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Free Money10 Years of Belper IFS: Our First Decade

Inflation continues to rise, and with it the gap between your outgoings and income shrinks. You can’t completely stop spending, but you can 10 years ago, Belper Independent Financial Solutions was formed after its founder (me, Kevin Glover) was made redundant from The Derbyshire Building Society.

earn cash back when you spend. There’s a range of ways to do this, but you need to check the Since then, Belper has seen the loss of The Derbyshire, Woolworths, Somerfield, Thomas Cook and Britannia conditions carefully. Building Society to name but a few long-standing institutions that are now confined to history. Credit cards Generations of people have been served or been The best-known option is a cashback credit card. This will give you a percentage of your spending back as money, usually sent to your bank account. You may get a fixed percentage on all spending, a percentage that depends how much you spend, or a varying percentage customers of these organisations. You are probably one. State Pension Age has changed several times and will most likely do so again. At least interest rates have not changed much! Rubbish then and not much better today. that depends exactly what you are spending on. Watch Consider this – joining the EU was considered the right for any monthly fees and be sure these won’t wipe out the decision once upon a time. benefits. From my dining room in 2009, to an office in Heanor, The key rule for using such cards is that you should only use them for purchases that you would have made anyway: don’t buy stuff just to boost your cashback. back to Belper and now to the present location, much has changed including the greyness of my hair and the size of my waistline! Now as a team of 8 we have seen the client base expand over the years. ‘Generous ’ successive Chancellors introduce new legislation The interest rates on cashback credit cards are often quite impacting the public and signposting the need for high, so make sure you pay the balance off in full every financial advice. month, preferably by direct debit. And don’t get cash advances such as bank machine withdrawals as, again, the What about you – what has changed in your lives over rates can be high. the last 10 years? How many jobs have you had? Has your family extended or tragedy struck? How many Bank accounts Another option is to get a bank account that offers some times have you moved house? How many pension schemes have you been a member of and simply left, through one reason or another? How many cars, form of cashback, often called a reward account. partners and other life events have occurred? How many investments have you made and when were they last reviewed and looked at? My point is

There’s often a small monthly fee, but if you are paying that the need for financial advice and a solution should regular bills you can usually come out ahead. Check the not be seen as a one-off. Financial products and solutions conditions carefully though: some rewards accounts have were probably right at the time, but just how much has a minimum amount that you must pay in each month.changed since their inception? Apps and onlineInvestment funds (whether held in pension wrappers or The newest option is to use specialist apps and online sites. These aren’t operated by banks or credit card providers, but rather by independent businesses. In principle, all you need to do is visit the site or app before alternative structures such as Stocks and Shares ISAs), are mostly run by fund managers who are also human beings. As humans they may retire, defect to other companies, or run out of luck! Solutions that may have been right at the start may no longer be suitable or being passed on to the retailer and you’ll then earn a effective. Leading fund managers in 2009 may no longer percentage of any spending as cashback. be leading fund managers as we approach 2020. However, make sure you check prices carefully and see In April 2015, pension regulations changed. They will if you could get it cheaper elsewhere, outweighing the rewards. Be particularly wary of any membership costs. Often such services are free or have a free tier, but they can have monthly fees that may come as a surprise and almost certainly change again. Pensions from prior to this time may no longer be suitable – but just how would you know? So, as you sit munching your turkey over the festive period, consider how many of these questions apply to you and see what may benefit from having a reduce the overall benefit.review. Loyalty cardsIs 2020 the time to take a look at your financial Finally, don’t forget about supermarket loyalty cards. They arrangements once again and get them fit for don’t pay cash but do offer discounts on future shops. purpose? These days, the best value often comes from taking advantage of tie-ups with other retailers and programs, though this does mean doing some research and keeping Wishing you a happy 2020 and a prosperous next 10 years. up to date with the latest policies. For example, earlier this year anyone using the option to convert Sainsbury’s Nectar card points to Avios air miles effectively boosted their cashback by 25 per cent – though of course, that’s only worthwhile for people who planned to spend their air miles. Remember also that how much financial benefit you get from air miles can vary depending on the type of flight you book.

By Kevin Glover, Belper IFS

This information is general only and is not intended to address your particular requirements. The data above should not be relied upon in its entirety and shall not be deemed to be or constitute advice. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation.

10 Chapel Street Belper DE56 1AR