There’s no getting around it: this is not an easy time for freelancers. Yes, you’re probably generally more used to working in isolation than others – but, given that we’re in the throes of a global pandemic right now, there’s considerably less work out there to actually do. 

Things will get better, but until then, here are a few ways you can get a handle on your financial situation.

Claim your benefits

First of all, it’s time to find out exactly what kind of money you’re entitled to from the government. You can check whether or not you’re eligible for the self-employment support scheme here.

The grant pays up to 80 percent of your usual profits, covering three months, and is capped at £7,500. As a general rule, in order for you to be eligible, your annual income needs to be under £50,000 and you need to make most of your money from sole trading. You’ll need to have paid your self-assessment tax for 2018/19, too. Not eligible for the grant? You could also try applying for Universal Credit to help you stay afloat.

Try something new

Now is the perfect time to explore areas of work you wouldn’t normally dabble in, using the skills you already have. For example, if you’re a journalist, you could take on some copywriting gigs – these tend to be better paid, with more opportunities readily available. It doesn’t need to be something you do forever, but it could really help during this tricky time.

If you really want to diversify your skill set and maximise your chances of getting work, why not take a professional course? Remember, if you pay for any training to do with your freelance career, you can offset the cost against your tax bill. There are plenty of free learning resources out there, too – try Skillshare or LinkedIn Learning.

Reach out

Don’t be afraid to reach out to previous clients who know and trust you, explain that you have a lot more free time than usual at the moment, and ask if they need anything from you. Companies are always likely to work with freelancers they’ve used before, and many will be glad to offer you gigs if they know you’re struggling.

You could also ask fellow freelancer friends to recommend you if they’re offered any work they can’t do. It’s all about those connections.

Make use of the downtime

Inevitably, there will be some quieter periods for freelancers while the world reckons with this new normal, so use this time to pitch to new clients and apply for opportunities you might not have had a spare minute to think about otherwise. Scour job boards, newsletters and Twitter for openings – work is out there, it’s just a little trickier to find at the moment.

Plus, free time doesn’t necessarily have to be a bad thing – it’s a good opportunity to deal with the admin side of your freelancing business, so that you can hit the ground running when things start to look more fruitful on the work front. Update your website, create an invoice template or make a list of coffee shops you’re going to work from when all this is over. If you’re feeling super-industrious, you could even file your 2019/2020 tax return early (but we really, really won’t judge you if you don’t).

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@rebz_hastings

The post Freelance? How to stay afloat during the COVID-19 pandemic appeared first on Money For Life.

Perhaps you absolutely smashed it out of the park when it came to your finances…I hope so! But the start of this New Year is the perfect time to ask: are there lessons we can learn to help us absolutely OWN our finances in the next decade? There sure are!

Spending has got a LOT easier.

The teenies was the decade that we started using debit cards – and specifically contactless debit cards – for EVERYTHING. Just tap and go, baby. Unfortunately, that has made us all far more likely to spend more, bust our budget and go into debt. When money becomes totally virtual, it’s tricky to get a handle on its REAL value.  So, as we go into a new decade, make sure you’ve got a grip on your spending. If you use contactless cards, at least make sure you also have an app that allows you to see your spending in real time, and categorise it so you know exactly where all the money is going. And maybe, just maybe, take some cash out once in a while to keep the spending in check. Just a thought! 

…and so has borrowing!

At the beginning of the teenies, thousands of young people were taking out instant, so-called ‘payday’ loans with hardy any credit checks. That didn’t end well, with dozens of lenders going bust and lots of borrowers getting into huge debt.

Towards the end of the decade, we started seeing a new debt danger: the rise of buy-now, pay later schemes like Klarna. These allow you to buy something, see if you like it then send it back, with no money changing hands. But if you keep anything, the bill’s due in exactly 30 days, and late payment will hurt your credit score, and therefore your borrowing prospects, in the future.

So before you click on the cute pizza icon at the checkout, think. Would you still buy this if you had the money? Do you really want or need it? I say stick to buying what you can afford right here, right now.

An overdraft is the quick fix, and from May an unarranged trip into the red will probably be cheaper, because the banks have been told to slash their super-high interest rates.  But the sensible, much cheaper, ‘agreed overdraft’ that many of us rely on will actually get more expensive. So be warned!

….but so has saving!

The teenies was the decade that the smartphone took over the world – and our finances! Today, we have a huge range of banking apps, which typically have

a “round-up” savings feature.  These round up the amount you spent to the nearest pound and transfer the difference from your current account into a savings account. You may also be able to choose when to round up or transfer spare cash, such as on payday. These apps are a game-changer for those who find active saving too difficult and well worth checking out next year, if you haven’t already. 

If you want to take things to the next level, you can now link your account to a chatbot like Plum or Cleo. It will analyse your spending, help you budget, flag up spending weaknesses (mine are beauty products!) and decide how much you can save and when to do it.

Social media rules

At the beginning of the decade, it was all about Facebook and Twitter. But later Instagram, YouTube, Snapchat and TikTok took over, partly thanks to the rise of influencer culture. As a new decade arrives, it’s important to keep influencers and their commercial activities in perspective. Numerous studies have shown a link between excessive time spent on these apps and mental health problems.

We view people who appear to have a better life than we do, and this can subconsciously influence us to spend money we can’t afford. Always remember that social media tends to present the edited highlights of other peoples’ lives, not the messy reality. Keep it real and resolve to live more IRL: it’ll do your finances (and your peace of mind!) the world of good.

The post Money lessons learned in the teenies (2010s)! appeared first on Money For Life.

Set a financial goal you can stick to – if you were spending frivolously during the Christmas period, it’s likely that you’ll want to start the New Year with a resolution that includes managing your finances better. One of the common mistakes people make here is setting unrealistic financial goals that they can’t stick to – which in turn causes early disappointment, loss of motivation and before you know it everything goes downhill. If you need help creating a budget plan for the year, Money for Life’s ‘Penny to Pounds’ app is a great place to start.

Stay away from expensive takeaways – the winter season can be another cause for those January blues to creep in. As it’s the coldest, darkest time of year – most of us tend to feel sluggish and let’s admit it would rather just stay indoors snuggled up with a Deliveroo and Netflix right! But as tempting as it sounds, this can put a huge strain on your bank account. If comfort eating is a habit you find hard to let go of this time of year, try deleting all fast food apps from your phone so the temptation won’t be as easy. Also cooking in bulk and having your meals prepped for the week will do wonders on those days when you’re feeling lazy!

Volunteer – One of the best ways to break out of the dull routine of studying or working is to dedicate an hour or two a week to trying something new. Volunteering is not only a perfect way to help other people in the community – it’s also a way of meeting new people and improving your mental wellbeing. Whether it’s joining a charity, helping a neighbour, or walking someone’s dog – the satisfaction gained from knowing you’ve positively impacted someone’s life or made someone happy is what will also make you feel a lot better about yourself.

Get active – Aside from the obvious physical benefits of working out, there are also physiological ones too. Did you know, the chemical hormones released in your body when exercising naturally improves your mood by making you feel happier? Another great benefit of regular exercise is that it doesn’t have to cost a penny and provides a routine for you to stick to – which is also great for the mind and for staying productive. So, make plans with a friend or head to the park by yourself for a run or a nice long walk (have you hear of exercise snacking?).  Even socialising and being out and about can help.

Research and plan a holiday – Christmas isn’t easy on the wallet, and it’s certainly a key reason why many see January as such a depressing month. But there’s no reason why you can’t start making holiday plans for later in the year. Having something to look forward to can make the month fly by, and the search for hotels and things to see and do once you get there is a great motivator to keep going. If you’re really low on cash and/or desperate to get away sooner, check out towns or cities near to you that you’ve never explored and consider a day trip or night there – a change of surroundings can do wonders for shifting the dreadful feeling that you’re going nowhere.

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On the day A-levels results come out, the internet is overflowing with articles about famous people who failed their exams. People like Jeremy Clarkson, Richard Branson, Prince Harry, and JK Rowling. The message is clear – you don’t need formal education to succeed in life.

However, what is left unsaid is that these are very special exceptions. As Jim Rohn said: “Formal education will make you a living. Self-education will make you a fortune.” He is right. You need education – both formal and informal to make it work for you. A combination of street-smart and book smart will go a long way. Always keep learning!

#2. You must buy a house young

Your dad bought a house when he was 24; I get it, but you don’t have to do the same. When your parents bought houses in their 20s, their lives and careers were more settled than they are these days.  Young people today are expected to change careers over ten times in their lives; research shows they change jobs much more often than that. These job changes often go hand in hand with geographic moves. What does this mean? It means you should pay less attention to studies suggesting buying a house is a great idea but genuinely think about why you’d want to buy a house (tangible reasons or societal pressure reasons?) and do the math of if it’s worth it. Renting a home is not a waste of money; it can be the smart thing to do until you settle down.

#3. You must get, and keep a job

When I was in my early 20s, my path was clear; I’ll finish my education, get a job, marry a great guy, and live happily ever after. I finished my education and, much later, married a great guy. Jobs turned out to be a bit trickier. I moved to the other side of Europe and got a job. Still, failure to win work, or research funding, would have meant losing my job. You were taught to expect a job, and this isn’t working too well. Don’t feel down but think of smart ways to make money when life’s a bit tough.

#4. You must become an expert

An expert knows ‘a lot about very little’. Industrial societies valued experts highly. Times have changed and, with them, the knowledge, skills, and competencies valued by industry and business have too. Expert knowledge and skills are automated. Computer algorithms select and trade stocks, build machines, predict song success and write novels. Become a maverick who knows ‘a lot about a lot’ and leave the expertise to robots.

#5. You should learn to save money

Did your mum teach you how to save money? Most parents believe their children must learn how to save.  I think instead of learning how to save, you should learn how to spend mindfully. When there is nothing left of your wage once you’ve paid your bills it’s hard to save. Instead, learn how to spend mindfully and potentially attend a money management workshop or two, to help you with your spending habits and spending mindfully.

#6. Money doesn’t grow on trees

‘Money doesn’t grow on trees.’ – my dad used to say. What did I learn? I learned making money is hard and opportunities can be scarce. But also, guess what? Money can grow on trees, and money-making opportunities are plentiful. It’s all about learning to spot and implement great ideas. You’d be surprised how many opportunities to make some money are out there. And if you decide to start some side freelancing, make sure to get financially rewarded for your work. Check out the Multi-Hyphen Method book by Emma Gannon or the Creative Rebels podcast if you need any inspiration!

Finally…

Now you know the money lessons it is time to put this knowledge to good work and practice. Here are seven money lessons to replace the outdated ones:

• Learn something new every day; become slightly better at life and money every day.
• Rent your home without feeling like a failure; you can still win the game of wealth.
• Focus on work rather than jobs; you’ll get further and earn more.
• Become a maverick and expend your competences and skills; all the time.
• Learn how to spend money mindfully, and saving will take care of itself.
• Opportunities are plenty; learn to spot them and act fast.

Congratulations on taking steps to become a money master!

The post 6 Money Myths to let go of and Become a Money Master appeared first on Money For Life.

1. Consider buying travel insurance

What would you do if your baggage went missing, your new camera was stolen, or your flight was cancelled?

Travel insurance can protect you from a range of problems you might encounter while you’re away from home. Travel insurance policies don’t all cover the same emergencies, so check carefully what each policy covers. Some policies only cover medical emergencies, whereas others cover you in case your trip is cancelled, or if you have to cut your holiday short. Others cover lost baggage and theft of your belongings, and many policies offer a combination of covers.

Before looking to buy travel insurance, make sure you’re not already insured! Some credit cards, for example, provide travel insurance to their customers. Check whether any product you do already have covers your needs.

If you decide to buy travel insurance, you can compare costs on price comparison websites, but bear in mind that not all policies are the same and it can be difficult to compare policies directly. Check that you understand what is covered and that you know how to claim before you buy.

Finally, before heading to the airport or packing up your tent and wellies, make sure to print off the instructions for making a claim and contact details of the insurance company. You don’t want to be desperately searching for this information when you’re in the middle of a holiday gone wrong!

2. Don’t forget to protect your health

If you are travelling outside of Europe, it is very important to have travel insurance that allows you to access healthcare abroad if you become sick or injured. If you become ill on holiday and need to visit a doctor or hospital without insurance, healthcare costs can be extremely expensive.

If you are a UK citizen travelling in Europe, you can currently apply for a free EHIC (European Health Insurance Card), which entitles you to access state-provided healthcare free or at a reduced-cost in countries in the European Economic Area and in Switzerland. If the UK leaves the EU without a deal in October, this will likely change. So make sure to keep an eye on the current situation through the NHS information page on the EHIC card.

3. Keep your valuables safe

Holidaymakers and festivalgoers are prime targets for pickpockets, so it is worth thinking about how you can take care of valuable possessions like phones, laptops or cameras.

If you have home contents insurance, your valuables may already be covered, but you need to make sure that your policy covers your valuables when you are away from home. In addition, many contents insurance policies have limits for the amount that can be claimed for one item. So, if you own a particularly expensive item – perhaps a laptop – you might be better off insuring it through an individual insurance policy just for that item.

If you don’t have a contents insurance policy, or it doesn’t cover you away from your home, you can insure your valuables through personal possessions insurance, which may be included in a travel insurance package.

With any insurance product, it’s important to check carefully that you understand the cover and that it meets your needs. You can get free and impartial advice on insurance by visiting the Money Advice Service website.

While you are travelling, keep your insurance policy and the contact details of the insurer close to hand and report any claim to the insurance company as quickly as possible.

Then, enjoy the sun, sand or festival mud knowing you’re protected!

The post Sun, fun and travel insurance appeared first on Money For Life.

Forget a long run or a hard slog at the gym; scientists have found that small bursts of gentle exercise throughout the day do more for your blood glucose levels than a typical workout programme.

This technique is known as “exercise snacking” and can involve activities as simple as taking the stairs instead of the lift, walking more, dancing in your kitchen while you make your morning coffee, or quickly running through a few squats and lunges at home. You might want to start by simply setting an alarm on your phone to get up and walk around the room once an hour to avoid a day spent sitting still at your desk.

The key is to include a few short bursts of movement throughout your day.

Not only can these activities be more effective than a traditional work out, they can be done without any cost and with very little time. You don’t need to spend money on a gym membership or expensive sports kit, and there’s no need to set aside an hour in your day or travel to a particular location.

You can also increase your chances of sticking to your new plan by asking a friend to be your “accountability buddy”. An accountability buddy is a friend or group of friends that commit to making a change to their lifestyles together and agree to keep each other on track. It is a great (free!) way to make sure you stick to any new routine. In the case of exercise snacking, you might decide to walk to work together, or simply to check in on each other’s progress each day.

Exercise snacking can be done in a few spare minutes, almost anywhere and it’s totally free. Plus, with the help of a friend, it is easy to stay on track. Even better, a gentle ten-minute walk, or a few squats before bed, can feel much more accessible than a heavy workout routine at times when you are struggling with your mental health.

The post Exercise Snacking – How to keep active on a budget appeared first on Money For Life.

With a lot of reading and patience in myself and some faith. As cliché as it sounds, reading became my gateway to a more stable life and a better sense of mental well-being. I read up on advice forums, blogs and books such as “Think and Grow Rich” by Napoleon Hill which was a massive game changer for me. This book taught me how to budget. A budget chart was something I had NEVER done before and I soon discovered how many apps that are out there for both android and IOS, these apps also let me know when my money needs attention and they have become very personal, nobody else needs to see them but me.

We often treat money as a very private thing don’t you think?

So much so, that I have often spent countless nights worrying about paying my bills and feeling isolated. The embarrassment of not knowing if I would be able to meet the payment date at the end of the month, used to eat me alive.

It’s crazy when you think about it!  We are all so aware of the stresses of things from heartbreak to not knowing what to wear on a night out but we hardly ever talk about money stress. This feels insane when you think just how many people must be going through the same thing.

Everyone looks at your late teens and 20’s as the best, care-free years of your life that I often think money advice and advice about support can sometimes get filtered out.  We can forget that us young people go through these things too and that we all need a bit of help along the way. This exact point links back to my question about the quarter life, teenage life crisis thing!

Don’t feel so bad if you’re not where you pictured yourself to be!

How many of us compare our lifestyles to people we may know or see online, that we end up forgetting that we ALL go through our own stresses? At this age I feel like you need to take advantage of everything as a lesson to learn something important. My advice, take all the free advice that you can get! I certainly do.

If there is one thing I’ve learned throughout my financial journey, it’s not to be fearful of money. I never thought I’d feel on top of my finances and savings. But with a set goal, a plan of action and some handy tips from tools like the MFL budgeting app, you really can take control over your circumstance.

For more tips and advice on money related matters, follow us on all social media @moneyforlifeuk

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Lots of work has gone into simplifying the benefit system but in some ways it seems more complicated than ever. Before you can make a claim, the first step is to work out whether you come under the new system, called Universal Credit, or the old system of “legacy benefits”. Which of the two systems you come under depends on your postcode – you can use a postcode checker to find out if Universal Credit has arrived in your area.

Making a Claim

By January 2019, everywhere will have moved across to Universal Credit so, other than a few exceptions, all working age adults will come under the new system. How do you actually go about making a claim? Well, the good news – it’s all done online. The bad news? There’s more to it than just filling out the form. You’ll probably have to provide some documentation, especially if you need help with your rent as well as living costs. You’ll also have to attend an appointment at your local Jobcentre to meet your Work Coach and sign your ‘claimant commitment’.

It’s at this point that many people simply give up. My advice? Stick with it if you can, and if you can’t, get some help from your local Citizens Advice Bureau or independent advice service.

What next?

You’ve made a successful claim – well done, you’re almost there. Just the small matter of a five week wait (yes I’m afraid so) for your first payment. So how do you survive the ‘benefits black hole’? Here are my three top tips:

1 – Apply for an advance payment. You can borrow your first monthly Universal Credit payment, paid into your account within three working days. For a single person (without housing costs) aged under 25 this means you can get an advance of around £250, which you then pay back via a deduction from your first 12 monthly benefit payments. Ok, we’re not talking megabucks, but it can make all the difference until the regular payments start.

2 – Find out about local welfare. Your local Council probably has a scheme where they can provide emergency payments to people in financial need. These payments often come as supermarket vouchers or money on a pre-paid card, and most importantly they’re not loans so you don’t have to pay the money back. If you’re not sure who your local Council is there’ a postcode checker for that as well so don’t worry. Give them a ring or search for information about local welfare on their website. This type of help is a bit of a lottery, some areas will have more generous schemes than others but almost all have something, so it’s definitely worth finding out more.

3 – Ask about foodbanks. The fact is five weeks is a really long time to go without money, so it’s perfectly fine to seek some help with the food costs. Your local foodbank will be able to provide short-term help with essential groceries which can help your money stretch that little bit further. Find your nearest foodbank online with an internet search and look for details of how you can get referred.

And finally

Resist the temptation to look for a quick fix (payday loans, doorstop lenders, loan sharks). No situation is made better by taking out short-term, high interest finance; it’s never a good idea. Going broke isn’t a problem you can fix overnight but looking for help in the right places will make sure the bad times don’t last forever.

Instead, make sure you access the benefits and grants you’re entitled to. To find out what these are, use the Turn2Us benefits and grants calculator – you make be entitled to more than you think!

The post Universal Credit – what to do when the money runs out? appeared first on Money For Life.

We’ve teamed up with Be Clever with your Cash to bring you the 6 easy things you can do to boost your funds and get that quick cash in!

Get up to £150 for switching your bank

One of the quickest ways to get some decent cash is to move your bank account. Most high street banks will offer some kind of incentive to get you to switch over to them. Some even offer a cash bonus ranging between £75 and £150 depending on who you are with.

Sell your old stuff

This is a good excuse to have a clear out and see what you can sell. There are obvious things like clothes you don’t wear anymore, but even broken tech can sell. We all know about EBay, but you can also sell the things you don’t need or use on Facebook’s Marketplace and the app Shpock, or even set up a stall at a boot fair.

One of the biggest earners could be your old mobile phone, and there are specialist sites where you can get a quick quote, though if you take your time you’ll probably get the most cash from eBay.

There are also websites geared to buying your unwanted books, games, DVDs and CDs. The amount for each won’t be huge but it all adds up. Try Ziffit, CEX and We Buy Books.

Use cashback sites

Even with low funds there will be some things you need to buy, so make sure you’re making money at the same time by using cashback sites such as Quidco or Topcashback.

These pay you a small percentage of the sale which you can then cash in. There are apps too which do the same for your supermarket shop – but only when you buy certain products.

Earn a little on the side

One surefire way to get more money is to do some extra work. There’s the obvious stuff like babysitting or dog walking, but you can also try things like mystery shopping. You’ll need to sign up to an agency, but you could find yourself getting paid to secretly shop or eat at restaurants.

You can also make some cash online. We’re talking pennies here, but hey, they all count. My fave easy earner is Qmee, which pays you as you search online.

I’m not really a fan of online survey sites as the reward can be quite low for the effort, but if you’re sat on the bus or waiting for a mate in the pub then there’s no harm taking five minutes or so here and there.

Switch your bills

If you’re paying the bills there’s big money to be found by moving to a better deal. The average saving for switching energy is said to be £300 a year, which works out as £25 a month. It’s possible to cut your mobile bill down to £10 a month by going SIM Only, no doubt saving another £20. And you can do the same with your TV and broadband bills.

Yes, you might be splitting some of these costs with housemates, but it could still easily put another £30 to £50 in your pocket this month. Check out more information about how you can save money on your bills.

Check for benefits

Finally, there are all sorts of benefits and grants you might be able to claim, from help if you’re a student through to support for parents and carers. The website entitledto.co.uk will show you if there’s some cash you’re missing out on.

The post Need to make some quick cash? 6 ways to boost your earnings appeared first on Money For Life.

Download app:

Features:

• Create savings goals. Tell Pennies to Pounds what you’re saving for, how much you need to save and when you need it by.
• Track your progress. Add and remove money from your savings pot so you can see how far away you’re from that new pair of trainers, or something a bit bigger.
• Discover. Browse and favourite financial advice to help you save money quicker.
• Share your savings goals and tips with friends and family.
• Personalise your saving goals by uploading images to inspire yourself.

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