Consolidate all your loans into one simple payment. See if there is a company that will take all of your loans and combine them at a fixed but manageable interest rate. This will help make it simpler because you will only have to make one payment, instead of three or four. So give yourself less stress and consolidate your bills!

Talk to your children about finances. You might think that your children know how to manage their money after graduation from college, but the educational system is really not preparing young people to manage their finance efficiently. Show your children how to keep track of their expenses and how to live on a budget.

If you have received a check, you should deposit it into your bank account and wait for it to clear. Try to avoid going to check-cashing stores, as much as possible. The fees add up over time and you can end up spending a lot of money. Depositing it and waiting for clearance is a free process.

As you’ve just read, personal finances don’t have to be overwhelming. If you take the advice that you have read in this article and run with it, you can turn your financial situation around. Just look honestly at your finances and decide what changes you want to make, so that soon, you can enjoy the benefits of improved finances.

Learn more on Total Reward Statements or Smart Pensions.

Put simply, the Government is forcing employers to automatically set up and make contributions to
a pension scheme for most employees.  Minimum employer contribution levels have been set which
will be phased in over time.     Auto Enrolment will be necessary for all employees aged between 22
and State Retirement Age, who have qualifying earnings currently over £8,105 per annum. (Other
arrangements will need to be put in place for employees outside this range.)   
Employees will have to make contributions too, again with defined, minimum contribution levels.  
Employees can opt out of the pension scheme if they wish, but not until after they have been
automatically enrolled.  If they do opt out, they will be automatically re‐enrolled after three years.
When does Auto‐Enrolment kick in?

Every employer in the UK will be given a Staging Date, based on the
number of employees on their payroll.    This is the start date for
employees to join a pension scheme under Auto‐Enrolment.
Auto‐Enrolment becomes a reality for the very largest employers in
October of this year, and by the 1st

April 2015, every employer with
over 50 employees will be included.

If they wish, employers will be able to commence Auto‐enrolment ahead of their Staging Date,
subject to certain conditions and having given notice to the Pensions Regulator.How much will employers have to contribute?
As an employer, the minimum contributions are being phased in as follows:
From the Staging Date up until 30th

September 2017 1% of qualifying earnings
From 1st

October 2017 up until 30th

September 2018 2% of qualifying earnings
From 1st

October 2018 3% of qualifying earnings
How much will employees have to contribute?
As an employee, minimum contributions are being phased in as follows:

From the Staging Date up until 30th

September 2017 1% of qualifying earnings
From 1st

October 2017 up until 30th

September 2018 3% of qualifying earnings
From 1st

October 2018 5% of qualifying earnings

(The figures quoted here for employee contributions are shown before tax relief and assume a
contract based defined contribution pension scheme is put in place for Auto‐Enrolment)
What’s included in Qualifying Earnings?

You must include salary, wages, commissions, bonuses, overtime and statutory payments such as
SMP and SSP.   The contributions need to be calculated at the set percentage of qualifying earnings
between £5,564 and £42,475 (the qualifying earnings band will change each tax year.  Figures shown
are correct for tax year 2012/2013).

There is an alternative to using qualifying earnings as the basis for calculating contributions, known
as Certification.  This should make life much easier for the majority of employers.Calculating contributions based on qualifying earnings will be time consuming and complicated.  How is ‘Certification’ used instead?

Employers are able to adopt ‘Certification’, if an existing or new pension scheme meets certain
qualifying criteria and minimum contribution levels.   This avoids the need to base contributions on
variable, qualifying earnings and allows employers to use a simpler definition for pensionable pay.   
The minimum contribution levels required, in order to use Certification are noted below.    The
Certification requirements are being phased in:  

Pensionable Pay Definition Minimum Contributions                             
(from Staging Date up 30th September 2017)

If pensionable pay is the same as total pay Employer 1% Employee 1%
If pensionable pay is at least 85% of total pay Employer 1% Employee 1%   
If pensionable pay does not meet the above Employer 2% Employee 1%   
Pensionable Pay Definition Minimum Contributions                             
(from 1st October 2017 to 30 th September 2018)

If pensionable pay is the same as total pay Employer 2% Employee 3%
If pensionable pay is at least 85% of total pay Employer 2% Employee 3%   
If pensionable pay does not meet the above Employer 3% Employee 3%   
Pensionable Pay Definition Minimum Contributions                         
(from 1st October 2018)

If pensionable pay is the same as total pay Employer 3% Employee 4%
If pensionable pay is at least 85% of total pay Employer 3% Employee 5%   
If pensionable pay does not meet the above Employer 4% Employee 5%   What do organisations need to do ahead of Staging Dates?
You will need to assess your workforce ahead of
your Staging Date to make sure you have the
appropriate pension arrangements in place for
each category of employee.    Employees will be
categorised as Eligible Jobholders, Non‐Eligible
Jobholders or Entitled Workers.   

This isdetermined by reference to age and earnings.  
There are different processes for each category
of employee that will need to be followed.   The
initial assessment will need to be followed up by
an accurate assessment on your Staging Date.
You will also need to make sure that the pension scheme that you put in place (or already have in
place) is suitable for Auto‐Enrolment.   Broadly speaking, there must be no barriers to automatically
enrolling employees, no consents required from employees and no conditions can be attached.
All employers will have to register with the Pensions Regulator shortly after their Staging Date, giving
details of their Auto‐Enrolment compliance.

What’s involved in managing Auto‐Enrolment?

Once the assessment is complete and appropriate pension schemes are in place, you will need to
plan for the Auto‐Enrolment date and the period shortly after.

Any Eligible Jobholder not already in a qualifying scheme will need to be enrolled in an appropriate
scheme with membership being effective from the Auto‐Enrolment date.   Payroll records will need
to be updated with the appropriate pension contribution deductions scheduled.   It is also necessary
to communicate with the employees within 1 month of the Auto‐Enrolment date, giving the
employee comprehensive information about the pension scheme, the fact that they have been
automatically enrolled and also information regarding their right to opt out.

Employees have up to 1 month from the date the pension contract information is sent to them to
opt out.   If a valid opt out notice is received by the pension scheme and employer, the membership
of the pension scheme must be cancelled and any contributions made by the employee refunded.
Non‐Eligible Jobholders and Entitled Workers must be treated differently, with different
communications being sent to them explaining their different pension options.

Learn more on Smart Pensions or Flexible Benefits.