MoneyMagpie

Jun 20

9 money questions you need to know the answers to

Here at MoneyMagpie we love helping you out with all your finance worries and troubles. Jasmine gets a bunch of questions from you all each month about debt and loans, how to get cheap phone calls abroad and of course a MoneyMagpie favourite the best ways to make money money.

We’ve compiled a list of the most viewed money questions so take a look below.

Also if you want Jasmine to answer your money question in her next video comment below this article and who knows next week your question could be featured in this list. Also don’t forget to subscribe to Jasmine’s YouTube channel for weekly money saving tips and money making advice videos.

1. How can I make money selling my hair?
2. Do I need a deposit to buy a house?
3. Is it worth paying for warranty?
4. How can I avoid getting ripped off by builders?
5. How can I pay off my debt in one year?
6. How can I make cheap phone calls abroad?
7. How can I avoid getting made bankrupt by the council?
8. What happens to the mortgage when you split up?
9. How can I make money face painting?

 

1. How can I make money selling my hair?

Our most popular ‘Ask Jasmine’ video is how to make money selling your hair.

Wigs, hair extensions, and hair pieces have never been so popular so if you’re willing to get a snip, you can make a fair bit of money from selling your long tresses.  You’ll also need plenty of it – at least six inches so get growing. For more information on how to a make money selling your hair take a look at our article and view the video below.

 

 

2. Do I need a deposit to buy a house?

Have you ever wondered if you need a deposit to buy a house still?  Jasmine tells you all you all you need to know in the video below so hurry up and press play to find out.

Getting a mortgage as a first-time buyer can be stressful, scary and expensive. Plenty of people think that owning their own home is simply beyond their financial reach, but the MoneyMagpies are here to tell you otherwise. For more information on choosing the right type of mortgage for you take a look at our essential guide.

 

 

3. Is it worth paying for a warranty?

Buying a new product can be fraught with choices. Aside from choosing which make, price or colour you want, you have to decide if you want the extended guarantee or warranty offered.

Is it really worth paying for a warranty on electrical products? Jasmine tells you what she thinks in the video below. For more information on warranties check out our article on everything you need to know about guaranties and warranties here.

 

 

4. How can I avoid getting ripped off by builders?

Cowboy builders are a modern scourge. Do you want to avoid getting ripped off by builders? Everyone does and Jasmine tells you how in her video below.

Avoid getting ripped off in other areas of your life by taking a look at these useful article: 10 ways to avoid being ripped off by life insurance, Scamwatch and top 10 holiday rip-offs.

 

 

 

5. How can I pay off my debt in one year?

Not many people know this but a few years ago Jasmine paid off £10,000 debt in one year. Find out how she did it in the video below.

If you’re looking for more advice on ways to pay off debt see our range of debt articles here or be debt free with our seven quick and hassle-free debt solutions here.

 

 

 

6. How can I make cheap phone calls abroad?

Going abroad? Chances are you’ll be taking your phone with you. However, using it could be costing you much more than it needs to. Find out Jasmine’s tips on how to make cheap phone calls abroad in her video below.

Also check out this article on how to stay connected on your travels and more tips on saving on phone calls abroad here. 

 

 

 

7. How can I avoid being made bankrupt by the council?

If you owe anyone more than £750 they can take you to court and make you go bankrupt and this applies to the council too.  Find out more in Jasmine’s video below.

Bankruptcy is a legal process by which most of your assets of any value are sold off to pay your creditors what you owe them. This just shows that bankruptcy can happen to anyone, so find out what happens when you’re declared bankrupt in this article.

 

 

 

8. What happens to the mortgage when you split up?

Have you ever wondered what would happen to your mortgage if you and your partner ever split up? It’s not an easy task to handle and you are both liable for paying the mortgage. Find out more about how to handle this situation in the video below.

You might also be interested in checking out our articles on how to handle an unmarried separation here or  10 tips on saving money in a divorce here.

 

 

 

9. How can I make money through face painting?

Can you make money face painting? The simple answer is yes! Many people think face painting is all about children’s parties but there are many different ways to make money from face painting and we have 5 ways to do it here.

Jasmine thinks face painting is a great money making idea for festivals and parties. See how much she thinks you should charge in the video below.

 

 

 

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WHAT DO YOU THINK?

195 thoughts on 9 money questions you need to know the answers to

  1. Very useful videos. You provide answers to questions everyone faces every day. I would also be interested to hear more about cheaper international money transfers. So far I am using options like Paysera or Transferwise and they are relatively cheap. Would love to have more information for comparison.

    Reply
    1. The nature of your transfer will often dictate what you are looking for and, ultimately, the company you choose.

      Service, exchange rate, transfer fee, speed of delivery, the currency you are buying and security of funds are the key criteria to consider.

      For example, if you are making a larger transfer, perhaps to buy a property overseas, you may find talking through your requirement with an expert invaluable. Timing the currency transfer is a key part of the money saving solution such specialists deliver after all. Others may prefer the speed and automation of an online trading platform.

      Some companies, often in the peer to peer space, advertise keen rates of exchange, but be careful to check when the quote actually becomes a fixed trading price as well as how long the transfer itself will take; especially if you have a fixed amount you need to transfer or a deadline you need to make.

      Above all, do your research on the company to ensure that you are comfortable doing business with them. Nat Davison of The FX Firm advises that “There are a number of ways that you can quickly ascertain if a currency broker is reputable. Firstly, check that the company is regulated by the Financial Conduct Authority and ask if funds are held in segregated client bank accounts. Then look for independent client reviews to reassure you that the company does what it says and you will be fine!”.

      Reply
    1. Well, it rather depends on whether you are going to be living here full-time or not.

      The BBA (British Bankers Association) says:

      “If new to the UK, requirements might differ slightly by firm but typically
      – Proof of address UK – letter of introduction from employer or tenancy agreement
      – Proof of address home country – will typically want a bank statement or ID card

      This assumes they will be a UK resident.

      A lot of banks will not offer Non Resident GBP accounts for through the main branch network, but available through international or Wealth banking divisions subject to meeting their qualifying criteria.”

      So if you’re only here off and on you would probably be best with an international account.

      Reply
  2. Can you suggest any good alternatives to eBay? I try and buy stuff to sell on eBay for a profit, but once I’ve paid postage and fees there’s barely anything left.

    Reply
    1. Yes, I know what you mean – eBay has got a lot more expensive recently. Mind you, do look out for the times when they offer free postings (often around holiday times) and make the most of those. There is also eBid which is much cheaper and Preloved.com which has loads of stuff for sale. IF it’s large things like furniture or electrical goods, try Gumtree.com in your local area. There are also marketplace sections on Amazon where you can sell your version of things…it’s particularly popular for books but isn’t confined to those.

      We mention a few of these in our article about how to make money from your unwanted Christmas presents http://www.moneymagpie.com/article/how-to-make-money-from-unwanted-christmas-presents

      Reply
  3. mMany years agoI worked abroad briefly in an EU country. I have been told I may qualify for some pension.How can I find out?

    Reply
    1. It’s fairly straightforward. Scott Harrison, Chartered Financial Planner and Director at Prydis Wealth, says that you should fill in a BR19 form, available online. You will get a response detailing the state pension that you are entitled to.

      Handy!

      Reply
  4. I know that if you buy stuff to sell, it has to be declared to hmrc, but I wondered, is cashback income taxable (quidco, topcashback etc)?

    Reply
    1. Well, Alexandra, my feeling is that it’s so small it’s not worth taking notice of, but I thought I would check with accountant Oscar Ip in Liverpool (www.oscarip.co.uk).

      Thai is what he says: “Technically, income from cashback websites are commission to shop at online stores. If this income is received above your personal allowance from your main income, then it is liable for tax. In practice, the amounts are usually relative small and not received in regular intervals, it is unlikely HMRC is going to ask you for tax.”

      Reply
  5. Considering the likelihood of winning, is spending money on Premium Bonds a reasonable way of getting a decent return

    Reply
    1. Personally, I don’t think so. I’ve never been much of a fan of Premium Bonds. The average return has traditionally been around the same as basic savings accounts, even taking into account the tax saving. They became even more popular after the credit crunch so that is likely to bring the odds down further.

      I tend to say to people that if they are the sort that would normally gamble in other ways (horses, online betting etc) then it’s better to put the money into Premium Bonds – at least you’re not going to lose the original pot of cash even if you never win anything. However, if you’re not that kind of person, don’t bother.

      Go for peer-to-peer lending instead (see our article on it here http://www.moneymagpie.com/article/get-good-savings-rates-with-social-lending-websites) where you can get a decent rate on your savings and you’re taking a smaller risk than you would be with stocks and shares.

      Reply
  6. If you bring friends in to house-share and split bills on a property you own, are you still subject to paying tax if you go over the threshold even though no formal contract exists and the arrangement is to cover household costs rather than for profit?

    Reply
    1. Ooh interesting question Arabella.

      I have asked Joe Sword at Nordens.co.uk and he says this:

      “When you are renting part of your home, you should consider whether rent a room relief will apply
      The scheme lets you earn up to £4,250 per year (the threshold) tax-free from letting out furnished accommodation in your home. You halve this if you share the income with your partner or someone else.

      You are able to let out a room or an entire floor.

      How it works

      The tax exemption is automatic if you earn less than the threshold. So you don’t need to do anything.

      If you earn more than the threshold, you must complete a tax return

      You can then either opt into the scheme and claim your tax-free allowance. You do this on your tax return.

      You can choose not to opt into the scheme and instead record your income and expenses on the property pages of your tax return.

      The fact that no formal contract exists shouldn’t affect the tax treatment, although you should be aware of your legal obligations dependant on your lodgers tenancy type.

      The link below to HMRC’s website offers comprehensive guidance on this area:

      https://www.gov.uk/rent-room-in-your-home/becoming-a-resident-landlord

      If you rent your property to two or more people it may be classed as a House in Multiple Occupation (HMO), further guidance can be found below:

      https://www.gov.uk/private-renting/houses-in-multiple-occupation

      Reply
    1. Personally I think it’s best to split the money you invest for your children’s future into long-term and very long-term investments.

      Firstly I suggest you put some money each year into a pension for your child. Yes, it sounds weird but you can now set up a pension for your child as soon as it’s born!

      See our article here about pensions for babies http://www.moneymagpie.com/article/pensions-for-babies.

      Essentially you (and other members of the family) can put up to £2,880 a year into your child’s pension and the government adds in the tax you would have paid on it.

      The great thing is that as the money will be there for decades before your child draws it out it will grow to a large amount by the time they retire. Also, they should be sensible enough by then to use the money wisely!

      Then with the other half of your money, put some into a Junior ISA so that they have a good pot of cash waiting for them when they get to 18. While they are growing, make sure you train them in the value of money so that they do something sensible with the money such as using it for their university degree or putting it towards a house. See our article on JISAs here http://www.moneymagpie.com/article/start-saving-for-junior-isas

      We also have other ways to invest for your children here http://www.moneymagpie.com/article/investment-for-children

      Reply

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