essentials and remaining within your financial limits. Priorities your rent, mortgage payments, electricity/water bills, food and any debts you have to pay off. The key is to separate your needs from your wants. By making sure you are staying on top of your necessities you will feel a lot calmer living on your tight budget.   

Receipt

Create A Strict Budget

Due to the fact you don’t have much space to manoeuvre you have to have a well-thought-out budget plan. Hopefully it will prevent you from any careless and impulsive shopping sprees, which can be highly detrimental while suffering from financial difficulty. Make sure all your expenses are covered before thinking of making any other purchases. Remember to keep tracking your outgoings to ensure you stick to the plan.

There are a lot of methods you can adopt to make your budget, from writing it down on paper to using fintech apps like: YNAB, Acorn or Chip .  

Once you have a well-balanced budget you can see where you can make cuts and perhaps start an emergency fund.

Budget plan

Save On Food

Shop at the right time! The ideal time to go shopping is an hour before closing time, or at 7pm in 24-hour stores. This way you’ll find the most products in the reduced section. Freeze the  items you purchased to prolong their expiration date and be mindful of how long you keep them for.

You can also check out Approved Food website for stock clearance food.

As obvious as it might seem, try not to shop on an empty stomach as you’ll end up buying things you really don’t need. Try to make a grocery list beforehand, which fits with your tight budget. You could even make a meal plan to make sure you will efficiently use all your purchased products.

Try own brand products as these tend to be the cheapest and you might be positively surprised with their good quality.

Don’t forget to set up loyalty cards everywhere you go! You can get some major discounts or even items for free.

Shop in Lidl or Aldi, there you’ll find the best bargains and brilliant deals.

Buy in bulk especially products with a long expiration date.

Don’t waste food! Freeze it or add a new ingredient if you are getting bored.

Before eating out check online if there are any vouchers available or discounts that apply to you. Unfortunately, you will also have to limit the amount of times you will eat out if you want to save money.

Have some space in your garden? Maybe try growing some tomatoes 😉 Then just keep the seeds, replant and you can have a sustainable source of vegetables.

Cook from scratch, potatoes, pasta and veggies are some of the cheapest foods out there. You can save a lot of money eating mostly plant based.

Shopping list

Shop for offers

Research from Santander says, UK households spend an average of £3,329 per year, on their: water, energy, Council tax and broadband bills. You can save significant amounts of money by switching utility providers and shopping around for the best offers out there. Remember to save electricity by turning off the lights or keeping the temperature down. For further information on how to save on energy bills check out this blog post: https://www.piggy-bank.co.uk/blog/tips-tricks/beat-energy-bills/.

When shopping for clothes ask yourself what sort of style you have. If you like to follow the most recent trends, shop in the cheapest fast fashion brands such as Primark and avoid Topshop or River Island unless they have some major sale, but even than be weary. If you have a more classical style, try charity shops or gumtree.

save deals shopping

Entertainment

Instead of going to the cinema, invite your friends for a movie night to your home. As a general rule, if you stay home you will spend less. Celebrate your birthday or New Years by throwing a party at your place rather than going out. There are many fun activities you can engage in not having to leave your house, including playing board games, cooking or doing some at home exercises (save on that gym membership).

We all love going to the cinema, the big screen, the darkness the high power speakers. You don’t just pay to watch a movie, you pay for the whole experience. However, it’s an expensive experience and as such it’s good to look for deals. Most cinemas offer great deals mid week or 2-for-1 deals so visit Odeon Websites frequently not to miss out.

Transport

Rather than buying a car, walk, use a bike or just take the good old-fashioned public transport. If you desperately have to use your car, check out which petrol station has the best prices in your area.

Tube

Emergency Loans

If an emergency occurs you can try to borrow money from a friend, family member or a payday loan company. If it’s a small amount for some unforeseen circumstances a short-term loan will help you without burdening you for many years, being a short time repayment option. However, remember that not being able to repay your debt can get you into serious financial difficulties.  

Following these tips and tricks will help you enjoy life even on a tight budget and decrease your worries about running out of cash or drowning in debt.

Money Management

Taking the time to manage your money better can really pay off. It can help you stay on top of your bills and save £1,000s each year. You can use these extra savings to pay off any debts you might have, put them towards your pension, or spend them on your next car or holiday. Read on for money management tips, including how to set up a budget, sticking to it and how to save.

Over half of UK households keep a regular budget. Most say it gives them peace of mind about how much they are spending, and makes them feel better about life in general. Manage your money better with Budget planner tool.

UK small businesses admit to struggling with financial management

Almost one in three (30%) of the 1,000 business directors polled admitted finances were one of their major business concerns, while 29% of those with a turnover of £10m or more said the issue troubled even them.


UK small businesses admit to struggling with financial management