Tips for cutting broadband, TV and mobile costs
The simplest way to save more of your hard-earned cash is by switching your supplier when your contract expires.
If you’re outside the minimum term of your contract, then you won’t need to pay a cancellation fee – and you might be able to find a cheaper deal elsewhere.
You might be charged an exit fee if you’re still in your contract period.
But don’t just switch contracts because the price is lower than you currently pay.
Look at how much speed you need for broadband, how many minutes and texts you need, and how much data you’re using on your mobile to find out which deal is best for you.
Use comparison websites like MoneySupermarket and Uswitch to compare the best tariffs and phone prices.
Vehicle Excise Duty hike
Last year, vehicle excise duty (VED) rates increased by 10.1% to keep in line with inflation.
HMRC has confirmed that the rates for each car tax band will increase again from April 2024.
Annual VED charges will rise across the board in line with retail price index (RPI) inflation, but some owners will face a staggering £140 rise.
Vehicle Excise Duty is an annual tax you have to pay to have your car on the road.
You have to pay the tax when the vehicle is first registered.
You then have to pay the tax from then on to maintain having your vehicle on the road.
TV licensee increase
The BBC licence fee has risen from £159 to £169.50 as of today, an increase of £10.50.
TV watchers could have been paying £15 more as bosses had hoped to hike it by a bit more than just over a tenner.
But ministers pushed for them to settle in line with September’s 6.7% inflation rate.
There were 24.4 million licences in force in the year to March 2023.
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
How much do you need to retire comfortably?
The amount you need to retire comfortably is increasing almost every year.
The current amount is £59,000, up from £54,500 last year, according to the Pensions and Lifetime Savings Association (PLSA).
11 income tax tips and tricks
Martin Lewis has revealed an income tax calculator from moneysavingexpert.com that Brits can use to see how National Insurance will affect them this year along with 11 tips to make it all smoother.
- Check your tax code – you may be owed £1,000s: free tax code calculator
- Transfer unused allowance to your spouse: marriage tax allowance
- Reduce tax if you wear/wore a uniform: uniform tax rebate
- Up to £2,000/yr free per child to help with childcare costs: tax-free childcare
- Take home over £500/mth? Earn £100+ switching bank: top bank accounts
- Save for pension from pre-tax income: pension need-to-knows
- Earn under £18,500/yr? Pay no savings tax: special savings allowance
- Earn over £18,500/yr? Save tax-free in an ISA: top cash ISAs
- After-tax income impacts mortgage availability: ultimate mortgage calculator
- Ensure you spend less than you earn: free budget planner
- Cut your bills without cutting back: free money makeover
