Podcast Summary
Start your weight loss journey with ease and save on bills: Easily access weight loss meds online and save on mobile/broadband bills by shopping around
It's important to address your health and financial needs in a timely and cost-effective manner. For health, PlushCare offers online access to board certified physicians who can prescribe weight loss medications, making it easier and faster to start your weight loss journey. For finances, Martin Lewis advises against overpaying for mobile and broadband services, suggesting that people can save significant amounts by shopping around for better deals. Additionally, the self assessment tax deadline of January 31st should not be overlooked, as failing to file on time can result in fines and interest payments.
Complete your tax return promptly to avoid fines: Ignoring your tax return won't make it go away, complete it as soon as possible to minimize penalties and interest charges. Seek help if needed and be aware of potential mid-contract price rises for bills.
If you have not yet completed your self-assessment tax return, it's crucial to prioritize and complete it as soon as possible. Paying some now, even if it's an estimate, is better than waiting and facing potential fines and interest charges. Admin anxiety can make the task seem overwhelming, but ignoring it won't make it go away. Consider seeking help from a tax professional or using available tools to make the process smoother. Additionally, be aware of mid-contract price rises for mobile and broadband bills, which can be inflationary and anti-competitive. Prepare for these increases and explore options for reducing your bills, such as negotiating with your provider or switching to a more affordable plan.
Shopping around saves money on mobile and broadband: Switching providers can save up to £744 annually, with many people overpaying for out-of-contract plans and hidden handset charges
Consumers can save significant amounts of money by shopping around for better deals on their mobile phone and broadband services. For instance, a viewer named Andy saved £744 a year by switching from EE to a £12 a month SIM. This savings is possible because millions of people are out of contract on their mobile and broadband plans and are free to move. Moreover, many people continue to pay for handsets even after they have been fully paid off, which is essentially a form of hidden charge. The consumer's job is to be proactive and find better deals, while the companies' job is to make money. If you pay more than £7 a month for your mobile phone tariff, it might be worth reconsidering your plan. Remember, the best deals are often found through comparison sites rather than directly from the service providers.
Switch to a cheaper mobile phone provider while keeping your current network signal: Check contract status, compare deals on a comparison site, haggle with current provider, or switch to save on mobile phone bill
If you're looking to save money on your mobile phone bill, consider switching to a cheaper provider while keeping your current network signal. Here are the steps to do so: 1. Check if you're out of contract by texting "INFO" to 85075. If you're unsure, and it's been over two years since you last reviewed your mobile phone tariff, you're likely out of contract. 2. Go to a comparison site and input the amount of data you use and your preferred network signal. Do not deal directly with providers as they may not offer the best deals. 3. Once you've found the best deal, take it to your current provider and haggle for a better price. If they don't offer a satisfactory deal, contact their customer retentions team. 4. If you want to keep your phone number, text "PAC" to 65075 to receive a Porting Authorization Code, which you can provide to your new provider to transfer your number. 5. Consider the benefits of haggling versus simply switching providers, as the latter may result in a retention offer from your current provider. It's important to note that Vodafone, Three, and EE are the only networks in the UK with their own infrastructure, while all other networks piggyback on their signals. By following these steps, you can find the cheapest provider on your preferred network and potentially save a significant amount of money on your mobile phone bill.
Martin Lewis campaigns for regulatory changes to prevent energy price hikes above inflation: Martin Lewis advocates for regulatory changes to limit energy price increases to inflation, gaining public support due to widespread antipathy towards energy companies and the need for consumer protection during industry crises
Martin Lewis, the consumer champion, is advocating for regulatory changes to prevent energy companies from raising prices significantly above inflation. He's lobbying for the Competition and Markets Authority to have the jurisdiction to cap price increases at inflation. Martin hasn't received any direct communications from the energy industry regarding his campaign against above-inflation price rises. During the energy crisis, Martin brought energy retailers together, but the focus was on the profitability issues in the industry rather than specific price criticisms. Martin's campaign gained public support due to the widespread antipathy towards energy companies. The energy crisis highlighted how many companies went bankrupt due to losses, emphasizing the need for regulatory intervention to protect consumers from excessive price increases.
Is it cheaper to buy a phone with a contract or outright?: Contracts can be cheaper than buying a phone outright and a SIM-only package, especially with cheap deals from resellers. Compare total costs and consider added benefits.
Combining a phone and tariff charges through contracts can now be cheaper than buying a phone outright and getting a SIM-only package, despite the common belief that buying a phone outright is the more cost-effective option. This shift has become more prevalent in recent years, particularly with the emergence of very cheap deals offered by resellers. To determine the best option for yourself, it's recommended to compare the total cost of the handset and the contract over the contract period, factoring in any additional perks or discounts. If the contract cost is within 5% of the handset cost, the added benefits of the contract, such as minutes, texts, and data, can make it the more affordable choice. However, it's important to note that these savings are typically found with the cheapest deals and not with normal offers. If you're considering changing providers mid-contract, it may not be possible, and it can be a complicated process. But if you find yourself in a situation where your signal no longer works or you're unhappy with your current service, it's worth exploring your options and negotiating with your current provider to see if they can match or beat the competition.
Save on broadband bills with deals, social tariffs, and haggling: Consider deals, social tariffs, haggle for better prices, and switch to free email services to save significantly on broadband bills, potentially hundreds of pounds annually
Consumers can save significantly on their broadband bills by asking for better deals, considering broadband-only plans, and being aware of social tariffs. Many people are unaware that they can drop their landline and still have internet access, leading to substantial savings. Broadband-only deals are starting to become more common, and social tariffs, which can cost as little as £12 a month, are widely available but under-promoted. Additionally, haggling is crucial when dealing with digital TV packages. Be sure to audit your channels and negotiate for a better price. Another tip is to avoid letting broadband providers hold you hostage with emails linked to your account. Instead, consider using a free email service like Gmail or Hotmail. With these strategies, consumers can potentially save hundreds of pounds annually on their broadband bills.
Identifying Wi-Fi vs Broadband Issues and Saving on Gas: Test Wi-Fi speed with an ethernet cable, switch broadband providers for better deals, visit gas stations early for more fuel, and negotiate prices strategically.
When it comes to broadband and Wi-Fi, it's essential to understand the difference between slow internet connection caused by broadband or Wi-Fi issues. To test this, conduct a speed test on Wi-Fi and then directly plug your device into the router using an ethernet cable. If there's a significant difference, the problem might be with your Wi-Fi router's positioning or quality. Additionally, broadband switching usually takes only a couple of hours, but be aware that the process might take longer when switching to or from certain providers like Virgin. Another essential tip is to visit the gas station early in the morning or late at night when it's cold to get more fuel for the same price due to the higher density of colder fuel. Lastly, when negotiating prices, remain silent after being given a price, as the salesperson might try to improve their offer to break the awkwardness. Timing is also crucial, as sellers who are close to their monthly bonus or quota might be more willing to offer better deals.
Hidden costs of credit card cash withdrawals: Be aware of the potential costs of credit card cash withdrawals and plan accordingly to avoid unexpected fees
In the business world, waiting to make large purchases or transactions until the end of a quarter or year can lead to better deals. However, there's an important caveat: cash withdrawals made with a credit card, even if paid off in full, can result in interest charges. This is a common misconception, as most credit card interest applies to unpaid balances. But when it comes to cash withdrawals, the interest starts accruing as soon as the cash is withdrawn. It's essential to be aware of this hidden cost and plan accordingly. In the story, Arne Hao, a radio DJ, was so excited to meet his musical idol, Joe Dolce, that he paid £500 for a selfie. However, he was tricked by a look-alike. The anecdote was a fun way to introduce the topic of credit card cash withdrawals and the unexpected costs they can bring. When Nehal withdrew £500 from an ATM, he assumed he wouldn't be charged interest because he paid it off in full that month. However, most credit cards charge interest on cash withdrawals, regardless of whether they're paid off in full or not. This is a common mistake that many people make, and it's crucial to be aware of the potential costs before making a cash withdrawal. So, the key takeaway is to be aware of the hidden costs of credit card cash withdrawals and plan accordingly. Waiting for the end of a quarter or year to make large purchases can lead to better deals, but it's essential to be mindful of the potential costs associated with credit card cash withdrawals.
Credit card cash withdrawals and taxes: Be aware of the risks and costs: Regularly withdrawing cash on a credit card can lead to high interest rates, potential mortgage issues, and damage to credit scores. Self-assessment for taxes can be complicated, especially for simple tax affairs, and be aware of the Higher Income Child Benefit Charge.
When it comes to using credit cards to withdraw cash, especially before making a major application like a mortgage, it's important to be aware of the potential risks and costs. While it might seem convenient or even cost-effective in some cases, such as using a specialist card overseas, regularly withdrawing cash on a credit card can have negative consequences. These include a high interest rate, potential impact on mortgage underwriting, and damage to your credit score. Additionally, the longer you sit with a salesperson while they try to secure a better deal, the more likely you are to buy a car, but it's also worth noting that they might just be making a cup of tea or talking to their colleagues. In the realm of taxes, self-assessment can be a hassle, especially for those with simple tax affairs, and the system could benefit from a more streamlined approach. Furthermore, be aware of the Higher Income Child Benefit Charge, which can reduce the effective income gain for high earners and require a self-assessment form to be filled out.
UK Tax Implications for Savings and Pension Contributions: Higher taxpayers face tax on savings interest above £500, but get tax relief on pension contributions at the same rate.
Taxpayers in the UK, especially those in higher tax brackets, need to be aware of the tax implications of their savings and pension contributions. The tax man made an error in favor of one listener, but the process of rectifying it has been lengthy. For higher taxpayers, the personal savings allowance is only £500, meaning any interest earned above that amount will be taxed at 40%. However, good news for those making extra pension contributions - they will receive tax relief at the same rate. An anonymous listener shares advice on submitting tax returns promptly if owed, but delaying if owing. Regarding energy prices, it's currently recommended not to fix due to predicted drops in the price cap, with prices potentially being 20% less than current levels over the next year.
Understanding Energy Price Caps and Savings Strategies: Stay informed on energy price caps, negotiate effectively, and rotate purchases to save money.
The current energy price caps are predicted to decrease by around 12.5%, but the cheapest fixed deals are only 9% cheaper. Moreover, there's a tariff called EON next pledge that is the price cap but 3% cheaper. So, if you factor that in, you could save up to 15.5% by choosing this tariff. Jack Aitken's sales tip suggests negotiating subtly by taking someone with you and making an unsure face to get a discount. Another effective strategy is to stay silent and let the salesperson fill the gap with their best offer. Lastly, Paula Scabbing's tip is to rotate your purchases. This means buying items when they're at their cheapest or on sale to maximize savings. In conclusion, being aware of energy price trends, negotiating effectively, and rotating purchases can help consumers save money.
Being informed and strategic leads to better deals and outcomes: Understand seller payment structures, set clear expectations, ask for discounts, be prepared, and stay informed to negotiate effectively and achieve better deals and outcomes
Being informed and strategic in various situations, from shopping for produce to complaining to a company or buying a house, can lead to better deals and outcomes. Paul Seaman suggests understanding how sellers are paid to negotiate effectively. Diane Gail advises setting clear expectations when complaining and knowing what you want. Julia Casper recommends asking for discounts on postage when buying multiple items. James Jalali suggests being prepared with mortgage and solicitor details when buying a house. Rachel Schalgoski warns against assuming cash is the best option when buying a car. Additionally, I recently wrote a letter to the chancellor about four major issues, and during a podcast appearance, I discussed my response with Nihao Arulampalam. Overall, being informed and strategic can lead to significant savings and better results.
Child Benefit System Penalizes Single Earners: The current child benefit system unfairly penalizes single earners earning more than £50,000 while couples with similar or higher incomes continue to receive it. If in charge, the speaker would increase the threshold to make it fairer, which would cost relatively little.
The current child benefit system in the UK is unfair and penalizes single earners who earn more than £50,000, while couples earning similar or even higher incomes continue to receive the benefit. This issue was highlighted in a letter read to the chancellor about a family who tragically lost a second income and now faces having to repay child benefit. The chancellor acknowledged the structural unfairness but did not propose any immediate changes. This issue affects a larger number of people now than it did when the limit was last increased in 2013. If the speaker were in charge, they would suggest increasing the threshold to make it fairer, which would cost relatively little compared to other government expenditures. The recognition and resolution of this unfairness could be popular among voters. The speaker's team had not done the exact numbers on the cost to the treasury but believed it would be relatively small. This issue impacts families in the squeezed middle bracket, particularly those who are single earners.
First-time homebuyers face penalties for saving too much: The current ISA scheme for first-time homebuyers unfairly penalizes those who have saved enough for a home due to a cap on property value and a 25% penalty on excess savings
The current ISA scheme for first-time homebuyers, specifically the Lifetime ISA, is unfairly penalizing young people who have saved up for their first property. The scheme, which encourages saving for a first home by adding a 25% bonus to the savings, has a cap on the maximum property value that can be purchased with the bonus. However, house prices have significantly increased since the cap was set in 2017, leaving many first-time buyers unable to use their savings due to the cap. Additionally, if a buyer's desired property value exceeds the cap, they not only lose the government bonus but also face a 25% penalty on their savings. This penalty is intended to deter abuse of the system, but it unfairly affects those who are following the rules and trying to buy their first home. The solution would be to either upgrade the cap or reduce the penalty percentage to ensure that first-time buyers can still use their savings to purchase a home, regardless of its value. Another issue mentioned is the above-inflation price hikes in phone and broadcast contracts, which can lead to a vicious cycle of increasing prices. The proposed solution is to shift from percentage-based price hikes to clear, mid-contract price hikes in pounds and pence.
Impact of real term cuts on student living costs: Real term cuts to student maintenance loans and rising essential service prices hinder social mobility and equality, urging action from the government to address these issues
The cost of living for students, particularly those from lower income backgrounds, is being significantly impacted by real term cuts to maintenance loans, while prices for essential services like mobile and broadband continue to rise above inflation. This situation not only hinders social mobility but also equality in the country. The speaker, Martin Lewis, has written to the Chancellor asking for student maintenance loans to be linked to inflation and for the Competition and Markets Authority to investigate price hikes in the telecoms industry. While changes to the Lifetime ISA and child benefits are expected in the upcoming budget, the chances of any action being taken regarding student living loans are low. It's crucial that we address these issues to ensure that students from all backgrounds have the opportunity to afford a decent standard of living while pursuing their education.
Learning about money saving resources and affordable insurance options: Explore Money Saving Expert for deals and tips, check short-term insurance from UnitedHealthcare, and consider budget-friendly fashion from Quince
There are various resources available to help consumers save money and make informed decisions, such as Martin Lewis' Money Saving Expert website and podcast. It's important to note that offers and rates mentioned in podcasts may change over time, so it's essential to double-check before taking action. Additionally, there are options for short-term health insurance plans, like those offered by UnitedHealthcare, which can provide flexible and budget-friendly coverage for individuals in transition periods. Lastly, Quince is a fashion brand that offers high-quality essentials at affordable prices while prioritizing ethical and responsible manufacturing.
