Archive: MoneySavingExpert's Money Tips Email

Martin: 'I've ten 2024 deadlines & savings that could have a huge impact on your year - for some, £10,000s are at stake...'

Happy New Year. I'm just getting my feet back under the work-table ready to focus on 2024's fiscal fortunes. While inflation is thankfully much lower, prices are still rising (so see beat 5% energy hikes below), and that's on top of last year's extreme hikes. So it is still going to be a tough year for many.

To help, throughout January in this email, we'll focus on big savings so you can give yourself a money makeover. To start with, I want to highlight some key 2024 deadlines & quick-hit savings, so SCAN THROUGH ALL to see which impact you...

1. Urgent. Partner died since 2001? Possibly £10,000s in backdated support claimable for many UNMARRIED cohabiting parents. Pls spread word. A law change that came into force in Feb 2023, on the back of a court case, means for the first time non-married parents can claim bereavement benefits too, and for them, in some cases it's backdatable to 2001, but for that you must claim by 8 Feb 2024.
   
   To help, I've an easy-watch video briefing within our full backdated bereavement support guide. Please spread word to anyone this may help. Many have been in touch with successes, such as Marc, who tweeted: "Helped a relative claim recently and they received over £30,000, a life-changing sum! Thank you @MartinSLewis - it goes a long way to making up for the scrimping & scraping when they couldn't claim."
   
   
2. Childcare support in Eng is boosted in 2024 as many two-year-olds will be eligible for funded care for the first time. If you pay for childcare, ensure you know what you're due. From April, many working parents of two-year-olds in England will be entitled to 15 hours of funded childcare a week (ie, state pays, though in some cases you may need to top up).
   
   You can apply now if your child was born at least a year and 36 weeks ago (so today the cut-off's 27 April '22), and the funded hours kick in during the term after they turn two. From September, eligible parents of children aged 9mths+ will be entitled to funded care too. Though whether nurseries have the capacity, or are funded enough to help, is a tougher question. Plus also...
   
   - Child aged 3 or 4? Almost all get some help, check schemes for England, Scotland, Wales and Northern Ireland.
   - On a low income? If you get Universal Credit or Tax Credits, you should get an extra payment to help pay for childcare.
   - Do you pay for childcare? Get a 25% top up. Over 800,000 working parents are missing out on what is effectively a 25% top up on childcare via the appallingly misnamed Tax-Free Childcare scheme (it's not about tax, it's a scheme where you save for childcare then get money added to pay for it).
   
   
3. Make 2024 the Year of Cashback, as you can get an easy 1% back (likely £100+) just for doing your normal spending. Huge recent inflation means an unavoidable need for most people to spend more. So you may as well get paid to do it, and the sooner you act, the sooner you get it.
   
   The Chase debit card* is easy to get. When you apply for this app-based account it doesn't do a hard credit check and you don't need to switch bank to get it. It pays 1% cashback on all normal spending for at least a year, up to a max £15/mth.
   
   So pay money in from your usual bank account and then use the card to do your normal spending on (from the start of your 2nd year, you'll need £500/mth going in to get the cashback - pretty easy as most spend far more than that). See our full Chase review.
   
   Some can earn more using the Amex 5% for 3mths cashback card but these are tougher to get and are credit not debit cards, so you must repay IN FULL each month to avoid interest. Full info in Reward cards.
   
   
4. It's likely an election year - ensure you're on the electoral roll (it can help you get accepted for mortgages / credit too). The PM has confirmed he'll call a general election sometime in 2024 (though legally it could still be held in Jan 2025). To ensure you can vote, get on the electoral roll and this time you'll also need ID unless voting by post (or by proxy).
   
   Being on the electoral roll is also important for your finances, as if not, it can hamper your ability to get credit (see 28 ways to boost your creditworthiness). And don't worry - you can do it and avoid spam mail... when you register, just don't agree to go on the 'open register', which firms can use for marketing. Simply go on the full electoral register only - that way your details aren't widely shared, except for things like credit-checking. Not eligible to vote in the UK? See what to tell the credit reference agency.
   
   
5. Savings rates have peaked, and are likely to drop further in 2024, so check you're not being underpaid now - top payers: 5.22% easy access, 5.3% fixed. The City is currently predicting UK base rates won't rise and will likely fall in 2024. Easy-access savings rates tend to move with this yet fixed rates move more with likely future rates, so they're already off their peak (the top 1yr fix now is 5.3%; four months ago it was 6.2%). And if the markets are right, they could drop further.
   
   So check now what your savings are earning and make sure you're maxing them - our Top savings and Top cash ISAs guides will take you through what you need to know and all the best buys.
   
   
6. Car insurance 'rose 67%' in 2023, and rises are likely to continue till mid 2024. Assessments of how much car insurance rose in 2023 vary from the industry's (ABI's) own 29% up to Consumer Intelligence analysts' 67% - either way it's a shedload! My social media feeds are full of people shocked by their renewals. Sadly many analysts expect rises to continue for at least the first half of this year.
   
   So check now to see if you can lock in a price to forestall future rises. Use our MSE Compare+ Car Insurance tool to see your cheapest insurers as a benchmark, and get unique, bespoke, personalised tips - such as timing your quote or adding additional drivers - to cut costs down further.
   
   As Chris emailed: "I received the weekly email and was settling for my £968 renewal premium, a hike of £330 on last year's. However, after using the Compare+ tool I managed to get a like-for-like deal for £668, effectively saving me £300. Thank you for the weekly email and the link to Compare+."
   
   It's worth checking even if not at renewal, as you may be able to essentially lock in a cheaper price over the next year. See how to change policy mid-year including pros & cons.
   
   More than one car at home? Comparison sites don't check multicar cover so you'll need to check manually if it's worth it. The best-known multicar provider is Admiral*, but Aviva, LV*, Diamond and Elephant* also offer it. Don't worry if your renewals are at different dates - they easily sort it. Also see existing-customer discounts for multiple cars.
   
   

   Beat 36% home insurance hikes too

   A similar story as car insurance here, and our cheap home insurance cost-cutting system has full help - briefly though... - Use as many comparison sites as you've time for. Our order's MoneySupermarket*, Compare The Market* then Confused* (see how we order). - Compare the winner to deals with promos from Coverbaloo + £25 Amazon*, Urban Jungle + £15 Amazon* (code MSE_OFFER) and Home Protect + food hamper/wine*. - If time, add in biggie Direct Line which isn't on comparisons. - Cashback sites' comparisons give up to £34 back. - Don't want to switch? Take the comparisons' best buys and try haggling with your existing firm.

7. Were you aged 66 or older by 12 Dec 2023? Check now if you're due Pension Credit... even if you only get pennies, it triggers eligibility for the February £299 cost of living payment. If you (or someone you know - spread word) are a state pensioner with total income under £220 a week, or are a couple with combined total income under £320 a week, take a couple of minutes to read my Are you due Pension Credit? blog.
   
   Pension Credit is an income top-up to the state pension with an average payout of £3,900/yr. Sadly over 850,000 ELIGIBLE PENSIONERS ARE MISSING OUT. And even if you're only due pennies, it's also a gateway to many other payouts, including, if you apply soon, the February £299 cost of living payment.
   
   
8. Married (or in a civil partnership)? Are you due a £1,260 tax break? Claim before April to max the rebate. This is an important perk that can be very worthwhile.
   
   - You need to be married or in a civil partnership, not just cohabiting.
   - One of you must be a non-taxpayer (ie, earning under £12,570/yr).
   - The other, a basic 20% taxpayer (ie, earning between £12,570 and up to £50k/yr; £43k/yr Scot).
   
   If so, the non-taxpayer can ask to shift 10% of their tax-free allowance to their spouse, meaning they can earn £1,257 extra tax-free. It's worth an extra £252 this year.
   
   If you've been eligible since April 2019, it's backdatable to then - provided you apply by 5 April 2024 - adding an extra £990 to the rebate. Our Marriage tax help guide has full info (and the few rare cases where it's not worth it).
   
   
9. Expect your broadband bill to be hiked 7% in April, even if you're mid-contract - check now to see if you can save £100s. Outrageously in April 2023 many broadband providers hiked people's bills by between 14% and 17% as they'd written above-inflation hikes into contracts. Thankfully the regulator has proposed to ban these types of hikes, but it's unlikely to be in place before this year's hikes.
   
   Most firms increase the cost by either Dec or Jan's inflation plus 4% - those figures aren't out yet, but my best guess is 7%-ish rises this April. So if you're one of seven million people currently out of contract (likely if you've been with the same provider for years), so are free to switch, spend 2mins on our broadband comparison.
   
   Many can double speeds and halve costs. Most deals are short-lived, and include promo discounts - current top deals include...
   
   - 67Mb Vodafone fast fibre '£21.90/mth'
   - 100Mb+ Virgin '£22.10/mth'
   
   These will likely rise in April too, but a 7% rise on £20/mth is less than a 7% rise on £40/mth which many pay right now.
   
   

   Broadband social tariffs for those on Universal Credit
   Up to four million people on Universal Credit and sometimes other benefits are eligible for social tariffs, but few get them. These have consistently low costs, as little as £12/mth. So tick 'show social tariffs' to include the biggies in our MSE cheap broadband comparison tool or see our full social tariffs list which includes a few smaller firms too.

10. Are you owed £1,000s in tax? There's an important April back-claiming deadline. Your tax code is the number - such as 1257L - that tells your employer how much tax to take from you. Millions are wrong every year, and it's crucial to understand the rules say that it's YOUR RESPONSIBILITY to check it's correct, not your employer's or HM Revenue & Customs'.
    
    Our easy Tax Code Calculator will give you an idea if yours is likely to be right or wrong (as well as the calc there's a guide there too that takes you through all you need to know). You can currently backdate any claims to April 2019, but to go back that far you must do it by this April, so the sooner you check, the safer.

A final thought: are you in debt crisis? Get free debt help NOW. No deadline here, but if you're struggling this New Year, it'll likely feel urgent to you, so I've three important questions to ask yourself...