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How safe is your building society?
With the demise of former building societies, such as Halifax, Alliance & Leicester and Bradford & Bingley, savers are concerned about the safety of the surviving mutuals.
Find out how your building society is doing and come back to share your worries and concerns! With the demise of former building societies, such as Halifax, Alliance & Leicester and Bradford & Bingley, savers are concern... more -
Over 90% of grown-ups still live off parents
The costs of bringing up a child do not end when they enter adulthood as parents end up spending an average of £21,540 on adult children, a survey suggests.
The poll of 1,184 people with children aged 18 and older found 94% helped them pay for education, housing and cars. 55% even admitted to helping their grown-up children with general living costs. The poll also found nearly a quarter of parents in their 40s still have children aged over 25 living with them.
Nigel Snell said: "Our study shows that parents can no longer expect their children to pay their own way once they have flown the nest. More than ever it's true to say that having children means signing up to a lifetime financial commitment."
Spending on adult children:
- Average contribution to wedding: £3,111
- Average contribution to university fees: £2,245 per year
- 42% of respondents gave children more than £1,000 for a first car
- 64% contributed more than £1,000 towards their children's savings The costs of bringing up a child do not end when they enter adulthood as parents end up spending an average of £21,540 on adult child... more -
Bride buys 5p wedding dress on eBay
A lucky bride has beaten the credit crunch after finding her dream wedding dress for just 5p on eBay. Heather Saint, 20, said: My dress was worth every penny.
Saint was surprised to win the antique white lace and silk dress with such a low bid. She stated: "It is gorgeous and I was proud to tell everyone at the wedding how much it cost, I didn't mind anyone knowing. You should have heard me squeal with excitement when I opened the parcel and saw how perfect it was. It's made by a designer from Singapore."
The couple wed at St Cuthbert's RC Church, Stockton, amongst 70 invited guests, keeping the overall cost of their wedding down to £3,500.
Saint said: "We were careful about the cost, but we had absolutely everything we wanted. It was just that having a little girl and a house we had more important things to spend money on." A lucky bride has beaten the credit crunch after finding her dream wedding dress for just 5p on eBay. Heather Saint, 20, said: My dres... more -
Government Punishes Savers
Meanwhile, tens of millions of people pay their mortgages on time, don't max out their credit cards and put money into retirement funds. They may even save a little extra on the side.
In return, they get rates on their savings that don't even keep up with inflation. They also are witnessing the horror of their nest eggs shrinking as the value of their homes plummets and the stock market tumbles.
Washington policymakers seem more focused on rescuing those who behave badly by putting at risk taxpayers who've played by the rules and shunned the get-rich-quick schemes of Wall Street croupiers.
If the government can toss a lifeline to troubled mortgage underwriters Fannie Mae and Freddie Mac, they why won't they do something for Americans who save their money? Meanwhile, tens of millions of people pay their mortgages on time, don't max out their credit cards and put money into retirement... more -
Why are Americans Slaves to Debt?
The New York Times has an article that tells the unfortunate tale of Diane McLeod and her love affair with debt. She started out "debt free" when she got married, but after a divorce she'd managed to accrue $25,000 in credit card debt. Despite not having a down payment or any assets, Diane was given a $135,000 mortgage. Over the next few years, illness, underemployment, and shockingly irresponsible spending combined disastrously with the bank's willingness to refinance her loan as her home appreciated (for a fee, of course). 5 years later, Diane owes $237,000 on her mortgage. She's in foreclosure now, and a recent sheriff's auction of the home did not draw a single bidder. A similar house down the street recently sold for $84,000 less than she owes on her home.
Why are Americans so willing to do this to themselves? The article explains that as few as 40 years ago, we were a thrifty nation full of "savers," and that banks were focused on whether or not you could repay your loan and not the "fees" they could get from loans before they were sold to investors. We know that there were changes to the financial system. What happened to our values? The New York Times has an article that tells the unfortunate tale of Diane McLeod and her love affair with debt. She started out "... more -
50 ways to save money on Gas
With gas prices of more than $4 per gallon driving a car is becoming a luxury.I don’t know about you but the high prices of gas are beginning to take a huge chunk out of my budget, so for the past month I have been testing a few gas saving tips.Here is the list I hope that you will find some of these tips useful. With gas prices of more than $4 per gallon driving a car is becoming a luxury.I don’t know about you but the high prices of gas are be... more
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7 ways you know you suck at saving
The credit crunch is well and truly underway and every financial expert is advocating bracing yourself for a rough ride. The economic future of many countries around the world is bleak, and nowhere is that more apparent than in the USA. The credit crunch is well and truly underway and every financial expert is advocating bracing yourself for a rough ride. The economic ... more
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Turn any car into a plug-in hybrid
Soon drivers will be able to get at least double the gas mileage of a Toyota Prius hybrid, thanks to a spate of new aftermarket kits that convert any car into a plug-in electric vehicle. But they’ll have to pay upwards of $10,000 to do so.
Auto manufacturers are at least a year or two away from launching the next generation of hybrids, called plug-in hybrid electric vehicles (PHEVs), that recharge by plugging into a wall outlet. But battery companies are ready to start selling aftermarket kits within the next few months that convert hybrids, and in some cases regular vehicles, into plug-in electric cars.
A123Systems, an automotive technology company and battery supplier based in Watertown, Mass., is now taking orders for its Hymotion L5 conversion kit, which turns a Toyota Prius into a plug-in electric car. The $10,000 kit, due this fall, works with Prius model years 2004 through 2008 and adds a special, range-extending lithium-ion battery to the Prius' existing drivetrain.
Using A123’s plug-in system, the Prius, which normally runs only short distances at slow speeds on electric power alone, will have added battery power to extend its electric-only range and boost gas mileage to more than 100 miles per gallon. The Prius normally gets an estimated 46 mpg in combined city/highway driving.
Even if electricity costs as much as 15 cents per kilowatt hour, fully charging the 5 kilowatt-hour battery to run up to 40 miles would cost less than a dollar. Soon drivers will be able to get at least double the gas mileage of a Toyota Prius hybrid, thanks to a spate of new aftermarket kits t... more -
Save Money on Gas
With the gas prices reaching all time highs, here are some helpful ways to save money.
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Bank safety box termites eat up trader's life savings
A trader in the Indian state of Bihar has lost his life savings after termites infesting his bank's safe deposit boxes ate them up.
Dwarika Prasad had deposited currency notes and investment papers worth hundreds of thousands of rupees in a bank safe in the state capital Patna.
The bank says it put up a notice warning customers of the termites.
Mr Prasad says he did not see it in time as he did not go to the bank for months after the notice went up.
Bank officials admit they did not inform the customers individually about the termite problem.
'Shattered'
"I'm shattered. I do not know what to do as I had kept the money for my old age," Mr Prasad said.
The trader says he had deposited 450,000 rupees ($11,000) in currency notes, investment papers worth 232,000 rupees ($5,660) and some gold and silver jewellery in a safe deposit box of the government-owned Central Bank of India.
Mr Prasad says that relations with his wife and children were strained and he wanted to put the money in the safe box to keep it safe from them.
Dwarika Prasad's documents destroyed by termites (Pic: Prashant Ravi)
The locker had currency notes and documents worth thousands of dollars
He started using the safe box in September 2005.
He says when he opened it on 29 January, there was nothing in the safe except termite dust and remains of currency notes and that his investment papers were "badly perforated".
The white ants did not even spare the ornaments and their sheen has vanished, he says.
"I wrote to the head office of the Central Bank of India and the regional offices of the Reserve Bank of India," Mr Prasad says. "Even after two months, I'm waiting for a response from them."
'Not liable'
Bank authorities say they put up a notice, dated 8 May 2007, outside the locker room warning customers about the termite infestation.
They advised customers to remove their documents and papers from their safe.
"We received a few complaints of termites in safe deposit boxes so after putting on the notice, we got pesticides sprayed in the bank," said bank manager YP Saha.
Mr Saha says the customer cannot blame the bank because he did not find his locker broken or damaged.
"The bank is not liable for the deposits kept inside the safe as it is only when a locker is found broken that the bank is answerable," he said.
Bank authorities say they have forwarded Mr Prasad's complaint to higher authorities but they say he is not entitled to any compensation for his loss. A trader in the Indian state of Bihar has lost his life savings after termites infesting his bank's safe deposit boxes ate them u... more -
The Big Fat Tax Break - Discussion
Don't try running from the IRS, because you'll just die tired. VC2 producer Bookworm Brown and his crack team of multimedia misfits bust open a common question about calculating the fatter tax refund. If your idea of getting more tax deductions on your income is birthing 6 or 7 kids, then Ed McMahon says you may already be a winner. Don't want to change diapers? In this latest project, you'll find out which is the better way to keep more of your income incoming.
Let us know what works for you? Please share. Don't try running from the IRS, because you'll just die tired. VC2 producer Bookworm Brown and his crack team of multimedia... more -
Britney Really is Blond
She makes about $737,000 a month. Yup...a month. And she saves nothing. Nada. Zero. Zilch. Cause the $16,000 she spends on clothes every month? Totally not discretionary.
I know saving is hard for those of us who make normal amounts of money and don't have a lot left after paying college loans, rent, food etc. But to make that much and not be able to save a cent? She's got 2 kids and their college to think about. It should not be hard for her to put away a couple thou a month. Damn, girl. She makes about $737,000 a month. Yup...a month. And she saves nothing. Nada. Zero. Zilch. Cause the $16,000 she spends on cloth... more -
FHM Model Saves Tourists
A British family was rescued from a sinking ship in South Africa when a teenage model turned into a Pamela Anderson-style lifesaver.
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10 Smartest Ways to Live Beneath Your Means
This guy managed to retire at age 51, and the way he did it was to live beneath his means.
"You can adopt this strategy too, by simply spending less than you earn. You may think that's impossible for you, but if you make it a challenge instead of a chore, you'll soon be creating ways to cut corners in everything you do. And believe me, it all adds up.
There are no secrets to this strategy. It's just common sense. Here are my 10 favorite ways to live beneath your means" This guy managed to retire at age 51, and the way he did it was to live beneath his means. ... more -
Know Thy Credit or Die
Young people are scarily under-informed when it comes to something that greatly affects us all: credit. This Poor Kid's School of Finance segment may not be the most exciting thing you watch today, but it could very well be the most important. Young people are scarily under-informed when it comes to something that greatly affects us all: credit. This Poor Kid's School of... more
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