Martin Lewis’ Money-Saving Tips for the New Financial Year
As we approach the new financial year, it’s essential to be savvy with our money management. Renowned consumer champion Martin Lewis recently shared six insightful tips to help households save money across various aspects of their finances.
Energy Bills
One of the key areas Martin focused on was energy bills. With changes coming into effect from April 1, households are presented with two tariff options. They can either stick to the variable tariff, which is price capped or linked to the price cap, or opt for the E.ON Next Pledge, offering a 3% discount off the price cap.
Martin Lewis providing financial advice
Smart Meters
In his advice, Martin criticized the smart meter rollout in the UK, highlighting that a significant 20% of these meters are non-functional. He expressed disappointment in the process, labeling it as a disgrace.
Car Insurance
When it comes to car insurance, Martin emphasized a crucial point. If you purchase a car insurance policy, the company is obligated by law to reduce it to the same price offered to new customers. This legal requirement prevents existing customers from being charged more than new ones.
Credit Card Rules
Under Section 75 of the Consumer Credit Act, Martin explained a vital protection for credit card users. If a purchase ranging from £100 to £30,000 is made on a credit card, the credit card company shares liability with the retailer for the entire amount, irrespective of the partial payment method.
Joint Credit Products
Martin cautioned about the financial implications of joint credit accounts. Any joint credit product can create a financial link between individuals, allowing the credit card company to assess your application based on the credit history of the other person involved.
Young People’s Money
For individuals aged 18-30, Martin recommended opening a Lifetime ISA and depositing at least £1 to initiate the one-year waiting period before further contributions.
By following these insightful tips from Martin Lewis, households can navigate the financial landscape more effectively and make informed decisions to secure their financial well-being.
Lola Reynolds loves uncovering clever money-saving hacks in everyday life. When not immersed in financial stories, she enjoys trying out new baking recipes and exploring local flea markets for hidden gems.
