Podcast Summary
LinkedIn: The Hidden Talent Pool, Olive and June: Affordable At-Home Manicures, Martin Lewis: Energy Savings and Rail Woes: LinkedIn is a valuable resource for finding professionals, especially passive job seekers. Olive and June offers affordable, long-lasting at-home manicures. Martin Lewis suggests taking advantage of energy price drops, asking for pay raises, and exploring bank account switching offers. Despite rail challenges, stay informed and proactive.
LinkedIn is an effective platform for hiring professionals, especially those who aren't actively looking for new jobs. It's like finding your car keys in a fish tank to look for talent elsewhere. With over 70% of LinkedIn users not visiting other leading job sites, it's essential to start your search there. Meanwhile, Olive and June offers an affordable and convenient solution for salon-quality manicures at home. Their mani system, which costs around $2 a manicure, is quick-drying, lasts for five days, and provides full coverage in one to two coats. In the world of savings, Martin Lewis advises taking advantage of the new energy price cap drop and exploring ways to pay even less for energy. He also discusses the importance of asking for a pay rise and shares information about free money available for switching bank accounts. However, his recent rail journey experience was less than satisfactory, leading to a viral post and media coverage. He encountered issues with a non-existent train, misinformation from the booking office, and a long queue at the station. Despite these challenges, he encourages listeners to stay informed and proactive when dealing with similar situations.
Traveling with inadequate facilities and overcrowding: Despite acknowledging overcrowding, train companies failed to address inadequate facilities, causing significant challenges for passengers, particularly those with disabilities.
I experienced extreme overcrowding on a train with inadequate facilities, leaving many passengers, including those with disabilities, facing significant challenges. Despite having a large crew traveling on different trains, some people were unable to board their assigned trains. Once on the train, I found myself in a packed carriage with no functioning toilet in my coach, forcing me to navigate through hundreds of passengers to reach the only available one. The situation was frustrating, ludicrous, and degrading, and when I shared my experience on social media, I was met with an outpouring of similar stories from other travelers. The lack of adequate facilities and overcrowding on the train was a significant issue, particularly for those with disabilities, and I believe it may have breached the Equality Act. The train company acknowledged the overcrowding but did not address the issue of the inadequate number of toilets, leaving many passengers facing uncomfortable and challenging situations during their journeys.
Using social media to bring attention to infrastructure issues: Frustrating experiences on trains can lead to widespread attention and demand for improvements through social media. It's crucial to raise awareness and ask political candidates about their plans to address infrastructure problems during elections.
When faced with frustrating experiences, such as overcrowded trains, individuals have the power to use their platforms, whether it's social media or direct interaction, to bring attention to issues and make them electoral matters. The speaker's tweet about a dehumanizing train experience gained massive attention, leading to thousands of responses and likes. The issue of infrastructure problems, particularly rail travel, was raised as a concern. The speaker encouraged everyone to ask political candidates about their plans to address these issues during elections. The speaker's experience was not an isolated incident, and many people regularly face similar challenges. The speaker emphasized that it's essential to raise awareness and demand improvements, as the current situation is not acceptable, and the rail network should provide swift, efficient, and clean services, not reminiscent of the 19th century or developing countries. The speaker also acknowledged that overcrowding is inevitable due to planned works but emphasized the need for addressing the systemic structural problems of the railway infrastructure and management.
Energy price cap to drop significantly in April: Consumers on British Gas's standard tariff could save substantially on energy bills due to a predicted 15% decrease in the energy price cap. Alternatively, British Gas's price promise tariff offers a fixed rate until June 2024, securing energy costs for over a year.
The energy price cap is set to drop significantly in April, with predictions suggesting a 15% decrease. This means that consumers, including those on British Gas's standard tariff, could potentially save a substantial amount on their energy bills. However, it's important to note that this is based on predictions and the actual figure may vary. Another option for those looking to secure their energy costs is the British Gas price promise tariff, which is currently 12% cheaper on average than current prices and is fixed until June 2024. While this isn't as large a saving as the predicted drop in the price cap, it offers the security of a fixed rate for over a year. Ultimately, the best option depends on individual circumstances and risk tolerance. The energy price cap is assessed every three months, with the next assessment period ending in February and the new cap expected to be announced on April 1. It's important for consumers to keep an eye on energy market trends and consider their options carefully to ensure they're getting the best deal for their energy needs.
Price Certainty vs Potential Savings with Energy Tariffs: Consumers must choose between price certainty and potential savings when selecting an energy tariff. Fixed tariffs offer peace of mind but come with exit penalties, while variable tariffs allow for potential savings but track the market rate.
Consumers are faced with a decision between price certainty and potential savings when it comes to energy tariffs. British Gas is offering a fixed price that is predicted to be 15% cheaper than the market rate in April, but it comes with an exit penalty. Alternatively, EON Next Pledge offers a variable tariff that is 3% cheaper than the price cap, which tracks the price cap's movements. The difference between the two tariffs is around 5%, and consumers must weigh the peace of mind of price certainty against the potential savings from a variable tariff. The choice ultimately depends on individual risk tolerance and financial situation. Another competitor, Outfox the Market, offers a no-exit penalty fix that is 14% cheaper than the market rate, but without the price certainty of a fixed tariff. Consumers should carefully consider their options and potential savings before making a decision.
Variable vs Fixed Tariffs and Standing Charges: Variable tariffs offer potential savings but disproportionately affect lower users due to standing charges, a constant fee. Regulators are reviewing this issue, but coordination between energy regulation and social welfare policies is needed to protect vulnerable consumers.
Energy consumers are faced with a choice between variable tariffs that allow them to ride the market and potentially save money, or fixed tariffs that offer price certainty. However, the discussion also highlighted the issue of standing charges on energy bills, which some call a "poll tax," as they are a constant fee regardless of usage. These charges disproportionately affect lower users and can discourage energy conservation. The regulator, Ofgem, is currently reviewing this issue, but the concern is that any reduction in standing charges could lead to higher unit costs for vulnerable higher users. A joined-up approach between energy regulation and social welfare policies is needed to address this moral hazard and protect vulnerable consumers. Despite efforts from regulators and advocates, the lack of coordination between different government departments has made it challenging to implement effective solutions.
The UK energy market's complexities and uncertainties make it challenging for consumers to make informed decisions: Stay informed, consider energy usage patterns and budgets carefully when choosing tariffs, and wait for price cap drops to take advantage of lower prices
The energy market in the UK is broken, with a lack of competition, high standing charges, and a significant number of smart meters not functioning properly. This, along with the uncertainty surrounding the timing and extent of price hikes, makes it challenging for consumers to make informed decisions about their energy usage and tariffs. For those considering the switch to an electric vehicle (EV), the advice is to wait for the price cap to drop before fixing a tariff. Once the EV is acquired and energy usage patterns are understood, a specific EV tariff may be a more cost-effective option. Octopus Energy offers agile or tracking tariffs, which have been significantly cheaper than the price cap for the past few months, but come with the risk of higher prices if wholesale rates rise. In summary, the energy market's complexities and uncertainties make it essential for consumers to stay informed and consider their energy usage patterns and budgets carefully when making decisions about tariffs. The predicted price cap drop on April 1 may offer an opportunity for those considering a switch to take advantage of lower prices.
Weighing Certainty vs. Savings with Energy Prices: Consider the value of price certainty against potential savings from variable pricing for energy. Don't fix at a small percentage difference, but if significantly cheaper, it could be a good option. In work, advocate for desired pay and make raises difficult for bosses to refuse.
When considering whether to fix energy prices or stay on a variable rate, it's essential to weigh the value of certainty against the potential savings from variable pricing. The expert warns against fixing at a rate that's only a small percentage cheaper than the current price, as the prediction is that the price cap will be significantly cheaper in the future. However, if a fix is significantly cheaper, it could be a good option. In the context of pay rises, the expert suggests that employees should not be afraid to ask for what they believe they deserve, even if they're not the most experienced member of their team. Additionally, business owners should consider making salary increases difficult for their bosses to refuse, as valued employees are often rewarded with raises. Ultimately, the idea that everyone gets a pay rise when they deserve it doesn't always hold true, and it's important to advocate for oneself to secure the compensation deserved.
Women's Fear of Asking for Raises Contributes to Gender Pay Gap: Women should ask for pay raises if they believe they deserve them, justifying their request based on job responsibilities. Employers consider recruitment costs when deciding on raises, so asking can impact retention.
Women are less likely to ask for pay raises than men, leading to a potential gender pay gap. According to the speaker's experience, this issue can be attributed to the fear of disrupting the status quo or not wanting to "rock the boat." Employers, on the other hand, consider the cost of recruiting new employees when someone asks for a raise, which can crystallize their thought process about whether to keep the employee or not. The speaker emphasizes that if individuals feel they deserve a pay rise, they should ask for it politely and justify their request based on their job description and responsibilities. Lastly, checking your credit file or credit score does not impact your credit worthiness, but rather provides you with valuable information about your credit history.
Checking your credit file with soft searches: Soft searches don't impact creditworthiness, check files for errors, hard searches affect ability to obtain credit
Checking your credit file, also known as a soft search, does not negatively impact your future creditworthiness. However, it's essential to differentiate between soft and hard searches on your credit file. Soft searches, which are indicative searches, do not affect your credit score and can be performed as many times as you like. On the other hand, hard searches, which are associated with applications for credit or other financial products, can have a negative impact on your ability to obtain credit in the future if there are too many in a short period. It's recommended to check your credit file from TransUnion, Experian, and Equifax at least once a year for free to ensure accuracy and address any errors. Additionally, bank switching offers are back, providing incentives such as cash bonuses for switching banks. Always check eligibility and consider the qualifying criteria before making the switch.
Negotiating better compensation and finding cheap coach tickets: Individuals have the power to negotiate for better pay or leave for a better offer, while affordable coach tickets offer budget travel options
Individuals have the power to negotiate for better compensation in their jobs, whether it be through asking for a pay rise or moving to a new role. Recurring payments for subscriptions or services need to be transferred manually when switching banks. An unexpected find is the availability of extremely cheap coach tickets from Megabus, with fares as low as £2 for cross-country travel. While negotiating for a pay rise can be a lengthy process, it's essential to remember that employees don't owe their employers undue loyalty and should consider their job market before making a decision. Some individuals have reported success in asking for pay rises after being underpaid or feeling undervalued, while others have found that leaving and securing a new role with a better salary was the best option. Ultimately, being proactive and advocating for yourself financially can lead to significant improvements in your financial situation.
Consider the value of your time and the Martin Lewis podcast: If you're not enjoying the podcast, consider other resources. Share if you like it and double-check offers.
If you're listening to the Martin Lewis podcast and not enjoying it, consider why you're still tuning in. Your time is valuable, and there are plenty of other resources available for saving money, such as MoneySavingExpert.com or other consumer and price comparison websites. If you have enjoyed the podcast, Martin encourages you to share it with your friends and come back for more episodes. During the episode, Martin discussed various money-saving tips, including the availability of short-term health insurance plans and affordable high-end goods from Quince. He also reminded listeners to double-check offers and rates mentioned in the podcast if listening on demand. Finally, Martin shared an interesting fact about crocodiles and their inability to stick out their tongues.
