Afleveringen
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First time home buyers are in a race to get their first home before stamp duty increases in April. These could cost thousands extra.
It is not surprising that many buyers will not be able to make it onto the property ladder without help from their families. Almost £10 billion was given by parents, grandparents and even brothers and sisters to help buyers to get their deposits together last year.
The average first time buyer is now more than 30 and has to find £30,200 for a deposit. Many parents cannot afford to make such generous gifts, but they may be able to help with a family offset mortgage, or provide free lodgings while their children are saving. They may also be able to act as guarantor without putting money forward.
Shared ownership may be another option. Buying at auction can give access to bargains, but it needs lots of research.
There is not much time, and estate agents are already reporting that more people looking for a new home.
Good luck.
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Millions of pounds in unclaimed prizes is up for grabs, and savers have lost contact with billions more.
Now is the time to find out whether any of it has your name or number on it.
For starters nearly 2.5 million Premium Bond prizes worth more than £90 million remain unclaimed. The vast majority are £25 prizes with more than 1.75m not claimed. More exciting are the six £100,000 prizes and nine £50,000 prizes.
Some of the prizes date back more than 60 years.
You have less time to claim National Lottery prizes when you buy a ticket and forget to check it. If you still have the ticket you have up to 180 days and if you have misplaced it only 30 days. But there are surprisingly big prizes that have not been claimed.
More importantly there is billions of pounds in dormant savings accounts, pension funds, insurance policies and other investments.
It is time to make sure that you have not lost contact with all your pension pots. We work for an average of 11 different organisations during our careers and every time we change address we risk losing touch with money invested for our retirement.
Every home has items that are no longer being used or worn that can be sold. eBay, Vinted, Music Magpie, We Buy Any Books and many more can help us to cash in. It is time to make our own luck.
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Zijn er afleveringen die ontbreken?
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There is never time to relax when it comes to making sure you do not pay more than you should. The New Year is no exception and there are financial traps for the unwary that can cost hundreds of pounds.
HMRC expects to make £1.2bn next year from late payment interest from taxpayers. Lots of us will be fined £100 for not filling out annual tax forms before January 31 and much more if they do not get round to it the following months - even if no tax was owed.
More importantly some two million couples are missing out on the marriage allowance that is worth £252 a year that can be backdated to 2020.
Water bills are set to rise in April but there is time to save money by opting for a water meter and to check what free water-saving kit your water company is offering.
Council tax will also increase in April, but many households are paying too much.
Zero interest credit cards can also save lots of money so long as payments are made on time and in full.
It is time to act.
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Shopping is no longer fun. It is hard work to make sure you do not pay too much or get misled into buying things you do not need or want.
Loyalty prices add to the complications and are unfair to shoppers without smart phones or a loyalty card.
Comparing prices should be easy but stores choose to provide inaccurate unit information that is difficult to compare.
We need to take a list, plan our meals, check all prices are what they seem.
Money can be saved and it is very satisfying to find the best value in a packet on the bottom shelf of your supermarket.
Keep space in your freezer for items on their last day that have yellow stickers cutting the prices. Think about cashback and bulk buying.
Put yourself back in control of your shopping.
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We are being beseiged with Black Friday offers everywhere we look. Most of them do not deliver what they promise. But if there is something you need or really, really want make sure you do your research to make sure you are not scammed, charged too much, or sold something that is not worth what you are paying.
While you are doing the research you can also prep by selling some of the items in your wardrobe, spare room, kitchen or garage that you no longer need or like. It is easier than ever before to sell old clothes, toys, kitchen equipment and earn much more to fund new purchases.
Fraud increases during the Black Friday big sell. Pay with your credit card to protect yourself and remember if the price seems to be good to be true the item either does not exist or is not as described.
And remember if you do not buy anything during the extended Black Friday sales you have savedc 100%.
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The pandemic and cost-of-living crisis have caused many people to make very difficult decisions about their spending to be able to keep within their stretched budgets. But an alarming number of workers need to look at their spending again if they are to avoid a poor old age.
Up to 25% of workers stopped paying into their pensions to increase their take home pay, according to one survey. This also had the effect of saving their employers money as well.
Times are still hard. But as the state pension is the worst in the developed world, workers need to invest for their old age and to make sure they do not miss out on their employers' pension contributions and the generous tax relief available.
Pensions are a key part of our wage packages and many companies will help employees to catch up with their pension pots. In just the same way as employers pay employees different rates of pay they may pay more into individual pensions as this helps to keep the beneficiaries loyal. If you don't ask you don't get.
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It has never been more important to make our money go further. Inflation may have reduced, but we are still paying a lot more for our food,energy and homes.
One way open to us all to make money is to sell stuff. It may be old clothes, old books, games, tech toys, kitchen equipment, in fact anything you have finished with.
Remember we typically wear less than half the clothes we own. We have wardrobes, chests of drawers, and rooms full of items that could boost your bank balance.
Every household has stuff that can be sold.
It is straightfoward to set up as an online seller, and surprisingly addictive. There are no selling costs with most sales, and there should be no tax to pay either.
Selling can make a big difference to our family budgets and as a bonus make space in our cluttered homes.
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Fraud is an increasing problem in the UK made worse by the closure of thousands of bank branches. Banks are now required to pay compensation up to £85,000 within five days when criminals defraud their customers.
But as banks try to reduce their potential compensation bills it is becoming more difficult to make bank transfers and open new accounts, especially if your bank has closed the local branch.
It may be worth opening a second bank account that gives you local access to your money and the help of banking staff.
Mobile phones, internet businesses, social media and the way we shop online make it easier for criminals, and the banks on the hook for our fraudulent losses are upping their game in providing information about what to watch out for.
Essentially we should trust no one especially if they call on your land line, sound friendly and say they are from your bank; and never allow yourself to be rushed to make a payment.
My bank has twice got in the way of transactions I wanted to make. It was annoying at the time but if the deals had been dodgy they would have saved me from being defrauded before compensation became compulsory.
We need to make sure we understand the rules that our banks impose on interbank transactions before we have to make a transfer. If possible visit a bank branch.
If you are making a payment to a new payee then send a small amount as a test transfer. Read the small print when buying online.
It is also important to tell actionfraud.police.uk if your are defrauded. It may help them to warn others of a new danger.
Most importantly taking time may save you from repenting at leisure.
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Supermarkets make it difficult for us to get the best value for our money. They game us with their loyalty cards, special prices, extra points, yo-yo pricing and price matching.
The last quarter of the year is the most profitable for them.
We all need to work hard to make sure we are not made fools of by attractive displays, misleading prices and two tier pricing.
Shopping takes a little longer, but you can save a lot more by checking prices and trying own and basic brands than you will by being seduced by the loyalty card prices.
And you will soon see the patterns of when prices are increased. Big shopping baskets at the end of the month are likely to be more expensive than mid month because shoppers are less price conscious when they have just been paid, and the stores know it.
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The way we work has changed in recent years and employees are set to get more opportunities to make work work for them and their families.
Compressed four-day weeks will give employees the chance to complete a full working week in four days and continue to earn their full salaries. They will also be able to save big money as they are more productive for their employers.
Working from home saves big on travel costs and a four-day week allows parents to cut their child care costs by thousands of pounds a year as well as cutting commuting costs.
You may also be able to claim the cost of working from home from your employer or HMRC.
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Our finances have never been so sorely tested. Energy bills are increasing so are water bills and tax is also a worry among Mrs Mean listeners.
But that does not mean we have to accept the bad news without fighting back. There are lots of tips to save money on energy and water bills. Now is the time to check them out. Those trying to improve their financial positions also need to make sure that side hustles do not increase their tax bills.
New rules announced at the beginning of the year for people selling stuff on websites such as eBay, Vinted and Depop will increase the admin for the apps and websites but should not incur tax bills for most users. Check out the details and keep records to keep yourself safe.
Taking a lodger can also rescue a stressed family budget with £7,500 a year rent without incurring a tax bill, as lots of students and people starting their first jobs need better value accommodation than offered by private landlords.
Listen and save money.
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Student finances are even tougher this year for those starting their university courses, as maintenance loans are just 2.5% higher than last year, even though rents and other costs are increasing far faster than the cash help. The average maintenace loan is just £6,116 less than the average rent.
And to make matters worse the financial help offered by the Students Loans Company has been reduced for students whose parents have a household income of £25,000 or more since 2008.
Many parents with higher salaries will still struggle to help with the living costs of their children as their household finances are strained by higher mortgage rates, energy and food costs. Many parents are also not clear just how much they are expected to contribute to their children's living costs.
It is not surprising that more than half of students have to find a job.
We look at university living costs, the financial help available, getting a job, other ways of raising money and getting a guarantor for rental properties.
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Cash is making a comeback. The cost of living crisis means that millions of people have to watch every penny and cannot afford to get carried away with credit cards or contactless ones.
The number of people using cash for day-to-day spending is at a four-year high and cash is used for 12% of all transactions. It gives greater control of our money and does not fool us into thinking we have more money than we do.
Supermarket shopping may take a little longer using cash and sticking to a budget but it is satsifying to cut grocery bills. You can also cut food waste if you plan for meals rather than buying the same things every week and throwing quite a bit when it goes off.
There is new help in keeping cash in our wallets. After 6,000 bank branches closing in recent years banks are being required not to close any more from next year without making sure that local people will still have access to cash.
Now is the time to avoid "card only" retailers and tell them why.
Cash can allow you to treat yourself and may mean that your money does not run out before the month does.
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The world gets faster but it can make us very vulnerable as scammers and the unscrupulous, trick us into making decisions too quickly. The banks are not always helpful if customers are defrauded.
It is not only the elderly who are at risk. We all have to make sure we do not click on links, open attachments or accept phone calls from unknown senders.
Busy people are probably the most vulnerable as they do not allow time to check things out.
Just as dangerous are the friendly faces of stage and screen who encourage us to put our savings in special accounts or to take advantage of crypto currencies for the first time. These trustworthy faces are anything but. The celebrities know nothing about the investments being advertised their faces are being used by criminals to get us to trust them with our money.
And once you have sent them your money it will disappear - probably out of the country - and in many cases the victims do not realise for years that they have been defrauded.
Every time we check our emails we are in danger if we allow ourselves to be rushed.
When we make holiday bookings we need to be just as careful as there are lots of criminals trying to tempt holidaymakers with super accommodation at bargain prices. Take time to do your research and protect yourself.
Parking your car can also be a battleground with criminals and while supermarkets are not run by criminals they are not as open and honest as they used to be.
Just take time to keep yourself and your money safe.
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Home insurance bills are racing ahead. It means we all have to do our research early and be ready to move fast when renewing our policies if we want to save money. With average increases of 42% we need to check every aspect of our cover.
Too many people pay too much for their buildings' insurance because they insure for the sale price of their home and not the rebuild cost. Lots of people are also encouraged to pay for cover they do not need and may even pay twice for specific cover such as travel insurance without realising. And even worse they may pay for travel cover that they will not be able to claim on because they are too old.
Most important of all do not allow your policy to auto renew. This allows the insurance company to charge you what they like.
And when you think you have the best value policy do not allow the insurance company to charge you up to 40% more by offering you so-called easy terms. Paying annually is far cheaper than in 12 instalments.
Renewing insurance policies takes time but it is time well spent and should allow you to cut the cost.
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Cyber attacks and IT glitches are happening more often, affecting millions of customers, and they can put our money in danger.
Not only are hackers after our money, but fraudsters are ready to use news of IT glitches to persuade us to hand over our account details.
They pretend to be from our banks, credit card companies or other organisations. They are very apologetic that our information is in danger and tell customers what to do to make sure our money is safe.
They are nicely spoken and persuasive. Put the phone down. Do not open any links.
Mobile phone thefts have overtaken cash and payment cards as the items most stolen from individuals in the UK. As our phones are also used as our bank accounts, payment cards, travel and event tickets they also put us in danger of losing far more than the value of their phones.
Banks will be compelled to pay compensation to customers from October. Until then you have to be even more careful as some banks try to pay very few people who lose money.
In the meantime keep your phone safe, believe no cold caller even if they appear to be calling from your bank. Fraud is the leading crime in the UK. Do not lose money.
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We can all make extra money, and in most cases we will not have to pay any extra tax into the bargain. Whether it is selling on clothes that no longer fit, hiring out power tools, renting a room or space in your driveway you can start earning in days.
With taxes at a 70-year-high and food and energy prices still much higher than they were a couple of years ago most of us need exta money, and it has never been easier to start a side hustle.
There are also tax breaks that many are not benefiting from. Couples should make sure they use their tax allowances effectively. The marriage allowance is unclaimed by millions, many of whom could get £1,258 straightaway.
The personal savings allowance allows basic rate taxpayers to earn £1,000 in interest without paying tax and those who have no other income can receive up to £18,570 in interest without paying any tax.
We can all start by selling our old clothes, which is fee-free and tax-free.
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Customers are owed £3.7 billion by energy companies. The money has built up from overpayments of direct debits and should be returned. Companies err on the side of overcharging when they set up the amounts we have to pay for direct debits. A small buffer is sensible, but all too often customers are owed hundreds of pounds and more.
We need to get our money back and after a 12% price reduction in April and another cut due to start in July it is time to contact our energy companies if they have not volunteered a reduction in monthly payments or a refund.
It can take time to get through to the call centres and then to get a refund agreed. If you are owed money and the company is refusing to make a refund the Energy Ombudsman should help you and if the company still refuses to hand over your cash you can move to a rival energy company and then the old one will have to give you your money in 10 working days or pay a penalty of an additional £30.
Once you have got your refund it is worth checking if elderly relatives, neighbours or friends are due a refund.
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It is the peak holiday booking season as we look forward to summer sunshine. But first of all you need to make sure you get a great deal for your flight, hotel, hire car and holiday money. And as soon as you book you must protect the dream with travel insurance.
We tell you how to avoid being ripped off by hire car companies, which are the best days to travel, and how to avoid extra costs.
Avoid airport currency exchange bureaux and when abroad always pay in the local currency.
Read the terms and conditions before you book, highlighter pen in hand, so that you are not shocked by by the cost for extra mileage on your hire car and know that trying to return the vehicle empty is the most expensive deal.
Budget airlines are not always the cheapest and since Brexit passports expire sooner than you think. Check yours.
Holiday bargains are not always what they seem. But holiday memories are worth the prep.
Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: www.mrsmeanmoneyshow.co.uk or to [email protected]
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Millions of credit card customers face a big increase in the cost of their borrowing, but many will not know.
From Passion to Purpose
Barclaycard is reducing the minimum payments that customers will be charged from July. Someone owing £2,500 will have a minimum payment of £71. 21 from July down from £89.96 - an apparent saving of £18 a month.
But this move alone increases the cost of paying off balances because customers paying the minimum will be paying the high interest charges for longer.
Not only is the company reducing the monthly payments but it is also increasing the interest rates at the same time by about 15% from 18.71% to 21.59% for example. So not only are cardholders paying for longer, but they are also paying a higher rate of interest.
The cost of paying off card balances could cost thousands of pounds more if minimum payments are made every month. A customer choosing to pay £100 on a £2,500 debt instead of £71.21 would save a massive £3,522.57 in interest.
Pay as much as you can each month or apply for a zero interest card to pay off debts even quicker."From Passion to Purpose" is a podcast that explores the world of nonprofit...
Listen on: Apple Podcasts Spotify
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 [email protected]
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