Boost Your Savings with These Expert Tips
Are you struggling to make ends meet on Universal Credit or tax credits? Martin Lewis, the Money Saving Expert, has some fantastic news for you. He’s highlighting a special savings account that boasts a staggering government bonus of 50%. This account is designed specifically for those on Universal Credit or tax credits, and it’s a game-changer.
The Help to Save Account: A Game-Changer for Those on Universal Credit or Tax Credits
The Help to Save account is a unique savings account that offers a 50% government bonus on your savings. But what really sets it apart is the way the bonus is calculated. Unlike other savings accounts, the bonus is based on the highest balance within the first two years. This means that even if you need to use your savings for an emergency, you’ll still get the bonus on the highest balance you had in the account.
For example, let’s say you put in £50 a month and do that for a year. You’ll have £600 in the account. If you need to use that money to buy a new fridge, you’ll still get a 50% bonus on the £600, which is £300. And then, you’ll have another two years to save again and get another 50% bonus on the extra you put in.
The Benefits Continue Even If You Stop Receiving Universal Credit or Tax Credits
One of the best things about the Help to Save account is that the benefits continue even if you stop receiving Universal Credit or tax credits during its tenure. As long as you were eligible when you opened the account, it remains active for the entire four years.
Other Ways to Save Money
While the Help to Save account is an unbeatable option for those on Universal Credit or tax credits, there are other ways to save money. For example, did you know that you can save hundreds by doing one payment for the whole year instead of multiple monthly payments on your car insurance? Or that renewing your cover a few weeks in advance rather than a few days can get you a cheaper price?
Tweaking Your Job Title Can Also Save You Money
Believe it or not, tweaking your job title can also save you money on your car insurance. For example, if your job title states ‘barber’, try ‘hairdresser’ or ‘hair stylist’ to see if you can get a cheaper quote.
Haggling with Your Provider Can Also Help
If you’re not keen on switching providers, haggling with your current provider can also help bring the price down. There’s no guarantee, but it’s worth a try.
Car insurance prices are still high, but there are ways to bring down the costs.
Black Boxes: A Solution for Young Drivers
For young drivers who are trying to avoid sky-high prices on their car insurance, black boxes could be the solution. While they often come with restrictions, they can help bring prices down and make drivers more aware of their actions on the road.
Martin Lewis is passionately advising anyone who is on universal credit or tax credits to look into the Help to Save account.
Conclusion
Saving money is not always easy, but with the right tips and tricks, you can make the most of your hard-earned cash. Whether you’re on Universal Credit or tax credits, or just looking for ways to save on your car insurance, there are options available to you. So, take control of your finances today and start building a brighter future for yourself.
