So, my aim is to show you things you can do now, that should have impact over the year or longer. It could save you thousands.
This year I resolve to…
…check if I’m due up to £1,188 via the marriage tax allowance
If you’re married or in a civil partnership, and one of you doesn’t earn enough to pay income tax, and the other does, at the basic 20 percent rate this is a heads up.
The marriage tax allowance lets the non-taxpayer apply at www.gov.uk/marriage-allowance to transfer 10 percent of their personal allowance (the amount you can earn tax-free/tax yr) to their spouse.
This year that’s £1,250, meaning a gain of £250, but as you can back claim to 2016/2017 if eligible it could mean you’re due a further £938. Over one million eligible are still missing out, so it’s worth checking.
…check if I can slash £1,000s off the year’s mortgage repayments
For those with decent equity in their house, the historically low UK base rate means lower LTV mortgages are super-cheap right now. So everyone check right now if you’re on the best deal. Use www.mse.me/mortgagebestbuy or MoneyFacts.co.uk to benchmark if you may be able to save.
Sadly, if you’re on furlough or self-employed grant it may be more difficult right now, but otherwise use a broker who’ll be able to home in on which lenders are most likely to accept you.
…take just five minutes to save £200/year on energy bills
It only takes five minutes to put your details into a comparison site and find your best combination of price and service. My www.mse.me/CheapEnergyClub also gives cashback you don’t get going direct, and you can use the Pick Me A Tariff tool, if you find choosing confusing. Or use any www.Ofgem.com approved site, though be aware most don’t show all tariffs by default.
…check if you can cut credit card interest by £100s
If you can’t afford to clear your credit cards in full, you can’t afford not to check whether you can do a zero percent balance transfer.
This is where you get a new card(s) that repays debts on existing cards for you, so you owe it instead, but at a far lower cost, for a small fee.Of course acceptance is the challenge for most.
That’s now easier to find out as many cards have eligibility checkers which give your chances pre-application. Or you can see most top cards together in one place via comparison tools, such as the one on my site at www.mse.me/balancetransfer.
… call up a debt counsellor and make the change if you’re struggling
Whilst they do get rammed in Jan, book an appointment ASAP. There’s free, one-on-one help from www.citizensadvice.org.uk, www.nationaldebtline.org, and www.stepchange.org, which also runs an online full debt advice service that operates 24/7. The biggest comment I get is “I called, and finally slept last night”
.. watch the Martin Lewis Money Show LIVE Thu, 8.30pm ITV
If you really want to save do watch the show. It’s on every Thursday until the end of March – you can’t afford to miss it.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip