Money
Six Financial Tips for Aspiring Lawyers
Beginning law school is sure to be exciting. But it’s crucial that you effectively manage your finances from the start.
Staying on top of your money ensures you experience less stress and more focus on what truly counts – your education.
By proactively tackling financial aspects, you will set the stage for a stable future in the legal world. Small steps taken today lay down a solid foundation for tomorrow’s success.
1. Master Financial Literacy Early On
Understanding your finances sets a strong foundation for future success. Financial literacy extends beyond just tracking expenses. It’s about learning key concepts like compound interest and credit scores.
Here’s how you can start:
- Gain familiarity with essential financial terms.
- Use apps that track spending and set savings goals.
- Read books focused on financial planning for students.
- Attend in-person workshops or utilise online courses.
2. Strategically Explore Student Loans
Managing student loans is crucial for aspiring lawyers. Before borrowing, research different loan types and interest rates to make informed decisions.
In the US, federal loans often offer better terms than private options.
Familiarise yourself with repayment plans early, so you’re prepared once the grace period ends.
Consider these strategies:
- Evaluate loan forgiveness programs that cater to public service roles.
- Calculate potential monthly payments post-graduation to avoid surprises.
- Keep an eye on interest accrual while in education.
Proactively managing loans now helps ensure financial stability when entering the legal field as a professional lawyer.
3. Create a Sustainable Budget
Developing a budget tailored for law school life ensures financial stability and reduces stress.
Start by listing your fixed expenses like tuition, housing, and utilities. Then, estimate variable costs such as groceries, transportation, and study materials.
Prioritise essentials but leave room for occasional leisure to avoid burnout.
Regularly review your budget to adjust it based on any changes in income or expenses.
Make sure you:
- Identify all sources of income including loans and scholarships.
- Track monthly spending using apps designed for budgeting.
- Set aside an emergency fund for unexpected costs.
By maintaining this approach, you will cultivate sound financial habits that benefit you throughout your legal education journey.
4. Consider Working Part-Time
Working part-time while in law school offers valuable experience and additional income.
However, it can be challenging to balance part-time work with your studies – but not impossible. Efficient time management is key. Prioritise tasks by setting clear schedules for both work hours and study sessions.
Here are some ideas to help you maintain the balance:
- Choose jobs offering flexible hours or remote work.
- Communicate clearly with employers about your academic commitments.
- Allocate specific times for job duties separate from personal downtime.
- Use effective study resources (like a Florida bar study guide) that help you focus your efforts on essential topics without overwhelming you with excess information. Such resources can be used during break times at work.
Balancing work and study well ensures steady financial progress alongside academic success.
5. Explore Legal Internship Stipends
Finding paid internships during law school is a strategic way to gain valuable experience while earning extra income.
Start by researching firms and organisations known for offering stipends or compensation. Many legal offices, especially those in the public sector, provide financial support as they recognise the need to nurture future talent.
Engage with career services at your institution; they often have listings of paid opportunities tailored for students.
And don’t overlook networking events – personal connections can lead to internship offers that aren’t widely advertised.
Keep an eye on deadlines and prepare strong applications highlighting relevant skills and academic achievements.
6. Implement Smart Saving Habits
Lastly, even with limited funds, saving money during law school could be achievable.
Start by identifying areas where you can cut back without sacrificing quality of life. Simple changes make a significant difference in the long run.
Use student discounts whenever possible.
Automate savings by setting up regular transfers to a separate account, even if it’s just a small amount each month.
Here are some practical tips:
- Prepare meals at home rather than dining out.
- Buy or rent used textbooks instead of new ones.
- Share living expenses with roommates to reduce costs.
Developing these smart saving habits helps build financial resilience, easing the transition from student life to professional practice after graduation.
Money
Boom for buyers as number or properties for sale hits 10-year high thanks to mortgage interest rates falling
THE number of homes for sale hit a ten year high in October, according to Rightmove.
Across Britain the number of properties put on the market was 12% higher than a year ago.
Meanwhile, the number of people contacting estate agents about properties for sale was up by 17% compared with the same period last year.
Rightmove said the number of homes on the market is driving up competition between sellers as potential homeowners continue to find their budgets are stretched.
A greater choice of homes is giving buyers more negotiating power, which is helping to stop prices from rising rapidly.
Meanwhile, some buyers are waiting for clarity from this month’s Budget and cheaper mortgage rates before they make an offer.
Read more on house prices
As a result, the typical price being asked for a home coming onto the market increased by £1,199, or 0.3%, this month to reach £371,958.
This is much lower than the average seasonal 1.3% monthly increase at this time of year.
Meanwhile, asking prices are 1% higher than a year ago, when a typical home was listed at £368,231, around £3,727 less than it would be now.
London boasts the highest average asking price of any UK region.
A typical home in the capital is worth £694,906 after prices rose by 1.1% year on year.
Homes in the South East are also well above the national average, with a typical property worth £483,780.
Prices in the region are down 0.6% in the last year but still remain well above other regions.
The North East is still the cheapest region in England, with a typical home worth £192,742, 4.9% higher than a year ago.
Tim Bannister, a property expert at Rightmove, warned that the ball is now “in the buyer’s court”, which means sellers need to price competitively to find a buyer.
He added: “The big picture still looks positive for the market heading into 2025. Market activity remains strong, despite affordability pressures on movers.
Different types of mortgages
We break down all you need to know about mortgages and what categories they fall into.
A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.
Your monthly repayments would remain the same for the whole deal period.
There are a few different types of variable mortgages and, as the name suggests, the rates can change.
A tracker mortgage sets your rate a certain percentage above or below an external benchmark.
This is usually the Bank of England base rate or a bank may have its figure.
If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.
A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.
SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.
Variable rate mortgages often don’t have exit fees while a fixed rate could do.
“Once we have more certainty about the contents of the Budget, hopefully followed by speedy second and third Bank Rate cuts, we could see another surge in market optimism like we had in the summer.”
The average 5-year mortgage rate is now 4.61%, up slightly from 4.55% last week.
This is still a big improvement from the average of 6.11% when rates peaked in July 2023.
With more homes being put on the market the average time they are taking to sell has increased.
What it means for you
Rightmove said it now takes 61 days to secure a buyer, a slight uptick from an average of 59 days in the summer.
Competition for buyers is particularly fierce at the top of the market.
The number of four-bedroom detached houses and five-bedroom-plus homes available for sale is 17% ahead of last year.
Marc von Grundherr, director of Benham and Reeves in London, said monthly property transactions are now at their strongest since 2022.
He said: “Mortgage approval levels have been strengthening for much of this year and we’re now seeing this increase in buyer demand start to filter through to actual sales.
“This improving market momentum has also helped to tempt many sellers back into the market who had previously put their plans to move on pause.”
Who else tracks house prices?
Several big banks also track property prices and release monthly indexes.
Halifax is part of Lloyds Banking Group, which is the UK’s biggest mortgage lender.
It has been tracking house prices since 1983 and published a monthly house price index based on the mortgage data it holds.
Nationwide also publishes a monthly index which tracks the average price of homes on which it provides mortgages.
As their figures are based on mortgage approvals they don’t include cash buyers who purchase a property without needing a mortgage.
The official measure of house prices is from the Office for National Statistics (ONS), which uses data from the Land Registry where the actual sold price is recorded.
These figures are the most accurate of all of the indexes but the figures are released three months after the homes are sold, so there is a big time lag.
Online property websites Rightmove and Zoopla also publish monthly house price data.
Rightmove’s data is based on asking prices from the properties listed on its website.
Meanwhile Zoopla uses sold prices, mortgage valuations and data on agreed sales.
Neither website takes into account the price a property was sold for, unlike the ONS.
Some properties could end up being sold for higher or lower, while others may not sell at all.
Here’s the latest data from other indexes:
- Nationwide: House prices rose by 0.7% in September and increased by 3.2% annually. A typical property is now worth £266,094.
- ONS: property prices increased by 2.8% annually to £293,000 in the year to August.
- Zoopla: House prices rose by 0.7% in the year to August, with a typical property now worth £267,000.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
LendInvest renews £300m bank loan
The facility has been extended for a further three years on improved terms.
The post LendInvest renews £300m bank loan appeared first on Property Week.
Money
What Soft Skills Are Needed For a Successful Career in Finance?
In today’s changing finance industry, technical skills such as data analysis and financial modelling are no longer the only things you need if you want to advance. Now that we see society changing through advancing technologies and client connections, soft skills are becoming more and more important. While you still need to get all the technical know-how for success through a dedicated course like an accelerated online MBA program, you might need to work on your soft skills in your own time. This article will provide an overview of some of the most important soft skills for someone working in finance to develop.
Understanding Soft Skills in Finance
What are soft skills? These are qualities that are outside of technical ability and are closely linked to people skills or interpersonal skills. In finance, these attributes complement knowledge by enabling professionals to articulate ideas, collaborate with colleagues efficiently, and adapt to situations. They encompass traits such as communication, teamwork, adaptability, and even resilience.
When we talk about finance, there is a strong need to develop soft skills in different roles, especially when working with customers or clients. If someone is an investment advisor, they are analyzing trends and conveying intricate concepts in simple ways. Additionally, financial analysts would usually work within teams and different departments to leverage teamwork as a skill to complete objectives.
Communication Skills
Communication is a cornerstone for any finance professional, and effective communication influences everything from engaging with clients to collaborating within teams to writing reports. It doesn’t matter what form of communication or what level of communication in the hierarchy is being used; having these skills honed will make all the difference.
If you want to work on your communication skills, the first thing to focus on would be practising listening. This means when other people speak, you must truly listen, grasp their message, and respond thoughtfully. It’s especially important to understand this skill when you work in finance because you’ll usually be communicating with those who don’t have a financial background. Being able to simplify and communicate complex information effectively will ensure that the client is equipped to make the right decisions for them.
You also shouldn’t forget that it is beneficial to refine your written communication abilities as communicating through email and other written formats is also just as important. When working in finance, email and documentation play a role in reports and proposals. Being clear and concise in your writing helps clients and coworkers comprehend information, and should simplify these details so that the reader can easily grasp the important points.
Analytical Thinking
Analytical thinking serves as the foundation for decision-making in all industries but is especially vital in finance because you will need to analyze findings, spot trends, and tackle problems effectively. Analytical individuals carefully consider factors before coming to conclusions that enable them to manage risks and maximize profits.
If you want to work on your analytical skills, start by working on multiple sets of data during your work day. Use tools or financial software to analyze and come to your own conclusions. This type of consistent practice will help you develop attention to detail and enhance your decision-making skills. When it is time to tackle problems, ensure that you break them into parts, and evaluate their interconnections, and you will likely come to the best conclusions.
Adaptability and Resilience
In the realm of finance, there are constant changes and fluctuations in the market that can range from regulation updates to technological advancements. This means that it is truly an industry where the adaptable survive because it is no simple task to take on multiple fluctuations over time. It is these individuals who can swiftly pivot when needed who will flourish in this environment and rise to the top.
To improve and cultivate adaptability, you could start by analyzing the media landscape, subscribing to news sources or participating in professional communities. This proactive stance equips you for change and enables you to adjust strategies. It’s also important to set up your daily work in a way that is easy to shift or change depending on circumstances.
Another important factor in all industries is resilience, and this entails bouncing back from setbacks so you can keep moving forward. The finance sector can be demanding, with deadlines and high stakes, so developing ways to cope with stress, like practising mindfulness, seeking support or having rest periods can help.
Teamwork and Leadership
While many industries require teamwork, it can be rather pronounced in the world of finance, where working together is key. This collaboration is crucial for achieving goals, whether you’re involved in a merger, creating budgets, or performing audits in a group. It not only boosts productivity but can also help fuel innovation in the finance sector as many minds work together for better outcomes.
If you want to improve your teamwork skills, you should participate in group projects where you can practice cooperation and communication. Understanding your role in a team and appreciating each member’s input is vital for long-term sustainability. Ensure you’re honest about your weaknesses and work together to fill in the gaps and help one another succeed.
In today’s dynamic finance industry, soft skills are just as crucial as industry expertise. It is skills such as communication and teamwork that are essential for overcoming challenges and making an impact. These skills are beneficial for life, but if you work in finance, or are hoping to, they’ll likely benefit your career too. Find opportunities to learn and develop your soft skills wherever you can, and you’ll be helping set yourself up for success in the long run.
Money
Warning for 4.3million households who face £218 a year bill rise in big TV shake-up
MILLIONS of households face a £218 a year bill rise as part of a huge TV shake-up.
A new report has revealed that households currently reliant on terrestrial TV could face additional costs of £18.17 per month if forced to switch to internet-only TV.
Free-to-air, terrestrial broadcast TV, which millions watch daily using an aerial, is only secure until the early 2030s, when current licences expire, according to consultancy firm EY.
Some industry experts believe the government should actively phase out terrestrial TV to encourage a broader shift to online viewing which is provided solely via a broadband connection.
They argue that this approach is warranted, given that the share of total TV viewing via linear platforms (aerial and cable) has fallen below 50% for the first time.
And in a report released in May, regulator Ofcom said that broadcasters had “voiced concerns” about the commercial viability of maintaining the current terrestrial infrastructure beyond the mid-2030s.
However, EY said internet connections are generally less reliable than terrestrial TV, and millions remain disconnected.
The consultancy firm’s report estimates that in 2040, there will be 4.3million households without high-speed broadband.
A full switchover to internet-only TV viewing would cost £888million in additional annual fixed broadband subscription costs for these households who otherwise would not take it, equivalent to £18.17 per month per household, or £218 per year.
As well as the ongoing costs of a fixed broadband connection, millions of households could also face the upfront costs of new TV equipment and installation support.
David Coulson, partner, economic advisory at EY, said: “If a switch were made to distribute TV exclusively over the internet, even by 2040 approximately four million homes would still need broadband and set-top-box upgrades.
“This is forecast to cost government and consumers over £2billion to set-up, plus a further £900million each year to cover ongoing broadband fees and to support vulnerable users.”
Broadcast 2040+, a coalition of 35 organisations, is urging the UK government to publicly commit to safeguarding terrestrial TV and radio services until 2040 and beyond.
A spokesperson for the campaign said: “This report lays bare the hidden cost of any proposed switch-off of terrestrial TV.
“It would mean vulnerable people being asked to pay more, risk disconnecting millions from universal access to TV.
“The report also makes clear that this costly disruption is not necessary.
“The UK’s current hybrid model of TV, with terrestrial operating alongside online streaming as complementary services, works well and gives us the best of both worlds.”
CUT YOUR TELECOM COSTS
SWITCHING contracts is one of the single best ways to save money on your mobile, broadband and TV bills.
But if you can’t switch mid-contract without facing a penalty, you’d be best to hold off until it’s up for renewal.
But don’t just switch contracts because the price is cheaper than what you’re currently paying.
Take a look at your minutes and texts, as well as your data usage, to find out which deal is best for you.
For example, if you’re a heavy internet user, it’s worth finding a deal that accommodates this so you don’t have to spend extra on bundles or add-ons each month.
In the weeks before your contract is up, use comparison sites to familiarise yourself with what deals are available.
It’s a known fact that new customers always get the best deals.
Sites like MoneySuperMarket and Uswitch all help you customise your search based on price, allowances and provider.
This should make it easier to decide whether to renew your contract or move to another provider.
However, if you don’t want to switch and are happy with the service you’re getting under your current provider – haggle for a better deal.
You can still make significant savings by renewing your contract rather than rolling on to the tariff you’re given after your deal.
If you need to speak to a company on the phone, be sure to catch them at the right time.
Make some time to negotiate with your provider in the morning.
This way, you have a better chance of being the first customer through on the phone, and the rep won’t have worked tirelessly through previous calls which may have affected their stress levels.
It pays to be polite when getting through to someone on the phone, as representatives are less inclined to help rude or aggressive customers.
Knowing what other offers are on the market can help you to make a case for yourself to your provider.
If your provider won’t haggle, you can always threaten to leave.
Companies don’t want to lose customers and may come up with a last-minute offer to keep you.
It’s also worth investigating social tariffs. These deals have been created for people who are receiving certain benefits.
CHECK FOR A FREE TV LICENCE
Watching live TV without a licence can land you in hot water, but you could be entitled to a discounted – or even free – licence.
The price of a TV licence rose from £159 to £169.50 a year in April.
This fee can be paid in one sum or in quarterly or monthly instalments.
You must have a TV licence if you watch TV as it is broadcast – live TV – on any channel, or watch programmes on catch-up on the BBC iPlayer.
You don’t need a TV licence to use streaming services or to watch any other channel’s catch-up service.
You can claim a free TV licence if you’re 75 or older and either receive pension credit yourself or live with a partner who gets the benefit.
You can apply for a free licence when you’re 74, but will still have to pay until the end of the month before your 75th birthday.
You can apply for your free licence online or by calling 0300 790 6071.
Other individuals could also be eligible for a discounted TV licence if they live in residential care or sheltered accommodation or if they’re registered blind.
If you live in sheltered accommodation or residential care and are over 60 or disabled, you can get a licence for just £7.50.
If you’re registered blind or live with someone who is, you’re in line for a 50% discount.
The licence must be in the name if the person registered blind, but if your existing licence is not in their name you can make an application to transfer it.
You can apply for the discount online by visiting tvlicensing.co.uk/reducedfee.
WATCH TV FOR FREE
THERE are a number of ways you can watch TV for free without having to pay the licence fee.
Pluto TV
Pluto TV is another free streaming service with more than 100 channels.
Anyone can access Pluto TV for free on the web or on your iPhone and Android device.
Virgin Media has just made it available via some of its boxes – but bear in mind you’d need to pay a TV licence and take out a contract with Virgin to take advantage of this.
Amazon Freevee
Amazon Prime Video may be the first thing you think of but the retail giant also has a growing free alternative.
Freevee is home to exclusives like Judy Justice.
It’s the new home of Neighbours too, which is set to return later this year.
But there’s some classic on-demand content too.
The L Word, Nashville and Parks and Recreation are among the shows available.
All4
All4 is the main source of on-demand programmes from Channel 4, E4, Film4 and More 4.
The service is free to use and funded by advertisements.
All4 offers a free and extensive library of both classic shows and more recent programmes, including complete box sets of some of our most popular series like Gogglebox.
UKTV Play
If you’re a fan of Dave, Drama, W and Yesterday then the UKTV Play is the place for you.
The latest featured shows include Meet The Richardsons, Annika and Great British Railway Journeys.
You’ll have to sign up to start watching – and there are ads.
ITVX
ITVX launched in November, replacing the old ITV Hub.
ITV now drops many new and exclusive shows online before they’re shown on ITV1.
There’s also a load of other shows, including more niche interest like anime.
Free trials
You should take advantage of free trials to keep more of your hard-earned cash.
Some trials are as short as seven days, while others last an entire month.
For example, Amazon Prime Video offers newbies 30 days streaming for free.
Now TV also offers weekly free trails for Sky Cinema and Entertainment packages.
But any savvy savers must remember to unsubscribe to any subscriptions before the end of the trial period or risk incurring further charges.
Customers can also nab a free trial of streaming services when buying new technology.
Some Apple technology purchases will include a free trial of Apple TV+.
Money
The Morning Briefing: Social enterprise to solve the advice gap
Good morning and welcome to your Morning Briefing for Monday 21 October 2024. To get this in your inbox every morning click here.
Social enterprise to solve the advice gap
Financial advice firms are increasingly aware of their social responsibilities and are meeting them in numerous ways, from pro bono and charity work to B-Corp certification, which assesses the social and environmental impact of business practices.
Some firms are focusing their efforts on addressing the ‘advice gap’, where people who would benefit from financial advice cannot afford it.
But could social enterprises — businesses that trade for a social and/or environmental purpose — provide a longer-term solution?
MM Talks with Kim, Lois an Tom
Join Kimberley Dondo, Lois Vallely and Tom Browne from the Money Marketing team for the third episode of MM Talks.
This episode explores the FCA’s consolidation review, and speculation of the upcoming budget’s impact on financial advisers, and shares chillingly true finance horror stories from the internet. Listen now:
Quote Of The Day
Remember how your granny always told you that if something seems too good to be true then it probably is? You’d do well to apply this advice to investments too.
– Victoria Hasler, head of fund research at Hargreaves Lansdown, talks about how to avoid investment scams, in honour of Scams Awareness Week, which starts today
Stat Attack
New data from YouGov commissioned by BlackRock explores attitudes to investing by Europeans. The 2024 BlackRock People & Money Survey also examines why people across Europe feel they are not able to invest. The survey explores the attitudes of current investors and potential investors across 14 European countries.
29%
Of women now invest across Europe in 2024
11%
Increase year-on-year in the number of women investing
47%
Of men currently invest
4%
Growth (from 46% in 2022)
46%
Of 25-34-year-olds now invest
13%
Increase year-on-year (from 40% in 2022)
Source: BlackRock
In Other News
Janus Henderson today announces the launch of its first active ETF in Europe: the Janus Henderson Tabula Japan High Conviction Equity UCITS ETF (JCPN).
The launch of this active ETF provides investors with an alternative way of accessing the firm’s “deep knowledge and insights” in this market.
The fund will adopt a high conviction approach and invest in an actively managed all-cap concentrated portfolio of 20 to 30 holdings, providing exposure to companies that are set to benefit from structural themes and trends in the Japanese Equity market, and showcasing the best of Janus Henderson’s stock selection skills.
The launch of this active ETF represents an important milestone for Janus Henderson, allowing the firm to cater to client demand globally for its investment strategies to include a UCITS ETF wrapper.
It also builds upon the firm’s active ETF proposition in the US where it is fourth largest provider of actively managed fixed income ETFs.
Europe markets watchdog bids to become EU’s version of SEC (Financial Times)
Chinese banks slash lending rates to bolster ailing economy (Bloomberg)
UBS sells its 50% stake in Swisscard to American Express (Reuters)
Did You See?
It has been 10 years since financial education was introduced to the national curriculum for secondary schools in England.
At primary school level, the national curriculum provides a framework for young children to recognise coins and learn how to use money through simple ‘number problems’ in maths lessons.
The ‘real life’ context comes later, during citizenship or ‘personal, social, health and economic’ education from age 11.
However, says Amanda Newman Smith, some schools do not follow the national curriculum, adding weight to the criticism that financial education is inconsistent in England.
Earlier this year, a report by the House of Commons Education Committee found widespread evidence that financial education in England’s primary schools was “insufficient and should be expanded”.
So, how should financial education be presented to younger children and what role do financial advisers have in this?
Money
High street bargain chain with 800 branches to close ALL stores to give staff a break on Boxing Day
A MAJOR high street bargain retailer has confirmed it will shut all its stores on Boxing Day to give staff a well-earned break.
Poundland, which runs over 800 UK stores, said it will close shops on December 25 and 26.
The discounter said all its locations will also shut on New Year’s Day as a thank you to staff.
Meanwhile, workers will be given a £25 voucher to spend in their local Poundland branch on any Christmas shopping.
Simon Wells, people director at Poundland, said: “We have brilliant colleagues here at Poundland & Dealz who work incredibly hard throughout the year, bringing our brands to life every day and supporting our customers.
“But we know they all particularly shine at Christmas, bringing the magic to our stores that our customers know and love.
“We’re delighted to be able to support them with a well-earned rest once the festive season is over.”
It comes as Poundland launches a drive to employ 1,000 new seasonal staff to cover the busy festive period.
The majority of the shop floor roles will end on Christmas Eve while some will be extended until early January.
You can find out more by visiting Poundland’s website.
It is common practice for retailers to close their stores on Christmas Day but not all shut branches the following day.
Some also shut branches on New Year’s Day to give staff an extra day off over the Christmas period.
A number of other retailers have already confirmed they will shut on Boxing Day as well as Christmas Day this year.
Aldi confirmed it will shut on December 25 and 26, as will Home Bargains, John Lewis and Waitrose.
DIY retailer Homebase has also said it will shutter branches over the two-day period.
If you’re keen to find out whether your favourite retailer will close its branches on Boxing Day, it’s worth keeping an eye on social media.
Chains often publicise their festive opening hours on X and Facebook.
You can also try using a retailer’s store locator tool which should tell you the opening hours for your local branch.
Most of the time, it will also feature a number you can call to find out opening times.
The latest two announcements from Poundland come after the bargain chain launched its loyalty scheme UK-wide.
It is now rolling out its Poundland Perks rewards scheme to all branches and online.
The bargain discounter had been trialling the phone-based loyalty scheme at around 100 stores in Northern Ireland, Scotland, and the Isle of Wight since last year.
Shoppers can download the Poundland Perks app on to their smart phone via the Google Play and Apple App store.
Why do retailers close on Boxing Day?
BOXING Day is one of the busiest shopping days of the year.So why do retailers decide to close?
Senior Consumer Reporter Olivia Marshall explains.
Closing on Boxing Day allows staff to have a well-deserved break after the busy Christmas period.
This can help improve staff morale and reduce burnout.
It also provides them with an opportunity to spend time with their families and friends during the festive season.
For some retailers, the cost of opening on Boxing Day, including staffing and operational expenses, may not be justified by the expected sales revenue, especially if customer footfall is low.
With the rise of online shopping, some retailers may focus on online sales and promotions rather than opening physical stores on Boxing Day.
For some businesses, it may also be a a long-standing tradition for them to remain closed on Boxing Day.
From a practical perspective, the day after Christmas can be used for inventory checks, restocking, and preparing for post-Christmas sales.
This can be more effectively done without the distraction of serving customers.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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