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How Do I Find a Trusted Tradesperson?

By
Claire James
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Before you allow someone to do any work at your house, it’s essential that you research their services to make sure you can trust them.

Spending a little bit of extra time learning about a tradesperson will ensure that you hire the right one for the job. Follow these tips to help you save money and prevent a few headaches in the process.

Search for approved traders online

With so many tradespeople bidding for your work, it’s often difficult to tell one apart from the next. Check professional memberships with different organizations to find approved traders in your area.

You can start by searching on your local council’s website. You may find the information you need under ‘approved traders’ or in the ‘Trading Standards’ section. To be included on this list, a tradesperson must show that they always follow the governing laws.

Trading schemes are another place to search. Look for a scheme that covers your area and see who they approve. You can also look up a prospective trader to make sure they’re really a member of a specific trading scheme.

A trading association can also match you with a tradesperson for a certain niche. Go online and look through their member list to find potential tradespeople that match your criteria.

Never begin work without a contract

Once you find a tradesperson, you may want to get started right away. However, before you do anything, you need to discuss the details of the job. During your brief, be clear about what you expect.

Find out which materials they will use and if you need to provide anything. Ask the tradesperson if they plan on subcontracting their work and whether they include this in the cost. You also need to find out about rubbish removal and clean-up.

Always have your tradesperson sign a legal contract, especially if you have a medium or large-sized project. With a contract, you can take legal action if they don’t complete the work or something goes wrong. Total cost and a payment agreement should also be included.

If a tradesperson asks for an advance payment, politely decline. Only pay for work as they complete it. However, if the trader needs to front the cost for materials, it is reasonable for them to have you pay a small percentage.

Double check local regulations

You don’t want to begin a project only to discover that it doesn’t meet local regulations. A building job, for instance, usually requires a compliance certificate. Your trader should be able to provide this certificate for you. Avoid any trader who is unable to certify their work.

What if a problem arises?

Even if you do everything right, you can still fall victim to a bad tradesperson. If this happens, you should register a complaint to the trade association or registration scheme of which they are a member.

The council reviews all complaints, whether it’s for a payment disagreement or substandard work quality. Trading Standards may get in touch to request more information. Don’t hesitate to report any trader who fails to do their job correctly. You may be able to prevent someone else from hiring them in the future.

Smart Ways to Future-proof Your Home

By
Amy Richards
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What do real estate professionals and architects mean when they speak of future-proofing a home? The term has several meanings, most of which pertain to any component that can be adapted for high-tech upgrades, enhances safety or has the ability to reduce energy consumption, not to mention could improve the value. In other words, future-proofing can include adding solar panels, in-home lifts or smart security systems. Here are the most popular ways homeowners are currently future-proofing their houses:

Install Solar Panels and Energy-efficient Windows

You need not spend a fortune to save a fortune. Placing a few indiscreet solar panels on your roof can be part of a broader strategy to reduce energy consumption year-round. Panels typically pay for themselves within about two years, require minimal maintenance and can deliver an added measure of electrical power even when the grid suffers an area-wide outage. Energy-efficient windows installed throughout the home can cut annual utility bills by as much as 20 percent, which means you can recoup your up-front investment in just a few years. Because these high-tech, stylish windows last for 20 years or more, they deliver long-lasting savings and can significantly add to resale value.

Install a Home Lift

There are plenty of ways to boosts a home’s safety profile. You can replace short stairways with ramps, add fire-resistant insulation or install no-skid door mats. Real estate professionals say one of the smartest thing’s owners can do is add a lift so that older residents won’t have to negotiate stairs and risk falling. Luxury home lifts like Lifton add more than safety for the elderly and the very young; they can greatly increase the resale value of the property.

Install a Programmable Thermostat

Homeowners who want a quick, inexpensive way to add a future-proofing component can purchase a programmable thermostat. You don’t need to be an electrician to install the devices, as most come with all the hardware needed to put them in. Just be sure to read the directions carefully and ask for help with installation if you’re not handy with that sort of thing. What’s the payoff? Compared to old-fashioned, manual thermostats, the newer versions help you maintain a consistent temperature throughout the day. Season to season, you can add temperature parameters that reset themselves based on outdoor conditions, like unexpected cold or hot spells.

Consider Creating a Hidden Safe Room

One of the newest trends in home design is the safe room. The small, virtually impenetrable areas are often concealed behind bookcases, refrigerators or basement walls. Safe rooms are usually only large enough to accommodate a few people and don’t include amenities like refrigerators or running water. The purpose of a safe room is to give residents a concealed place to take cover in the event of a break-in, home invasion or severe storm. Safe rooms are starting to show up in real estate listings all over the world as homeowners become more aware of how to enhance their personal safety and security. Costs vary, but many homeowners save money by converting a walk-in closet or small storage room that isn’t needed for any other purpose.

Sahel Majali Discusses the Benefits of VR in Construction

By
Claire James
-

Virtual Reality (VR) has made major advances over the last few years, and practical applications for the technology outside the entertainment industry have begun to appear. In construction, VR is far more than just a novel way to visualise 3D models, providing opportunities to improve designs and increase site safety.

There are three main areas where VR can provide major benefits to construction projects:

  • Collaboration and Design Iteration

VR allows clients and contractors to view models at a human scale and perspective, making it much easier to examine details and understand how the space will look and feel when the project is finished.This means contractors and designers can advise onsite teams and alter designs remotely based on a clearer picture of how the site currently looks and what the end result will be, reducing miscommunication between onsite teams, remote teams and clients. This is especially useful for sites being built in difficult to reach locations.

Viewing a construction model in VR is the most intuitive and accessible way to experience a construction model, and allows contractors using differing design tools and standards to communicate and stay on the same page when discussing changes and problems. It is even possible for contractors to enter a shared VR space remotely. Being able to do this means designs can be iterated and errors corrected before construction even begins, rather than halting work to alter the design and making expensive, time-consuming changes to completed work. This results in faster projects, and higher client satisfaction.

  • Training and Safety

Training new workers can be a time-consuming and monotonous task. There are many tasks and situations that cannot be fully taught in a traditional learning environment and are too dangerous or unsafe to practice in real life. VR can provide workers with practical, hands-on experience without risk, for example teaching workers to operate heavy equipment and vehicles.

VR’s risk-free environment allows instructors to simulate dangerous scenarios and safety procedures without any risk of injury or damaged equipment. Normally, training workers to use heavy equipment and vehicles can be expensive and has practical considerations such as providing the space, spare equipment and materials with which to teach and practice. Supplementing training with practice and lessons in VR can significantly reduce these costs.

  • Marketing and Communication

When trying to attract investors to a project or find buyers and tenants before a project is completed, it can be challenging to convey how the end result will look and feel. Enabling clients and investors to take a virtual tour of the project before or during construction helps them to know exactly what to expect and gives them more confidence to invest.

For buyers and investors who are not experts in the construction industry, it can be very difficult to build a picture of what a project will look like from drawings and designs. Even 3D models and video pale in comparison to being able to experience it at a 1:1 scale complete with accurate lighting and the surrounding views.

Sahel Majali UK

Sahel Majali has been involved in the construction industry for more than three decades, and has always pushed to implement the latest technologies and techniques to improve construction projects. Mid Contracting Jordan was founded by Majali in 1991 to focus on dynamic construction and development. In 2015 he became Chairman for the Mid Group, one of the fastest growing offsite construction businesses in the UK. Follow Sahel Majali on LinkedIn for news updates about VR being used in construction.

5 Ways to Improve the Value of Your Home

By
Amy Richards
-

Most homeowners want the value of their home to rise over their time owning the home. Performing maintenance and addressing issues helps, but what about home improvements? There are multiple home improvements you can make to a house to increase its value. The cost of making the improvement may add significant value to your home. Follow this advice if you want to increase the max value of your home. 

Curb Appeal Matters

Increasing the curb appeal of your home is one of the first steps you can take to increase its value. How your home looks from the street is the first impression people have of it. Well-maintained landscaping and a painted house can go a long way in making your home appealing. You shouldn’t stop with just the exterior, though. An outdated kitchen or bathrooms can keep your property value down. Kitchen remodels especially are a great way to recoup value, as up to 81% of the cost may be added as value. Bathrooms often have the same effect and can deliver up to 70% of the cost of a remodel in home value. 

Focus on Low Maintenance

Prospective homeowners don’t want a home that requires tons of yearly maintenance. Focusing on areas of your home that are problematic can increase your home’s value. For example, if you live in a windy area and the shingles on your roof are constantly blown off, consider a metal roof. A metal roof has a much lower maintenance cost for the long-term, compared to a traditional shingle or tile roof. Replacing old appliances and water heaters with new energy-efficient versions can help save money and add value. 

Improve Energy Efficiency

Energy conservation is a big focus for homebuyers in today’s market. There are many improvements you can make in the name of energy-efficiency. Double-paned windows, insulation, LED lighting, and new appliances are just a few ways you can increase value. Consider scheduling an appointment with an energy auditor to see where you could make more energy-efficient improvements to your home. 

Increase Floor Space

The square footage of a home is often the primary indicator of value. Price per square foot is one way realtors help their clients compare homes in terms of numbers. Bigger homes usually have a higher value, but smaller homes full of upgrades can command high prices too. Adding rooms can make your house bigger, but additional living space can be done in existing construction, with ease getting from floor to floor. For example, home lifts no longer need to be added to the outside of a home. Domestic lift advisory site, Home Lift Experts has some great information on the amount of space needed for a home elevator. Home lifts can add value to a home by providing freedom of mobility to those who usually need assistance. 

Install Smart Devices

Smart devices installed in a home can help with security, fire detection, carbon monoxide levels, and more. Smart security cameras and door locks can allow you to see who is at the door even when you’re not home. While these home improvements may be novel now, they will become commonplace in about 20 years. 

Russian Cities to compete with global cities for investment capital — Tikhonov

By
Claire James
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Denis Tikhonov — the Head of the Department of Economic Policy and Development of Moscow — has participated in “Creating the cities of the future: where to start?” session of the Eastern Economic Forum. He announced that nowadays global competition between cities for human and investment capital is raging and Russian mega-cities are expected to meet this challenge.

He reminded that the quality of human habitat is assured by cities & the education possibilities. In other words, the quality of healthcare & transport infrastructure has greater significance than the place of birth and jurisdiction for city dwellers.

“This is a challenge for both Moscow and other Russian metropolitan areas: it is necessary to create comfortable habitat here, so that the people do not flee abroad, in which Moscow has succeeded recently,” Tikhonov also noted.

According to him, urban agglomerations are generally more efficient in terms of economy — today 50% of the global population lives in cities, and produces 80% of the world’s GDP. It is clear that in mega-cities production costs are lower, competition is greater, and the conditions for self-realisation are better, Tikhonov added.

He mentioned that the productivity of large urban agglomeration resident is twice as big as of a small town resident’s. Just as only 8.5% of the country’s population lives in Moscow, but more than a quarter of the national GDP is created here. The head of the department said that Moscow accumulates about 16% of investment in fixed assets, 50% of foreign direct investment.

Moscow has the largest number of jobs & creates additional 3.5 million jobs in other regions. Having this in mind, both Russia and Moscow are far behind some global agglomerations leading in resources concentration, he emphasised.

Only 12 Russian cities are among the TOP-600 largest cities in the world, and only two — Moscow and St. Petersburg — are in the TOP-100 largest agglomerations. Relative GRP values (per square km) in Moscow is somewhat four times lower than in New York, and half as high as in Paris. At the same time, the share of budget revenue per capita in these capitals is at the same level.

“We have something to strive for — it is increasing the economic density of our city”, Denis Tikhonov said. One of the main tasks for the city authorities today is to provide a favourable business environment, he explained.

Moscow ranks #1 in the national rating of the investment climate according to the Agency for Strategic Initiatives. “Development of the Russian cities, the increase of their competitiveness is the cornerstone of sustainable development of the national economy”, — summarised Tikhonov.

Vladimir Yefimov, the Moscow Deputy Mayor for economic policy and real estate relations, has previously reported that the amount of investments in fixed assets in Moscow in the first half of 2019 increased by 19.5% compared to the same period last year. It is 946 billion rubles.

The large-scale program of the Moscow development is one of the key drivers of investment activity. Moscow Address Investment Program 2019-2021 amounts to 1.6 trillion rubles in total. The Program deals with strategic projects in transport, social sector, city beatification, development of the new territories etc.

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What are the hottest tech jobs right now?

By
Claire James
-

The British technology sector is worth nearly £184 billion and is growing 2.6 times faster than the rest of the economy. Prospects are particularly good when it comes to roles in London, which is the world’s second most connected place for tech after the famous Silicon Valley. Aside from the capital, a further 15 UK cities have more digital tech employees than the national average.

Between the generous salaries, variety of roles spanning multiple industries, and job satisfaction, it’s easy to see why tech is such a popular sector with employees. If you’re interested in joining their ranks, you’ll be pleased to learn that UK tech employment is at a record high. These are five of the most attractive tech jobs you could aim for.

SAP professional

SAP (Systems, Applications, and Products) is an Enterprise Resource Planning (ERP) system, which uses a database management system to show an integrated and continuously updated look at business processes. This allows a company to easily track everything from raw materials and inventory to orders and payroll.

SAP, in particular, is currently used by over 90% of Forbes Global 2000 businesses, with most large enterprises working with SAP S/4HANA—reportedly the fastest-selling product in the company’s history. According to Centiq’s State of SAP HANA Report 2018, 68% of chief information officers believe their businesses need more knowledge of S/4HANA functionality. And with an average salary of £52,500 for SAP roles in the UK, it’s certainly an appealing tech job.

You don’t necessarily need to be an IT professional to start your SAP career—there are plenty of potential career paths within the industry, including business intelligence, project management, and technical consultancy. To help get your foot in the door, it’s recommended that you familiarise yourself with the finer points of the software by attending SAP user events to network, and ask for advice. LinkedIn is a good place to find relevant roles, as well as specialised SAP recruitment agencies, who can help place you with the right company.

AI engineer

AI engineers deal with algorithms, neural networks, and additional tools to advance the field of artificial intelligence. These tech jobs are in very high demand given the industry’s current rate of expansion, which is predicted to create $3.9 trillion worth of business value by 2022. As such, it’s no wonder that demand for AI skills has tripled in the UK over the last three years.

As AI is now part of so many working environments, this role gives you the opportunity to work across a number of different sectors. For instance, employment as an AI engineer could see you contributing to healthcare, retail, or even public planning. Alternatively, you could focus on theory and research by joining the AI academic community. Strong computer and mathematics skills are essential for this role, so a computer science degree will be beneficial.

Blockchain developer

If you have any interest in cryptocurrency, you’ll already be familiar with blockchain. This is the technology behind bitcoin—a growing list of records linked together via cryptography, acting as a decentralised data storage system that members of the public are able to access and use.

Though predominantly associated with financial transactions, blockchain has the potential to affect the way many major industries operate, including messaging apps, Internet advertising, and real estate. A blockchain developer takes control of every stage of its application, which means assuming responsibility for research, analysis, design and execution. Duties may include building infrastructure and launching security measures, while you’ll often collaborate with fellow engineers and IT professionals. Experience with cryptography is a bonus, but programming skills and knowledge of programming languages such as Java, Python, and C++ are what will really help you land this technical job.

Cybersecurity engineer

Considering that a typical cyberattack costs a business an average of $1.1 million, it’s no surprise that data security is of paramount importance to many modern companies. As more companies expand their prospects through the use of digital platforms, cybersecurity jobs are expected to grow by 12% between 2016 and 2026, which is faster than the average rate for all occupations. In this tech role, you’d be responsible for formulating strategies to help enterprises protect their information from cybercriminals.

As well as planning and constructing effective security measures, you’ll also be required to troubleshoot any problems, test for network failures, and promptly respond to any data breaches that may arise. Experience with firewalls, hacking techniques, and cybersecurity trends are essential if you want to bag a job in this field. Aside from a degree in computer science or systems engineering, there are multiple industry qualifications to enrol in which can help you tackle this career path, such as the Certified Ethical Hacker (CEH) and GIAC Certified Penetration Tester (GPEN) certificates.

Data scientist

Successful companies need to analyse data before making business decisions likely to pay off, which is why they hire data scientists. These employees handle, organise, and interpret information on a large scale, with the aim of highlighting and shortcomings in a company’s processes and adjusting accordingly. The role has an impact on product development, algorithms, A/B testing and more. Candidates will need to have significant intellectual curiosity, as well as knowledge and experience of coding and cloud tools, strong communication skills, and a highly analytical eye.Data scientist salaries start at £25,000 to £30,000 in the UK, but after a few years’ experience this could increase to £40,000-£60,000. If you prefer to work alone, this job isn’t for you. Collaboration and the sharing of ideas and solutions with an extended team is essential to the role. However, if this is a role you’re interested in, you should try and gain some work experience at a relevant organisation, or stand out from the crowd by entering special competitions. For example, through the Data Science Challenge, entrants can compete to win prizes by using their skills to solve real-world issues, such as humanitarian crises and natural disasters.

The ePOS System Buyer’s Handbook

By
Emily Bennet
-

There are dozens upon dozens of ePOS systems on the market today. While it’s nice to have options, having too many to pick from can make the selection process a lot harder. This is especially true if you’ve never purchased an ePOS system before.

Thankfully there are some dos and don’ts that you can follow to ensure that you’re buying a system that fits all of your business’ needs. By taking the right factors into consideration, you can have peace of mind that your business dollars are well spent.

Here’s the ePOS system buyer’s handbook that will guide you in choosing an ePOS system to streamline, automate, and improve your business operations.

Consider the Cost

Before you start looking at the many ePOS systems that are available, it’s best to first take a look at your budget. Figure out how much you can comfortably afford without putting too much stress on your business funds. When investing in an ePOS system, you not only have to consider the upfront cost, there are also maintenance fees to factor.

Once you start to look at ePOS systems, make note that vendors often only offer partial pricing information. Many will advise that the system is “free,” but what’s free is the software. In this instance, you’ll likely have to pay for all of the component hardware.

Always ask for numbers for both hardware and software costs so that you know exactly what needs to be spent.

What Does Your Business Need?

There are no wrong or right reasons to invest in an ePOS system, but you’ll find a system that best meets your business’ needs if you’re able to determine your pain points. For example, if you’re finding that you routinely run out of top-selling items or that your manual inventory numbers are incorrect, you’ll want to look into how ePOS can help manage your inventory.

ePOS systems can help to streamline, automate, and improve many different business operations. Aside from transactions and inventory management, this system can also benefit:

  • Sales tracking
  • Metrics and analytical data
  • Marketing campaigns
  • Customer relationship management

While you’ll likely want to invest in an all-in-one ePOS system, it helps to know which features are must-haves versus which ones are just nice to have. This way, you can more easily narrow down system options.

If you’re unsure exactly what types of features your business needs in an ePOS system, start by researching an ePOS system that is designed for your specific industry. There are systems designed for retailers, restaurant owners, hospitality, and much more.

Look at Each System’s Data Management

What makes an ePOS system so powerful is the type and amount of data that it can collect. Data is crucial in making business decisions that can have lasting effects on success and profit.

When choosing a system, look at how data is collected and stored. It’s just as important to determine how system data can be accessed. For example, if you want to be able to remotely view system data, you’ll want one that is hosted in the cloud. There are even systems that allow mobile device access.

It’s crucial to choose a system that allows you to track important metrics such as:

  • Inventory numbers
  • Peak sales hours
  • Average purchase total
  • Customer purchase frequency

The more data that an ePOS system can collect, the better. Be sure that system data is properly secured and protected. You don’t want your customers to become the victim of a data breach or leak.

Test Each System

Once you’ve compiled a list of possible ePOS systems that meet your business’ needs while also fitting your budget, the next step is to test each system for usability. There’s nothing worse than wasting thousands of dollars on a product that isn’t easy to use.

Many ePOS vendors offer free trial periods and/or live demos of the system. This allows you to get a hands-on experience of how the system works, what it looks like, and how each of the features operates.

Plan a day where you and a few of your employees can spend time working within each system to get a feel for how it works.

When testing each system, pay close attention to usability. Look for features such as inventory search, quick keys, and digital signature pads. You don’t want to invest in a system that’s confusing or complicated to use. This makes getting employee acceptance even harder. 

Conclusion

An ePOS system may be one of the most expensive business purchases that you make. What’s beneficial is that this is a system that offers a high return on investment, and the upfront dollars all but pay for themselves. Keep these tips in mind when research ePOS system options to ensure that you choose a system that best fits your business’ needs.

How Brexit will affect the Gambling Industry

By
Amy Richards
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Woman worried about financial problems. Jobless or to many bills

The UK’s decision to exit the European Union was a surprise to many people given the life-long ties the country has had with the union. This decision has a significant impact on many spheres of the economy, particularly the gambling industry.

The European gambling market is said to be the largest in the world. It explains most bookies’ move to oppose the decision ahead of the count. Their decision caused a stir throughout the region with experts looking to understand why they want the UK to remain part of the European Union. Evidently, Brexit is bound to affect the gambling industry negatively. Experts cite three crucial areas will be affected.

Employment

The primary concern of UK’s decision is the fate of Gibraltar. The state has been a subject of dispute for many years between Spain and the UK, and its future looks bleak after Brexit. Nearly 98% of its citizens want to remain in the UK without sharing sovereignty with Spain. However, if Gibraltar is part of the UK, leaving the European Union means it leaves too. This move will have a significant impact on the employment levels of its citizens. Most Gibraltar natives cross the Spanish border to go to work with 60% working in the gambling industry living in Spain.

Therefore, the future of Gibraltar and its betting industry relies on the decision the Spanish government makes. If it decides to close the border to and from Spain, it makes it difficult to access Gibraltar from both sides. Consequently, natives have to leave Gibraltar by plane or sea, not to mention the hundreds and thousands of people who will lose their jobs.

The regulation will also affect top casino sites and licenced brands established in the UK. Companies such as Bet365 set up as early as the year 2000 have their headquarters in Britain. However, since they are located within a member country of the European Union, they are subject to EU online gaming regulations that accord them certain priviledges. Thus, losing these benefits may compel them to move to other countries, leading to mass unemployment. Companies that choose to remain as EU casinos will have to move from the UK when the Brexit process is completed.

Regulation

Before the 2014 Gambling Act was enforced, gambling operators were not required to acquire licences from the UK Gambling Commission. Its implementation meant any online casino operating in the UK needed to acquire the license, including operators with servers located outside the country. As such, Brexit will make it more difficult for gamblers to play on new and existing casinos if compelled to acquire new licences to operate in the UK.

Taxation

Over 30 gambling companies have set base in Gibraltar, including sportsbook, bingo and casino operators thanks to the low tax policy. Before the year 2014, sites with fixed odds gambling operations only paid 1% of their turnover in tax. The 2014 ruling, however, meant that companies needed to increase their taxes in line with British laws. Additionally, they were compelled to acquire UKGC licences to reach UK players.

What to do when clutter is a problem in your home

By
Claire James
-

Many businesses have their roots in someone’s home, starting perhaps in the spare room, dining room table or even the garage. As the business grows, it is important to establish a working environment conducive to productivity, and the best way to do that is to create sufficient space.

Decluttering your working spaces will enable you to better focus on the task at hand. Clutter can often take over one’s working space and the longer it is left, the bigger problem it becomes.

Organising your office (as well as the areas of your home in which you relax) will enable you to focus on your operations and deal with the challenges of the day more effectively.

Here are some helpful tips on how to create space by decluttering:

  • Identify problem areas and address them

Stop for a moment and take notice of all the clutter-filled spots around your home. Take the time to clear out these areas, whether it’s 10 minutes a day or once a week for an hour. Going forward, avoid letting this situation build up once again by doing regular clear-outs.

  • Eliminate the excess – declutter

Start by doing a systematic clean out of your cupboards, drawers and shelves to make the most out of your home space. Remember to work room by room as this will help keep you focused and make the job at hand seem more manageable. Consider donating any items which you no longer have use for. For the items you need for future use or which hold too much sentimental value, use self storage.

  • Choose the correct storage containers

Storage containers are ideal for keeping your items under control and in order. Avoid using bulky containers and make sure the ones you choose are easy to stack.

  • Use vertical space

If you’re struggling for space, consider looking up and utilising overhead space. This will open up your floor and desk space, therefore creating more space within your home office space. A simple solution is to invest in vertical shelving.

  • Invest in a self storage unit

One of the most viable solutions to controlling clutter and creating more space is to take advantage of self storage. Self storage is simple and affordable for households wanting to eradicate their clutter problems. Self storage enables you to unclutter your life without having to say goodbye to your belongings for good. Self storage facilities offer convenience and security, as well as flexibility as many facilities are accessible 24/7.

These are just a few helpful ways to eliminate clutter problems you may be experiencing, and allow you to reclaim your home and office space.

Is investing better than saving? A guide to the facts

By
Claire James
-

In theory, it might seem like putting your cash in the bank is the best thing to do. After all, most banks are too big to fail – and there are laws in place to protect your deposits. But there’s no way to protect against inflation – or, indeed, the lack of choice that the big banks provide. With that in mind, this article will explain the options and point out what you need to know to make an informed decision about your savings and investment pathways.

The appeal of savings

The old joke about people storing cash under the mattress is surprisingly still a realistic depiction.
While most people – at least in the developed world – are now what the industry terms “banked” and hence have access to bank accounts and other financial services, it’s still the case that most people are cautious. Having savings in cash means that you’re not subject to the ups and downs of an investment market such as the stock market, while it also means that you can take them out – or “liquidate” them with greater ease.

Inflation is a risk

But it’s also worth remembering that savings are not necessarily bulletproof. It’s certainly the case that savings which are stored in a bank covered by the Financial Services Compensation Scheme (or FSCS) will be protected up to a certain amount if the bank goes out of business, which does mean that in theory you can’t lose by putting your money in the bank.

But what isn’t protected is the value of that money, and that’s because of inflation. Take the following example: if you deposit £100 in a bank savings account and the inflation rate is 0% over the course of a year, you’ll find that you’ll be able to buy the same items at the same price. But if inflation is 2%, you’ll find that you’ll have to have £102 in order to purchase the same. And as the amount of savings you have scales up, you’ll quickly find that inflation eats into what you have more and more. The interest rate on bank savings is currently not keeping pace with inflation rates – so you’ll never be able to recoup those losses.

More choice

Investing also provides a range of choice. Cash savings accounts tend to be just that: your cash goes into a specified bank account, and it is invested or lent out on your behalf by the bank. With investments, you can choose in various levels of detail where this can go. Taking a look at this review eToro reveals that there are diverse choices, from stocks and shares to cryptocurrencies. By investing, you have the opportunity to learn about a certain area of the investment market and become a mini-expert who can make informed trading decisions. There’s not necessarily a right or wrong answer to the question of how to grow your wealth and keep your deposits protected, however, by keeping yourself fully informed about the level of choice on offer in the savings and investment markets, you’ll be able to decide whether you would rather save or invest for long-term growth and security.

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