Martin Lewis' Money Saving Expert has provided its top ways to save cash as many of us enter into January with bank accounts feeling the damage of the festive season
The countdown to the new year is now on which, for many people, means new year's resolutions.
Among the classic 'eat healthier' and 'learn a new hobby', many will be opting to handle their money better or save more money.
And so Martin Lewis' Money Saving Expert team has compiled a list of top tips to help us to be better with money as we enter 2024.
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1. Shop the sales
The first tip is to shop the sales, from the classic Next Boxing Day sale to Amazon, ASOS, Boots, Ikea and more.
Most major retailers in the UK have huge sales to shop in person or online from the post-Christmas comfort of your sofa.
- Didn't get those GHDs you wanted for Christmas? They're down from £129 to £97.99 on Amazon for the retailer's cheapest-ever price.
- Need something to wear to a new year's eve party? ASOS has you covered with up to 80% off festive sale
- In desperate need of a holiday? British Airways' sale is now on, offering £354 return from London Heathrow to JFK, New York.
Although, MSE reminds readers not to get sucked in by the sale if you don't need it, can't afford it or could get it cheaper elsewhere.
2. Save money on your meter reading
It's meter-reading week and energy bills are going up by an average of 5% on Monday 1 January due to the energy price cap changes.
But the increase in bills that you'll pay depends on where you live and how much energy you use.
MSE said if you don't have a smart meter, or it doesn't work, take a meter reading ASAP. This reduces the risk of you getting charged more than you should if your supplier estimates you'll use more than you actually do.
3. Get as much as you can from your savings account
MSE tells readers not to accept less than 5.2% interest on savings accounts.
Throughout 2023, rates continued to rise, closing the year with a slight dip.
This is a good time, as we enter the new year, to check what you're earning in interest and see if you can be getting more.
'If it's less than 5.2%, it's time to ditch & switch,' MSE says.
Its top savings account recommendations are:
- Metro Bank which offers 5.22% AER with a minimum deposit of £500 within 28 days or you will receive a lower rate)
- For a one-year fix, Habib Bank Zurich UK offers 5.5% AER, with a minimum deposit of £5,000
4. Switch banks
A classic Money Saving Expert tip is to switch banks if it isn't serving you as it could be. Join a new bank offering a switching bonus and you can receive cash straight into your account.
To switch banks, you create an account with a bank offering the signing bonus and close your old account using the switching service, CASS.
There's only one switching bonus left as the year comes to an end – but it's the best one, Martin says.
And at Netmums, we've tried and tested it for you – have a read all about it here.
5. Get a £40 Asda voucher for half the price
MSE's handy hack gives Asda shoppers a £40 voucher.
To do this, start a mobile phone contract with Asda Mobile, which uses Vodafone's network.
You can get 5GB of data for £7 per month which, while it isn't the cheapest contract on the market, you'll receive a £40 Asda voucher with it when you renew for three months.
You don't even need to use the SIM, just cancel penalty-free, giving you a £40 voucher for just £21 in total.
6. Transfer your festive debt to a 0% card
While Martin Lewis tells readers to be careful not to get into debt over Christmas, it can be easy to do, even if it's a bit on a credit card here and there, and you can follow this tip to help pay it off.
Transfer the balance on a credit that is charging you monthly payments to a card that charges 0%.
Make sure you transfer the balance to a card that has a long enough 0% period for you to pay off the full balance, as the interest can hike up a fair bit after the set period.
And make sure you don't miss a monthly payment or you could use the 0%.
MSE's favourite deals are both from Barclaycard which offers up to 28 interest-free months.
Try the MSE eligibility calculator to see what you can get without it affecting your credit score.
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7. Cheapest bubbly on the market
NYE is coming up and if you're having a party (or just enjoying a night in), make sure you stock up on the cheapest bubbly out there.
For champagne, Sainsbury's is offering Pol Guyot Selection Champagne Brut for £10 for Nectar Card holders while Aldi is offering the best Prosecco deal with its Costellore Prosecco Spumante for £4.75.
8. See if you've been underpaid
Working shifts over the festive period? Check you've been paid correctly, MSE says.
If you're making minimum wage (or even a little more, sometimes) there are a few things to check to make sure you're getting the cash you deserve:
- If you have to pay for uniform, Santa suit or equipment, the cost shouldn't take you below the equivalent of minimum wage
- You should be paid for ALL working time including overtime, security checks, meetings, opening up, being on call, and so on – if you get less than minimum wage once all of these are factored in, you're owed money
- Tips and overtime must be on top of minimum wage – don't let your employer tell you otherwise!
9. Gift exchanges
Questionable gift from an aunt you only see once a year?
While you can't return gift items for cash (and stores have no obligation to), some stores will let you exchange an item without proof of purchase. You could also take store credit to spend another day.
Many stores will also have extended exchange periods over Christmas.
10. 2024 saving hack
Martin's 1p saving hack will get you £670 in your savings account in time for Christmas 2024.
Start on 1 January by adding 1p to your money pot or savings account, on the 2nd you'll add 2p. This continues every day of the year up until 31 December when you'll be adding £3.66.
By the end of the year, you'll have £670 saved up, and this can be done online too.
More financial help
OurCost of Living hubhas advice and explainers aboutbenefits and entitlements, budgeting and more.
You'll find articles about Cost of Living payments,the Household Support Fundand extra money you may be entitled to.
We also have even more tips and tricks fromMoney Saving Expert, Martin Lewis, and lots of advice on how to get some extra cash just after Christmas.
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