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DON'T believe the fake 'Martin Lewis' or 'MSE' ads |
Martin: 'I feel sick writing this. The energy price cap's now predicted to rise 65% in October, taking typical bills to a horrific £3,240/yr, then rising again in January'
Current cap: UP 54% on the prior one, so £1,971/yr for someone on 'typical use'. 1 Oct 22 - 31 Dec 22. Strong prediction: UP 65%, so £3,240/yr for 'typical use'. The prediction's strong, as this is based on wholesale prices from Feb to mid-Aug. 1 Jan 23 - 31 Mar 23. Prediction: UP 4%, so £3,360/yr for 'typical use'. Prediction accuracy is looser but ballpark. 1 Apr 23 - 30 Jun 23. Weak prediction: Previously this was thought to be when prices may drop, but currently that is less certain, or at least any price-fall will be small. So rates next April are still likely to be far higher than today. I know many want predictions of the unit rates & standing charges, but that's unknowable, as the regulator decides the proportions each time. To put this all in context, though, if correct... - From Oct, typical energy bills will cost a third of the new state pension, and a bigger proportion of the old one. - The basic £400 energy bill reduction for all homes, due in Oct, was announced by Rishi Sunak in May. That help will be more than swallowed up just by the £450 increase in the prediction of the Oct price cap since May. Should you fix now? Based on those predictions, over the next year you'll pay 57% more than the current price cap for energy. So if you can find a fix at less than that, it's worth considering, though the cost of fixes have rocketed in the past fortnight too. Full help and analysis in my updated Should I fix? guide (incl a list of cheap fixes). This week, the first £326 of the £650 'cost of living' payment for those with lower incomes will be paid. Starting this Thursday, over the next couple of weeks the first of 8 million payments for those on means-tested benefits will be automatically paid into bank accounts as part of May's Govt 'cost of living support' package. See who qualifies and what to do if it isn't paid when you expect it. Not on benefits & struggling? Check our 10-min Benefits Calculator. Even if you only get a small amount, it may mean you're due the 2nd payment. Pensioner on a low income? You may be due £650. Pension credit is a benefit that tops up your income, and crucially, if you're eligible you also get that £650 'cost of living' payment. Better still, even if you weren't eligible when it was announced, you can ask for it to be paid backdated - unlike other benefits - as long as you apply by 24 August. So do have a read of my quick Are you due pension credit? blog. Changes to energy direct debit rules, standing charges, debt collection and more. Last week I, together with the boss of Ovo, organised a meeting. He brought the chief executives of Brit Gas, Octopus, E.on, EDF and Shell, while I gathered key charities. The agenda was to try and deal with some low hanging fruit issues. It was a productive, action-orientated two hours. See what we agreed to work on regarding direct debits, standing orders, debt collection and more. We'll be reconvening in Sept. Struggling but not eligible for the £150 council tax 'energy help' rebate? If you didn't qualify (eg, you're not in bands A-D), there's a £169m discretionary fund for Eng and Wales. Almost half of councils have now published how to claim, see council-by-council help. If you're in bands A-D and haven't got it, see How to claim yours. Put money aside to prepare now. I know that's a pipe dream for many. Yet for those who do have savings or currently spend less than you earn, putting some aside or even asking for your energy direct debit to rise should ease the winter cash-flow pain. Of course everyone should also check if a full money makeover can release cash.Energy prices are already hell for many - some help may be available. Many are finding paying energy bills desperately difficult. Our What to do if you're struggling to pay your energy bills guide covers the help out there. Can you reduce your energy usage? Obviously, cutting use cuts bills. Start with our energy saving tips for the simple stuff, add in the Energy mythbusting guide for those issues that are less clear-cut, and then if you're really struggling (though thankfully the summer warmth helps right now), our Heat the human, not the home guide. |
Amazon 'Prime Day' - sort the deals from the duds, including cheapest ever Echo Dot at £17. We analyse what's genuinely a good deal, and what to avoid. See our full 'Prime Day' analysis. Ends 11.59pm Mon. The biggest free-cash-for-switching bank bonus - £170. Newbies' chance to switch to HSBC Advance* and get a FREE £170 (paid within 30 days) is ending. The next biggest payer, First Direct, with its FREE £150*, is also worth looking at as it's number one for service (rated 90% 'great'), has a linked 3.5% regular saver and a £250 0% overdraft for many. See full reviews and crucial eligibility info in Best bank accounts. £133 of No7 beauty & skincare for £35 - not likely to last long. The nine-piece set including mascara, eye pencil and cleanser we mentioned last week is now available - but it'll likely go quickly. No7 Beauty Vault Ends 5pm Fri. Vodafone fibre broadband just '£13.46/month'. Newbies can get this Vodafone 38Mb broadband & line deal for £22/month. But you can claim (don't forget) a £205 Amazon, Tesco, Sainsbury's or M&S voucher within four months - so if you'll spend there anyway, factor that in and it's equivalent to £13.46/month over the 2-year contract. That's the cheapest at this speed we've seen in five months. Already with Vodafone? Compare other deals. 33% off railcards. For Trainline newbies. Railcards usually knock 1/3 off travel. Cards include: 16-25 | 26-30 | Family & Friends (1-4 adults 1/3 off if with 1-4 kids, who get 60% off) | Two Together (any named pair) | Senior. See railcard code.Ends Tue. Free £150 Amazon or £264 at Sainsbury's + £120/year at Deliveroo + 2 free airport passes. Over £400 worth of freebies available if you play this credit card right, but it ends soon, so check out our American Express Preferred Rewards Gold card write-up. £37 Ted Baker prescription specs or sunnies (normally £145). MSE Blagged. Via code. SpeckyFourEyes Cheapest 12GB Sim we've seen - Lebara '£4.45/month'. MSE Blagged. Newbies to Lebara (uses Vodafone's signal) get 12GB/month of data + unlimited calls & texts. It's a one-month rolling contract so you can cancel any time - you pay £1.99/month for six months, then £6.90/month, equivalent to £4.45/month over a year. Compare deals: Cheap Mobile Finder. |
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New. Barclaycard 'up to 25 months' 0% for accepted new cardholders. The new Barclaycard* (best to use our eligibility calculator first to see if you'll likely be accepted) is the longest 0% for new borrowing deal we've seen since 2020. Sadly, though, the 'up to' means some poorer credit scorers could get just 12 months 0%. There's no definitive way to know before applying, but it's likely the higher your eligibility calc acceptance odds, the better your chances. After the 0% ends, the rate jumps to 22.9% representative APR. New. M&S Bank 24 months 0% PLUS possible £25 cashback, and all accepted new cardholders get the full 24 months. While a month shorter, this M&S Bank card* is a better deal than Barclaycard if our eligibility calculator shows you've decent odds of acceptance, as if you're accepted you'll definitely get the full two years interest-free. After the 0% ends, the rate jumps to 21.9% representative APR. There's also £25 cashback... though that makes us a bit nervous as you need to spend a total of £250+ in five or more transactions in the first 90 days to get it. This could tempt you to use it for things other than the one-off, needed purchase. Our workaround is to use it to make the big purchase, then buy a banana on it every day for a week to ensure you get the cashback and some potassium, without splurging (other fruit purchases are acceptable). Store won't take credit card or item costs £5,000+? 0% money transfers pay cash into your bank account, so let you pay 'on card' even if the store doesn't take plastic. Or if what you're buying costs £5,000+, you may not get the required credit limit - so a cheap loan from 2.7% may be a better option. Follow the 0% Card Golden Rules. Full info in 0% credit cards (APR examples), but in brief... a) Never try to borrow your way out of debt - if you're struggling, see our Debt help guide. b) Always pay at least the set monthly minimum and stick within the credit limit, or you can lose the 0% offer. c) These cards are usually only top picks for spending - avoid cash withdrawals or shifting debt to them. d) Plan to clear the card (or balance-transfer away) before the 0% period ends, or the rates jump to the rep APR. |
Two potted clematis plants for £11 delivered (normally £30). MSE Blagged. 4,000 bundles of Clematis 'Taiga' available, but not in Northern Ireland or parts of Scotland. Thompson & Morgan The Sun '£9.50' holidays are back... but are they ever really £9.50? Our analysis suggests otherwise. For travel between Sept and June. See Sun holidays. Nails Inc eight-piece nail polish set £28 delivered. MSE Blagged. Normally £108. Vegan and cruelty-free. 1,400 available. Nails Inc 'We got £11,000 towards our first home thanks to the Lifetime ISA.' This week's success of the week comes from Olly, who benefited from the Lifetime ISA's up to £1,000 a year bonus. He said: "My girlfriend and I have just completed on our first home. I had maxed out the Lifetime ISA allowance every year for the past six tax years and my girlfriend had done the same for the past five tax years. Because of this we received an extra £11,000 to put towards our deposit. Without this, we wouldn't have been able to afford it. Thanks." Send us your MoneySaving successes. What type of energy bill do you have - fixed or variable? Please let us know in our MSE poll - it'll really help us provide you with good future info. |
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AT A GLANCE BEST BUYS |
THIS WEEK'S POLL Are you on a fixed energy tariff? With the energy market in crisis, usual switching habits have been turned on their head, so this week, we want to know whether you're on a fixed or standard variable tariff. Let us know in this week's poll. Most MoneySavers still carry wallets/purses rather than relying on a digital wallet. Last week, we asked if you still carry a wallet/purse or now rely on your mobile phone for purchases in this digital age. Just under 8,000 people responded with over 80% of men and women still carrying their cash and cards the traditional way. See full Do you carry a wallet/purse? poll results. |
MONEY MORAL DILEMMA Should we keep evenly splitting restaurant bills even though we don't drink? When we go out with friends, my partner and I split the food and drinks bill evenly with the group, though neither of us drinks alcohol. The groups we're part of can order multiple cocktails, bottles of wine and beers, which pushes the total cost up. Should we speak up and pay less, or just accept the equal split to keep the peace? Enter the Money Moral Maze: Should we keep evenly splitting restaurant bills? | Suggest a Money Moral Dilemma |
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MARTIN'S APPEARANCES (WED 13 JUL ONWARDS) Wed 13 Jul - This Morning, phone-in, ITV, 10.20am MSE TEAM APPEARANCES (SUBJECT TBC) Tue 19 Jul - BBC Radio Cambridgeshire, Mid-morning with Jeremy Sallis, from 10.45am |
2P FLIGHTS AND TOILET ROLL TRAVEL TOKENS... TELL US YOUR RIDICULOUSLY CHEAP TRAVEL STORIES That's all for this week, but before we go... we asked MSE Forumites for their super-cheap travel stories - and they didn't disappoint. One paid a mere 2p for a Manchester-Dublin return Ryanair flight, another caught a National Express coach from London to Sheffield for £1.50, while a regular commuter received a coupon from a train company for a free first-class return trip including food and alcohol - worth about £500. The least bog-standard story though has to be the Forumite who flushed out cheap flights to Nice and a half-price hotel by collecting tokens on packets of Andrex toilet roll. Read more and share yours in the What's your best ridiculously cheap travel story? MSE Forum discussion. We hope you save some money, stay safe, |
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