It’s National Singles Week and UK singles are enjoying a week of fun events. But a lifestyle survey carried out by Solo’s Holidays finds money is still the biggest concern for UK singles with a massive 81%* feeling that finances are more difficult as a single. The top concerns are buying property (House prices rose last month at their fastest pace in more than two years**), saving for the future, and having enough money to go on holiday.
Solo’s Holidays have made having enough money to go on holiday that bit easier, with a selection of amazing holidays available with no single supplement this Summer including,
Turkey ~ 7 nights~ 31 Aug, 14, 21, 28 Sep, 5, 12, 19 Oct ~ from £399
Corfu ~ 7 nights~ 18, 25 Sep, 2, 9, 16 Oct~ from £399
Price includes accommodation with breakfast (plus two dinners per week) in a twin/double room for single use with private facilities, welcome drink and information meeting, return flight from Gatwick, (regional flights may be available on request at a supplement), transfers and an accompanying Solo’s Tour Leader. Optional excursions are also available.
In addition, Chartered Accountants Morris Owen have produced some special financial tips for singles covering areas including saving for the future and buying property. Morris Owen’s top financial tips for singles are attached.
During National Singles Week there are fun events around the UK to give people the opportunity to try new activities.
For a copy of the 2006 Singles Lifestyle Survey or for more information on National Singles Week contact:
PR Co-ordinator – Solo’s Holidays
0208 951 2838
Public Relations Manager – Morris Owen
tel. +44 (0)1793 603900
*The new poll, commissioned by Solo’s Holidays, coincides with National Singles Week 14- 19th August (www.nationalsinglesweek.co.uk) sponsored by Solo’s. Over 500 people were polled via a web-based questionnaire posted on www.solosholidays.co.uk during July 2005.
**The Royal Institution of Chartered Surveyors Survey
TOP FINANCIAL TIPS FOR SINGLES
1. Make sure you have sufficient provision to replace your earnings if you are unable to work through accident injury or disability. Being single means there is no one else you can rely on so having provision that either provides a lump sum or regular income should the worse happen is vital. Perhaps even more so than ordinary life cover.
2. With property prices continuing to rise it is getting harder & harder to step onto the first rung of the housing ladder. Consider longer term mortgages in order to keep costs down. Many lenders now calculate their maximum loans based on an ability to pay method and over a longer term, and with only one income to take into account when calculating your mortgage offer, this could be the difference between being able to afford that first home. Be careful however not to extend a mortgage into your retirement.
3. You'll not be able to meet your financial goals unless you have and work to a budget. A budget doesn't have to be a financial handcuff but costs such as council tax are the same for you as the couple next door, the same goes for electricity and gas. Running a home on a single income needs to be tightly budgeted
4. Repay all loans, credit card and store card debts as soon as possible. Rates for this type of borrowing remains relatively high and any outstanding debt will count against you for mortgages purposes. Again with property prices rising and only a single income to calculate your mortgage offer, you need everything possible to get that property you want.
5. Live for today but try to save for tomorrow. With the pressure on state pensions getting worse every year it is wise to save for retirement through an approved pension arrangement. With recent rule changes making it easier to contribute the time is right to secure your retirement needs in a tax efficient manner.
6. Make sure where possible you use your Individual Savings Account (ISA) allowance. We get very few tax breaks and ISAs represent the primary savings vehicle as they are free from any personal liability to income or capital gains tax. With a wide range of assets permitted within ISAs there is something to suit everyone.
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