Zopa, the pioneering financial services company, has unveiled a list of the many ways people from different UK regions talk about borrowing.

Working with Dr Rob Drummond, Senior Lecturer in Linguistics at Manchester Metropolitan University, Zopa has created a compelling glossary of over a dozen different words and phrases and an accompanying illustrative regional map. The collaborative research highlights the wide and varied use of different words for borrowing money used throughout the nation.

For example, those in Scotland were found to use phrases such as ‘giez a lend’ or ‘giez a bung’ when asking to borrow money, whilst those in the North-West of England would ask to ‘cadge’ or ‘borrow me’ some cash.

Liverpudlians are more likely to say ‘front me a loan’ or ask for ‘a sub’, while those in Newcastle and the North-East would instead say ‘spot us a fiver’ when they need to borrow money. If you’re a Londoner you may use the phrase ‘touch me a loan’ and historically would have ‘whispered’ when looking to borrow.

Clare Gambardella, Zopa’s Chief Customer Officer, said, “Everyone knows of words and phrases that crop up in conversation but that are met with a blank face when you use them with someone from a different part of the country. Equally there are instantly recognisable phrases that tell you that the user is from your hometown. What’s interesting about the list we’ve compiled is just how expressive and varied the words and phrases people use in place of borrowing are. At Zopa, we like to keep things simple so we always stick to terms that can be easily understood nationwide.”

Dr Rob Drummond, Senior Lecturer in Linguistics at Manchester Metropolitan University, said, “It’s always fascinating to look at the various ways in which people from different areas of the country talk about the same thing, and even when some of the words appear in multiple regions, as is the case here, they will of course be pronouncing them according to their own regional accent. The fact that there is so much variation on the topic of money is no surprise, as it’s such a central part of everyday life, and it’s this variety of language which helps make us who we are.”

Zopa, who collated the list with Dr Rob Drummond, reached the £3bn lent-to-date milestone in January 2018. Zopa offers a range of peer to peer investment products, including the Innovative Finance ISA (IFISA), as well as simple loans with competitive rates. It hopes to achieve another set of exciting milestones over the coming year as it launches a bank in order to broaden its product offering to customers.

THE ZOPA UK LENDING GLOSSARY

If you’re setting up your own limited company for the first time, you’re going to have questions, it’s a learning process and it takes time to understand everything about contracting. But you can alleviate the learning process by speaking to a specialist contractor accountant who has hundreds of accountants that all have years of experience in contracting, accountancy and contracting law.

Here are some of the main things you should consider when speaking to a specialist contractor accountant before you hire them to look over your finances.

What Types of Clients Do You Deal With?

It’s important to understand the kind of clients the specialist contractor accountant works with on a daily basis and if they’re related to what you do. This gives you an idea of the quality of the service they’re providing. If they have no other contractors on the books then it gives you a good idea of what type of accountant they are, they most likely won’t have the experience to fully help you out if tricky problems arise.

Ensure that you are speaking with a specialist contractor accountant and not somebody that claims to be. You will need an accountant that understands what you as a contractor goes through on a monthly basis and you’ll want their knowledge and experience in troubling times.

What Services Do You Provide?

To understand what you’ll receive throughout your partnership with the specialist contractor accountant it’s a good idea to understand the full range of services that they offer. Without having full knowledge of the services you may find yourself in a situation where you need financial advice on mortgages for example and not realise that your own specialist contractor accountant provides an extra service for that, potentially losing you money in the meantime.

What Kind of Support Can I Expect?

Get to know what kind of support that they will provide on a 24 hour basis. There’s no use signing up to their services and realising weeks later that they don’t work for 2 days of the week. Having a full overview of the support you’ll be receiving gives you a much better chance of making contracting a success.

What is IR35?

You’ll hear IR35 thrown around now and then and it’s extremely important, especially when setting up limited companies. One of the first questions you should be asking your specialist contractor accountant is, what exactly is IR35? Even if you personally won’t have to deal with it, it’s good to have an idea of what it is, so you can save time and avoid contracts that’ll make IR35 apply to you.

The specialist contractor accountant will have years of experience in dealing with IR35 and what it encompasses so they’ll have no problem breaking it all down for you.

How Will I Get Paid?

Probably the first question you’ll ask them and rightfully so, it’s important after all. You need to know the process in which you’ll get paid and how they’ll go about processing tax. If you fully understand the process in which you get paid then there’ll be no surprises at the end of the month when you check your account. Full transparency is the best way forward, for both parties.

Get in touch with a specialist contractor accountant today, such as Brookson, and start getting to know how they work.

It’s safe to say none of us are perfect when it comes to money and we could all benefit from giving our finances a regular check. If you’re looking to get a better grip on your money and develop better habits, setting yourself some financial goals and putting together a budget is a good way to keep yourself motivated. You can use a budget planner to organise your finances.

Priority outgoings are those that have the most serious consequence should you not pay them. They include your mortgage, rent, council tax and utility bills – you must pay these before you do anything else with your finances. It makes good sense to keep an eye on your credit card spending too and work out your budget to enable you to understand how much you realistically save each month.

Following a budget

The majority of people don’t follow a budget despite the fact it’s one of the most effective money management tools. If you’re eager to get a better handle of your finances, then you need to understand your income month after month. To create a budget, simply list your existing monthly expenses and compare it to what you earn. If you’re living payslip to payslip, examine your spending and decide what you can cut back on.

Pay your bills right away

To eliminate the risk of receiving a late fee or bad credit, make a point to pay your bills as soon as you receive them. Set up direct debits so that your bills are automated and the money will go out on a date set by you. Either way, taking this step will help you to determine how much money you can afford to save and how much you can leave in for spending purposes.

Have a rainy day fund

Everyone needs a rainy day fund. Have some money put aside for emergencies and those more exciting things in life such as a family trip, a child’s education or a wedding. For most of us having money that we can access quickly to pay for unexpected things such as unforeseen bills can be a real lifeline – especially if it builds up over time. You might also want to think about taking out a loan, such as a small loan as a way to help keep your finances in check during this period.

Another good thing to keep for a rainy day would be an MOT test paid for by Halfords Autocentre. All you have to do is pop into a store, buy something between now and October 14th, for as little as the price of an air freshener, and you’ll receive an MOT test valid until October 2019. Perfect for those of you looking to save some pennies throughout the year.

Live below your means

A simple trip to the coffee shop for a drink or weekly dinner nights out can soon eat away at your money. Believe it or not, cutting out a £2.50 coffee a day could leave you over £900 better off a year – that small daily change could save you hundreds a year and imagine the things you could do with that money instead.

When going out, only take the cash you absolutely need and don’t have your card with you. This way, no matter how tempted you are, you can only spend what you have in your pocket (or wallet or purse). If you don’t go to the shops quite as often, you can’t be lured into buying things you don’t need. Find something else to do – ideally activities that don’t cost money.
Make the most of your money

Once you have your debts under control and your emergency fund, it’s time to start thinking about investing in your future. A good way to start is with a stocks or shares ISA – they’re completely tax-efficient and offer you the opportunity to pay in large amounts of money, or make regular payments – whatever suits you best.