Matrimony or mate-ri-money… the choice is yours

Most of us are aware there are certain savings to be made if you’re married. While money may not buy you love, there is evidence to suggest a bit of romance could help to protect your pocket.

So should all singles be launching themselves into relationships in a bid to save a few pennies? Well perhaps not…

There are three important words to add to your vocabulary if you’re (young) free and single: MOSHing, mate-ri-money and FLAPers. MOSH stands for multiple occupant shared home and it happens when first-time buyers get together with other single friends to collectively buy a property.

Research from Future Poll indicates that 59% of singles who don't own a property say that doing so would greatly improve their quality of life and 30% have several friends they would consider buying a property with. According to the Government Office for Science, single-person households are projected to increase by 163,000 per year from 6.8 million in 2006 to 10.9 million in 2031.

The report also identified a new demographic in the UK described as FLAPers (financially liberated and positively single). Gone are the days of feeling left on the shelf; instead, people in the UK are looking for ways to live independently without ending up out of pocket. Those who see marriage as old-fashioned and unnecessary, for example, really seem to be embracing this new ‘financial friendship’ concept.

Future Poll found that 80% of singles believe friendships last longer than romantic relationships and more than one in four single people would go to their friends first if they needed money urgently.

But what if you’re already married? Well, there’s no need to call in a divorce lawyer! Being in a committed relationship can definitely save you money.

In general, couples are seen to be safer prospects for insurers – particularly car insurance companies – than their single counterparts. According to the Towers Watson Car Insurance Price Index.

Although this is set to change when new gender equality legislation takes effect in December, the average annual comprehensive car insurance policy currently costs £954 for a male driver, typically falling by £502 when a spouse is added. Deep down we all knew women were better drivers!

If that doesn’t send you rushing down the aisle, a new study from NS&I might just tip the balance. Its latest Savings Survey suggests Brits who are in a relationship save around £800 more each year than singletons. A fifth save at least £200 more per month; more than £2,400 over the course of a year. 

Relationships have the biggest effect on men's finances, with men saving an average of £85 more each month under their partner's influence compared with a £50 increase for women. Young men (aged 25-34) are most influenced by their partners, saving around £100 more. As many as 15% of women in relationships admit to being motivated to save more due to their partner's bad financial habits compared with 11% of men. 

John Prout, NS&I director, comments: "It is good to see that people in relationships are motivating one another to save significant sums of money. As well as helping each other save towards goals and providing more security in difficult times, these savings will make a difference for the bigger financial milestones that come during a relationship, like buying a home, or saving for life in retirement." 

Overall, the research seems to suggest that two heads (or wallets) are better than one; whether you decide to put a ring on it or not.

Read more from Joy in the next issue of Liberti magazine.

Show me the money!

Some Christians have a problem discussing finance because they feel it is a “worldly” concept that will inevitably corrupt the soul. 

The word “prosperity” is often dismissed as an Americanism that doesn’t match up with biblical teachings.

I strongly disagree with this. Jesus mentioned money more times in the gospels than any other topic apart from the Kingdom of God. If it’s good enough for Jesus, it’s good enough for me. According to my calculations, the word “prosper” is used a whopping 49 times in the Bible, while “prosperity” is dropped in on 17 occasions.

We need to remember that it is the love of money that is “the root of all evil” (1 Timothy 6:10), not the money itself. We all need cash to put food on the table and to keep a roof over our heads, but that doesn’t give us carte blanche to become greedy and covetous. We are called to rule over our money rather than letting our financial circumstances rule us; to stop comparing ourselves with others and to value people over “stuff”.

The Bible tells us we should be “wise stewards” of our money (Luke 12:42). In other words, we should not spend beyond our means and we should use our cash to live honourable and generous lives. In actual fact, the more sensible we are with the money God has already blessed us with, the more he will entrust us with in the future. So if you need a few extra quid, maybe it’s time to readjust the way you view the money that’s already burning a hole in your pocket.

As Christians we believe that everything in the universe was created by, and belongs to, God. So whatever we earn, we should remember to give thanks for it and use it for His glory, not to keep buying endless pairs of shoes (is it just me that struggles with this particular temptation?).

The Bible makes it clear that we should tithe, which means giving the first 10% of our income to God. I’ll discuss this at length some time soon, as it’s a topic that needs a bit of careful consideration. It also tells us we should use it to help others, particularly orphans and widows; basically, anyone who is in real need.

This is really just an introduction, an overview of the topic, which by now I hope I’ve convinced you is one that is close to God’s own heart.

In future editions of Liberti magazine I’ll be covering all aspects of finance in the future: mortgages, debt, government benefits, credit cards, cashback sites, pensions, inheritance tax, shopping, budgeting, ISAs, online banking and anything else I can think of. If that doesn’t float your boat, I don’t know what will!

Hopefully, I’ll also be able to tailor this to the financial needs of you lovely Liberti ladies by covering issues such as the gender pay gap, childcare costs and upcoming changes to women’s car insurance legislation.

Most importantly, I’ll endeavour to present all of this from an interesting and biblical perspective. So let’s get ready to shake our money makers (what does that even mean?) and cash in on everything God has promised us.

After all, it was God who came up with the “live long and prosper” (Exodus 20:12) philosophy, long before Star Trek’s Dr Spock started using the infamous Vulcanian greeting. So let’s say a firm farewell to money worries and a hearty hello to healthy bank balances!

Read more from Joy in the upcoming edition of Liberti mag.

My guilty secret

I have a slight obsession with anything crime-related. Cop shows, crime novels, documentaries about serial killers… I even like those terrible American police chase programmes.

There’s something about good triumphing over evil and the exposure of the criminal mind that fascinates me.

So when I stumbled across a free iPhone app called ‘Crime City’ (a real steal!), my fingers started twitching with anticipation. Unfortunately, this strategy game takes the exact opposite approach: it’s all about building up your own Mafia empire through extortion, theft and even assassination. The aim is to collect as much money as you can in order to acquire more weapons, build up your ‘hood’ and attack rival Mafiosi.

You may question how I can play this game as a Christian. But first of all, it is just that: a game. I’m not about to put out a hit on someone for robbing my launderette. Furthermore, there are some hidden biblical principles to pick out (if you look closely enough!).

Firstly, it’s teaching me the gift of patience; something I’m not known for. Each task requires a certain ‘cost’: either to energy levels, stamina or your stash. If you don’t have the necessary items, you simply can’t move onto the next task. Sometimes it can take days and even weeks to get the job done. We often have to wait for things in real life, and practising patience shows that we trust God’s timing, omnipotence and love (2 Corinthians 6:6).

Secondly, it proves that you reap what you sow (Galatians 6:7-8). Building defensive buildings and upgrading cash-generating establishments can seem fruitless, but this type of investment often proves crucial further down the line. This is often the case in life – we think a job/degree/relationship has been a complete waste of time, only to find it has laid the groundwork for something wonderful a few years later.

Thirdly, it has shown me the importance of equipping myself for battle. Okay, so I’m not sure we need to be carrying assault rifles or riot shields around with us, but the Bible tells us to “put on the full armour of God, so that you can take your stand against the devil’s schemes” (Ephesians 6:11). This includes: the belt of truth; the breastplate of righteousness; the shield of faith; the helmet of salvation; and the sword of the Spirit (the Word of God). These ‘weapons’ strengthen us and protect us from adversity.

Fourthly, it demonstrates that certain tasks/challenges need to be completed before we can move onto the next. In the game this might mean robbing a bank or planting a tracking device, but in our lives it could mean forgiving someone who has offended us; learning from a mistake we keep making; disciplining ourselves to read the Bible when we don’t feel like it; or sharing our faith with someone. There are things in each of our lives that hold us back and prevent us from reaching the next level.

Finally, it reminds us to take what is rightfully ours. In the game you periodically collect money from the businesses you’ve set up – if you don’t, the cash stops building up and rivals can steal it. The Bible says God has given us “everything we need to live a godly life” (2 Peter 1:3), so if there’s something missing, it’s probably because we haven’t tapped into it yet. If you don’t use it, you may lose it!

OK, so I’m going to stop flogging this dead horse now (that’s not part of the game!) as it would be just as easy to turn the analogy round to show how Crime City promotes greed, violence and many other Mafia malignancies. Just remember, this kind of game can be a fun way to spend an hour or two but crime really doesn’t pay!

Read more from Joy in the upcoming issue of Liberti.

You, me and debris

Photo credit: Michelle Arseneault/Wikipedia

When I’m not writing for Liberti magazine, I spend a lot of my time mustering up financial news and blogs. I often find myself compiling helpful money-saving guides; well, at least, I hope they’re helpful.

Although these often relate to switching bank accounts or getting the right type of life insurance, a common theme throughout is cutting back on waste. There are so many ways to squander money and resources, and even though I should know better, I’m probably the worst culprit of all!

So here are my three Cs to help us keep on top of our waste, both financial and otherwise (in ascending order of importance).

Cancel old Direct Debits

Statistics show 40% of Direct Debit customers don't know how much cash leaves their account via Direct Debit each month. Many of us have experienced that painful pang when we realise a payment we should have cancelled months ago is still coming out. With online banking available to all of us, it’s our responsibility to know exactly what’s coming into and leaving our accounts. Staying on top of this will also help to ensure your account isn’t being used fraudulently.

Cut energy costs

UK households throw £1.4 billion down the drain each year simply by wasting energy. There are so many ways to cut back on energy usage without even noticing the difference. Did you know that using energy-saving light bulbs could save you up to £40 during the life of the bulb? And that turning your thermostat down by just 1% could save you 10% on your annual heating bill?

Other simple energy-saving measures include:

• Turning electrical appliances off rather than leaving them on standby
• Confining heating to the rooms you spend most time in
• Only boiling as much water as you need each time you make a hot drink
• Taking showers rather than baths
• Turning the temperature on your washing machine down to 30^oC

Control your buying habits

I personally feel a sense of achievement every time I put something in the recycling; particularly if I’ve gone to the trouble of rinsing or dismembering it in some way. Don’t panic, I’m not going to tell you to stop recycling or reusing items, but I am going to suggest an even better solution: not buying as much in the first place.

I was brought up to clean my plate each and every mealtime; my brother and I were well aware that there would be no pudding until we’d finished our dinner. Although I still do this as much as possible now, I continue to find myself throwing some food away every week. When will I learn that I’m not going to get through a kilo of grapes in a week? Why do I still fall for the multi-buy offers when I know it’s both false economy and wasteful?

And my wastefulness isn’t limited to food consumption. Each time I move house I promise myself I’ll never, ever accumulate so much ‘stuff’ again. But after two years in my current flat I once again find myself climbing over or banging into obstacles and items I simply don’t need: a foot spa, redundant mobile phone chargers and a host of old CDs I’ve never even listened to.

Every now and again I round up all the rubble and have a major cull. There’s no better feeling in the world than turning overflowing cupboards and full-to-the-brim drawers into minimalist vessels of essential goodies. Again I feel that warm fuzzy feeling as I traipse off to the charity shop to kindly bestow my discarded debris upon them.

But as with our financial affairs, the simplest and best approach is to only buy what we need in the first place. Don’t take out credit cards that will encourage you to get into debt and buy even more space hoggers. Don’t buy new versions of items you already have unless you are prepared to redeploy the originals. And definitely don’t buy presents for people this Christmas that will encourage them to follow you into the never-ending wilderness of waste!

Read more from Joy in the upcoming issue of Liberti magazine.