Fletch on finance

Many people think that financial advice is only required by the very rich. However, everyone can benefit from it. Not only can it help you protect and build your assets, it can help you make the most of your investments and help secure you and your family’s long term future.

1. To protect your family

There are a lot of people trying to sell you insurance of one type or another but an adviser can tell you which one is actually worth buying. They will assess your position and guide you through the best options to protect yourself and your family - regardless of whether you are single, married, have children or they have long left home. Whatever your needs, an adviser can help ensure personal tragedy does not turn into financial crisis.

2. To help plan your spending – and saving

To secure your long-term future, you need to build some assets, initially to get you through the rainy days and then to pay for holidays and luxuries. Step one is to plan your spending so that you begin to save – and step two is to plan that saving so that you can build your wealth as efficiently as possible. Regardless of whether you currently have £10 or £10,000, a financial adviser will look at your situation and find the best starting point for you.

3. To help you plan for retirement

Once you have sorted out your short-term saving needs, you can then start thinking about the long term – and most people these days realise they cannot rely on the State for more than the absolute basics. However, planning for retirement is a complex business and there are many different options available. Pensions have come a long way in terms of flexibility and transparency in recent years and now offer a wide range of investment options. A financial adviser will not only help sift through the many rules and product options but also help construct a portfolio to maximise your long term prospects.

4. To secure your house

The mortgage market was complicated enough already, with its discounts and variables, AERs and caps, indemnities and early redemption fees. Then the credit crunch hit and things have got even worse. However, buying a house is still one of the most expensive decisions we make, and the vast majority of us need a mortgage. A financial adviser could save you thousands, particularly at times like this. Not only can they seek out the best rates, they can help you assess sensible levels of borrowing, make the most of your deposit and might also find lenders who would otherwise not be available to you.

5. To help meet your investment goals

As you progress through life, you begin to build your assets and your income begins to increase. You then start considering how you can enhance your position rather than simply consolidate it. This could mean anything from looking to retire early through to paying school fees for private schools or investing in overseas property. However your dreams evolve, a financial adviser can help assess what is realistically possible – and put the best plan in place to help you achieve it.

6. To find the right combination of assets

Investment is as much about protecting the potential downsides as it is about targeting maximum growth. High returns are often associated with high risk – and not everyone is happy if their investment falls by a third or more overnight. A financial adviser will make a detailed assessment of your attitude to risk before making any recommendations. They will also ensure you don’t put all your eggs in one basket by helping you diversify not only across asset classes but also across accounts, individual funds and product providers.

7. To obtain an objective assessment

Every new product or investment opportunity is accompanied by hype, proclaiming it is the best ever – but that does not mean it is right for you. Investors the world over have been and will continue to be caught out by market bubbles or high charges because they don’t take a step back. A financial adviser knows how products and assets work in different markets and can outline the downsides for you as well as the benefits. Between you, you can then make a more informed decision about what hype you can believe – and what products you really need to avoid.

8. To save money

Once your risk and investment assessments are complete, the next step is to look at tax and even the most basic overview of your position could help. It may simply mean using ISAs or a pension plan to benefit from Government incentives or it could mean choosing growth assets over income to use capital gains allowances rather than pay income tax. Alternatively, for more complicated arrangements, it might mean moving assets to your spouse or children to make full use of their personal allowances. A financial adviser will always have your tax position in mind when making recommendations and can help point you in the right direction even in complicated situations.

9. To keep you on track

Even when you have every product you need taken care of and your investments are set up and running to plan, someone needs to keep an eye on them in case changes in markets or abnormal events push them off course. You can ask a financial adviser to do this monitoring work for you. They can assess the performance of individual investments against their peers, ensure that your asset allocation does not get distorted as markets move and also help you consolidate gains as the dates of your ultimate goals approach.

10. For peace of mind

Money is a complicated subject and there are many things you need to think about to both protect it and make the most of it. Markets are volatile and the media is prone to exaggeration of both the risks and the rewards. Employing a good financial adviser can take the emphasis away from you and move it into the hands of an expert. Whether you need general, practical advice or a specialist with dedicated expertise, the money you invest in taking advice could be paid back many times over in the long term.

If you would like to take a closer look at your own circumstances and discuss the best mix of investments to meet your needs, please call me on 0161 980 7981.

Article issued by marketing-hub.co.uk

1. Win-win situation

If you’ve a house full of useful items gathering dust or if you need to occasionally use anything from a chocolate fountain to a car then RentMyItems is the site for you! You can save some serious money by renting tools and equipment if you’re embarking on a large DIY project or alternatively you can make some cash from things you hardly ever use.

2. Take that and party!

It’s a subject that’s cropped up before, but with a twist. Yes, regifting used to be a behind closed doors affair but it’s time the world was ready to accept the reality of regifting so why not hold a party? Everyone who attends brings a wrapped, unwanted gift with them and ‘donates’ it to the gift pile, then you can either play games to see who selects a present next or pull numbers from a hat. So not only do you get some socialising done on the cheap but you also walk away with a gift!

4. Film club

Another one for the more sociable money saver - start a film club - much cheaper than the cinema or even just renting a DVD! Yes, once a month you either host a film night or go round to someone else’s to watch a good film, have a few nibbles and discuss it afterwards.

5. Baby you can drive my car

Well, not quite drive, but you can get a lift! There are numerous carpooling websites where you can specify where you’re travelling from and where you’d like to get to, including international destinations. It obviously pays to be mindful of personal safety, but in principal this sounds like a really great way to get around whilst sharing the costs, plus you might even make a new friend or two.

6. Live like a local

Like many of these tips, the internet has made it easier to connect with others and bypass the traditional routes we’re all used to like, for example, hotels. Wimdu is just one of many websites that offer to put you in touch with people who will rent you their house, flat or room in most major European cities. As well as saving money you’ll also benefit from your hosts hints and tips to make your stay more authentic.

7. Weddings on a budget

We all know that weddings can be very costly affairs but you can at least make things easier for yourself by working out your budget and sticking to it. You can download an online budget planner which will help make sure you don’t overspend from sites like Wedding Chaos and My Wedding Dreams.

8. Signed, sealed, delivered

If you’ve never done your food shopping online then you could be looking at saving a tidy 10% or more on your first shop. And given that this will be the case with your first online shop at each of the major supermarkets this could prove a significant saving, despite it being a one-off. Look out for on and offline adverts and take advantage when you can.

9. The good life

If you need to watch the pennies but would still like to eat out on a regular basis then you should take a look at sites like Toptable who offer discounts at restaurants near to you. By simply thinking ahead and booking via the site you can take advantage of 2 for 1 offers, buy 1 get 1 free offers and great value set menus.

10. Stamp out inflation

As we all know, the price of stamps will be increasing at the end of this month, so it may be worth buying some books now to avoid the increase and save a few quid.

What is a MIP?

It’s a regular payment investment (either monthly or annually) which includes life assurance and has a term of 10 years. It aims to provide tax-efficient growth over 10 years (or more if extended).

A MIP is what HM Revenue and Customs call a “qualifying” insurance policy, any money paid out from the policy after 10 years will normally be free from any personal income or capital gains tax charges, provided you maintain your payments throughout the first 10 years.

How much do you need to invest?

Minimum payment: £50 monthly or £250 yearly with no maximum

What life assurance is involved?

In order for the plan to meet “qualifying” status, it includes a small amount of life cover, the cost of which depends on your age and the amount you pay into the plan. The main aim of the MIP however is NOT life assurance but the accumulation of a capital sum.

Is your investment guaranteed?

No. The value of your investment in the plan can go down as well as up and you may not get back the original amount invested.  Most MIPs offer you a wide range of unit linked funds.

Is your investment guaranteed?

No. The value of your investment in the plan can go down as well as up and you may not get back the original amount invested.  Most MIPs offer you a wide range of unit linked funds.

1. Part time pooch
One for those potential dog owners out there! Do you like the idea of owning a dog? Not keen on the full time costs and responsibilities of dog ownership? Then why not volunteer as a guide dog boarder or puppy walker? As well as benefiting from short term doggy company on the cheap you’ll also be helping a worthwhile cause. You can find out more about it on their website.  

2. Money saving students
If you’ve a son or daughter at university, then point them at this website and they may pay fewer visits to the bank of Mum & Dad! Save the Student was set up by a financially savvy student to help others save their cash and has lots of information on how to save as well as how to earn.  

3. Super savings on shopping
If you like to keep abreast of the latest fashions but just can’t bring yourself to pay full price, this is the tip for you! You can now sign up to Love Fashion sales who will let you know when the items in your wish-list (and in your size) have been reduced.  

4. If you’ve got it…
Plenty of us have some storage space going spare and whether it’s in the loft or the garage you can make it earn some cash by signing up with Storemates who’ll find someone willing to pay for somewhere to stash their stuff.  

5. The fruits of labour
If you’ve got a garden but don’t use it then you could consider renting it out to others who’d like to grow. Landshare  was set up to bring people with spare land and growers together and the site provides all the information you’ll need to get started. In return for sharing your land, negotiate for free fruit and veg and everyone’s a winner!   

6. Honeymoon gift
More of us are getting married later in life, by which time we’ll have probably got all the pots, pans and plates we need. The thrifty way to get the honeymoon of your dreams is to ask wedding guests to contribute to your honeymoon – most travel companies have a gift list option which can be accessed online.  

7. Ready, set, standby!
Yes, you’ll have heard it all before no doubt, but leaving your technology on standby is going to cost you more, especially as we all have more energy guzzling gadgets than ever before. So it’s worth thinking on and switching off!  

8. The Demotivator
I love this nifty online tool from Money Saving Expert, it helps people to spending money – simply fill in a couple of questions and become demotivated!  www.moneysavingexpert.com/shopping/demotivator

9. Card shark
Another one on the wedding theme! Save cash by designing your own invitations, from slick modern designs to hand crafted, a quick online search will soon get it sorted!  

10. Just what the doctor ordered  
Unless you’re in a certain age or income bracket whenever you need a prescription you’ll need to pay a whopping £7.40 per item, however there are a couple of ways you can save:  

1. Check if you would be better off buying over the counter
2. If you know that you’ll need the medicine on a long term basis see if the doctor can specify a larger quantity
3. If you know you’re going to need a few prescriptions over a length of time you can buy a Prescription Prepayment Certificate (PPC) for three or twelve months                                             

Most of us are aware of the usual child savings schemes but there’s an alternative long term savings plan which few seem to know about, the Child Pension/SIPP. Currently there are 60,000 child pensions in place, so if you can’t start a pension too early, why don’t more children have one? 

The fundamentals of a child pension are the same as a Junior ISA. Contributions are capped at £2,880 per year and are topped up via basic rate tax relief at 20% bringing the total to £3,600. Junior ISAs can be accessed by children once they are 18 and, depending on how sensible your teenager is, your hard earned savings may be squandered without a second thought. A pension however cannot be accessed until the child is at least 55 and unless they’re in the midst of a serious midlife crisis, the chances are that the funds will be used more wisely. 

Another benefit of a child pension is the length of time the pension accrues; if parents were to place their child benefit into this pot each month the investment could grow significantly over time. Say you invested £100 per month from birth with 7% growth and 0.5% fund costs per year, then baby could be looking at a pension fund of over £1.1m by the time they reach 65. And if you’re sceptical about these performance markers then even with 6% growth it would achieve an amount circa £700,000. 

So if you favour long term planning and don’t think your child or grandchild needs a self determined financial boost at the age 18 then it’s worth looking into their pension options now.   

Research from selectapension.com and Money Management March 2012. 

1. With a little help from your friends
Personal recommendation is a great way for companies to sell their product or service and that’s why many offer incentives if you do recommend them. There are plenty of offers out there from points and vouchers to cold hard cash, so if you know of a friend who is shopping around for a product or service that you’re happy with, it’s worth seeing if you could both benefit.
 

2. Driving down costs
If you’re in the market for a car, whether new or used, then hold off for another week! Wait until March to shop around and you could benefit from further discounts as most dealers will need to meet their quarterly sales target and you could walk away with a bargain if this quarter’s been slow.
 

3. Save money and the environment
Buying a new computer can hit your wallet hard and as we all know, getting rid of items like personal computers can be costly to the environment. However, you can be kind to both if you’re prepared to buy a refurbished computer from reputable retailers like Dell or PC World who have outlet stores where you also get a warranty and support.
 

4. But if you’re thinking of selling…
According to a recent Which report, online hardware trade-in websites on average offer a much worse deal than selling your old laptop on eBay, so it’s worth shopping around to make sure you’re getting the best deal. A word of caution though, if you sell on eBay and the buyer is picking up the purchase from you, ask them to pay in cash as there have been issues recently with PayPal accounts being hacked and the money you receive being recalled.
 

5. Gardening on the cheap
If, like me, you need some inspiration to get you out of your chair and your garden is looking leaf strewn and sodden at the moment, don’t despair! Collect up the wet leaves in large plastic bags, store them for a couple of years and voila, you’ll have a rich, and more importantly, free mulch.
 

6. Fresh or frozen?
A recent report has found that households who buy fresh food are spending more on their food than those who buy frozen. In addition to the fact that frozen food is often cheaper than fresh, buying frozen means there’s less waste too.
 

7. Avoid motorway rip-offs
I’ve written before about how to avoid paying over the odds for food and petrol whilst travelling, but if you don’t fancy making packed lunches then this could be the solution for you! Arm yourself with a copy of ‘The Great Motorway Secret’ which lists all superstores near motorway junctions and pay normal prices to top up your tank or fill up on food.
 

8. Pedigree chum?
If you’re thinking of getting a dog then bear in mind that pedigree breeds cost approximately a third more to feed and insure than your standard hound. By choosing a dog from a shelter you can feed your soul as well as your bank balance by giving them a good home.
 

9. The brush off
And whilst we’re on the subject of dogs, regular grooming and teeth brushing can save you money on vet and grooming parlour bills and unless you’ve a particularly cantankerous furry friend, it shouldn’t take long to do either!
 

10. Technology is the key
Whilst the price of computer hardware seems to always go down, software doesn’t, on the whole, seem to do the same. So if you’re fed up of paying through the nose for software it’s worth seeing what free software you can get online. For example, for free anti-spyware check out Windows Defender and Open Office is a free resource for spreadsheets, documents and more.

This is a real reply from the Inland Revenue. The Guardian newspaper had to ask for special permission to print it.    

Dear Mr Addison,

I am writing to you to express our thanks for your more than prompt reply to our latest communication, and also to answer some of the points you raise. I will address them, as ever, in order.  

Firstly, I must take issue with your description of our last as a “begging letter”. It might perhaps more properly be referred to as a “tax demand”. This is how we at the Inland Revenue have always, for reasons of accuracy, traditionally referred to such documents.
 
Secondly, your frustration at our adding to the “endless stream of crapulent whining and panhandling vomited daily through the letterbox on to the doormat” has been noted. However, whilst I have naturally not seen the other letters to which you refer I would cautiously suggest that their being from “pauper councils, Lombardy pirate banking houses and pissant gas-mongerers” might indicate that your decision to “file them next to the toilet in case of emergencies” is at best a little ill-advised. In common with my own organisation, it is unlikely that the senders of these letters do see you as a “lackwit bumpkin” or, come to that, a “sodding charity”. More likely they see you as a citizen of Great Britain, with a responsibility to contribute to the upkeep of the nation as a whole. 

Which brings me to my next point. Whilst there may be some spirit of truth in your assertion that the taxes you pay “go to shore up the canker-blighted, toppling folly that is the Public Services”, a moment’s rudimentary calculation ought to disabuse you of the notion that the government in any way expects you to “stump up for the whole damned party” yourself. The estimates you provide for the Chancellor’s disbursement of the funds levied by taxation, whilst colourful, are, in fairness, a little off the mark. Less than you seem to imagine is spent on “junkets for Bunterish lickspittles” and “dancing whores” whilst far more than you have accounted for is allocated to, for example, “that box-ticking façade of a university system.” 

A couple of technical points arising from direct queries:-
 
1.. The reason we don’t simply write “Muggins”on the envelope has to do with the vagaries of the postal system;
2. You can rest assured that “sucking the very marrow of those with nothing else to give” has never been considered as a practice because even if the Personal allowance didn’t render it irrelevant, the sheer medical logistics involved would make it financially unviable. 

I trust this has helped. In the meantime, whilst I would not in any way wish to influence your decision one way or the other, I ought to point out that even if you did choose to “give the whole foul jamboree up and go and live in India” you would still owe us the money.  Please send it to us by Friday.  

Yours sincerely,
H J Lee
Customer Relations    

This post has been written by Simon Brett, Head of Investments at Parmenion Fund Research, with whom we work closely in providing investor solutions.

In recent years it has become fashionable to speculate on the demise of the United States as the world’s leading economy. Like Europe it has a large fiscal deficit, moribund housing market and wounded banks. It even suffered the indignity of losing its AAA status from Standard and Poor’s in August 2011, owing to the budget impasse. In recent years Emerging Markets have been the exciting investment story with their potential for growth. And don’t forget talk of the United States being eclipsed are nothing new, Germany at the beginning of the last century was a growing power and in the 1980s Japan and its way of doing business seemed the way forward. However it is easy to forget that the United States still possesses many advantages both natural and human which are likely to persist for some time, continuing to make the United States an interesting, exciting and worthwhile place in which to invest.

Perhaps the most important resource a nation possesses is its people. Their education, attitudes and productivity are important. However many developed countries are suffering from a declining and aging population. Japan’s population began to decline in 2005 and in Italy and Spain the birth rate is below replacement level. Even in China the peak in its population is forecast to be in 2015, leading to the description of a nation “old before it is rich”. The reverse is true for the United States. Its population is forecast to rise to 440 million by 2050 from the present level of 310 million with much of the increase from immigrants and their children. The median age of the population will be just 35 in 2050 compared to 52 for Europe, according to the Brookings Institute. The age and composition of population has important effects on the dependency ratio i.e. how many workers there are to support the young and old. Most government expenditure is on education, social security and healthcare and this has important considerations for the competiveness of an economy. Thus the demographics will continue to favour the United States for some time.

A growing population is fine but a key question to ask is “how well educated is it and is it productive?”  Many in the US fear the country is losing its edge in science and technology, but the facts do not bear this out. A study by the Rand Corporation discovered the following fascinating statistics; 40% of the world’s research and development spending is in the United States and it accounts for 35% of the patented new technology of the OECD countries. It employs 70% of the worlds Nobel Prize winners and accounts for 75% of the world’s top 20 universities. This excellence in education attracts many from overseas to study. Although emerging countries like China and India are becoming more successful, they are both starting from a smaller base and will take time to catch up. American success in science and technology has led to high productivity levels ahead of Europe and Japan, particularly in those higher value added industries such as aerospace.
 

The United States is blessed with natural resources. It has more proven and undiscovered resources of oil, gas and coals than any other country in the world; greater than China, Saudi Arabia and Canada combined. It will not run out of energy anytime soon; it has 28% of the world’s coal, enough for 218 years and has future reserves of natural gas that will last 90 years. In the past this abundance of natural resources gave the United States a comparative advantage, and this combined with a growing population, a large land mass with a common law and currency has allowed for economies of scale in both government and business. Compare these advantages with the problems of the euro land which is struggling with its common currency and the Chinese scouring the world to secure their natural resources.

All of the positive traits that made the US so successful still exist. It still produces world class companies such as Apple, Microsoft and Boeing that produce goods people want to buy and use around the world. It is sometimes easier to look for the new hot investment idea like frontier markets and forget the positives for the United States.

1. Rent your driveway
If you’ve got space to spare on your driveway then you could rent it out and with charges from £5 per day it’s a nice sideline! If you live near a tube or train station your typical customer will be a commuter and if you’re near an airport you could offer rental to holiday makers and even earn a little more by offering a taxi service to the airport and back. There are several sites that you can advertise your space on (for a fee), for starters take a look at www.yourparkingspace.co.uk and www.parkatmyhouse.com.
 

2. Bags of savings
If you live in Wales then this can start saving you money straight away, if not then you’ll save in the future by getting into the habit of remembering your reusable shopping bags. Last year saw the introduction of a levy of 5p if you wanted a disposable plastic bag in Wales and with ongoing discussions about whether it should be rolled out nationwide, it’s worth making the effort now. Plus you’re helping the environment.
 

3. Walk the walk
If you’re a sprightly OAP and like to get to places early, think on! You’ll already be aware that you can’t use your bus pass before 9.30am, so if it’s a reasonable distance a gentle walk will save you the bus fare and will also provide some free exercise.
 

4. Read all about it!
We all like to keep abreast of the news, but if you prefer the printed to the online version it can be a costly indulgence. However, if you live in a University city, it’s worth checking out the prices in the local shops near the University; you can save up to 60% off the cover price of certain publications.
 

5. Lights, camera, action
It doesn’t matter about the style of your house, its size or gardens, advertising agencies and production companies have specific requirements and your house may fit the bill! From photoshoots to domestic dramas to films, it’s possible to earn up to £1,000 per day and what’s more, your neighbours may be in for a windfall too if they agree to let their house as a green room.
 

6. Rent a room scheme
It’s not for everyone, but if you have unused furnished rooms in your house they could provide you with an income. And if it brings in below £4,250 in rental per annum it’s tax free too. You can find out more about the criteria on the HMRC website

7. Avoid the fees
If you want to avoid paying fees for foreign currency and you’d feel safer not carrying large wads of cash around then purchasing a prepaid card may be the answer! There are providers who won’t charge for withdrawing money from a cashpoint abroad which will save you money but make sure you take into account any additional loading or lack of activity fees.
 

8. Cashback cards
There are many credit card providers who offer cashback deals, so although I wouldn’t ordinarily encourage credit card use, for those who use it cannily it could be a way of earning some extra cash. Look out for annual fees, try to sign up for a card that offers unlimited cashback and then use it for your weekly shop and all petrol. As long as you pay off the balance at the end of each month you’ll be laughing!
 

9. Pet insurance
This is another instance of when a small regular outgoing can actually save you money in the long term, but only if you buy right. If you have a pet then you’ll know that vet’s bills can be quite costly. Most pet insurance covers many ailments, the treatment and any medication, all of which helps alleviate the financial burden. However you could save on your monthly premium by choosing a more basic cover with the option to add on extras as you see fit. For example a policy which covers vet’s fees only could save you money in the short term whilst still giving some protection should the need arise.
 

10. Sale savvy
Well, I’d be missing a trick if I didn’t mention them! If you’re in the market for electronics, especially those popular items like TVs, Sat Navs and games consoles then now is the time to buy. As well as being the standard sale season many retailers bring out new catalogues and manufacturers discontinue products around this time of year so you could snap up an even bigger end of line bargain.

1. Sale fever
As my Mum used to say, ‘Just because it’s cheap doesn’t mean it’s a bargain!’ It’s very easy to succumb to sale fever and end up with a load of tat you’ll never use or wear. Avoid this money sapping situation by making a comprehensive list of the items you do want, and if possible, shop around before the sales so you know where you want to buy from.
 

2. Little old wine drinker me
With the festive season being upon us, there’s bound to be the odd tipple being consumed and it’s even more likely there’ll be the odd spillage. Before you go calling out the carpet cleaners or chucking more wine at a stain, try sprinkling the offending area with soda water, then talc or table salt, cover with an old cloth and a weighty book and leave overnight. With any luck the stain will be gone in the morning. Unfortunately I can’t help out with the hangover!
 

3. Regifting
Whilst we’d all like to think that our gifts are cherished by all who receive them, it’s likely you’ll receive some that you just can’t or won’t use. Yes, you could donate to your local charity shop but if you think that something would be suitable for someone else then why not regift – it’s the environmentally aware thing to do! Beware you don’t forget where the unwanted item came from or you may not be on speaking terms come the New Year!
 

4. Play your cards right
And for that matter your wrapping paper. This won’t save you money this year, but you’ll be thanking me for it next Christmas! Christmas cards and wrapping paper are necessities that can often add a lot of expense. After Christmas all retailers need to shift their seasonal stock so buy next year’s cards, tags and wrapping paper in the sales – you could even upgrade and still save money!
 

5. Feeling crafty?
If you’re good with your hands and like to see yourself as the next Kirstie Allsopp, you could cut out the middle man entirely and make your own cards, tags and wrapping paper. Again, set yourself up with all you’ll need in the sales this year and you’ll be saving cash and clipping away with the pinking shears come November 2012!
 

6. Plan your presents
If you haven’t already made a Christmas list, then do so now. Many shops have 3 for 2 offers which you can take advantage of if you know who you’re buying for. Leave it much later and you’ll end up panicking and spending more than you intended; remember it’s the thought, not the cost that counts!
 

7. Food, glorious food!
It’s a central part of Christmas celebrations but feeding friends and family can prove costly over the Christmas period. If you’ve the storage space, it’s a good idea to spread the cost and start adding non-perishable items to your weekly shopping list now. This way you can take advantage of special offers and discounts too.
 

8. Party planning
Everyone likes a party but most loathe hosting them! So if you’re planning on having an open house over the festive period, don’t feel bad asking people to bring a bottle and something to nibble with them. Most guests will be happy to oblige and don’t mind contributing, as long as you don’t ask them to do the washing up!
 

9. Use your loaf…and your leftovers
It’s the one time of year when you know almost exactly what you’ll be eating weeks in advance! Make the most of it and look for recipes that will use up all of those leftovers, as the saying goes, ‘waste not, want not’.
 

10. And finally, budget
The key to coming out the other side of Christmas without a mammoth debt is budgeting. It works for presents, social events and food shopping. So before you even think about hitting the shops take some time out to work out what you can actually afford.