Money Magpie’s Jasmine Birtles continues our weekly Save a Family a Fortune item. She's been posed three different financial dilemmas from three of our viewers in light of the recent credit crunch.
Case Study 1
The Wilson family from Edinburgh are concerned about the rising cost of fuel bills.
Amanda Wilson asked: "We are concerned about the rising cost on fuel bills. I heard that the price changes will go into effect immediately - does this mean that it is too late to switch? Should I be looking at companies that offer fixed price energy bills?"
Jasmine's Advice:
"What I'm doing is switching my gas provider now to one that offers a capped rate for a year or more so that if (or rather 'when') prices go up further, my bills won't go up even more. I think we have to act now to minimise the damage these price rises are going to do, particularly by doing all the insulating and other energy-saving jobs you can do while the weather is warm and prices are cheaper.
“If kitchen equipment needs to be replaced, go for lowest energy machines; make sure windows are sealed, the loft is insulated and the boiler is serviced now rather than later."
Case Study 2
The Nelson family from Bolton need to find a way to make money from their home.
Emma Nelson asked: "I'm a stay-at-home mum with 2 kids. I don't have a job as child care is so expensive but I would love to learn some new ways to make money from home. Can you help me?"
Jasmine's Advice:
On making money from the internet: "Investigate becoming a Virtual Assistant - remember it is a business and one has to go out and proactively get the work. Look into answering text questions - otherwise known as a 'textpert'. There are three or four companies that do it and they're all pukka.
“If you have a neighbour, you could share childcare with her. One or two days a week you could take care of both children then one or two days a week her neighbour could take care of both children. That way they could both do some work and get free childcare."
Case Study 3
The Barwick family from Bradford are facing financial difficulty, despite this, mum Nicky is a self-confessed shopaholic. Nicky Barwick reveals: “I’m a bit of a shopaholic, and can't resist buying things for my children. Last Christmas I spent £350 on my daughter. I would love to be able carry on shopping, but without breaking the bank. Do you have any advice?"
Jasmine's Advice:
"Nicky's main need is not to find bargains but to address whatever is the emptiness in herself that is making her spend. People often overspend because of a need in themselves for love/satisfaction/sense of worth etc. This is Nicky's big need.
"However, I will allow her to do 'neutral shopping'. That's where she is only allowed to spend money that she makes by selling other things. So she needs to make friends with online auction sites and sell clothes and other goods there, then use that money - and only that money - to buy new things for herself and her family."
For more advice please visit www.moneymagpie.com
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