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Jersey Consumer Council

Budget Category

Looking to make an investment? Taking Financial Advice?

July 10, 2018 Banking, Budget No Comments

Remember it’s your money.

Never be afraid or embarrassed to ask questions or complain.

Don’t be too trusting, be wary of promises of a high rate of return with apparently little or no risk. All investments carry some degree of risk. Greater returns mean greater risk i.e. potential to lose some or all of the money you have invested.

  1. Double check everything, and don’t feel pressured into making an investment. Ensure you are given enough time to read through the product documentation and consider your options.
  2. Ask the independent financial adviser IFA [who should be registered with the Jersey Financial Services Commission {JFSC}] to explain in your language about their investment options and the risks. Licensed advisers are required to fully assess your attitude to risk, capacity for loss and ensure solutions are suitable. Ask for evidence of these key points.
  3. Do not sign any investment/product agreements that you do not fully understand. Always read the small print and any supplementary documentation. There may be hidden terms and conditions. Take the paperwork away and read it in your own time. If you don’t understand something ask for help.
  4. Consider spreading the risk between investments; Avoid ‘putting all your eggs in one basket’ – splitting your money between a few investments could help to reduce potential losses
  5. Know exactly what you want; duration of investment, do you need access to any of the money during the lifetime of the investment. How could this be changed by an unexpected change in your circumstances? Are there any penalties for withdrawing your money early?
  6.  Ask the IFA to explain how their recommendations meet your purpose; if what they say doesn’t match what they have provided in writing, be wary.
  7. Challenge the information, ask lots of questions. Make sure you fully understand the proposed investment and how much you could potentially lose. Only invest if you are completely informed, know the risks and how returns are generated.
  8. Do your research. Is the IFA licenced by the JFSC? What’s their feedback like – can anyone recommend them? Always research the person and the company selling you the investment, even if you know them personally and believe them to be trustworthy. You may have developed a good relationship but regard this as a business transaction and always ask yourself whether they are acting in your best interests – not their own
  9. Beware of putting money into “can’t miss”, “once in a lifetime” and “guaranteed return” opportunities or investments in which your adviser claims to have already invested their own money.
  10. Is there a choice of investments on offer or is your adviser just proposing a single product? And be wary if you are you being invited to cash in an existing investment such as your pension.
  11. Consider what compensation may or may not be available should the investment fail or the company selling it become insolvent. Jersey does not have an investor compensation scheme. What would a total loss scenario mean for you?
  12. Never be rushed; always be aware of pushy sales tactics. A professional adviser should never pressure you into making an immediate decision. If you are not given enough time, steer clear.
  13. Reflect, research and take advice. Consider talking to family or a third-party expert before you proceed. Perhaps have someone present when you meet with your adviser, particularly if you do not consider yourself an experienced investor
  14. Do not be fooled by cleverly worded marketing material on websites and in brochures – it could be misleading.
  15. When considering ‘alternative investments’ (e.g. wine, coins, stamps) rather than traditional financial services products, always do your research and understand the associated risks. These products, and usually the companies that sell or advise on them, are not regulated by the Jersey Financial Services Commission
  16. If you do invest, make sure you monitor the investment and ask for regular updates

You are the client – ask questions and make sure you get the answers so you are fully comfortable with your decision; how long will you be tied in for? Could you lose all your money?


Take time to think and plan when cooking on a limited budget

September 6, 2017 Budget, Consumer Skills, Home life, Money Matters No Comments

Eating on a budget, finding timeand having the confidence to prepare meals from scratch, are why sometimes many find it difficult. With a bit of planning, using leftovers and just giving it a go, it does get easier.

A good place to start is a weekly menu plan and a budget, which will help you get into the habit of knowing what your weekly shop will cost. Allocate one or two days for a pasta dish, they are cheap, quick with many variations, such as meatballs and spaghetti, ham and pea or simply fresh tomato sauce, all of which should cost under £5.

Sunday is a great day for a roast as you will have more time, plus you can use the leftovers for a dish or two during the week. Why not buy a bigger chicken and strip the carcass down to create a chicken and leek pie on Monday, or a chicken curry with some simple flat- breads another day?

Once you become confident with creating really simple dishes, you’ll find yourself building several weekly meal planners which you can just use time and time again. Because after all, we need these things to be simple.

Caring Cooks have a range of cost effective recipes allowing you to try your planning, shopping and cooking skills. Caring Cooks are treating us all to a Cookery demonstration 27th September Coop Grande Marche St. Helier 12:30 – 13:30 pm.

Let’s get started…

  1. Work out your weekly grocery budget (planners available by post or http://www.jerseyconsumercouncil.org.je/money-matters/budget-planner/).
  2. Plan out a weekly menu (recipes available by post or http://www.caringcooksofjersey.com).
  3. Write out your shopping list; including weight of ingredients.
  4. Be disciplined when you shop and stick to your budget. Where possible ‘Shop the Offers’. Get familiar with your supermarket’s offer cycles.
  5. Allow planning and preparation to be a priority. This gives you timeto batch-cook and freeze where appropriate. There is no need to feel guilty about time spent planning and cooking.
  6. Enjoy your cooking, keep budgeting and planning.

If you would like to learn new skillsand confidence in the kitchen, and are over 16, please get in touch with Caring Cooks to find out more.

Recipes which share ingredients and are simple to make can be found here on Caring Cooks website:

www.caringcooksofjersey.com

 


Budget Planner

November 2, 2015 Budget, Information Leaflets, Money Matters, Reports & Publications No Comments

Budget Planner

Knowing where and how you spend money can help you save. This can help you pay for unexpected bills and plan for occasions like holidays and Christmas.

During Spring of 2014 the Consumer Council and Community Savings, ran a survey to ‘check Islanders’ financial health’ to see what problems people were facing when trying to manage their money, particularly as a result of the recession, and how our two organisations might best help with any issues raised.

The survey indicates that regardless of our age 74% of us budget on a monthly basis with only a few of us budgeting fortnightly or less.
Budget planner

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Student Money Savers

October 23, 2015 Budget, Money Matters No Comments

student saver

10 Simple Steps to Save Money at Uni

For the majority, saving enough money to last the whole term at university is a forlorn endeavour. Indeed, according to research by vouchercodes.co.uk it will only take the average student 51 days to burn through their first student loan installment. Once that installment arrives it sits in your account menacingly and the temptation to spend is rife.

Students aren’t prepared for the consumer driven journey they are about to embark upon – whilst they may have passed their exams to gain entry to these establishments, they have been taught no life lessons on how to be “cash savvy”. There are a myriad of ways for students to cut costs however, and we at the Consumer Council have therefore constructed 10 simple steps, which we hope can prevent that first term loan becoming a premature groan:

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