January 16th, 2025 | Andrew Hagger | News

As many head into another year of financial uncertainty, it’s important to consider ways to spend less and reduce anxiety about spending. Considering what you spend your hard-earned cash on instantly makes you feel more in control.

I’m a Money Saving Expert but also a mum running a home and juggling the costs of everyday life. In addition to this, I have ADHD, which often leads to impulsive actions (not ideal when on a budget!)  Over the last few years, I’ve developed some mindful spending habits that have reduced my outgoings, anxiety and stress.

• Set Financial Goals—this can sound daunting, but it doesn’t have to be. It’s a good idea to separate short-term goals from long-term goals. This will help you prioritise your spending. A short-term goal is anything from a month to a year. It might be saving for furniture or a holiday. A long-term goal might include saving for a deposit on your first home. Understanding the bigger financial picture will help you see more clearly and make you more likely to achieve your goals.
• Delay Making a Purchase – I find this habit the hardest to develop, but it makes a big difference once you do. Before making a purchase, take a moment to consider if it aligns with any of your goals, will you feel satisfied in the long term or just in the moment? If you shop online, favourite the item or save it in your basket for a couple of days. When I do this, I sometimes forget all about it, which means I probably never needed it. ADHD makes me an impulsive spender, which is tricky as a money-saving expert. Being able to delay impulsive purchases is a vital tool.
• What Triggers Your Spending? Take a moment to think about all the times you have overspent. Was it related to your emotions? For me, an impulsive purchase gives me a temporary dopamine fix. Other triggers might include boredom, being in particular environments, or being with specific people. You don’t need to feel guilty about these triggers; most people have one or more. Understanding what your triggers are can help you gain control and spend less.
• Budget for Fun – Whilst budgeting doesn’t sound fun, it can be. Once you have prioritised your budget for non-negotiables, set aside some budget for fun. No matter how much you can afford, it’s a good idea to have some cash you can splash. Whether it’s money treats, days out, coffee dates or a theatre trip – enjoy!
• Use Cash When You Can – Over the last 12 months, I’ve gone back to cash payments when possible. Not only is there a comforting element of nostalgia when using cash, but it’s also saving me money! If I’m out for the day or have some of my fun money available, I take the cash with me rather than my card. Having a tangible amount of cash in my purse makes it easier to see when are where I’m spending, and how much. Cashless payments are handy, but I’m prone to forgetting everything I’ve ‘tapped’ during the day. It makes overspending inevitable. I also get a real buzz when I come home with cash left in my purse too, it’s a reward for having some spending control.

MyVoucherCodes has money-saving and lifestyle advice to help with all budgets. Check out our blog to find out more.

January 16th, 2025 | Andrew Hagger | News

Often called the most depressing day of the year, Blue Monday comes at a time when the New Year good feeling has worn off, and post-holiday season bills, cold weather, darker nights and a lack of motivation can make everything feel harder.

Financial worries often add to these feelings. However, even small steps to take control of your finances can help ease any worries and put your finances on track.

John Dentry, Product Owner of the Current Account Switch Service at Pay.UK, provides four simple, New Year focused tips to help you feel more positive about your finances this Blue Monday:

• Create a weekly budget: A new year is the perfect time to create or revisit your budget. Start by listing your income and essential expenses, then set aside funds for savings and discretionary spending. Many current accounts offer tools and trackers within their banking apps that can make managing your money easier, helping you stick to your plan and avoid overspending.
• Take advantage of retailer discounts: Many bank accounts offer discounts, cashback, or loyalty schemes throughout the year. Keep an eye out for deals at your favourite stores, restaurants or service providers and use these offers to save on everyday purchases. By taking advantage of discounts and rewards, you can stretch your budget.
• Switch your bank account: Many of us start the year by making financial plans, but don’t consider how our bank accounts can support these goals and ambitions.  Whether it is wanting a particular budgeting tool, or taking advantage of a cashback offer, switching to a bank account that better suits your needs can help you take control of your finances, in a way that best serves you.. . It’s a small change that can have a big impact on your financial confidence.
• Explore new income opportunities: The start of the year is a great time to consider how you might increase your income. This could mean discussing career progression with your employer, looking for a new role, or starting a side hustle. Selling items online, tutoring, freelancing or monetising a hobby can bring in extra income to support your long-term goals.

John adds: “Many people use the new year as a fresh start, whether that is making a change or picking up a new hobby or healthy habit. However, at a time where many of us have overindulged over the festive period, the start of a new year is the perfect time to take stock of your finances and set yourself up for the year ahead.”

“Like with all good habits, the biggest impact can be made by making the smallest of changes. Managing your money can often feel overwhelming, but if you were to just take one action on your finances this January, we’d advocate looking at whether your current account is still fulfilling your needs, and to consider switching if it isn’t. This is also an ideal time to reflect on habits, explore new income opportunities, and take advantage of tools that make budgeting and saving easier. It is important to remember that your bank is there to help you.”

January 14th, 2025 | Andrew Hagger | News

New figures have revealed that the overwhelming majority (91%) of Brits are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need of support.

The statistics come from the latest survey by Go.Compare Home Insurance, which asked the public to share how the cost of living crisis is affecting their financial decisions. Only 9% of respondents told the comparison site that it’s no longer affecting them, with the vast majority still struggling to keep up.

Around 44% stated that they’re suffering even more financial stress than last year, while 37% said that the cost of living crisis is affecting them around the same amount. Just 16% said they feel better off compared to 12 months ago.

1 in 3 reducing how much they’re saving

One of the most common ways people are dealing with rising costs is by cutting back on non-essential spending.

Almost a third (30%) have reduced or cancelled entertainment services like streaming, and 19% have cut back on their internet, TV, or phone packages. Additionally, one in three (33%) have lowered the amount they’re saving, showing that many are having to prioritise immediate bills over long-term financial goals.

A further 6% have reduced spending on important financial commitments, like home insurance and pension payments, highlighting that some are having to make tough decisions to manage their money.

Despite their efforts to keep on top of basic living costs, some are still struggling to meet these payments. Around 9% of respondents report difficulty paying their rent, 5% are struggling with mortgage payments, and a fifth (20%) are having trouble paying their utility bills on time.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s concerning to see that some households are cutting back on essential costs like home insurance. For many, the rising cost of living has created an impossible balancing act, forcing them to make difficult choices between protecting their homes and meeting immediate needs.

“It’s understandable that people are focusing on what feels urgent, such as utility bills and food, but it’s important to remember that home insurance is there to provide a safety net in case of emergencies. Home insurance may feel like an easy expense to cut, but this risks being underinsured during a crisis.

“As the cost of living continues to rise, it’s vital that households review their financial priorities to ensure they’re not compromising on essential coverage. There’s no doubt that these are challenging times, but being underinsured could end up being far more costly in the long run. Those who are struggling can consider seeking advice from the Money and Pensions Service to help resolve their difficulties.”

Find more information about how the public is coping with the cost of living crisis on the Go.Compare website.

January 9th, 2025 | Andrew Hagger | News

Contract renewal prices rarely offer the best price available. But despite this, many people are still hesitant to switch, especially when it comes to mobile phone contracts, new research from Go.Compare has revealed.

More than 1 in 10 Brits (12%) admit they regularly forget about their renewal until it’s already too late, and a further 16% said they typically let the auto-renewal go through instead of shopping around.

The research also revealed that there are some products we’re much less likely to shop around for than others. Over a fifth of people (22%) said their mobile contract was the thing they were least likely to switch providers for, while 17% said it’s unlikely they’d shop around for their broadband.

A further one in ten admitted they are unlikely to switch their car insurance, possibly missing out on savings of £133.
The comparison site asked Brits about their habits when it comes to shopping for personal finance products and discovered that while nearly half (48%) regularly compare the deals available before renewing, others aren’t so diligent.

The research also reveals that across all products it’s older customers who are most likely to always compare their options to negotiate a better price (35%) while one in five of those aged 18 to 24 tend to forget about their renewal until it’s already auto-renewed.

Matt Sanders, spokesperson for Go.Compare commented on the findings: “While auto-renewing might feel convenient, most customers will be paying the price for letting their contracts roll over. Our research shows that there are a significant amount of people in the Uk who could save money on their household bills simply by shopping around- particularly when it comes to their mobile contract, broadband and energy provider.

“Shopping around and switching providers doesn’t have to be complicated or time consuming – using a comparison website like Go.Compare makes it easy to see multiple options in one place and find a deal that gives you what you need at the best price.

“If you are someone who tends to forget that a bill is renewing, the new year is a good time to sit down and work out when your expenses renew and set yourself reminders to shop around.”

For more money saving tips and to compare your bills visit https://www.gocompare.com/savings/money-saving-tips/

January 7th, 2025 | Andrew Hagger | News

New van buyers will spend an average of £1,732 extra on Vehicle Excise Duty (VED) from April, a recent study has found.  In total, van drivers will pay an additional £15.5 million over the first six months of the new tax year, if 2024 sales patterns continue.

The chancellor announced an increase in VED first-year rates, also known as ‘showroom tax’, in last year’s Autumn Budget. Drivers planning to purchase a new van after April may need to adjust their plans or face a hefty tax increase.

The figures were calculated by Go.Compare van insurance. The comparison site analysed data from the Department for Transport, reviewing privately owned van registrations in the first half of the 2024 tax year. It then applied the current and upcoming first-year VED rates to estimate how much more van buyers could pay in the approaching financial year, if consumer habits stay the same.

The study says that buying new diesel vans will result in the heaviest hit from the rise, as rates are based on a vehicle’s CO2 output. The emissions from diesel vans often place them in the top bands for VED. As a result, buyers could see a sharp average increase of £1,807 per vehicle in the first half of the 2025/26 financial year.

In total, new diesel van owners will spend an extra £14.2 million in tax during this period if sales from last year are matched. An additional £1.2 million will come from new petrol van purchases, the second highest rise of any fuel type. This equates to an average of £1,354 more per petrol van.

The increase will be much lower for those who choose greener vans. Buyers who opt for a hybrid will only pay an extra £252 towards the tax, over £1,500 less than diesel van drivers, while those who choose an electric van will spend just £10 more.

Tom Banks, motoring expert at Go.Compare, said: “The increased VED rates will result in a big hit if you buy a brand-new van later this year, but there are things you can do to absorb the blow. The tax rates are based on CO2 emissions, so if you’re able to, this is a good time to switch to a van using cleaner fuels in the cheaper tax bands.

“If you can’t buy a suitable hybrid or electric van, you could go for a ‘nearly new’ one instead. This lets you enjoy a vehicle that’s pretty much as good as new without breaking the bank, and means you can dodge the increased tax.

“Failing this, see if there are any other ways you can reduce your motoring spending to counteract the higher tax. Comparing van insurance policies might help you find a provider offering the same amount of protection for less, and finding new ways to maximise your fuel economy could help to cut costs further.”

To find out more about the impact of rising first-year rates for VED on van drivers, go to Go.Compare’s website.

January 3rd, 2025 | Andrew Hagger | News

This weekend, airline and travel firms will be expecting their biggest day of 2025 as holidaymakers look to banish their January blues and book a trip on ‘Sunshine Saturday’. TotallyMoney is urging customers to protect bookings from fraudsters and airline failures by activating Section 75 when using a credit card:

• Around four in ten (37%) people book a summer holiday at this time of year*
• Last year, two thirds (64%) of people planned to go abroad†
• Booking.com has reported a 900% increase in travel scams over 18 months‡
• Section 75 is free, and covers credit card transactions between £100 and £30,000 — not just when travel companies go bust, but any other qualifying big ticket purchases

Regulated by the Financial Conduct Authority (FCA), credit card firms are equally liable by law if the supplier doesn’t stick to their side of the agreement. That means, if eligible, the customer is guaranteed to get their money back.

 Section 75: SPF for big purchases

This Saturday, travel firms will see a surge in bookings as customers banish their January blues and plan their holidays for 2025. To give holidaymakers extra confidence in getting their money back should something go wrong with the travel firm, or they fall victim to fraud, TotallyMoney is urging people to protect purchases with Section 75 of the Consumer Credit Act.

You could also be covered for ‘consequential losses’ — so if the airline has gone bust and you don’t travel, you might be able to claim hotel and other additional costs.

Section 75 covers any transaction between £100 and £30,000, and is only possible with a valid credit card — not cash, debit cards, loans or buy now pay later services. Only part of the purchase (such as a deposit) needs to be made with a credit card for it to qualify — and it’s free. Making a claim under Section 75 won’t impact your credit rating.

And it doesn’t just cover travel, but also instances such as buying white goods which turn out to be faulty, or a firm failing to deliver on a purchase when it goes out of business.

 Alastair Douglas, TotallyMoney CEO comments:

“In recent years, holiday firms such as Flybe, Thomas Cook and WOW Air have all gone out of business, while we’ve also seen a rise in travel scams. This has left holidaymakers stranded and out of pocket.

“So if you’re making a booking, or even just a big purchase, you should try to use a credit card when paying, giving yourself some extra protection should anything go wrong. That’s because the credit card provider will be equally liable by law if the supplier doesn’t stick to their side of the agreement.

“You could also spread the payments over 22 months with a purchase card, meaning you’ll have until October 2026 to pay it off, without paying any interest. This could give you some extra breathing space and less pressure on your finances. If you’re planning on taking the same card with you on your travels, then check the charges because some will carry extortionate ATM and purchase fees abroad.”
#ENDS

 TotallyMoney selects five Section 75 tips:

Below, Alastair Douglas shares five top tips for securing Section 75 claims, should anything go wrong.

1. It covers purchases between £100-£30,000

“Individual items and purchases costing more than £100 and up to £30,000 are covered under Section 75. So, whether it’s a cancelled flight or an all-inclusive family holiday, as long as you paid for part of it on credit card, you could be reimbursed the full amount if the company goes bust.”

2. It’s just valid for credit card payments

“Unless at least partially paid on a credit card, Section 75 doesn’t apply to purchases using debit cards, cash, loans, or Buy Now Pay Later.”

3. There are some exceptions

“Buying through a third party, like travel agents or even PayPal, might make your Section 75 protection invalid. That’s because it might break what they call the ‘debtor-creditor-supplier’ agreement — so where possible, try and pay directly.”

4. Part pay, full protection

“Remember that only part of the purchase needs to be paid with a credit card — so if you pay the deposit with a credit card and the rest debit, Section 75 should let you claim the full amount.”

5. It covers you for more than just travel

“Section 75 covers all qualifying purchases. Whether that’s when you buy a new television and it turns out to be faulty, or if you buy a new settee and the firm goes under. If you’ve used a credit card, you could be protected under Section 75 of the Consumer Credit Act 1974.”

December 31st, 2024 | Andrew Hagger | News

‘Sunshine Saturday’ is the first Saturday of the New Year and traditionally kicks off the peak holiday booking season, with Britons snapping up early deals to escape the winter blues.

As the UK travel industry gears up for ‘Sunshine Saturday’ – falling on January 4th this year – Multitrip.com, a specialist travel insurance provider, is calling on holidaymakers to organise travel insurance alongside their holiday bookings.

If someone needs to cancel*** their holiday due to unforeseen circumstances such as illness, they need to have travel insurance in place to protect their holiday costs. Multitrip.com found that in 2024 more than half (55%)* of those who buy its single trip travel insurance policies buy them less than seven days prior to departure. This delay means they lose out on this critical coverage.

Christian Bennett from Multitrip.com explains: “By buying insurance as soon as you book, or ‘ASAB’, you’re safeguarding your holiday investment, and ensuring you’re protected should you be unable to travel.”

Worryingly, in a Multitrip.com survey**, carried out by Opinium, of 1,000 holidaymakers, 21% of holidaymakers say they have travelled abroad without any insurance at all, with nearly a quarter mistakenly believing that a UK Global Health Insurance Card (GHIC) covers all potential medical costs abroad.

“A GHIC only provides basic state medical care in some countries including the EU and Switzerland,” Bennett continues. “It won’t cover the expense of getting you home or the costs of an extended stay due to a medical emergency.”

Travel insurance is needed for more than just medical care. The Opinium survey further reveals that more than 60%** of travellers have encountered issues abroad, from needing medical attention, to lost belongings and missed connections. Christian Bennett adds: “It’s crucial to thoroughly research travel insurance options to ensure you have the right coverage tailored to your needs, and carefully review your chosen policy, paying attention to coverage limits, excess and add-ons. At Multitrip.com, we offer three levels of cover with optional add-ons, allowing customers to tailor their policy to suit their needs.”

Multitrip.com offers a range of policies to suit different needs and budgets. The Annual ‘Essential Cover’ policy, starting from just £19.99****, includes up to £1,000 per insured person for cancellation or curtailment and £1,600 for baggage or baggage delay. For those seeking more comprehensive protection, the ‘Premier Cover’ provides up to £3,000 per insured person for cancellation or curtailment and up to £2,000 for baggage. The ‘Premier Plus Cover ‘ offers the most extensive protection, with up to £5,000 for cancellation or curtailment and up to £3,500 for baggage or baggage delay.

December 27th, 2024 | Andrew Hagger | News

New research released today has revealed Britain’s biggest money concerns for the new year, with 45% of people saying they are anticipating a bad year financially.*

The survey, carried out by Go.Compare Money, asked Brits about their feelings towards their finances as the new year begins, as well as their top money worries. It found that more women (47%) than men (43%) admitted that they are anticipating a bad year financially in 2025, with the rising cost of living coming out as the top concern (46%) and three in 10 saying they were worried about not having enough savings.

The data also reveals that, across the age groups, 18-24 year olds are most worried about maintaining mortgage payments in 2025, with 14% citing it as a top financial worry – 5% higher than the average of 9%. While those aged 55 to 64, say that the top concern was saving for their retirement, with (26%) saying it was their top financial worry.

Looking across the UK, 50% of those in the South West say they are anticipating a bad year financially in 2025, followed closely by those in the South East and East Midlands (49%) and in Wales (48%). On the other end of the scale, it’s Londoners with the most optimism, with two-thirds anticipating a good year financially, followed by Northern Ireland (63%) and those in the North East (59%).

Matt Sanders, money spokesperson at Go.Compare commented:  “The new year is a great time to sit down and evaluate your finances. Take a look at what you are paying for – is there anything you don’t use anymore? Can you shop somewhere cheaper for groceries? Are you spending too much on lunch? With so many people worried about what 2025 will have in store for them financially, taking a look at your current outgoings and where you can make some savings is always a good place to start.

“Identify those opportunities to reduce your spending and then think about the next steps. At Go.Compare we want to help people save money wherever they can so we have put together our top money-saving tips:

• Use cashback sites: There are lots of cashback websites out there to help you make a little bit of money back when you are spending. From fashion to beauty, holidays and takeaways it’s a great way to put a bit of extra cash back in your pocket.
• Change banks: Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before. To find out more visit here.
• Cut your energy bills: Your energy bill is likely one of your biggest bills each month so it’s a good place to see if you can make any savings. With the market opening back up, it’s a good time to take a look at your tariff and see if you are on the best deal for your energy needs. Learn more about switching here.

“No matter what your financial situations look like it’s important to never bury your head in the sand. There is no shame in reaching out if you need a bit of extra support –  StepChange, Turn2us, British Red Cross or Mind are just a few organisations that could help you, and they don’t charge either.”For more money saving tips visit here: https://www.gocompare.com/savings/money-saving-tips/ 

December 21st, 2024 | Andrew Hagger | News

Boosting mental health is a key driver for adopting good saving habits, with one in three (31%) people in the UK confirming that they are less stressed when they are saving regularly. 

As we see the back of the festive season, many Brits will be using the ‘Twixmas’ period to lean into saving habits and plan for the year ahead, with nearly a quarter of Brits (23%) saying they do identify as having a ‘frugal’ mindset when it comes to saving and spending. 

Even amongst those who don’t necessarily think of themselves as frugal, nearly nine in ten people said they frequently applied at least one regular money saving habit. Those ranged from skipping takeaway drinks for 40% of UK residents, to cancelling unused subscriptions (40%), not going out to pubs, bars and on nights out (37%) or for meals (34%) more than once a month, and ‘meal planning’ meals carefully to reduce spend on office lunches (35%).

People were indeed so serious about developing good financial habits that nearly four in ten said they’d considered using the services of a qualified financial advisor – with this trend most prevalent in younger age groups. Indeed, 47% of 18-24 year olds and 53% of 25-34 year olds have considered using this service.

Spending trends range from doom spenders to yo-yo savers 

Although most people are keen to apply good money habits, savers across the country did admit to behaviours that got in the way of setting a regular habit, with those most prevalent amongst younger age groups. One in four (24%) of 18-24 year olds admitted to ‘yo-yo spending’, a trend where periods of overspending are followed by a complete ban on buying even basic essentials, with one in five (19%) 25-34 year olds also admitting to this habit.

Another prevalent trend was amongst ‘saving dippers’, where people save up a lump sum but then can’t resist the urge to dip into savings once they’ve reached a certain amount – this impacted one in five (20%) of 18-24 year olds and nearly three in ten 25-34 year olds (29%)

People aged 18-24 year olds were also twice more likely (17% vs 8%) than the national average to ‘doom spend’, a trend where people are more inclined to live in the moment and not prioritise saving for the future because they feel morose about the current climate and future prospects.

However on the whole, most people reported positive habits and close to half (46%) were satisfied with their financial situation. The most common reasons to save were to set up a rainy day or emergency fund for 52% of respondents in the event of a loss of income, while planning for unexpected expenses (51%) and planned goals such as holidays, house renovations and events (39%) also key saving priorities. On average, people aimed to save 23% of their income. 

HSBC UK’s Head of Everyday Banking, Pella Frost, commented: “The run-up to January is a great time to review your finances and set some goals for the year ahead.

“Planning your financial future can be easier if you start by mapping out your goals, whether that’s the holiday of a lifetime, or boosting your rainy day fund. There are a number of tools people can use to support them with saving better, for example our Savings Goals feature, which helps customers make a plan and stick to regular saving habits and improve their financial resilience over the long-term.”

HSBC UK’s Savings Goals feature is helping customers create almost 20,000 goals every month on average, with more than 100,000 goals already created since the tool launched earlier this year. More than one in ten goals set has already been achieved by HSBC UK customers.    

On top of this, HSBC UK also offers Investment Goals, which helps customers make a plan for achieving their long-term financial goals and set aside money each month to invest. 

Finally, customers and non-customers alike also have access to a range of tools to help them plan for their financial future, including a Financial Fitness Tool, Savings Calculator, account comparison tool, and free 1:1 financial health checks. 

December 20th, 2024 | Andrew Hagger | News

As the new year approaches, it’s time to start thinking about your financial goals for the upcoming year to budget effectively.

Christie Cook, head of retail at Hodge Bank says:

“Financial stability shouldn’t be scary or off-putting, it should be accessible to everyone, which is why starting the New Year with a strong budgeting plan is essential for achieving your goals.

“By implementing even a few of these techniques, people can feel confident taking control of their finances and working towards whatever their goals may be for the New Year.”

Christie has also provided five essential savings tips for the new year:

Harness the Power of the 50/30/20 Rule

“One of the most effective budgeting strategies is the 50/30/20 rule, which encourages people to allocate 50% of their income to essential needs, 30% to discretionary wants, and 20% to savings and debt repayment.

“This simple framework empowers consumers to manage their finances while ensuring a balanced approach to spending and saving.”

Set Achievable Savings Goals
“I recommend setting specific and measurable savings goals to provide direction and motivation.

Whether aiming to save for a holiday, a new home, or an emergency fund, clear targets can make the savings process more achievable and rewarding.

Automate Savings for Success
“Automating savings transfers is a proven method to enhance saving habits. By establishing automatic transfers from checking to savings accounts, individuals can make saving a consistent and effortless part of their financial routine, ensuring they reach their goals without added stress.

“By opening a fixed savings account, it ensures you can’t touch your savings for a set amount of time. For example, the Hodge one-year saver means you can’t touch your savings for at least twelve months. However, at the end of the 12 months, you’ll have accumulated interest.

“As has become popular on social media platforms such as TikTok, those looking to save as much as possible have engaged in “No Spend” months, whereby the challenge is to curb impulsive spending for an entire month and instead only focussing on spending when it is essential.

“It is worth trying to challenge yourself with this type of trend. Or, if you think this may be too difficult, it may be worth cutting something out of your spending that you feel you can’t live without, but definitely can, such as takeaway coffees or meal deal lunches for work.”