September 12th, 2024 | Andrew Hagger | News

With many students heading off to university for the first time this September, shopping experts at MyVoucherCodes have put together a guide on how freshers can navigate their newfound financial freedom, and save a few pounds.

From saving cash on those all-important books to tips on socialising without stretching the purse strings, shopping expert Sarah-Jane Outten has put together her top tips for saving money as a fresher.

Sarah-Jane said: “For those heading off to university for the first time, the first few weeks can be a really exciting and nerve-wracking time. There’s so much to look forward to, but we also know that it can be a costly time for many, which is why we have compiled our top tips for students to be spending savvy this September.”

Top tips for students to save money:

• Take advantage of student discounts: The moment you have your student email address and a student ID it’s time to start taking advantage of the offers you can get. Plenty of shops will allow you to double up on savings and use a student discount on top of any other sales they may have. Shops like Boots also allow you to simply link your student ID to your Advantage card to get 10% off. Elsewhere Routledge, Adidas, Levi’s, and Acer all offer student discounts.
• Never pay full price for books: Whether you need science textbooks or poetry anthologies, the chances are someone else has the book in good condition and doesn’t need it anymore. People often sell their old books on Facebook university groups so take a look there. Ebay is also a good place to get second-hand books – make sure to look on voucher code websites like MyVoucherCodes to see if there are any codes you can use too.
• Grab freebies at freshers’ fairs: From free pens to pizza, freshers’ fairs are a great place to find out about clubs and societies you might want to join, but also to grab yourself some freebies and see if there are any discounts on things like local gym memberships.
• Plan and prepare your meals: Bulk cooking your dinner and planning them for the week is an easy way to save money but with the cost of meal deals rising, prepping your lunches is another way you can cut down on your spending. Even grabbing a meal deal three times a week could set you back more than £500 a year. Taking leftovers onto campus or making a large batch of salad at the start of the week could save you hundreds across the year – Morrisons is offering an exclusive £17 off for new customers when they spend £80.
• You could also consider getting a food subscription with your house or flat mates with companies such as Gousto and HelloFresh and cook together and make some great savings, as they are currently offering 60% off new subscribers with MyVoucherCodes.
• Food shop in the evenings: While it’s no secret that you should never do a food shop when you are hungry, heading to the supermarket in the evenings means you can take advantage of the reduced food items. Every shop is slightly different so get to know when the discount stickers start appearing on foods and time your food shop – lots of food will be perfectly fine to eat still and save you money. There are also plenty of vouchers for supermarkets at MyVoucherCodes including an exclusive £14 off your first online grocery shop over £60 at Sainsbury’s and £5 off your first order of £45 or more at Iceland.
• Sign up for deals: With the majority of your time spent behind a laptop or in lectures (and on nights out), keeping an eye on the best deals out there can be difficult. Signing up to your go-to brands’ mailing lists, and money-saving websites like MyVoucherCodes is a great way to get offers straight to your inbox.
• Search for your accommodation in advance. Rather than leaving it until the last minute, it is certainly going to be worth looking for your student accommodation with plenty of time to spare to get the best possible choice.

To find explore more offers for students visit https://www.myvouchercodes.co.uk/student-discounts

September 12th, 2024 | Andrew Hagger | News

Savers can help care-experienced young people supported by Barnardo’s thanks to two new bonds being launched by Leeds Building Society.

With monthly and annual interest options, the two bonds which are launched during UK Savings Week, will offer an interest rate of 4.05% to savers.The Society will donate 0.10% of the account balance to the charity. That equates to a £40 donation to the charity for a deposit of £40,000.

Earlier this year, Leeds appointed the UK’s biggest children’s charity as its charity partner until March 2027.

During the three-year partnership, Leeds Building Society has committed to raising a minimum of £300,000 to support care experienced young people to find somewhere to live, learn independent living skills, continue with education, or find work, as part of a campaign called Building Brighter Tomorrows.

Leeds Building Society’s purpose is to put homeownership within reach of more people generation after generation – and that includes care-experienced people who are especially vulnerable to the risks of homelessness.

It is estimated that one in three young people become homeless in the first two years immediately after they leave care, and one in four homeless people have been in care at some point in their lives. 

Product details:

• 2 Year Fixed Rate Monthly Income Bond Supporting Barnardo’s: 4.05% Gross p.a./AER
• 2 Year Fixed Rate Bond Supporting Barnardo’s: 4.05% Gross p.a./AER

Catherine Wray, Senior Manager for Savings at Leeds Building Society, said:

“This new bond offers savers the opportunity to make a difference to care-experienced people while watching their savings grow.

“We’ll donate 0.10% of the opening account balance to help fund the amazing work Barnardo’s does to support young people.

“During UK Savings Week, we are focussed on the benefits of saving and making our members money work as hard as possible, and these new bonds offer another way for savers to take control of their finances and do good too.”

Lynn Perry, Chief Executive of Barnardo’s, said:

“This generous donation from Leeds Building Society and its members will allow us to make a huge difference to the lives of those leaving care.

“Young people face a ‘cliff edge’ of diminished support once they leave care. Many begin to live independently earlier than others and are more likely to live in unsuitable or unsafe accommodation, struggling to afford basic essentials.

“Thanks to funding like this, we can deliver much-needed support to help care leavers look forward to a brighter future.”

September 12th, 2024 | Andrew Hagger | News

New research has revealed the most commonly experienced issues drivers face when trying to sell their car privately, with hagglers being named as the most frequent hindrance. Just over a quarter (28%) of sellers said they have encountered unreasonably low offers and haggling from buyers, making it the most common problem in the poll.

The findings come from Auto Express, which ran a survey across Carwow Group asking drivers about the obstacles they’ve faced when selling their cars. The survey revealed that almost two-thirds (65%) of motorists have sold a car privately, with over a third (37%) experiencing at least one problem during the process.

After haggling, the next most commonly reported problem was no-shows. Just under a fifth (17%) of those who had sold privately encountered time wasters on their car-selling journey – people who arranged viewings or test drives but ultimately failed to show up.

In addition, around one in 10 sellers said they dealt with disputes over their vehicle’s condition, while a surprising 6% reported concerns about their personal safety when engaging with potential buyers.

Less common problems on the poll included challenges with transferring ownership (encountered by 3% of sellers) and issues with advertising or reaching potential buyers (experienced by 2%). The results underline the range of pitfalls car owners face when navigating the open market.

This follows the news that Auto Express has launched its own online car-selling service, where drivers can quickly sell their vehicles to a network of dealers.

Paul Barker, Editor of Auto Express, said: “When you just want to get your car sold, there’s nothing more frustrating that someone that mucks you around and clearly isn’t interested in paying a fair price, if they even show up at all. Getting a new car is the exciting bit, but more often than not you’ll also have a car it’s replacing, and getting rid of that quickly and for a good price when selling privately can be a time-consuming process.”

September 11th, 2024 | Andrew Hagger | News

9^th – 15^th of September is UK Savings Week. In the current environment it has become difficult for a lot of people to save as much as they would like. In fact, our research[1] of over 2,000 workers found that the biggest financial concerns for the year include not having enough savings for unexpected costs (40%) and not being able to save enough for the future (38%).

With this in mind, WEALTH at work, a leading financial wellbeing and retirement specialist, has prepared the following tips as the basis for strengthening your finances.

1) Make a financial plan
Your individual circumstances will mean that you are likely to have different financial priorities depending on your life stage. For some the priority may be saving for a deposit for a first home, whilst for others it might be saving for retirement, or for some it may be paying off debt. Many people simply bury their head in the sand, but knowing what you are saving for and putting a plan in place on how to get there, is a simple but effective way to reach your goals.

Setting up an automated payment can be helpful, as if the money is automatically leaving your account each month to pay off debt, or to go into a savings account, it becomes part of your monthly outgoings.

2)  Start with the basics
Many people struggle to understand basic financial issues. A good starting point is to look at where your money goes, everything from utility bills and insurance to food shopping and going out. Really looking at what you spend can often highlight areas you could cut back on. A great example of this is insurance, as it is often the case that someone would get a better quote by shopping around and using tools like comparison sites, but many neglect to do this.

3) Research your work benefits package
Many employers offer a range of employee benefits such as financial education, financial guidance, payroll savings, ISAs and share plans. Through auto-enrolment, many people pay 5% of their salary into their workplace pension, with an additional 3% employer contribution. However, they may not realise that some employers will also match any additional contributions (up to certain limits). Someone in their 20s can increase their pension pot by 25% by saving just 1% more if their employers were to match this. Find out what your employer offers, and which are right for you.

4) Understand good debt vs bad debt
Another important principle is understanding the difference between good debt and bad debt.  For example, a mortgage is a form of good debt – it makes sense to have a loan in order to own your home as it is a stable, easy to manage approach to long-term borrowing. However, it should still be reviewed occasionally to ensure you have a good deal. At the opposite end of the spectrum, debt with high interest payments such as payday loans and credit cards can get out of control if they are not repaid quickly.

It should always be a priority to pay off bad debt. For example, a debt of £3,000 with a rate of 18% APR, could take 10 years and 10 months to pay off if paying £52 a month, with total interest of £3,836 paid. If that monthly payment was increased to £100 a month, the debt would be paid off in 3 years and 4 months, and interest paid would be only £1,011. If this was increased to £325 a month, the debt would be paid in 10 months, with total interest of £253 paid.

5) Build up an emergency fund
A lack of savings can have a serious impact on financial resilience.  Many people unfortunately realise too late the importance of having emergency savings. Ideally, you should have 3-6 months of savings that can be accessed at short notice should you or another member of your household lose your job, become ill, or for any unforeseen expense e.g. replacing the boiler or expensive car repairs.

Jonathan Watts-Lay, Director, WEALTH at work, comments;
“Many people don’t recognise the importance of financial resilience until something happens which highlights how vulnerable their finances are. Hopefully the five steps we have outlined will help those who want to take control of their finances and put themselves in a more secure position in the future.”

He continues, “Many employers now offer their staff financial education and guidance including workshops, digital tools and helplines. This can help them understand some of the key issues to help build their financial resilience in the future. Topics can cover a range of financial matters such as debt & money management, managing savings and retirement. Speak to your employer to find out what support is available.”

September 6th, 2024 | Andrew Hagger | News

A staggering 67% of UK adults either don’t have a Will or have one that’s out-of-date, a national Will-writing charity has revealed.

Will Aid’s poll, which surveyed more than 2,000 people across the country, found 56% haven’t made a Will, and 11% admitted theirs did not reflect their current wishes.

Financial pressures seem to be holding people back – with 21% citing the cost of instructing a solicitor as the reason they haven’t sorted a Will.

Other reasons included believing they had nothing worth leaving (27%), never finding the time (18.5%), feeling uncomfortable talking about death (16%) and concerns about the process being too complicated (16%).

Nationally, the average time since people last updated their Wills is six years, with nearly 20% admitting they’ve never updated theirs.

Only a third (34%) of those surveyed have updated their Will in the past three years.

Parents with children over 18 last updated their Wills an average of seven and a half years ago, while those with under 18s averaged four and a half years.

Peter de Vena Franks, Will Aid Campaign Director, said: “Making a Will is a final loving act for those you care about. It provides a clear plan and guidance for your family after you’re gone.

“We know thinking about death is uncomfortable and considering your final wishes can be daunting, but not having one can lead to confusion and distress among family members and beneficiaries, at an already upsetting time.

“The statistics on outdated Wills are worrying, because circumstances change, and it’s crucial to keep your documents up to date to ensure they reflect your current situation.”

Trusha Velji, of Touch Solicitors in Oldham, has been taking part in Will Aid for 15 years and her firm helped raise more than £43,000 during Will Aid 2023.

She said: “Having a Will is essential for ensuring your wishes are respected and providing peace of mind for you and your loved ones and keeping that document up to date is vital, especially when circumstances in your life change.

“Common reasons for updating your Will might include the death of a relative, divorce or separation, having children or gaining stepchildren. We advise you to regularly review your Will to make sure it still outlines your wishes.

“Will Aid is the perfect opportunity to have your Will professionally drawn up or to have it updated, while supporting charities that help some of the most vulnerable people in the UK and abroad.

“Getting your Will drafted by a solicitor is the safest way to ensure it is done correctly and legally.

“This year, you can finally tick that task off your to-do list by securing an appointment with a participating Will Aid solicitor – it can be an in-person meeting  if there is a participating firm near you, otherwise you will be offered firms that can do it remotely, so wherever you are in the UK, you can get your affairs in order through Will Aid this year.

“It’s a straightforward and easy process, allowing you to secure your family’s future while supporting to important causes.”

The annual Will Aid campaign sees solicitors across the UK volunteering their time to write Wills throughout November.

Will Aid is a partnership between the legal profession and seven of the UK’s best-loved charities.

The initiative, which has been running for more than 30 years, sees participating solicitors waive their fee for writing basic Wills every November.

Instead, they invite clients to make a voluntary donation to Will Aid – a suggested £100 for a single basic Will and £180 for a pair of basic ‘mirror’ Wills.

Appointments are available from 2nd September, and you can sign up by visiting www.willaid.org.uk

Donations to the campaign are shared by Will Aid’s partner charities, which operate both here in the UK and around the world.

September 6th, 2024 | Andrew Hagger | News

A recent survey found that two-thirds (67%) of Brits are unaware that contents insurance will only cover a move if a professional removals company has been used.[1] The study into common moving mistakes shows that many residents are at risk of a lapse in insurance cover while moving house.

Go.Compare Home Insurance surveyed both homeowners and renters and found that they were similarly oblivious of this rule, with 63% and 67% stating as such respectively.

Over half (54%) of homeowners hire a removals company when moving house, according to the insurance comparison site. But, only around a third (35%) of renters do the same. This DIY approach to moving combined with common mistakes could lead to possessions being damaged or lost.

Overall, over half (53%) of all residents admit they don’t use a removals company, meaning items might not be covered by their insurance policy when they relocate. One-quarter (26%) of movers admitted to losing possessions in a previous move, while 29% have either dropped and broken or damaged an item in transit. Forgoing a removals company means the damage caused by these simple mistakes would not be covered by contents insurance.

Nathan Blackler, home insurance expert at Go.Compare, said: “Moving house can be a stressful time, with lots to think about and plan for, so, insurance might not be the first thing on your mind. But, it’s important to double-check your policy and what’s included. Many contents insurance policies will only cover items during a house move if you hire a professional removals company. Even so, depending on the overall value of your possessions, you might want to consider having additional cover, just in case.

“Those who opt to skip professional help might think they’re saving money, but it’s easy to make mistakes during a move, often resulting in things getting damaged or lost. In these cases, realising items won’t be covered under your insurance policy can add expense and frustration to an already stressful situation.

“Regardless, it’s a good idea to minimise the risk of damage by properly packaging your possessions, considering the order in which boxes are placed within a vehicle, and labelling correctly to stay organised. You should also allow enough time to load and unload everything, so you or the removals company aren’t rushed.”

For more information on common mistakes made when moving house and a helpful checklist visit Go.Compare.

-​​ENDS-

September 3rd, 2024 | Andrew Hagger | News

Poland and Spain have been named among the cheapest destinations in Europe to go on holiday as part of an extensive new study. The research found that travellers spend an average of just £72 per night while visiting Poland, equivalent to £1,000 over two weeks – less than anywhere else in the continent.[1]

The research, compiled by Go.Compare, analysed 2023 Travelpac data on UK holidaymakers’ expenditure and nights spent in over 30 countries. The comparison site then calculated the destinations where travellers spend the most and least per night, with Poland being named the cheapest in Europe.

Spain also ranks in the top 10, with travellers spending an average of £91 per night during their visit, equal to £1,278 over a fortnight. Portugal, Sweden, Hungary and Turkey are also named in the list. This makes them potentially good options for those looking to take an affordable break while living costs remain high.

Outside of Europe, India was found to be the cheapest destination for travellers. On average, holidaymakers spend just £62 per night in this country, less than any other in the study. This is equal to only £878 for two weeks, making it an extremely low cost break for travellers once they step off the plane. However, the high cost of flying to India likely makes it a less realistic option for UK travellers.

The full top 10 cheapest destinations can be found below:

Based on the figures, those looking to keep costs low should avoid Nordic countries like Iceland, Finland, Norway and Denmark. All four of these countries ranked among the 10 most expensive, with Iceland being the priciest of them all. The average expenditure in this country is over £200 per night, which comes to £2,890 over two weeks – £1,882 more than a fortnight in Poland.

Switzerland was found to be the most expensive destination outside of the Nordic region, where holidaymakers’ average expenditure is £173.56 per night – £2,428 across a two week break. Meanwhile, the United States of America is the most expensive country outside of Europe, where travellers spend an average of £157 per night, equal to £2,206 across a fortnight.

Rhys Jones, travel expert at Go.Compare, said: “Times have been tight over the last few years, but you still deserve some time off and it’s not impossible to travel on a budget. Looking into which destinations are cheapest once you arrive can help you identify which places will get you the most value for money.

“Poland and Spain look to be the best options for holidaymakers looking to keep costs down, as they’re not too far to travel and offer relatively low expenditure once you arrive. Although, plenty of other European destinations can make good options, too. It might be best to avoid the Nordic countries, as these tend to be on the more expensive end of the scale, particularly Iceland and Finland.

“As well as choosing a cheaper destination, there are plenty of other tricks to make going on holiday affordable. Travel guides and apps will help you to find low cost alternatives and maybe even a few free attractions. Plus, buying travel essentials like toiletries and sun cream at your destination can sometimes save you from paying for expensive travel-size versions before you leave.”

More information on the cheapest and most expensive holiday destinations, as well as tips for saving money while travelling, can be found on Go.Compare’s website.

September 2nd, 2024 | Andrew Hagger | News

A recent survey has found that one in 10 Brits who plan on doing DIY home renovations this year are uninsured.[1] This means a huge estimate of 245,870 UK households will undergo DIY improvements with nothing to cover potential accidents and damage.[2]

The study, compiled by Go.Compare Home Insurance, asked the nation about their renovation plans for the year ahead. It combined the results with ONS data on the number of UK households, revealing how many might be taking a huge financial risk.

It found that a third of Brits plan on renovating their homes in 2024. Out of these, 34% stated they will leave the work to hired professionals, while a quarter (25%) are choosing to perform the changes themselves, a tenth of which are forgoing insurance.

But the preferred option across the nation is a blend of DIY and professional labour. A total of 39% of respondents planning a renovation project said they would do some of the work themselves and leave the more specialised tasks to those qualified.

Those who are neither hiring professionals nor doing the work themselves are trusting the renovations to family members, with 61% of these respondents going down this route. Others plan to rely on their partner or friends, with 38% and 30% stating as such, respectively.

The insurance comparison site dived into the consequences of completing home renovations without the help of a certified professional. It warned that it could void any insurance claims in the case of accident or damage.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s always important to notify your insurance company of any plans to renovate the home, especially if it involves major structural changes, as it could significantly affect the value of the property.

“If you’re looking to save money by going down the DIY route, and you lack additional cover like accidental damage protection, your insurance is highly unlikely to cover any disrepair caused during the renovation. It’s worrying to see so many households taking this risk, as their attempt to save money could cost them a lot down the line.

“Some policies include cover for a certain extent of renovations, but if not, it’s worth purchasing the necessary additional cover for the duration of the work. When contacting your insurer, be clear on the exact projects you have in mind, as well as the approximate duration of the renovations, and make sure they’re kept updated on any changes.”

For more information on UK home renovation trends, visit Go.Compare.

August 28th, 2024 | Andrew Hagger | News

New research has revealed that modifying your car can take an average of £380 off its selling price. The figures showed that cars without any modifications sell for 97% of their initial valuation on average, whereas those which have been modified sell for just 94% of their valuation. Based on the average valuation of £14,077, this is equivalent to a £380 loss due to mods.[1]

The figures come from online car-changing marketplace Carwow, which reviewed its internal data to determine the impact of mods on sale prices. It then applied its average valuation to find they sell for almost £400 less, highlighting that those considering mods should think twice if they are planning to sell in the future.

As part of the study, around three quarters (74%) of drivers named at least one mod that they hate, while 89% said they wouldn’t buy a car if they saw certain modifications fitted to it.[2]

Cars with wonky wheels (or “extreme negative camber”) are the most likely to deter a buyer. Over two-thirds (69%) of those asked said they wouldn’t buy a car with this modification. Close behind is a modified exhaust, which was a deal breaker for 65% of respondents, while 64% said they wouldn’t get a lowered car.

Other modifications which can deter buyers include novelty horns (58%), neon underbody lights (56%) and novelty decals such as flames and stripes (56%).

Despite this, not all drivers said that mods would stop them from buying a car. Under 25s are the least likely to be deterred, with a fifth saying that none of the modifications listed would stop them from making a purchase, compared to around one in 10 of all other age groups.

The only mod that was more hated by under 25s than over 54s was spoilers, which were picked by a quarter of under 25s and around a fifth of over 54s.

Ian Reid, head of editorial at Carwow, said: “Modifying a car can be a fun way to add a bit of personalisation to your vehicle, but you should consider how this might impact things in the long run before you make any changes. Not all mods are legal and some can invalidate your car insurance, so be sure to check the legislation around your preferred mods and whether they’ll be covered.

“If you plan to sell your car at a later date, remember that your modifications will probably deter a few buyers, likely having a negative impact on its value. Some modifications are worse than others for this, so consider checking our list before deciding whether making the change will be worth it.”

August 23rd, 2024 | Andrew Hagger | News

A recent survey has found that 82% of homeowners claim to have never made a mistake while moving house, compared to 18% of renters saying the same.[1] But out of 12 common moving mistakes analysed, nine are more frequent among owners.

The study, by Go.Compare Home Insurance, highlighted that 90% of Brits have moved house at least once, and 65% admit to making mistakes during the transition from one home to another.

The most frequent mistake is misplacing an item, made by one-quarter (26%) of movers. Homeowners are more likely to be at fault for this, with two-thirds admitting to it, compared to around a third (34%) of renters. This is also the case for the second most common mistake – breaking an item in transit – something that over a fifth (22%) of residents had done overall.

Forgetting to label boxes was the third most common error, a mistake made by 16% of movers. Not allowing enough time to load or unload belongings, and dropping an item causing it to break complete the top five moving mistakes with both made by 15% and 14% of respondents, respectively.

Here are the most common moving mistakes:

Of these 12 errors, only three are more frequent among renters. These include losing the keys to the property, a mistake made by just 1% of respondents overall, forgetting or leaving it too late to book a removals company, and forgetting to take final and initial meter readings.

The survey also found that well over half (58%) of residents have forgotten to update their address when moving. Updating clubs and memberships with your new address is the most frequently forgotten, with over a tenth (12%) of respondents admitting to this.

Nathan Blackler, home insurance expert at Go.Compare, said: “Moving house can be a stressful time and the amount of things you need to consider or keep track of can often be overwhelming. Some of the most frequently made mistakes don’t come as a surprise, and although you can take steps to minimise accidents from happening, sometimes things simply go wrong.

“With forgetfulness being such a big factor in moving mistakes, it often helps to create a checklist of everything you need to do. It can also be beneficial to map out a timeline, as some things shouldn’t be left until the last minute, like booking a removals company or updating your home insurance.”

For more information on moving home mistakes and a helpful moving checklist visit Go.Compare.