Finance Review

2011 wasn’t a great year for savers. The historically low Bank of England base rate, held at 0.5% since March 2009, has meant that saving account interest rates have come crashing down and meant that many savers may have found themselves losing out in real terms.

There was a time when if you had a lump sum in capital you could put it in any one of a wide range of savings accounts, sit back and watch it grow, but not anymore.

Why does the Bank of England base rate affect my savings?

The Bank of England base rate is the interest rate at which it will lend to financial institutions. This in turn influences the interest rates offered by those financial institutions themselves, to both borrowers and savers alike.

The Bank of England sets its base rate at a particular level in order to try to influence spending. A lower rate of interest will discourage saving and encourage spending and borrowing which the Bank hopes will kick-start the economy after the slump.

But at least my money will be earning, whatever the rate, right?

Any rate of interest may be better than no interest, but in real terms you could actually be losing money. How so? One word: Inflation.

Inflation is the measures the cost of living across time, taking into account the price of goods and services. Rising inflation will reduce the spending power of a unit of currency. The rate of inflation across recent months has been unusually high, and well above interest rates offered by the banks, meaning that saving are often losing value in real terms.

Is there any way to get my money working for me?

It’s a tough one. High inflation and a low base rate do make life more difficult for savers, there’s no doubt about that, but there may be some ways in which savers can hope to keep up with inflation, and even possibly get their savings earning a little to.

First things first: Keep shopping around for the right savings option. Don’t let you money languish, in tough times it takes a little more work to get your savings earning. Some high street banks offer special fixed period deals and it’s a good idea to make full use of these, moving your money between accounts accordingly. If you can make a commitment for a certain time period, sacrificing easy access, you can also often get a better deal. Some high street lenders do still offer inflation beating rates.

By putting your money into a tax-free wrapper such as an Individual Savings Account (ISA) you can protect you capital from Uk Income Tax and Capital Gains Tax giving you potentially higher returns on your money.

You might also want to consider some slightly more risky options for your savings such as investing in bonds or other types of low risk investment in pursuit of higher returns. Before venturing into investment you should be fully aware of any risks that may be involved.

Will the situation get better?

Some analysts forecast that the Bank of England base rate will remain the same until at least 2015. Inflation is more difficult to predict but is likely to remain fairly high throughout 2012, in the meantime make use of the available resources, even if it takes a little extra time out of your day.

North Finance has been on the market since 2001. North Finance addressed at Kolyma Cyprus; however, North Finance registered at Belize. Like two sides of coin, this for-ex broker has two different sides, bad and good side. North Finance’s good side is competitive spread, easy new account opening, small minimal capital, easy deposit and withdrawal operation, interesting leverage, free Meta trader trading platform, good customer support, bank guarantee, swap free policy, IN business opportunity, trading varieties. North Finance is not good at news matter, no news tab in this broker’s Meta trader, and busy server at news release.

In this for-ex broker, the spread is quite interesting; begin from 2 up to 10 pips in the news time and no commission. It is very easy to begin trading in North Finance, you can open account within 10 minutes from all over the world through the internet. The minimum capital to start for-ex trading in North Finance is $100; moreover, no minimal deposit and withdrawal at this for-ex broker, you also do not have to pay charge in deposit and withdrawal operation in North Finance. This for-ex broker accepts deposit via wire and electronic payment (e-gold). Credit leverage in this for-ex broker is very attractive, especially for low capital trader; begin from 1:1 up to 1:500.

This for-ex broker use Meta trader, instant execution and quotation system with eleven different languages. However, regrettably, North Finance’s Meta trader does not support news that is one of important factor in for-ex trading. North Finance also support mobile trading; you can download Meta trader mobile freely at this for-ex broker. North Finance is very good in customer support; you can access customer support 24 hours 5 business days lively on North Finance live chat.

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Custom Lease Structure: Our leasing professionals will work closely with your staff to design a program that will provide the leasing alternative for your products. Sales Training: We offer a lease orientation program for your sales team to show the competitive advantage of leasing vs. purchase. Lease Rates: Lease rates are continuously updated and will be distributed to your sales team quarterly via e-mail.

Lease Quotation Preparation:We will prepare lease quotations within 24 hours. We will also assist your sales team to provide quotes directly.Credit Review: Credit reviews are completed within 2 – 4 hours. Leases are non-recourse to you, unless otherwise agreed by you in advance. Documentation: We prepare, and execute all lease documents. The Master Lease is executed once, and any additional needs simply require a one page Lease Schedule.Invoice Payment: Invoices are paid within 1 business days of receipt of notice of equipment delivery and acceptance.

Process:

Issue Lease Quote: A lease quote is issued in accordance with the sales quotation.
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Prepare, Forward and Recover Documents: Upon credit approval, lease documents are prepared and forwarded to the customer for signature. Issue Purchase Offer: Upon receipt of properly executed documents,Key Equipment Finance issues its purchase order for the products and services to be leased. Invoice Payment: Upon advice of installation and acceptance, invoices are processed for payment within 1 days of receipt.

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Cash is not accepted! Yes, we do not want your bills and coins!

As a store owner, I have decided not to accept cash. Sounds crazy? – I don’t think so. Cash use in Canada has been on a steady decline over the last number of years. And there are plenty of good reasons for it:
most people get their pay directly deposited into their bank account or get paid by a cheque which goes into same bank account.

Most (if not everybody) have bank debit cards and credit cards. Debit or credit cards are accepted almost everywhere. Actually, I can’t name a place in GTA that still does not accept any cards. Well, maybe just hot dog stands? We all like collecting our points, such as Air Miles, Petro Points, Dividend Cash Back or any other rewards provided by credit card companies. Cash is dirty. Germs alert. Think of all the people who held the bill you have in your valet or pocket. Cash can be easily lost or stolen.

You may ask, if I am, as a business owner, obligated to accept cash. After all, it is a legal tender. NO. Not in Canada. Any business operating in Canada can choose to accept or refuse to accept any form of payment, as long as its policies are clearly displayed to customers.

Going “cashless” was not an easy choice. I feared – what if it will scare away all customers? So, I’ve conducted a tiny survey on cash usage. Starting with my friends and family, and moving onto people I would meet in other stores. The question was: how often they pay by cash for anything other than a coffee? “Very rarely”- was the answer by about 80% of them. And when asked if they had at least 1 Debit or Credit card – all of them said “Sure.” Furthermore, most of them added that they never carry more than $20 in cash.

Not accepting cash can also save you money. Of course, there are all kinds of fees you pay as a merchant for accepting credit or debit card transaction. But, because nowadays, you just have to accept “plastic money”, you pay those fees anyway. And getting $20 or $50 or even $100 a day in cash is not going to save you. But it will cost you extra time every day to count POS cash balance before opening and after closing. It will also complicate your accounting, since cash on hand and bank account balance are two separate things to keep track of. It will cost you even more due to human error factor, since your sales clerk gives change for cash payments.
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