:00:00. > :00:00.up`to`date on the BBC Sport website. I will have more in the
:00:00. > :00:10.next hour. Hello and welcome to Your Money,
:00:11. > :00:13.your weekly guide to making Here every weekend on BBC News
:00:14. > :00:18.television and available all week Another big change for anyone
:00:19. > :00:22.saving for their old age. We'll tell you what the government's
:00:23. > :00:25.new pension plans mean for you. And how to make a budget
:00:26. > :00:29.for your own money. A paperclip, a carton of milk,
:00:30. > :00:33.a pair of sunglasses and a cup of coffee will all help you get
:00:34. > :00:46.control of your finances. The government unveiled two new
:00:47. > :00:50.pension laws this week, one which will allow people who are about to
:00:51. > :00:55.retire and have money saved in their pension pot to dig out as much of
:00:56. > :01:00.that money as they can or want and do what they want with it. The
:01:01. > :01:05.second is for younger people who are still at work and saving for their
:01:06. > :01:09.old age way into the future, they will be offered a personal plan but
:01:10. > :01:12.their pension will not just be linked to their own savings, it will
:01:13. > :01:17.be linked to the savings of thousands of other people. We are
:01:18. > :01:27.joined by the editor of a retirement planning magazine. The fair are
:01:28. > :01:34.pension plan first of all `` Ferrari. It was announced that
:01:35. > :01:42.people retiring have the opportunity to take their entire pension as a
:01:43. > :01:48.lump sum subject to tax. That is the thing to watch out for, it is not
:01:49. > :01:54.all it is a quarter free of tax. Yes. The concern was that you might
:01:55. > :01:58.get some pensioners who would take the money and spend it all in one go
:01:59. > :02:03.and then live off the state for 40 years. People have to realise if
:02:04. > :02:07.they are going to take this money it has to do them for life. These
:02:08. > :02:13.collective pension funds are aimed at younger people. If you are in
:02:14. > :02:18.your 20s or 30s, you have to pay attention. Collective contribution
:02:19. > :02:26.is something used a lot in the Netherlands for and once. It is an
:02:27. > :02:30.individual part which means that you make the decisions with regards to
:02:31. > :02:36.investment, contributions, it is a big burden. With collective your
:02:37. > :02:41.contributions are paid into a massive pot that many other people
:02:42. > :02:46.contribute to. This brings quite a lot of benefits in terms of the
:02:47. > :02:50.costs are a lot lower and you can get access to investment you make
:02:51. > :02:53.not have got on an individual plan. The idea is that the access to these
:02:54. > :02:59.things could mean you get better returns on your investment which
:03:00. > :03:03.could lead to higher pensions. The other argument in favour is that it
:03:04. > :03:06.reduces the risk, you are not carrying all the investment risk on
:03:07. > :03:13.your shoulder, and it is read across different periods of time, maybe
:03:14. > :03:22.even different generations `` spread. If there is a bad year it
:03:23. > :03:24.will not clobber you. Yes. These are usually big companies or across
:03:25. > :03:29.industries in the Netherlands and you have 25`year`olds saving with
:03:30. > :03:36.45`year`olds, 55`year`olds, and their collective savings together as
:03:37. > :03:39.a smoothing effect which means that people'sbenefits are more protected.
:03:40. > :03:47.It is not completely foolproof because some people retire during ``
:03:48. > :03:52.retired during the financial crisis and did not get as much as they had
:03:53. > :04:00.hoped. There are campaigns against these pensions on their home turf.
:04:01. > :04:03.Absolutely. There are no guarantees. In the Netherlands over the
:04:04. > :04:08.financial crisis people had their benefits cut because there is no
:04:09. > :04:14.guarantee, you're trying to aim for a target income, it is not
:04:15. > :04:23.guaranteed. Thank you for joining us. The way that national insurance
:04:24. > :04:28.contributions are collected from the self`employed is going to be
:04:29. > :04:32.simplified. The taxman will get new powers to force tax avoidance to
:04:33. > :04:36.cough up. There will be a tax`free subsidy to help with the cost of
:04:37. > :04:41.childcare which will bring in `` coming in the autumn of 2015. You
:04:42. > :04:52.will get it if you have children aged under 12, you are in work and
:04:53. > :04:55.you earn less than ?150,000 a year. A crackdown on bogus insurance
:04:56. > :04:59.claims, lawyers will be banned from offering incentives like free iPad
:05:00. > :05:04.to encourage accident victims make claims. Courts will be encouraged to
:05:05. > :05:10.throw out claims which are exaggerated. Whiplash claims will be
:05:11. > :05:15.subject to medical assessments. If you want to protect your bank
:05:16. > :05:18.accounts from computer viruses, the National Crime Agency says we should
:05:19. > :05:24.change our passwords within the next week or so. It is worried about the
:05:25. > :05:30.virus starting up again. Here is advice on how to avoid getting a
:05:31. > :05:34.virus in the first place. It says you should install internet security
:05:35. > :05:44.software on your computer. There is a list on its Facebook page.
:05:45. > :05:49.Download a free app to test for the virus. Do not open attachments
:05:50. > :05:56.unless you're sure they are genuine. Make sure your software is
:05:57. > :06:02.up`to`date. If your computer uses Windows make sure it is the latest
:06:03. > :06:08.update. Back`up your files. On a memory stick or an external hard
:06:09. > :06:14.drive, not onto the computer itself. Never stop passwords on your
:06:15. > :06:22.computer. `` store. One quarter of us worry we do not
:06:23. > :06:28.have enough cash, or that there is too much month left at the end of
:06:29. > :06:34.the money. We will get some tips on how to save and how to make money
:06:35. > :06:38.but first we have advice on how to draw up a budget.
:06:39. > :06:41.To get on top of your finances it is vital to do a household budget so
:06:42. > :06:46.whether you're using a template online or paper and pen there are
:06:47. > :06:56.some things you should not forget. To help us remember we have got a
:06:57. > :07:00.paperclip, a carton of milk, a pair of sunglasses and a cup of coffee.
:07:01. > :07:05.The budget records the money coming in and everything that has to go out
:07:06. > :07:10.with a paperclip is for all that paperwork, you will need a note of
:07:11. > :07:14.your benefits and the last three months or so of bank statements,
:07:15. > :07:19.recent bills, travel receipts, that kind of thing. That keeps it
:07:20. > :07:23.together. Be specific about what you spend your money on. Remember the
:07:24. > :07:31.essentials, prioritise the essentials, but do not forget the
:07:32. > :07:34.little things like milk. Not just the Saturday big shock. There is the
:07:35. > :07:39.one for your payments like a holiday in the sun. Work out how much you're
:07:40. > :07:42.going to set aside each month for your holiday and multiply by 12 to
:07:43. > :07:46.make sure that is what you are going to spend your holiday. The coffee,
:07:47. > :07:48.the whole process could take a couple of hours so you will probably
:07:49. > :08:00.need it. couple of hours so you will
:08:01. > :08:06.We are joined by a money expert. She has been given advice `` giving
:08:07. > :08:14.advice for 20 years. Check your bills. Whenever your bills come in,
:08:15. > :08:20.check them. Always think, could I get a better deal? If you have not
:08:21. > :08:24.switched your gas or electric, if you have not sorted out your
:08:25. > :08:28.insurance, look at all of that and think of ways you can cut costs.
:08:29. > :08:34.Something something as simple as paying by direct debit, Sky for
:08:35. > :08:46.example charge more if you want a paper bill. You can save by
:08:47. > :08:52.switching to online. Sometimes sign up for things, we are ticking the
:08:53. > :09:00.box is that say this payment will be renewed again in a years time, and
:09:01. > :09:05.the money comes out of your account, and you think, I was not expecting
:09:06. > :09:15.that. The car industry argues that not having car assurance is illegal,
:09:16. > :09:20.but sometimes it will do this. If you pay for things like an antivirus
:09:21. > :09:27.software, it is put on a rolling direct debit, so if you do not say
:09:28. > :09:34.to them, I do not want that, and you end up stuck with it. It is always
:09:35. > :09:40.worth checking, when you get an insurance renewal, check the quote,
:09:41. > :09:48.because sometimes they say, nothing to do, but unless you cancel it, you
:09:49. > :09:56.pay for another year. The big thing, that Titian is to accept a
:09:57. > :09:59.good deal them, and you do not get a better deal later. Also, check the
:10:00. > :10:08.price of your supermarket shop before leaving home? Yes, there is
:10:09. > :10:13.an excellent website. This website will tell you if it is cheaper to
:10:14. > :10:17.switch brand names from supermarket own names, and there is a very handy
:10:18. > :10:28.app, in the supermarket, you can work out the best deals to find out
:10:29. > :10:31.where you can get cash back. Let's look at some moneymaking tips, you
:10:32. > :10:38.are a big fan of eBay and selling all of your old rubbish! Yes, I hear
:10:39. > :10:43.out the attic, my daughter had a princess lump, and she sold it to a
:10:44. > :10:48.lady in Australia for more than I had paid for it. She had it in her
:10:49. > :10:57.room for a couple of years. I was perfectly honest, I said it has been
:10:58. > :11:00.in my daughter's room for a couple of years. You have to go to the post
:11:01. > :11:07.office and post it, but you factor in the cost of the posted, so in
:11:08. > :11:12.this incident, I said, it will cost you for going to Australia, but you
:11:13. > :11:18.build that into the price also. The person received it, they loved it
:11:19. > :11:24.and they made money. Just be honest, do not claim that something is new
:11:25. > :11:27.if it has been gathering dust for many years. Thank you. That is from
:11:28. > :11:40.us for this week. You can keep up`to`date with whatever takes your
:11:41. > :11:59.fancy on the website. More next week, thank you for watching today.