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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]
Hosted on Acast. See acast.com/privacy for more information.
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Children are very expensive, especially if you work.
From Passion to Purpose
The government has increased the financial help it gives towards child care costs so that the parents of two-year-olds can now get a contribution towards the costs. But this is still likely to be a lot less than is needed.
The official line is that two-year-olds are entitled to 15 hours free child care a week if the parents each earn less than £100,001 a year. But when school holidays are taken into account the free care is equivalent to one 10-hour day a week and extra costs for food and nappies are also likely to be added. And that is if you can find a child care place.
Budgets for babies are undoubtedly stretched making it vital that parents get every bit of help they can to cover the costs of children."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]
Hosted on Acast. See acast.com/privacy for more information.
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Loyalty is the latest tool that supermarkets use to lure us into their stores. Big signs and advertisements suggest we can save lots of money but in reality you need to take a calculator, check prices carefully on grocery websites and allow extra time if you are not going to be ripped off.
From Passion to Purpose
Loyalty cards offer cheaper prices to customers who have them. But this loyalty is fickle and the offers seem to change at whim. And often there is not enough information for us to compare prices and work out which is the best value.
Shrinkflation where the contents of packs are reduced but the price is not, add to the confusion.
The stores are constantly changing their scheme rules and the timing of their offers so we have to be alert. For many it is simpler and cheaper to use discount stores and the economy ranges.
We do not have to be loyal to one group. Remember the big chains are making bigger profits this year from our loyalty."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]
Hosted on Acast. See acast.com/privacy for more information.
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April is the cruellest month when many of our household bills increase. The battle to tame inflation has not yet been won so we have to cut our household bills wherever possible.
From Passion to Purpose
Even energy bills that are set to be reduced by 12% on April 1 are still more than twice what they were before Ukraine was invaded.
So there is no better time to check all our household bills to find out where savings can be made.
Water bills are set to rise by an average of 6% in April, but the good news is that millions of households can cut their bills immediately. If you do not have a water meter they cost nothing and if you have more bedrooms than people living in the property you should save money. Those who shower at the gym or travel a lot may also benefit. If your bills do not come down after a meter is installed you can ask your water company to switch you back.
Energy bills may be falling but we still need to be alert and to make sure we are not wasting gas or electricity, and we must send a reading to our energy companies early on April 1 to make sure we are not charged winter prices for Spring usage under the new Ofcom price cap.
Also check how much you are in credit on your direct debits. Energy companies have £7 billion of our money accrued because we have paid for more energy than we have used, and as days get longer and warmer and the new price cap comes into operation it is a good time to get back any overpayment.
As council tax bills increase in April householders should check if they can save money.
Broadband and mobile costs are set to increase by up to 8.8% but only if you are in contract. Everyone else should call their supplier and negotiate a reduction.
There is also lots of money to be saved on insurance, credit cards, food and petrol.
Take one bill at a time and keep a record of the savings. If you do not ask you do not get."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]
Hosted on Acast. See acast.com/privacy for more information.
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It is crunch time for millions of homeowners whose fixed rate mortgages expire this year. They face much bigger monthly payments.
From Passion to Purpose
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.
"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]
Hosted on Acast. See acast.com/privacy for more information.
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