How much money a British person needs to be happy

How much money do we need to be happy in the UK? Find ways to make your money go further in the UK with Cheeringup.Info

Does money make you happier? How much money do you need to have a good life in the UK? Salary and happiness is not always the same thing?

You need to cover the cost of daily living including monthly costs of living in the UK. Having money left over to pay for a few luxuries makes life a little more bearable. Money may not make you happy but it does help!

How much money do you need to be happy in UK?

How much money do you need to live comfortably in UK? Is living comfortably enough for you or do you need to live more than just comfortably?

Money can buy you happiness but you need to be earning enough to cover the things that make you happier in life. You do not need to be a millionaire for money to buy you happiness. Indeed being a millionaire can bring different problems. If someone mugs you for your expensive watch it is not much fun!

Many studies have suggested that a happiness salary is in the region of about 45000 pounds plus. Most people are not earning this amount which suggests most people are not happy or at least not happy with the amount of money they have each month. Therefore making what money you do have is important for most people in the UK to make them happier with their life.

If you can do all the things you want and have spar cash at the end of the month then it is likely that you are living a happier life than most. It is impossible to put a finger on how much spare cash brings happiness. Having a little spare money does makes people happier.

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Money management experts tips on saving money

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Want to improve your lifestyle in the UK with money saving experts? Tap into our money advice service online. Apply our money management experts tips to improve your lifestyle in the UK. Do not jump into purchases in the UK until you have checked whether you need it and if you do whether you can buy it cheaper on CheeringupInfo.

Pay off your debts quicker and start building for the future faster

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Reexamine your regular bills and look more closely at how you can spend more more wisely. Understand where you can save money to improve your lifestyle not make it worse. Making less painful savings with CheeringupInfo.

How to save money UK with money saving experts

Connect with our money saving experts tips sent to your email inbox. Identify if the things you want to buy can be bought cheaper online with help from CheeringupInfo.

Discover how to manage your money better in UK. You need to look at past spending including the debt you now have as a result. In addition you need to prepare for your future lifestyle. Compare money saving suggestions and pick the best one to improve your life in the UK.

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Money saving hacks for people and businesses UK

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Strategies for building wealth to build more wealth

How to build wealth in UK with CheeringupInfo

How much wealth do you need to build to lead the life you want now or in future? Focus on your life goals to build wealth in UK more easily. Make better life decisions and become more financially independent.

Think differently about managing your life to create more personal wealth. Read lifestyle management articles on how to improve your life in UK. Learn about different options to increase wealth in the UK.

To become wealthy you need to earn more than you spend! If you love spending and are happy to be in debt then that is your choice. You will never be wealthy though! It is a hard fact that control over your money is key to becoming wealthy. Some people say you do not need money to feel well off. This is true but it helps to have money to be happy in the UK!

Building wealth starts with a clear written wealth management plan. At the outset be clear on what you want in your lifestyle how much you will need to live that lifestyle and what you will do or not do to achieve that lifestyle.

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Once your wealth management plan is written create the daily and monthly habits you will need to build personal wealth. This can be automated like setting up standing order or direct debits but it also includes personal habits to make sure you are not wasting money and are seeking out new ways to save money.

Save money when buying stuff and finds ways to increase your income

We help people and businesses save money. Reduce your costs and outgoings to improve your standard of living in the UK. In addition maximise your income. Most people in the UK are thinking about changing jobs in the UK.

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Money saving tips and income generating ideas

To build wealth in the UK it is critical to first understand where you are now before you build wealth in future. Identify where your money goes every month and where you can cut back to make savings and grow your wealth faster.

Debt saps your financial strength. Paying off interest on debt before you can do anything with your income is demoralising.

Not all debt is bad. A mortgage is not fun but it can save you money on rent is not wasting money on rent and may build wealth if house prices rise which over decades they always have. Mortgages can also often be paid off quicker with overpayments and also save thousands in interest but you should pay off higher interest debt first like credit cards and personal loans. Paying off higher interest debt may allow you to rapidly improve your overall financial position on its own.

Make sure you are paid what you are worth.Many employers value your skills and experience. In the UK there is a skills shortage with record low unemployment. Without the supply of new people to the job market UK employers are having to pay more to attract new recruits. Get paid what you are worth and you can build your personal wealth faster.

Invest in your future. There are many investment vehicles. Historically stocks and shares have provided the best investment return despite suffering massive falls during periods like 2008 financial crisis and the technology dot.com bubble bursting around the year 2000. However investigate the investment vehicle you feel most comfortable then consider investment diversification. Spread your investment money over different investments to protect your overall wealth when markets fluctuate up and down.

Be careful to spend your money wisely! Unwisely spent money might feel good! If that works for you then good luck to you. If you want to build wealth then you can still enjoy spending money but do it wisely.

The power of compounding your money to build wealth faster

To exponentially increase your wealth you need to use the power of compound interest. Reinvesting your investment earnings in the investments you have means you make money on the interest you earned on your investments previously. 5 percent upon the 5 percent plus initial investment you earned last year and repeat repeat repeat more quickly builds wealth than spending the interest you earned on your investments. Even small amounts reinvested over decades can make you a very wealthy person.

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Hacks to save money in UK

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Do you want to save money and time in the UK? Discover the best ways to save money in the UK online. Grab the latest bargains in the UK first before the sell out!

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It is important to have an emergency pot of money to call upon at short notice. However after you have 6 month living costs saved up in the bank do not save more if you have outstanding debts which you are paying interest on.

Debt which is interest free is different. Managing this debt is still very important but debt that is interest free can help you save money in other areas of your life. For example pay off debt that you are paying interest on and spend money on interest free credit cards. Note that even the interest free debt will have to be paid off at some point but balancing your money to target expensive debt with high interest can save you a lot of money.

Be clear on the reasons for saving money in UK

If you have in mind the end purpose for saving money then it can help motivate you to save more money. Just saving money for the sake of it can result in unplanned spending because you have lost the focus off your money saving plans. An end goal for your money saving effort can spur you to save money when you might otherwise spend it.

Put a proportion of money that comes your way regularly and consistently

Putting money by every time you get paid will create virtuous money saving habit. Having your saved money in a separate savings account can also reduce the chance you spend what you have saved diligently.

Cutting out or cutting down on the bad things in your life can protect your hard earned cash from waste

Smoking drinking and gambling are the three worst offenders. However you can lump in fast food and even expensive coffees. You do not need to live a miserable life if your perception of saving money in these areas is that you are improving your life not cutting out good experiences. Change your perception to make it easier to cut out or cut down.

Looking at your monthly living costs to find ways to save money every month without trying too hard

Utility bills phone bills mortgage and the like that present a monthly debit from your bank account are a useful source of money saving opportunities. Competition in the marketplace in the UK normally means that there are other businesses who want your business and are prepared to charge you less to get your business. Once done diary it for the next time you can swap suppliers then forget about it.

Self imposed austerity does not need to be miserable if you know why you are saving money and how to do it with least impact on your lifestyle

To give you an idea of how much to save each month spending about 50 percent on essentials like accommodation costs and food plus 30 percent on more luxury based spending will give you 20 percent to save each month.

For many people in the UK this money guideline is not manageable. If you cannot cut costs of living in UK then you can increase your income by changing jobs.

More than half of people in the UK are planning on changing jobs in 2020. There are many good reasons to change jobs but boosting your income is not a bad reason though could be if there are other things to consider. However looking about for a new job that pays more will help you measure your worth to an employer. Should you receive a new job offer you can still go back to your boss and tell them you have a job offer that pays more. He or she might give you a pay rise to stay in your current job.

There is near record low unemployment in the UK. There is a growing skills shortage. It is often better for a UK employer to pay more to keep employees who plan on leaving than to recruit a replacement. UK job hunters have the upper hand in wage negotiation. Whether you choose to exercise this power to try to improve your lifestyle is your choice. However if you do not look round and test the job market you will never know if you can realistically boost your income.

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12th February 2020 Switching Gas and Electricity May Become More Mistake Free Now That Utility Firms To Be Fined For Mistakes In Switching Provider

Gas and electricity customers will receive automatic compensation of 30 pounds from May 2020 if their switch to a new provider goes wrong.

Ofgem the regulator is trying to help consumers in UK shopping around for better deal by punishing providers for switch failings. 30 pounds will be paid to you if the switch is not completed within 15 working days. A mistake is made in switch or old supplier does not provide final bill in 6 weeks will also result in 30 pound penalty paid to consumer.

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Learn how to become financially independent

Achieving financial independence with Cheeringup.Info

Find out how to do whatever you want in life in the UK. You may not become captain of a world cup winning team but you can create a financially independent life for yourself. When that financial independence comes maybe later for some than sooner but you can achieve financial independence.

Almost anybody can achieve financial independence provided you are prepared to make tough changes to reach your goals. If you change your goals you maybe able to achieve financial independence even sooner.

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The key to achieving financial independence is to be clear what you want to do with your financial dependence. If you are on minimum wage and want financial independence in 10 years time to go cruising in the Caribbean every year your unrealistic goal will not be achieved! However if you are on minimum wage and want to retire in 35 years time and live in Canary Islands during winter months every year and UK in summer then this is achievable.

Set realistic goals that can be achieved perhaps with some sacrifices. You may have to cut some of your spending habits to achieve your longer term financial independence. You may need to cut some luxury spending in retirement to retire earlier but still be financially independent.

Diversifying how you invest your available money will make it more likely you will achieve your long term goal of financial indpendence

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You do not have to be super rich to achieve financial independence and the freedom to decide how to live your life. You do not have to work until you drop dead. You can choose the work life balance you want from retiring early to working part time to working until you drop dead? Whatever works for you is what financial independence means.

To give you an idea most people in retirement can easily live on £20000 a year in the UK. If you have built up retirement savings of £500000 then you are almost certainly financially independent. You can drawdown retirement income and your retirement savings pot will still grow enough to support you however long you live.

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What do you need in your lifestyle in retirement to live happily?

Luxury is a subjective assessment. Living financially independent does not mean you can live in luxury. If you want a luxurious lifestyle in retirement you will need to build a bigger retirement savings pot. Cut your cloth accordingly.

Realistically you will need to put aside at least 20 percent of your income into a retirement savings pot over 40 years. That does not need to be pension although pensions are very tax efficient and can therefore build a bigger savings pot quicker. That clearly means that many people would need to severely cut their current lifestyle spending.

Some may say they would rather live well now than save for financial independence later or that they just cannot save that much money each month. On the former then that is your choice. On the latter you maybe in the minority of people in UK who literally cannot change their spending habits to become financially independent at any point in their lives. However most people can cut their spending now to save more for later. It just depends on what life choices you want to make and what sacrifices you are prepared to make. Drinking smoking expensive coffee overeating holidays new stuff etc can all make your life worth living for you but if you want financial independence latter in life then many such things need to be cut out of your life now.

If you are prepared to cut things out of your life now to save for financial independence latter you cannot just put savings in the bank

UK banks do not pay interest at a rate that would even cover inflationary costs. In other words money in the bank is losing you money each year! You will never achieve financial independence by just putting your money saved for retirement in the bank. Your retirement savings pot will not grow fast enough to give you financial independence.

Historically stocks and shares are the best investments to build long term wealth. On average they grow in value and pay dividends to build your wealth. You need to reinvest the dividends to build wealth faster so when you get dividends you buy more shares you do not take the money out of that business.

Stocks and shares in an ISA wrapper will save for your financial independence quicker. The capital growth and income from shares will be protected from tax. Your money invested will grow faster. Individual stocks and shares can be saved in an ISA wrapper as can tracker funds covering indices such as the FTSE 100 which have low management fees and spread the risk. Tracker funds can smooth out losses of some shares and the economy especially if you save regularly. Drip feeding your money into tracker funds when stock market falls means you buy more shares when price has fallen that can boost your savings when the investing cycle turns upwards.

Consistent saving in pension or stocks and shares ISA gives you the best chance of financial independence but is not a guarantee. Others prefer to invest in property like their own house or buy to lets. In the former you may have to downsize to access financial independence later in life. In the latter taxation can cut out achievable capital and income growth. Nothing in life is certain. However if you want financial independence you need to start your personal wealth plan now. The sooner you start the quicker it will be achievable.

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Money Saving Tips UK Magazine

How to save money in UK with Cheeringup.Info

Money saving tips for people and businesses in the UK. Buy products and services online for less effort and money with CheeringupInfo. Use the savings to save money. Pay yourself in the future with around 20 percent of your income after tax. Make it easier to do this by finding latest best deals discounts and special offers in the UK before you make your purchase.

Pick up better money management tips to lower the cost of your existing debts and bills. Seek out better ways to invest your money in the UK. Save money on everything from food to entertainment to monthly bills.

Develop a way to to achieve what you want from life in the UK not what you are given. Fix your finances fix your life.

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How to pay off your debt in UK

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Tips on how to get out of debt in UK. Debt management advice for people living in UK. Online debt help. Expert debt advice to reduce the stress from debts.

At least lower your monthly payments on your debt in the UK and even explore writing off debt.

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If you can not write off debt find out how to reduce your outgoings. Understand your personal credit score to improve your credit score which may make your debt cheaper. It will become easier to pay off your debt. Get help to reduce the pain of debt.

Which debt management solution is right for you will depend on your level of debt and personal circumstances.

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Get help to understand your options for paying off debts quicker

If you owe people money your creditors you can make arrangements to pay your debts. Your options depend on the amount of money and assets you have.

You can pay your debts in instalments by setting up:

You can apply for a Debt Relief Order or Bankruptcy Order if you cannot pay your debts because you do not have enough money or assets you can sell.

In Scotland you can arrange a Debt Payment Programme from the Debt Arrangement Scheme.

You may also have the option of reaching an informal agreement with your creditors.

Where you can get help with debt problems for free

It is rarely advisable to pay for debt management advice especially as there are options to get debt advice for free in the UK.

The Money Advice Service MAS has information about debt management and offers free debt advice. Speak to a free debt adviser today to start the process of managing your debt better.

Other contacts to get fee debt management advice

National Debtline
National Debtline provides free advice and resources to help people deal with their debts. Advice is available over the phone online and via webchat.

  • Tel: 0808 808 4000
  • Opening Times: Mon – Fri 9am to 8pm, Sat 9.30am to 1pm

Government Debt Help Scheme Loans and Advice

Some debt management companies use phrases in adverts like ‘government debt consolidation’ and ‘government debt advice’ to wrongly suggest they are endorsed by the Government. In fact, there’s no such thing as government debt consolidation or government debt advice.

People are misled by these adverts into thinking these debt consolidation services are free or official. In reality these companies charge a fee to provide the same debt management services that are available for free from charities like StepChange Debt Charity.

Get help to know where you stand with your level of debt. The quicker you take control of your debt the better it will be for you in the long run. Make a plan to pay your debts quicker.

Experts give their tips on how to pay back your debts quicker

Tap into personal finance experts talking about debt management in the UK.

  • Hopefully you voted at the recent General Election! Simply by being on the voting register will help your credit rating. Although the next election opportunity is not until May 2020 it is a good idea to register to vote now if you want to work towards cheaper debts and paying off debt faster.
  • If you can pay off debt it makes sense to pay off the most expensive debt first. This is often credit card or store card debt. Make sure you will not have any penalties for paying off other forms of debt early like loans. It is usually better to pay off debt before savings though a certain amount of savings is wise to cover unexpected events that could push you into unplanned expensive additional debt.
  • Find the latest deals discounts and special offers in the UK. If you can lower your outgoings you will have more money to pay off debt which makes it easier to pay off more debt!
  • If you are living alone disabled or on a low income you maybe entitled to a big reduction in your council tax. Contact your local council to find out if you are due a tax reduction. Instead of banking any reduction use the money saved to pay off more debt which could make your total outgoings reduce even faster.
  • Make sure you are claiming all the tax credits and benefits you are entitled to. Many people fail to do this. In effect you are missing out on free money you could use to pay off your debts faster!
  • Do not apply for more debt before you know where you stand now and know your credit score. However 0 percent credit cards could buy you months even years of free credit which can be used to pay off expensive forms of debt you may have. Beware! Though a useful debt management tool 0 percent credit cards should be used as part of an overall debt management plan not an excuse to put off your debt problems for a few months.
  • A debt consolidation loan may be right for you but only after you are clear what total debts you have and the cost of each existing debt. When you know this you can then calculate whether a new debt consolidation loan is right for you. Taking a trip to you local Credit Union could land you the most competitive way to consolidate debt. A PayDay loan is rarely going to be the best answer to your debt problems.
  • Remortgaging with a debt consolidation element is often the cheapest way to pay off debt faster but it carrys the risk that you could lose your home. If you do save money by remortgaging it is better to use the extra money to pay off either your mortgage via overpayments or other more expensive debt instead of using the extra money each month to spend on your lifestyle.

It is always better to do your research before managing your debts better. There are free debt advisers to guide you. It is better to speak to them BEFORE you make any debt management changes. They will help you to deploy the best debt management tools without you closing them down as an option on your own.

It can feel desperate to be in debt but do not pay for someone to help you manage your debt in the UK.

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