Rising energy costs aren’t just a problem for cash-strapped households. Increasing gas and electricity prices are a serious issue for small businesses too. In fact, according to card payments provider Tyl, some small and medium-sized enterprises (SMEs) spend more than £5,000 on their business energy bills every year.

But that’s not all. Of the 500 SME owners Tyl questioned, 70% of respondents said they believed energy bills affected their business growth. And while it feels like soaring energy prices are here to stay, you can do something about it.

Here, I take a look at three practical ways to lower business energy bills (that don’t include wearing extra layers or installing an entire building management system).

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1. Check you’re on the right business energy tariff

If you haven’t agreed a business energy deal, you could be on an expensive out-of-contract tariff. This includes rollover contracts that charge you default energy prices when your existing fixed-rate deal ends. Similarly, if you’ve just moved into your business premises and haven’t agreed an energy deal, you could be on a ‘deemed rates’ tariff.

Rollover contracts and deemed rates are the most expensive business energy tariffs to be on. With that in mind, if you haven’t agreed a business energy contract, it’s a good idea to start comparing energy quotes as soon as possible.

The next challenge is to make sure the tariff you agree to meets your business need. If you have a smart meter, then you’ll be able to see when you use the most energy and try to find a deal that fits in around your use.  

2. Increase energy efficiency

Energy efficiency is an easy way to cut business energy costs. But it’s not just about remembering to turn off the lights. To make real savings, you’ll need to try and lower energy consumption throughout your business.

For example, you could switch to LED lighting. According to data from the Department of Energy and Climate Change (DECC), LEDs use up to 90% less energy than traditional lights. What’s more, replacing old spotlights with LEDs saved one medium-sized hotel more than £1,500 a year.

Using timers and thermostats to control heating is another easy way to lower costs. Adding motion and occupancy sensors can also help. In one DECC case study, it saved a business £813 a year.

Plus, if you’ve got vending machines containing non-perishable foods, consider switching them off over the weekends. One business managed to save £144 annually just by turning off two water coolers when the office closed on a Friday afternoon.

These are just a few very simple but effective ways that can cut energy bills in a meaningful way. For more ideas, take a look at the full DECC report that provides examples, case studies and estimated savings.

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3. Switch your business energy provider

Business energy deals can last up to five years, so you might find your small business is protected for a little while yet.

To avoid ending up on a rollover contract or deemed rates, check when your current contract ends. Your paperwork should also specify your ‘switching window’, giving you the chance to switch to another supplier without incurring exit fees.

When you have the opportunity to switch, remember that business energy contracts are tailored to your needs. So, carefully consider the time of day you use the most energy to ensure you find a deal that suits you.

Also, don’t forget that unlike when you agree a domestic energy tariff, there’s no cooling-off period with business contracts. In other words, once you agree a business energy deal, that’s it – you’re tied in.

If your contract still has a way to go but you want to switch to a cheaper tariff, call your energy provider. You might not be able to leave but they may agree to amend the tariff you’re on to be more competitive. They’re under no obligation to do so, but it’s always worth asking.

The post 3 ways to cut energy bills for your small business appeared first on The Motley Fool UK.

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Lloyds Bank has launched the cheapest 10-year mortgage the UK has seen since records began, according to a report in The Telegraph.

The low-cost mortgage has a fixed interest rate of 1.66% and comes at a time when UK homeowners face rising energy costs and increased living expenses. But is a 10-year commitment right for you? Here’s a closer look at the detail behind the headline.

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What is the Lloyds Bank fixed-rate mortgage deal all about?

According to brokers, it’s the lowest fixed-rate deal ever seen on a 10-year mortgage. Previously, the cheapest mortgage on record was offered by TSB (1.74%). The lowest rate ever offered by Lloyds was previously 1.99%.

However, the 1.66% offer isn’t available to all home buyers – it’s only open to those remortgaging. You’ll also need a 40% deposit (at least) and pay a £1,000 fee.

But that’s not all. You’ll face a 6% early exit penalty if you want to leave the deal within the first five years. According to mortgage brokers, this is higher than average. You can still be penalised after five years, but you’ll be charged according to a sliding scale.

Who else offers cheap 10-year mortgages?

A number of lenders have introduced or lowered rates on their 10-year mortgages.

Halifax has just launched a low-cost 10-year mortgage at 1.68%. The mortgage is available to anyone moving home. However, you’ll need a minimum 40% deposit and have to pay a £999 fee. If a 40% deposit is too high, a 25% deposit makes you eligible for a 1.77% 10-year fixed-rate mortgage (plus the £999 arrangement fee).

Leeds Building Society also offers two 10-year fixed-rate mortgages, one at 2.08% (up to 65% loan-to-value ratio) and another at 2.14% up to 75% LTV. 

The flurry of 10-year fixed mortgages reflects an increase in interest from homeowners and home buyers. In fact, according to tech firm Twenty7Tec, searches for 10-year fixed-rate mortgages rose by 70% at the end of January. 

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Is it worth fixing your mortgage for 10 years?

If you’re remortgaging or looking to move, these offers look enticing. After all, some mortgage brokers and analysts are predicting that by the end of the year, interest rates could increase five times. That potentially means a typical mortgage could rise by more than £1,000.

With that in mind, locking in an ultra-competitive 10-year fixed rate looks like a good deal, right?

Well, don’t forget that by its nature, a 10-year mortgage lacks flexibility, and you’ll pay hefty penalties if you want to switch lenders. You’re also likely to face fees if you want to pay off your mortgage earlier than scheduled too. Plus, if interest rates fall, you won’t benefit from any reductions as you’ll be tied in for the remaining mortgage term.

Ultimately, whether a 10-year mortgage is right for you really depends on your personal circumstances and your appetite for risk. While there is definitely less flexibility in a 10-year mortgage compared to a two- or even five-year mortgage, it could protect you from increases if interest rates soar in the short term.

The post Lloyds Bank launches cheapest mortgage on record: but is it right for you? appeared first on The Motley Fool UK.

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If you’re a home buyer looking to boost your green credentials, Danske Bank is now offering customers in England a carbon neutral mortgage. Here’s how it works and how it can help you – and possibly the planet.

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What is a carbon neutral mortgage?

Danske Bank’s carbon neutral mortgage involves the lender offsetting the carbon emissions generated throughout the mortgage lifecycle so there is no environmental impact.

As it stands, Danske Bank’s offer is the only carbon neutral mortgage in the UK. It’s also been certified as such by the Carbon Trust.

To be truly emission free, Danske Bank had to work out the carbon footprint for every mortgage it offers. The Carbon Trust calculated this to be 96kg of carbon (the same as the amount produced by driving 241 miles). The figure covers the complete mortgage process from beginning to end, including sending all the paperwork and digital storage. Danske Bank offsets the 96kg by investing in various wind energy projects in India.

Danske Bank already offers its carbon neutral mortgage to customers in Northern Ireland. It’s proving so popular that around 25% of their new mortgages are now carbon neutral.

Who can apply for Danske Bank’s carbon neutral mortgage?

The mortgage is only initially available to home buyers in the South East, South West and East of England through brokers registered with the Mortgage Advice Bureau.

To qualify, the house requiring a mortgage must also have an EPC (energy performance certificate) rating or PEA (predicted energy assessment) rating of A to C.

You can choose from loan values of 60% LTV up to 91%-95% LTV at a two-year or five-year fixed rate. Purchase rates are £999 and standard valuations are free.

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Can a green mortgage really help you save money and the planet?

The point of a green mortgage is to reward home buyers for making environmentally friendly choices, such as choosing homes with a good EPC rating. To incentivise you, green mortgages typically offer more competitive terms. This includes lower interest rates, cashback deals or discounted arrangement fees.   

Green mortgages aren’t new. Several lenders offer them, including Barclays and NatWest. However, Danske Bank is the first lender to offer a carbon neutral mortgage and proactively cancel carbon emissions.

Whether or not a green mortgage can save you money will depend on your own circumstances. For instance, your income and credit score will impact the interest rate you’re offered.

As with any financial product, the best way to make sure you’re getting the most favourable terms for your needs is to compare mortgages from different lenders. To get a rough idea of what you might be able to borrow, take a look at our mortgage calculator.

It’s also worth pointing out that 1.7 million homes in the UK simply can’t be improved to reach an EPC rating of C, according to research by estate agent Rightmove. Not only that, two-thirds of homes in England have an EPC rating of D or below, meaning they won’t currently qualify for a green mortgage.

Even if homes with a rating of D could be improved, the cost of doing so would likely be prohibitive. Ultimately, that means green mortgages aren’t an option available to everyone.

Let’s also remember that while the principles behind these products are positive, it’s going to take a bit more than an eco-conscious mortgage to save the planet.

The post Just launched: Britain’s first carbon neutral mortgage for green home buyers appeared first on The Motley Fool UK.

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It’s no secret that energy prices have increased in recent months. It started with rising gas costs as wholesale prices increased by up to 140% last autumn. Now, electricity prices are following the same trend as energy costs look set to skyrocket in 2022, but just how high can we expect bills to go?

Why are energy prices rising?

Energy suppliers buy gas and electricity upfront and recover their costs by selling them on to consumers. This forward buying process is called hedging and means providers and consumers are less at the mercy of market volatility. It also allows suppliers to offer fixed-rate energy deals that give consumers a level of security. The downside is that if wholesale prices fall, bill payers don’t enjoy any immediate savings.

Recently, these wholesale energy prices have increased. Part of this is down to growing global demand as countries start to increase their outputs after the pandemic. Colder weather in some parts of the world has also exacerbated demand.

Another big reason currently being debated is whether or not gas producers are meeting their obligations or whether too little gas was ordered in the first place. The UK is also a net gas importer, which means it buys in more gas than it produces. As a result, whatever’s happening to gas prices on the international stage affects us too.

How do wholesale energy prices affect energy bills?

Industry regular Ofgem looks at wholesale prices and uses this data to set the energy price cap. The cap is set twice a year and essentially limits the amount of money your energy supplier can charge you for each unit of gas and electricity you use (measured in kilowatt-hours). The next review is due imminently, with the new price cap starting in April 2022.

Remember that the cap doesn’t limit your bills – these will continue to rise and fall according to your energy use. The cap just ensures that what you pay for energy represents the cost of supplying it. Also, bear in mind that the energy price cap only applies to standard default tariffs and can vary depending on how you pay your bills.

How much will energy prices rise by?

According to a recent briefing for the House of Commons, the current energy price cap (£1,277) could increase by up to £400. But that rise only takes into account the wholesale energy prices.

As well as wholesale energy prices, bills also factor in all sorts of other costs. For example, the cost of supplying energy to our homes and environmental taxes.

Another big expense is operating costs. And thanks to the collapse of numerous energy companies, operating costs for the remaining suppliers have increased and are likely to continue rising as and when more firms collapse. In fact, that figure could add at least £100 to the energy price cap.

But that figure could just be the start, and it could double, according to the chief executive at energy company Centrica. This could potentially mean the total price cap rises by around £600, taking average annual energy bills to nearly £2,000.   

What’s being done about rising energy prices?

As yet, there are no concrete solutions, but there are lots of suggestions. Ideas include a reduction in VAT on energy bills, expanding the Warm Homes Discount and temporarily increasing Universal Credit. Other suggestions include allowing vulnerable customers to defer payments, removing environmental taxes and making North Sea oil and gas companies pay a one-off ‘windfall’ tax to offset energy bills.

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The housing market is off to a positive start in 2022, according to property platform Rightmove. Figures show that property asking prices rose by 0.3% in January. It means that advertised house prices now average £341,019. That’s a 7.6% increase compared to January last year, and it’s the highest annual rate of growth since 2016.

But while we wait and see how house prices across the country continue to pan out, Rightmove has revealed the five most searched for house locations in the UK over the last 12 months.

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1. London

The capital was the most searched for location by the end of 2021. But despite coming out on top, house prices in London experienced some of the slowest growth in the country in the year to October 2021 (the latest official government figures).

The government figures also show that the average house price in London last autumn stood at £516,285, a 6.2% change from October 2020. In comparison, the East Midlands saw the highest annual change – rising by 11.7%.

2. Cornwall

Lockdown saw homeowners reassess priorities and flock to the countryside in search of more space, so it’s little surprise that holiday hotspot Cornwall was the second most searched for property location. In fact, throughout the course of 2021, Cornwall and London took it in turns in positions one and two with the capital reasserting its popularity by the end of the year.

Rightmove reported that average house prices rose by 20% in the fishing town of Padstow, while St Ives saw increases of 15%. 

3. Devon

Another prime holiday destination, Devon is another popular region that has seen house prices rise.

Ashburton and Teignmouth in Devon saw the highest rises, with house prices going up by 27% since their previous peaks in 2016 and 2017, respectively. Average house prices stood at £343,328 in Ashburton and £285,238 in Teignmouth towards the end of last year.

4. Bristol

Overall, the South West enjoyed a 9.9% annual increase in house prices, bringing average house prices in the region to £298,600.

Figures also show that Bristol’s popularity has been slowly but consistently growing over the last ten years. According to data from Rightmove, of the top ten locations outside London where house prices rose most in the last decade, six are in Bristol.

Of those six, Easton has seen asking prices increase by 120% since 2010. Whitehall in Bristol has also seen prices rise by 102%, followed by Totterdown (88%). Meanwhile, Eastville and Arnos Grove have both experienced an 86% increase in asking prices over the last ten years.

5. Glasgow

Regeneration has helped the Glasgow property market, as has the promise of new jobs in the area.

Glasgow’s housing market was given a big boost in 2021 thanks to the sale of several properties with price tags of more than £1 million. Market buoyancy also filtered down to more modest houses with terraces and townhouses also being snapped up. There’s also a considerable range in house prices in Glasgow. Two-bedroomed homes are available for around the £180,000 mark in the East End, and properties in fashionable Finnieston cost up to £270,000.

Glasgow’s rise in popularity and subsequent increase in house prices is in part thanks to local regeneration. On top of that, is the promise of more jobs as Barclays announced its new Barclays Glasgow campus. Located in Tradeston, the campus will be home to tech teams, as well as operations and functions teams, with the aim of attracting 5,000 employees. Similarly, investment bank JPMorgan Chase is planning on increasing the size of its Glasgow office.

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Homebuying resources to help you climb the property ladder

If you’re thinking of selling up, make sure you get the best price and avoid these ten issues that could decrease the value of your home. And if you’re looking to live by the sea, these coastal areas have seen the biggest house price increases in 2021.

Plus, if you’re looking for a mortgage or trying to work out what you can afford, we’ve put together these mortgage resources and a handy affordability calculator.

The post 5 most searched for property locations where house prices have also soared appeared first on The Motley Fool UK.

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From school reports to exam results, life can feel like a point-scoring contest. Sadly, that doesn’t stop in adulthood, especially when it comes to your finances. Your credit score (if you didn’t already know) plays a pivotal part in whether or not you qualify for a mortgage, credit card or personal loan.

And just as your school report shows how diligent you are (or not) with your studies, so too does your credit score with your finances. A good or high score shows potential lenders that you’re financially responsible. That means you’re more likely to be approved for credit and be offered the best rates. On the flip side, a low or poor credit score can limit your options.  

Crucially, your credit score isn’t just about paying off your credit card on time. According to Katy Lomax, chief experience officer at financial services provider Capital One, “Being on top of your credit score is really important. If you have a low credit score, it can have a big impact on important milestones in your life, like when you apply for a mortgage or get car insurance.

“Lots of people don’t fully understand what factors can affect their credit score. There are lots of misconceptions around credit scores. You may be on top of your credit card payments but your credit score is based on how you manage all your credit.” 

The good news is that experts at Capital One have put together five easy-to-action top tips on how to boost your credit score in 2022.

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1. Register to vote

Registering on the electoral roll means that lenders can easily confirm who you are. Whether or not you choose to actually vote is up to you, but this is a quick way to boost your credit score without much effort on your part.

If you live in England, Wales or Scotland, you can check whether or not you’re registered by contacting your local Electoral Registration Office. If you live in Northern Ireland, contact the Electoral Office for Northern Ireland.

2. Pay bills on time

This is another easy tip that can help improve your credit score. While it sounds too simple to be effective, it really could boost your score. Paying on time shows you’re responsible and are on top of managing your money. If you’re forgetful, just set up direct debits or set reminders on your phone or calendar.

3. Pay off more than the minimum

If you can afford to, it’s a good idea to pay off more than the minimum on your credit card. This helps to keep your credit balance low and enables you to pay off debts quicker, which will boost your credit score.

4. Don’t go over your limit

This goes back to the old adage of living within your means. Although credit does allow you to buy things you can’t afford right now, it’s not a licence to splurge uncontrollably. That’s not to say you shouldn’t ever treat yourself. Just be mindful of how much you’re spending (and whether or not you really need to).

5. Use an eligibility checker

Each time you apply for credit, a ‘hard search’ is recorded on your credit report that lenders can see. Lots of applications (especially within a short space of time) could make it look like you desperately need credit. This is a red flag for lenders.

Instead, you can use an eligibility checker to do a ‘soft search’ that will tell you what the chances of approval are. These soft searches are not recorded on your credit report.

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Where can you check your credit score?

There are four main credit reference agencies in the UK that keep track of your credit score. They work with lenders like banks and other retailers to help them decide whether or not to offer you credit.

You can check your credit score with each agency listed below. Bear in mind that you may have to subscribe to the service to get your free report, so remember to cancel before your free trial ends.

• TransUnion
• Equifax
• Experian
• Crediva

The post How to boost your credit score in 5 easy steps appeared first on The Motley Fool UK.

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Following a consultation, cat owners must microchip their cats. If they don’t, it could result in a £500 fine. The decision was reached after 99% of people who responded to a government consultation agreed that cat microchipping should be made compulsory.

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What does the new cat microchip law mean for my cat?

Under the proposed new law, if you own a cat, you must have it microchipped by the time it is 20 weeks old. Much like dog microchipping, it will mean your contact details will be stored on a database.

If your cat isn’t microchipped, you’ll have 21 days to get it done. And if you don’t, you could be hit with a fine of up to £500.

Why is the government bringing in new cat microchip rules?

The Cats Protection charity says that eight out of ten strays they see are unchipped. As a result, it’s often almost impossible to reunite owners with their feline friends. Not only is that a huge loss for cat owners whose curious moggies have wandered too far it’s also a strain for animal charities too.

However, despite almost universal support for mandatory cat microchipping, some consultation respondents disagreed. Their argument was that cats don’t pose the same danger or nuisance as dogs (which must already be microchipped by law).

When will the new cat microchip law come into effect?

The Department for Environment, Food and Rural Affairs is aiming to introduce the new law in 2022. The year-long gap between proposal and enactment is the same as it was for dog microchipping and will enable cat owners to organise microchipping in good time.

The new law will only apply to cats that are owned. The assumption is that this will make it easier to identify feral cats whose population can then be monitored and controlled.

Where can I get my cat microchipped and how much will it cost?

You can get your cat microchipped by your vet or at some stores like Pets at Home. Costs will vary but Cats Protection estimate it will set you back between £20 and £30. But, if you can’t afford to have your cat microchipped, the charity suggests speaking to your vet or a reputable animal rescue organisation. In some instances, they may offer to lower the cost.

The chipping procedure is relatively minor and is no more invasive than giving them their annual jabs. The chip itself is about the size of a grain of rice.

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What happens if you move home?

If you move, you can simply update the microchip database with your new address. All you need to do is contact the brand database your cat is registered on.

The brand of chip used will be on your cat’s microchip paperwork. Alternatively, you can get it from the vet that completed the work or look it up using a search tool from Petlog.  

If you adopt a cat from an animal shelter, it’s likely to be microchipped already. If that’s the case, your vet will be able to confirm this if you don’t have all of the cat’s paperwork.

The post New cat microchip law could see you face a £500 fine appeared first on The Motley Fool UK.

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Whether you like Christmas pudding or not, its grand entrance pretty much always garners lots of oohs and ahhs. After all, it’s not often we intentionally set food on fire and then stand back to admire it. But if that wasn’t strange enough, there’s all the trinkets and tokens inside the Christmas pudding itself – including money. Here’s what it’s all about.

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Why does Christmas pudding have money in it?

Traditionally, Christmas pudding has a sixpence hidden inside it.

If you get the sixpence in your portion of pudding, then you’ll have good luck over the coming year. Traditionally, other tokens can also be included, each one with its own meaning. As Hercule Poirot discovered in The Adventure of the Christmas Pudding, if a man finds a button, he is destined to be single for the next year. Women who find a thimble share the same fate.

In contrast, if you find a ring in your Christmas pudding, you’ll get married within the year. Find an anchor trinket and you’ll be protected and safe – for the next 12 months at least.

As for pouring brandy and setting it alight, the flames are meant to represent the power and love of Jesus. While some interpret the holly as a symbol of the crown of thorns.

Why do we eat Christmas pudding?

Like with most things, we’ve got the Victorians to thank for Christmas pudding as we understand it now. However, it’s thought to date far further back, possibly to medieval times when a type of milky porridge with dried fruit and nuts was eaten as a fasting dish in the runup to Christmas.

Later, it evolved to include trinkets, which was an idea that came from the Twelfth Night cake eaten at the end of Christmas. But instead of lovely shiny tokens, you’d either get a dried bean or a dried pea.

As bizarre as that might sound, similar traditions can be found in other cultures too. For example, in Spain, they celebrate 6 January as ‘El Día de Los Reyes Magos’ (day of the three kings) with a ‘roscón de reyes’ (king’s cake). It’s a little like brioche with candied fruit. This also includes a trinket, such as a crown, which is the token you want to find. If you’re unlucky, you might get the dried bean token instead.  

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Can you still get a sixpence to put in Christmas pudding?

Yes, you can. Although sixpences are no longer in circulation, you can buy special editions from the Royal Mint if you fancy resurrecting this particular tradition.

Traditionally, you should make your Christmas pudding on the last Sunday before advent (basically, the Sunday closest to the end of November). This was also known as ‘stir-up Sunday’ as families would stir up their puddings in readiness for the coming festivities.

You might also have heard Christmas pudding called plum pudding. The dessert confusingly doesn’t contain any plums and it never has. It’s just that ‘plum’ was used to describe any dried fruit.

So, the next time someone wheels out a Christmas pudding, you’ll be able to astound them with your expert knowledge. Just watch you don’t crack a tooth on that sixpence.

The post Christmas pudding – why do people put money in it? appeared first on The Motley Fool UK.

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In the year to March 2021, police in England and Wales recorded 1.46 million incidents of domestic abuse. More than 845,000 of them were classed as crimes, which is an increase of 6% compared to the year before.

But while many of us consider domestic abuse to be physical, that’s not always the case. There are other, more insidious forms of abuse, such as coercive control, which can include financial abuse. Here’s what to look for if you think you or someone you know might be affected.

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Domestic abuse and coercive control

In its last study on the financial impact of domestic abuse, the Home Office revealed the total cost of abuse in England and Wales was just over £66 billion. This includes the cost of physical and emotional harm to those affected, which was estimated at more than £47 billion and the cost of lost output that was estimated at £14 billion. 

But domestic abuse covers a number of behaviours and coercive control is one of them. This is when perpetrators try to make victims dependent on them by isolating the victim from their friends and family. 

Coercive control, which has been a criminal offence since 2015, comes in many forms. It includes behaviour that threatens, deprives and humiliates those on the receiving end. Financial abuse is also an example of this type of control. 

What is financial abuse?

Financial abuse is when the perpetrator misuses or controls their victim’s money or access to money. It usually occurs alongside other forms of domestic abuse and is rarely a behaviour that happens on its own. 

Sarah Coles, senior personal finance analyst at investment platform Hargreaves Lansdown, explains: “Domestic abuse doesn’t always involve the kind of drama we’ve come to expect from soap opera storylines. Sometimes it’s a slow and steady escalation of behaviour that makes it difficult to spot, both when you’re in a relationship, and when you’re looking out for your friends and family.

“Financial abuse can be eating away at someone’s mental and financial resilience, without anyone realising what’s going on, so we all need to know the signs.”

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What are examples of financial abuse?

Financial abusers can be anyone, not just a partner. It could be a friend, family member or even a carer. 

Fundamentally, financial abuse is about cutting off a person’s access to money and, in turn, their independence. It’s about isolating the victim from people that care about their welfare, and it can take many forms. Typical examples include:

• Taking the victim’s money or making them hand over control of their accounts.
• Applying for loans or credit in the victim’s name without their consent.
• Asking the victim to change their will in the abuser’s favour.
• Stopping the victim from going to work (or getting work in the first place).
• Preventing the victim from studying or going to college or university.
• Making the victim account for every penny they spend, asking for receipts.
• Stopping the victim from buying essential items they need, such as sanitary products.
• Spending household budgets without the victim’s knowledge.

What are the signs and symptoms of financial abuse?

Financial abuse is a covert form of domestic abuse, so it’s not always easy to spot. But, if you’re worried about someone you know, signs that they’re affected by financial abuse include them:

• Spending less than usual even though their personal circumstances haven’t changed. This can include refusing invitations for activities or events that cost money.
• Not having money for essential items or having to regularly borrow money to pay for them, even if they’re working.
• Giving up work, college or university without sufficient explanation.
• Appearing anxious when they spend money or having to ask permission before spending it. 

Where is help available for domestic abuse? 

If you need advice about domestic abuse or want to support someone you have concerns for, the following organisations can help:

• Refuge for women and children – freephone 0808 2000 247. Lines are open 24 hours. 
• Respect men’s advice line – freephone 0808 8010327. Lines are open from Monday to Friday, 9am to 8pm. 
• Karma Nirvana – freephone 0800 5999 247. This is a source of support for anyone affected by honour-based abuse or forced marriage. 

The post As domestic abuse figures rise, here’s how to spot the signs of financial abuse appeared first on The Motley Fool UK.

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It’s no secret that the price of food, including family favourites like beans and ketchup, is rising. But a recent survey by alternative banking provider Suits Me has found that many of us think essential groceries are more expensive than they really are.

So, do you know how much a loaf and a pint of milk will set you back? Might you be pleasantly surprised by the actual price?

Is it higher or lower?

Suits Me surveyed 2,000 UK adults and asked them to estimate basket essentials according to price data from the Office of National Statistics (ONS). Most respondents overestimated the cost of groceries and thought they were more than double the ONS prices.

The biggest differences between ONS prices and respondents’ guesstimates included staples like a roasting chicken, potatoes and sugar, which all cost less than people thought. On the other hand, many seriously underestimated the cost of minced beef, butter and eggs.

The greatest discrepancy between ONS figures and consumers’ guesses was over the price of a kilo of cheese. which according to the ONS, a 1kg pack of cheddar costs £6.21. Wishful thinking put shopper estimates at £3.10 – sad times for the cheeseboard.

What were the price differences?

How do you think you would fare if asked to price a pint or cost up coffee and carrots? The results of the survey show that the average person really isn’t sure.

Why are food prices rising in the UK?

Food prices are rising thanks to a combination of factors. The cost of raw food ingredients measured by the UN’s Food Price Index has increased. The figures for October 2021 show that prices rose for the third month in a row (up 3% from September).

Plus, there’s the ongoing supply chain problem. Shortages of shipping containers are preventing some items from making it here in the first place. And let’s not forget the lack of lorry drivers that hit the headlines earlier in the autumn. It might not be in the news as much now, but the problem hasn’t magically gone away.

How can households stretch their food budgets?

Apart from budgeting and reviewing all your household expenses, there are a few simple things you can do to help stretch your food budget, including:

1. Plan weekly food menus

I was skeptical about this at first, but I tried it and it really does work. If I stuck to the plan and only bought what I needed, it meant I didn’t get sucked in by offers on things I didn’t need (which inevitably wind up in the composting bin). 

2. Look for special offers and compare prices

while this might seem to contradict the first point, there will be cupboard staples you regularly buy that are on offer, so stock up on tins and non-perishables when they’re discounted.

we all have our favourite supermarkets, but if price is your priority, you can compare prices and offers at Trolley.co.uk.

3. Bake at home

I know not everyone likes baking, but a homemade cake doubles up as both a snack and pudding – which are essential foods according to my children. The basic ingredients might set you back to start with, but you can make a few cakes with one bag of flour and sugar and then buy your fresh ingredients when you need them. 

4. Buy short-dated groceries

you can buy a wide range of discounted household and food items that are close to or just past their ‘best before’ dates from the Approved Food website. There’s a minimum spend for free delivery, but if you’re not sniffy about best before dates, then it could be worth checking out. 

Make more and freeze

If you’re buying in bulk and making the most of discounts, batch cooking and freezing can help eke out the budget.

For more ideas, check out our tips for budgeting your money. You can also keep credit card debt this Christmas by following our five tips for planning and budgeting. 

The post Do you know the price of a pint of milk? These Brits don’t appeared first on The Motley Fool UK.

More reading

• Buying £20k of BAE Systems shares could give me a £360 income this year!
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• How the UK State Pension measures up against other countries — and why it’s not enough
• A stock market crash this summer? Here’s how it could help
• Investors are pouring cash into Scottish Mortgage Investment Trust. Is it all about SpaceX?