If you are asked to lend money to others, if you don’t feel confident that they can pay you back then talk this through with them. How are they planning to pay you back?
The amount you save has no effect on your State Pension. Whether you have savings accounts, personal pensions, property or other sources of income, your State Pension will remain the same.
If youare planning to borrow money from someone, you need to know how you will pay it back as part of your plan. This is especially important if they are family or friends.
Short-term payday loans often have high interest rates. £400 borrowed for 28 days at 1737% APR means you would have to pay back £500 at the end of the month – so you pay £100 for the privilege of borrowing £400 for a month, and also have to repay the £400.
The amount of State Pension you get depends how many qualifying years of National Insurance you have built up. You build up qualifying years by paying National Insurance contributions, or you may get National Insurance credited to you by the government.
In 2012-2013, a single person can get up to £107.45 a week basic State Pension, though some people get less than this. Many people get more than this amount, because they also get an additional State Pension.
If you are a dependent, you can help reduce the financial pressure on your family by cutting down the demand and finding ways to help them save money on things.
On each mobile ‘phone network, there is a number you can call or text which will tell you the credit you have remaining. The major UK network numbers are listed below.
If you have worked continuously for the same employer for two years or more, you should be entitled to statutory redundancy pay based on salary, age and length of service.
The Healthy Start Scheme is available to parents of children under 4, and pregnant mums if they meet certain income and benefit criteria or are under 18. You can find out more by calling 0845 607 6823.