Mrs Mean Money Show

It is crunch time for millions of homeowners whose fixed rate mortgages expire this year.  They face much bigger monthly payments.
After 14 interest rate increases over the last two years, and no sign from the Bank of England that there will be a reduction any time soon, many are fearful they could lose their homes, and may be putting off finding out just how bad the news is. 
It may be scary, but anyone facing having to remortgage cannot start soon enough. And delaying could be catastrophically expensive.
Lenders will allow homebuyers to secure a mortgage interest rate six months before their existing loans expire. 
 Those not familiar with how mortgage payments are calculated may find the new payments, while higher, are not as frightening as they have feared.  
The earliest cut in interest rates is now expected in May and then may only be 0.25%.  10-year bond yields, which are the key influence on mortgage rates,  have risen in recent weeks and the best remortgage rates have been withdrawn. 
But if rates do fall sooner than expected homebuyers should be able to abandon their fixed offer and move to a better deal at no cost.   Of course, it is important to establish the rules of the "insurance" offer when you agree it. 
Starting early also gives you time to fix your household budget and maybe get  £7,500 tax-free help.




 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Succeeding in your A level exams is vital for the school students wanting to go to university this autumn.  But almost as important, as their studies, is working out how they will afford to live whilst they are at university. 
The government has increased maintenance loans for undergraduates by 2.5% for students going to university this autumn.  This comes after a 2.8% increase last year and two years of rapidly rising living costs.
Parents are not told how much they should contribute towards their children's living costs, but families with an income above £25,000 are on the hook for cash help even though their living costs have risen faster than their incomes.  
The threshold for parental contribution to student living costs has not been increased more than 15 years. 
This means that both parents and their children are likley to have difficulty funding university life.  
So now is the time to start for families to have honest conversations and  to work out how they will manage to fund university life without getting into debt.
   

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Tax returns have been filed so it is now time to find out if there is any money that HMRC owes you, and the quicker you are the more you might get. 
The current tax year ends on April 5 and if you make a claim before then for an allowance you should have then you may be able to backdate the claim to 2019.
And there is lots of money waiting for you to claim it.  
There are 2.1 million couples who are eligible for the married couples' allowance who have not claimed it.  They could be able to claim up to £1,256 and have it in their bank accounts in weeks.  
If you still have to work from home a tax rebate could be waiting for you.  If you need specialist tools or uniform for work then you might be able to get money from the tax office. 
Use your trading, property and savings allowances.   
Rent a Room out and pay no tax on the £7,500 you receive from your tenant. 
Make sure you claim the full  tax relief on any charitable donations and for pension contributions. 
We all need to get what we are due.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Insurance companies are competting to charge us more.   The average homes' insurance policy already cost 36% more this year than last, before storms Babet, Ciaran and Debi damaged thousands of homes  causing half a billion pounds worth of damage.   And then came the even more powerful  Henk.
While the insurance  companies will find reasons to increase our premiums we all need to make sure we do enough research to stop us being massively overcharged. 
 For two years the companies have been under instructions from the Financial Conduct Authority to treat existing customers fairly, and not to  charge them more than new customers.  
There is lots of evidence that they are not managing to do so yet.   This means that when your policy is due for renewal you need to make sure you are not overcharged.   Start your research early and never allow the company to auto renew. 
Just as important: do not accept their "easy terms."   Making monthly instalments can add 40% to the cost of the policy.  
Do not leave renewal to the last days of your existing policy.  The earlier you commit the cheaper the policy is likely to be.  Twenty-three days before the policy expires is the sweet spot.  
Mrs Mean wants you to be in control of the process and to pay less.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Banks make billions a year by charging borrowers lots and paying savers little.  Now with mortgage rates coming down as banks compete for customers savers have to be nimble if they are not going to lose out. Now is the time to find out whether you can get a better return on any savings you have. Banks are already reducing the interest they pay on deposits and have long paid little or nothing to customers with easy access to their money.  At the end of 2023 it was reported that £255 billion was sitting in seven million bank accounts that paid no interest at all.  It is time to make sure you do not have one of them. Benefit claimants can open a government-backed Help to Save Account that pays 50p for every £1 they save over four years. 
If you have less than £12,570 in income each year you may be able to earn £18,570 in savings without paying any tax. Meanwhile it is worth starting very small with a penny on day one, two pence on day two and at the end of 366 days you will have £671.61 ready to save more in 2025.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

We have been battling inflation all year and now retailers are trying to persuade us to spend whatever we have managed to save.
Everywhere we are being offered half price goods and even cheaper.
Before you are tempted you have tocheck whether the price cuts are as good as the stores say, and whether you need what is being offered.
It has been a tough year for retailers but we do not need to help them empty their warehouses of the goods they bought expecting to make big profits.
If you want to shop in the sales do your homework and make sure you are protected from fraudsters.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

New Year is an opportunity to get our finances under control. There is the quiet period after Christmas to review all our accounts and to work out if there is money to be saved.
More people are using cash to give themselves better control of their money.  It is much more difficult to overspend when the cash runs out and we notice every overspend.
It is tougher this year to balance budgets but there are quick wins for all of us if we check our bank accounts and credit cards.   
We also need to check if we are using all the apps and services that we are paying for.  
We have one advantage this New  Year  in that all employees and self employed will be getting a discount on their National Insurance premiums from January 6. Many more will get a pay rise in the New Year.
No budget can be sorted in one session.  Little and often is the way to make progress. 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Christmas is a tremendous financial strain each year, and it is probably worse this year as interest rates, food prices,  energy bills all challenge household budgets.  We all need to learn how to do more for less.
There are lots of ways of giving presents that cost nothing, and even more ways of raising extra cash in the next few weeks .
Banks are giving away up to £200 to customers who move their current accounts.  It should only take seven days.   Cashback schemes are slower, but can provide money for making a purchase that you always planned. 
Make sure you plan all your spending and that you get the cheapest price. You need to do research and should be proud of getting a good deal.  Nobody wants to be a sucker.
Retailers are as  desperate to sell as we are to find gifts that are good value.   Some people wait until the New Year sales in an attempt to get bargains.  
But less is more when it comes to Christmas.  Time together is worth a lot more than the latest toy or gadget.   Free is good.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Black Friday is a danger zone for anyone trying to live within their budgets.  Retailers want us to splurge on things we didn't know existed or that we wanted them.  Fraudsters also put in overtime to part us from our money. But if you do your research before the spending-fest there are bargains to be had as retailers battle to persuade us to buy.  
Retail sales have been reduced by bad and good weather and our reluctance to spend when our finances are stressed.
But price reductions are not always clear cut.  Without the Trade Descriptions Act to ensure that false claims about prices cannot be made we are on our own and need to research prices  using websites such as Pricerunner and PriceSpy.  Reviews can guide on what are the best buys.  Fake websites and dodgy emails can part you from your money. The average loss per shopper in the Black Friday and festive shopping season in 2021 was £1,000 per person according to the National Cyber Security Centre. 
Your credit card can protect you from loss.  Even more important is allowing yourself time to assess "bargains." If you are rushed the chances are it is not. 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Mrs Mean has been listening to your questions and  says you do not have to wait for the Government to provide a giveaway Autumn Statement or Budget.  You can save money on your energy bills straightaway and some two million couples are missing out on tax benefits for being married that could provide more than £1,000 in weeks.
Getting savings rates that are higher than the current inflation rate and making sure you do not pay too much tax is a must for those who have any spare cash. 
Answering listeners questions Mrs Mean also gives advice on avoiding fraud. Trust no one and do not allow yourself to be rushed. 
While lots of parents are facing big bills because they have fallen foul of Child Benefit rules Mrs Mean explains ways of avoiding the penalties and says it is time that the chancellor lifted the threshold that has  penalised parents earning £50,000 since 2013. 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

The incentives to buy an electric vehicle are gradually being removed and the cost of running them has risen.  It is not therefore surprising that the number of private buyers of electric cars fell by 14% in the year to September,  even before the government rolled back the deadline by five years  for the end to the sale of new petrol and diesel vehicles.
Those drivers who already have an EV and those thinking of buying one need to check out all the costs and be aware of what to avoid. 
The cost of insuring EVs rose by 72% in the last year and some companies have stopped covering any electric cars for the time being.  
Charging the vehicle in your own driveway or at work if the company offers free top ups is usually the best deal.   
Supermarkets have a plethora of charges and different chargers that take varying times to power your vehicle.  Your local Sainsbury may be free and a Waitrose charger may cost £16 for a 50% 40 minute fill.  
VAT on public chargers is charged at 20%.  At home it is 5% and the price per unit may be cheaper, and can be free if you have solar panels.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Renters are having it tougher than homebuyers to get a home, with more than 20 people asking to view properties as soon as  they are advertised, and rents increasing by inflation-busting amounts. 
Finding the right property, or one that is good enough, is just the start.  
It probably takes more work than buying a home because you do not have a solicitor or broker to help you.   
It means to get ahead of the other potential tenants you need to make yourself attractive.  You need a reference from your current landlord and your employer and from anyone else who will speak up for you.   
If you have not rented before landlords will want certainty that the rent will be paid. Offering six months' or a year's rent in advance is such a guarantee.  
While most potential tenants do not have that sort of money to hand parents may be able to offer a loan from the Bank of Mum and Dad who the tenant can then pay back each month instead of the landlord.   Or maybe they can guarantee your rent.
Some employers and colleges have relationships with letting agents, which may help their workers or students to get an early viewing.  
Check with every colleague you have what their housing status is.   Ask them if their landlords have any vacancies.   A recommendation from a good tenant puts you at the front of the queue. 
Being first to hear of a property also makes a big difference.  Email alerts from letting agencies help, but you need to act quickly.  
Make it a full time job if you can.  Make sure your referees are ready to reply to requests instantly.   Have copies of your last three pay slips to hand .
Dress to impress landlords and agents.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Online companies appear to set out to mislead customers about the prices they will charge  when we get to the checkout.  
Everyone knows that the flight price first offered is likely to be doubled by the time we pay.   Unfortunately many other companies are using the same trickery. 
The government is consulting on whether it needs to ban charging more than the initial price  by what it calls "drip pricing."
It will, no doubt, take a long time for legislation to be imposed until then lots of prices will  not be easy to understand or in many cases honest.
We should be able to ask for the cheapest price and be given it.  But too many service providers make us do all the hard work to find the best price.
Until the law changes we have to do our homework and check out prices if we do not want to be ripped off. 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Credit cards are charging historic rates of interest and they are also trying to find new customers to pay these rates, and possibly spend more than they should.   Beware.
As people struggle to pay their increased mortgages, rents, food and heating costs the card providers are offering extra credit almost daily.    
One offer I received told me I would get a decision in 60 seconds whether I had got the super new card or not.   Never be rushed with a financial decision and before you  make an application check out all the costs and details. 
The card being offered was expensive.  And remember if you make an application that information is available to the whole credit industry and may damage your credit profile.
Other offers received within days told me that I was 100% likely to get the new cards.  They are all tempting if you run out of cash every month.
Now is the time for a masterclass in how not to be caught out by companies offering cards that will add to your debts.  
You need to find out when you incur interest and how much it is.  How you can fall foul of the rules and incur penalties and big increases in your interest rate?
 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Motor insurance premiums are rising very fast, and unexpectedly for drivers who have made no claims or changes to their policies. Many  loyal customers are getting renewal notices for premiums that have more than doubled.
Insurance companies say this is because car repairs are much more costly and those of us who have not incurred any costs are expected to pick up the bill.
That is unless we act quickly, and firmly, by challenging our insurance provider to reduce the premium, and failing that, to find out what other insurers will charge.    
Companies are not supposed to charge loyal customers more than new ones, but personal research by Mrs Mean when her insurance premium was doubled showed that new customers are welcomed with competitive rate.   She found that she could quickly get a reduction of more than £200 by moving to a new insurer and a policy  that had extra features.
The quicker you check out the market the more you can save.  
Direct Line has agreed to pay £30m to loyal customers who have been overcharged.  There will be others. Make sure you do not pay too much.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

The energy price cap will fall again at the beginning of October, but will still be very high.  
 Meanwhile the nights are drawing in and lights are needed earlier.
Before it gets cold we need to look at how we can save money on heating, lighting and to cut our monthly direct debits.  
And maybe it is time to check out whether you would save money by fixing your energy tariff or to find out whether you can get a grant paid directly into your bank account to improve the insulation in your home.  Households can typically save £310 a year on energy bills.
Now is also the time to establish the rules for Christmas giving and to sell stuff you no longer need or use, to fund the festive season.  Leave it too late and January will be a very tough month.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Food shopping has got a lot more complicated as supermarkets offer us different discounts and extra points if we use their loyalty cards. It takes time to  get ready for a shopping trip, and once in the supermarket it can be  hard work to find the advertised deals on the shelves  and also to check whether it is really good value.
Mrs Mean has been analysing her weekly shops and believes that the loyalty schemes are designed to encourage us to buy market-leading brands and in-house premium products.  You can get some Aldi prices at Tesco and Sainsbury and other supermarkets are also price-matching, but the cheap groceries are often sold out when you shop.  
Take a little time and you may save more money than the shops want us to, and avoid the pricing confusion in the aisles.  Most importantly do not trust the stores.  Prices yo-yo up and down every week so the week after you buy some good value pasta sauce it is likely to cost you 70% more. 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Having your bank account frozen or closed can be very costly in financial terms, and damage your reputation and credit profile into the bargain. 
While Nigel Farage was able to get full attention when Coutts Bank told him it wanted to close his account, most customers are on their own, and may not even to be able to get through to someone at their bank who can help them. 
Banking legislation is intended to stop fraudsters and money launderers to use the banking systems, hundreds of thousands of bank customers fall foul of the algorithms used by banks to identify wrongdoing.  
We are largely creatures of habit so any unusual payment, in or out of our accounts,  may alert banks, but they do not ask customers about the unusual transactions. 
Banks are supposed to give customers 30 days' notice of a planned  closure, but they very rarely do. 
Often the first hint customers get that their bank account is not working is when a direct debit is not paid or a cash machine refuses to give you cash.  
This is the time for customers to check their accounts to see if anything has changed or if big sums have been banked and to tell the bank what the "suspicious" transaction really is.   It may be a maturing investment, an inheritance, the proceeds of a property sale, or gifts from a relative or friend to help out during the cost-of-living crisis.  
People taking on second jobs to pay their bills may also  be suspected of wrong doing.
The more evidence you can provide the sooner the account should be freed up. 
With luck the publicity about Mr Farage should help the thousands of other customers who find themselves locked out of their accounts every week.   

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Credit cards offer brilliant insurance for millions of us if we are ripped off when making purchases over £100.  The protection is offered by the Consumer Credit Act and it has forced banks and credit cards to pay customers billions of pounds when their flights were cancelled, retailers went into administration without providing what we have paid for, and for many other financial disappointments. 
But the protection provided under Section 75 of the Act is under threat.  The Treasury is proposing that we should be protected by the Financial Conduct Authority.
Under the current legislation anyone who gets less than they pay for, or nothing at all, have up to six years to claim under the  Consumer Credit Act.  First call is to the retailer or service provider, but under this legislation  credit card issuers and the retailer or service provider are jointly responsble to make sure we get what we pay for.  
But before anything goes wrong make sure you pay for £100+ purchases using a credit card to protect yourself.   You can just pay a deposit on the card for an item to get protection.  
Even if the legislation is diluted next year you will still have six years' protection if your purchase is not fit for purpose.   You also have the Financial Ombudsman on your side if the banks resist your claim.  
There is additional help for the users of debit cards, but this is voluntary and is only available for 120 days.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Motor insurance is stoking inflation in the UK if we allow it do so.   Data from Consumer Intelligence put the average motor policy increase at 34% in May and the Office of National Statistics said that motor policies were up 50% in the year to June.
These increases make it vital that no driver accepts an automatic renewal and that they all start to find the best deal a month out from their renewal date.  
You can save hundreds of pounds by renewing early.
Renewal quotes can rise enormously even when there have been no claims or incidents in the previous 12 months. This makes it all the more important to check the whole insurance market including the companies that are not on price comparison sites.  
Now is the time to cut insurance premiums  and help in the fight against inflation.

 

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com