Legal & General ISAs
A British Man's Take on Debt, Saving & Investing

Monday Madness! { 30th April 2012 } 0

Posted on April 30, 2012 by Lee

Ho ho ho it’s that time again! Time to dig out the funnies or the weirds in the world of personal finance for this week. Hopefully your Monday hasn’t kicked off too badly but if you’re in need of a smile or at least a smirk, then you could do worse than chuckle at some of this week’s craziness.

LONDON – Payday loans are simply a ‘misunderstood‘ product. A survey by the Consumer Finance Association says 93% of customers think payday lenders treat them with dignity and respect, yet only 5% of policy makers think that’s the case. It’s telling that the survey only focused on one out of over 200 payday lending companies, and all of those surveyed were customers of it.

VANCOUVER – The Avengers cartoon superheroes will soon be teaching kids about budgeting, banking and other money skills. Visa and Marvel Entertainment have teamed to launch an Avengers comic book to teach kids financial literacy. The comic, which includes Spider-Man, Hulk and others, comes with a teacher’s guide and worksheet and is available to the public free at practicalmoneyskills.ca.

IRELAND - As if life couldn’t get any worse, Irish prisoners are having their pocket money cut to ‘encourage good behaviour and save money’. Personally, I’m not sure that idea will work quite as intended…

ENGLAND – Not so much funny as blood-boilingly infuriating. The Post Office (savings account provider) loses £10,400 of customer’s money for 33 days. Blames customer for the institutional and procedural error. Result? A measly £100 compensation, the cost of a box of chocolates for the harassment the customer gave their own bank when The Post Office blamed them initially, and the lost interest.

The moral of the last 2? No matter how bad your day is going…. someone else is having a worse one!

Happy Monday everyone!

p.s. if you were wondering – the picture is unrelated to anything in this post!

10 Tips To Maximise Your Productivity 2

Posted on April 30, 2012 by Lee


Allow me to make one thing perfectly clear.

I. HATE. WAKING. UP.

I had originally written “I hate mornings”, but then I realised actually, I don’t. What I hate about mornings is the waking up part: the screeching of the alarm; what it normally signifies (going to work); getting stuck in traffic; being cold and dark, and so on.

When that happened this morning, just as I was climbing into my car I had the flicker of a premise for a post about how you can organise your day to maximise productivity in different areas of your life at different times. The fact the idea occurred at 5.30 in the morning served to reinforce my thinking.

You might be thinking quite what this has to do with personal finance. A productive day will maximise your earning potential. It will please your bosses; it’ll get you ahead; it’ll get more done with the same amount of time; and it’ll make you feel more positive.

 

A Bad Productivity Day

So, what exactly am I getting at here? So far there have been 132 words and not much substance to show for it. For a moment imagine you are Paul or Paula, and a somewhat typical day for you looks something like this:

  • 6.45 am – Wake Up & Shower
  • 7.30 am – Arrive at Work
  • 7.34 am – Attempt to Deal With E-Mails
  • 7.55 am – Give Up, Find Coffee
  • 8.00 am – Continue Dealing With E-Mails
  • 8.30 am – Suffer Morning Meeting & Presentation
  • 10.00 am – Rush Breakfast
  • 10.30 am – Finish Report
  • Midday – Working Lunch (Still Finishing Report)
  • 2.00 pm – Afternoon Meeting
  • 3.00 pm – Afternoon Slump
  • 5.00 pm – Give Up & Go Home
  • 6.00 pm – Cook A Ready Meal
  • 8.00 pm – Collapse In Front of TV
  • 11.00 pm – Go to Bed
If any of that looks familiar you are not alone. Millions of people across the UK and the world make many of the same mistakes every day, and lose out on creativity and productivity as a result.


Identify & Exploit Your Day Phases

Everyone has what I call ‘phases’ that occur throughout the day at given points. Some people are “morning people”, where they roll out of bed at 5am bright as a daisy, eat a pastry, paint a masterpiece before lunch and then get down to mind-numbing report writing after a good hearty lunch and a siesta, and then retire to evening home life by cooking a sumptuous meal and finishing a novel.

Such a person is extremely creative and productive because they know what their phases are.

  • Creative, passionate and driven in the mornings.
  • Hungry and sleepy with no interest in work at lunchtime.
  • Tenacious, meticulous and detailed in the afternoon.
  • Relaxed, sensual and creative again in the evening.
A bad productivity day is a day where you set yourself up for failure before you even start by not fuelling your body and mind, and then compound matters by doing your day in the wrong order.


A Real World Example

Although I secretly hate mornings, if I have suffered through the ‘waking up’ part and have actually got out of bed, I know that fuelled by a cup of tea or two but before eating anything, I can be quite creative. I’m writing this blog post in just such a phase.

Once I eat something my mind focus changes from creativity to practicality so I may do something physical rather than mental. After lunch I feel sleepy, and if I give in to that sleepy slump I can power through the rest of the day being detailed and meticulous. For me, that is a good time to proof-read.

Towards the end of the day my drive for creativity returns and I end up expressing it in the kitchen making a delicious meal, or batch cooking a selection of delicious meals for lunch times, or for when time in general is pinched.

A Good Productivity Day

  • 6.30 am – Wake Up, Shower, Breakfast
  • 7.30 am – Arrive at Work
  • 7.31 am – Find Coffee
  • 7.34 am – Create Presentation For Morning Meeting
  • 8.15 am – Network With Colleagues
  • 8.30 am – Morning Meeting (All impressed with presentation)
  • 10.00 am – Coffee Break
  • 10.15 am – Write and Finish Report
  • Midday – Head Out For Lunch In the Sun
  • 1.00 pm – Check, Sort, Reply to E-Mails
  • 1.55 pm – Grab a Coffee
  • 2.00 pm – Afternoon Meeting
  • 3.00 pm – Coffee & Review Meeting Notes
  • 3.45 pm – Write Tomorrow’s Todo’s
  • 4.30 pm – Go Home
  • 5.30 pm – Get Creative in the Kitchen
  • 6.30 pm – Enjoy a Film
  • 10.00 pm – Go to Bed


10 Tips to Maximise Your Productivity

The above are just examples. Whatever you do in your day you can apply the principles below to make the most of your day. In this example we have done more work in less working day, and then continued with that energy at home.

Here’s how:

1. Get up a few minutes earlier

It doesn’t seem like much, but getting up 15 minutes earlier allowed us to have breakfast and a cup of tea to get our brain firing before we even got to work. In that time we came up with the idea of creating a quick PowerPoint to help get the main features of the meeting across in a graphical and not just verbal way.

2. Grab a coffee / tea first thing to power the mind

I’m not ashamed to admit I’m a bit of a caffeine junkie, and I embrace it when it works the most for me. In the morning’s a cup of joe will turn my 1.4 litre mental engine into a 6 litre V8. If you’re not one for tea or coffee, grab your drink of choice to power your mind. Staying hydrated is as important for the mind as it is for the body.

3. Ignore emails until you are good and ready

E-Mail is a very impersonal method of communication, and saps your creativity by diverting your attention. Once you’ve read an email that is screaming for a reply, you feel compelled to reply to it there and then. If you don’t and try to do something else, it’ll be nagging away at you anyway serving as a constant distraction.

4. Use your creativity phase

Instead of getting bogged down in other people’s demands first thing in the morning, use your creativity phase productively. In our case we seized it to take advantage of the images our mind put together to allow us to augment our morning meeting with a stunning presentation.

5. Use your productivity phase

Spurred on by how well the meeting went, and re-fuelled with a fresh cup of the bean, we powered through the post-meeting report before lunch time appeared and managed to finish it on time. This allowed us to eat a proper lunch, and spend some time re-charging our vitamin D in the sunshine and fresh air.

6. Acknowledge the afternoon productivity slump

It is part of human physiology that after lunch time we have a slump in mental and physical energy. Take advantage of this by dealing with matters that don’t really require a vast amount of mental processing power of physical stamina: attack those emails.

7. Leave todo’s for yourself tomorrow

If you need a particular phase to do something brilliantly rather than just sufficiently, remind yourself to do it during that phase on another day. Proper workload planning will allow you to take advantage of yourself without falling behind.

8. Come home and get creative yourself

Everyone can cook, and it is a great way to de-stress (with some practice if you’re not brilliant at it – and anyone can follow a recipe). You will benefit from the additional nutrition of cooking fresh rather than your body just suffering another TV dinner.

9. Switch off and relax

In my example we watched a movie. You could equally go for a walk, relax in the bath or curl up on the sofa and read a book. All of them involve disassociating from the race of life for a period and re-charging our souls.

10. Get sufficient sleep

A tired body and mind is an unproductive one. Your creativity, productivity and all other elements will suffer if you fail to get enough sleep. So go to bed an hour earlier than normal and reap those benefits.

What do you do to maximise your day? Come share in the comments!

Weekend Reading { 28th April 2012 } 8

Posted on April 28, 2012 by Lee

Another week of yet more doom and gloom from the major news outlets about our economy sliding back into a (now double-dip) recession and other ‘cost of living’ increases.

There have been some great posts throughout the personal finance blogosphere this week though, and in case you’ve missed any, here is some weekend reading for you!

 

Best from around the web this week:

 

I’m SO Excited!

The economy may have been faltering, but it has been a great week for Five Pence Piece! I have been kindly listed in Money Saving Challenge’s UK Personal Finance Blogosphere of 2012 which is really, really cool! I’m also pretty darn happy with where the blog is listed (almost right in the middle of all categories).

Somehow I’ve also managed to land in TotallyMoney’s top pick of posts for this week, twice in a row. I guess I must be doing something right!  The Telegraph also has a link to my blog in their Money Saving Tips section (see external links about 3/4 down the page in the middle column) which I’m really excited about as well.

 

This Week’s Five Pence Piece Posts:

Hope you all have a great weekend!

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