MSE’s Money Tips Beat home insurance hikes, 2kg spuds 15p, 3% off energy bills, £35,000 pension boost, track Santa, 2

The cost of living crisis continued unabated in 2023. Energy prices remain disastrously expensive, inflation rocketed to historic highs and mortgage costs now pose a threat to the finances of millions, thanks to five increases to the base rate this year. Yet amid the economic gloom, our cockles have been warmed by the stories of those who have followed our tips and made big savings to get through these tough times. Here are just a few of those successes - hopefully they provide a source of inspiration and motivation for you to get MoneySaving in 2024...

1. 'Spending £5,700 on NATIONAL INSURANCE got me a potential £35,000 state pension boost.' To get the full state pension, you need a full national insurance (NI) record - but if you have gaps, you can usually buy extra years to fill 'em up. Normally, you can only backfill six years, but temporary rules mean you can now buy missing years from as far back as 2006, so anyone aged 45 to 70 should check now. Our Voluntary national insurance years guide has the full details (watch Martin's NI record explainer video first).

Helen emailed us in June with her success: "Many thanks. I paid for seven additional years at £5,700 but gained an additional £40/wk on my state pension which, if I live for 20 years, will give me an extra £35,000."

2. 'I've SWITCHED BANKS multiple times and made a FREE £850.' Banks have been dangling free cash switching incentives all year, and plenty of you have maxed the opportunity by switching again and again. Our how to safely do multiple switches guide has all the info, but if you haven't done it this year, there are two banks that currently pay. A full rundown is in Best bank accounts, but in brief...

- Nationwide's free £200, 8% linked saver, 1yr 0% overdraft
- First Direct's free £175, top service, 7% linked saver*

After a tough year, becoming a super-switcher helped Richard immensely. As he emailed last week: "I've made around £850 from bank switching this year. In a year where I've faced long periods of unemployment, this has really made a difference. I switched to Co-op Bank, First Direct, Lloyds Bank, Barclays and Nationwide. I hope this success can inspire others."

3. 'My son's CAR INSURANCE renewal was £1,200 - following your tips, I slashed it by £530.' Car insurance prices soared this year, driven by inflation and the cost of repairs - so much so that Martin devoted an entire episode of The Martin Lewis Money Show to cutting insurance costs. The key here is NEVER just auto-renew - use our clever Compare+ Car Insurance tool to get quotes and bespoke cost-cutting tips to slice the price down.

Dawn did so in November and almost halved the cost of her son's cover: "His renewal was £1,180, a huge increase on the previous year. I used a number of your recommendations and switched to another company on a like-for-like basis for £650 - a huge saving of £530."

4. 'Thanks to MSE, I reclaimed £2,000 in STUDENT LOAN OVERPAYMENTS.' More than 1 million former UK students overpaid their student loan in the 2022/23 tax year, adding to millions who had done so in past years. The reasons for doing this are myriad, so if you went to uni in the past 15 years, it's worth checking - you could be owed £100s or even £1,000s back. Full info on how to claim is in our Student loan overpayments guide.

It worked for Russel, who emailed us last week: "Because of my irregular pay, I wasn't sure how to understand my student loan payments and assumed all was fine. However, I just called up after seeing Martin's latest advice and got a whopping £2,000 back."

5. 'I ditched my fixed ISA - and will now earn £4,000 in interest.' Cash ISAs, even fixes, can't lock you in - they must allow you to withdraw money, though they can charge an interest penalty for doing so. Many who locked in a year or more ago are on terrible rates and should pay the penalty to move - try our Ditch my fixed cash ISA? calculator to see if you could be better off.

That's what Adrian did in November after watching Martin's show: "I had a 2yr fixed ISA that would make me £1,122/yr in interest. I went to my local branch to transfer to a new 1yr fixed ISA - it cost me £65 but I now stand to make £3,969 in interest at the end of term."

6. 'A decade after my partner died, I received £38,000 in BEREAVEMENT SUPPORT.' Of the many, many successes shared with us, this issue has been among the most heart-wrenching. Thanks to a law change this year, unmarried couples with children became eligible for backdated bereavement support if one partner died, sometimes worth £10,000s. Watch Martin's video briefing and find full info on how to claim in our Bereavement support guide.

Sara got in touch last week to say she received a massive payment: "I would like to say a huge THANK YOU for letting us know about bereavement support payments. My partner died in 2013 and I was left with our five-year-old son. We had no life insurance, so I had to ask my parents for help and sell the family home. I sent in the application form and received £38,000, and I'm getting a weekly amount due to my son being in full-time education."

7. 'Switching to SIM-ONLY mobile deals saved my family £344.' While most bills have risen this year, the mobiles market has bucked the trend, with Sims and handsets getting cheaper. If you're one of the 14 million people out of contract, you can switch and save. And don't worry - you can keep your number. We've thousands of deals in our powerful Cheap Mobile Finder tool, but here are today's cheapest (all unlimited mins & texts):

- TalkMobile (uses Vodafone's network) - 6GB for '£3.45/mth'
- TalkMobile (uses Vodafone's network) - 30GB for '£4.62/mth'
- iD Mobile (uses Three's network) - 100GB for '£7.09/mth'

Mary emailed us in September having slashed costs for her family: "I noticed a deal in your newsletter and switched Sim for me, my grandson and my partner. We're very happy to say that it has saved around £344/yr."

8. 'I cut my bill down by £1,300/yr by having a WATER METER installed.' If you're in England or Wales, check to see if you'd be better off by switching to a water meter. Martin's rule of thumb is...

More bedrooms in your home than people, or the same number (eg, three bedrooms, two people)? A water meter is likely to save you cash. Try a water calculator to get a better picture.

Mary-Louise emailed in October to tell us she saved a fortune: "My bill last year was £1,600. I took your advice and had a meter installed and now pay just over £250/yr, a saving of £1,300/yr. Why did I not get one before?"

9. 'I followed your CHARGEBACK tips and reclaimed £16,000 for a faulty car.' If you pay for something on debit card (or on credit card under £100), chargeback provides vital consumer protection if something goes wrong. (If you pay on credit card for something costing more than £100, you've also got stronger Section 75 protection.)

It was a godsend for Mary, who emailed us in November: "I bought a faulty car and the dealer refused to give me a refund. I read about chargeback on your site and approached my bank. They handled it efficiently and professionally and six weeks later the full amount of £16,339 landed in my account."

10. 'My parents reclaimed £7,100 in COUNCIL TAX after 27 years in the wrong band.' Up to 400,000 homes in England and Scotland may be in the wrong council tax band because the original valuations were slapdash. Yet it takes just 10 minutes to check before making a claim - our Council tax bands guide has the full system.

Christos emailed in November with a cracking result: "My parents have always believed that they were in the wrong council tax band, with the majority of their neighbours being a band lower for similar or larger properties. They applied and received confirmation that they've been overpaying since 1996, and were due credit of £7,100."

PS: If these success stories have inspired you, please tell us how much you saved, made or reclaimed.

___________________________

Given the festive schedule, next week's email will come a little later than normal, on the afternoon of Weds 27 December. In the meantime, if you're celebrating, we wish you the happiest of Christmases from all at MSE.

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Lots of scam ads litter social media and even newspaper websites - some of these lie that we or Martin promote Bitcoin, binary trading etc. See Fake ads warning.

Home insurance costs UP 36%

Check NOW if you can LOCK IN a price till the end of 2024 & save £100s

Whether you're planning to nestle up at home for the festive period or whisk yourself away, making sure your home is covered for owt that goes wrong is vital. Home insurance costs have already spiralled in the last year, up 36% according to research firm Consumer Intelligence, and claims stemming from recent extreme weather are expected to push premiums up further. So EVERYONE should check now whether they can save, lock in a decent price today, and forestall rises until next year. Our Cheap home insurance guide shows you how, but in brief...

NEVER auto-renew. Always check what's out there, as your insurer's not necessarily going to have the market's cheapest policy, as Chris emailed: "I took your advice about buildings and contents insurance. My renewal was £778 with my insurer who I'd been with for several years. But I was within the 'sweet spot' [21 days] before renewal was due, and got the same cover with a different insurer for £123! Thank you."
Establish what cover you need. Everyone should consider contents cover, but buildings insurance is usually only for freehold homeowners (though do check your lease/contract). To work out what's covered by each, imagine turning your home upside down. If it falls, it's contents. If it stays, it's usually buildings.

- Contents insurance: beware underinsuring. If you're thinking "I'd never claim for everything", and only insure half your contents' worth, you may only get half the payout. Use a contents calculator.
- Buildings insurance: beware overinsuring. What counts is how much it'd cost to rebuild your home if it were knocked down or gutted by fire - usually less than its market value. Use a rebuild cost calculator.
COMBINE comparison sites for 100s of quotes in minutes. These sites speedily zip your info to dozens of insurers. Yet don't just use one as a) they cover different insurers, and b) they can have different prices for the same firms.

Our current order is 1) MoneySupermarket*, 2) Compare The Market*, 3) Confused.com* (see how we order it). These sites are best for those with standard circumstances - if that's not you, and you find it tough to get quotes, see help if you're struggling to get insurance.

When it comes to getting quotes, timing matters. The nearer you get to renewal, the more expensive your cover will be - our analysis shows, on average, the cheapest time to get quotes is 21 days ahead of your renewal, though a few days either side won't matter much. Watch Martin's video on why timing is everything from his recent ITV show.
Now see if you can beat your cheapest comparison site price. If you've time, adding insurers comparisons miss, plus promo deals and cashback sites can bag you a cheaper price.

- Coverbaloo* gives a £25 Amazon voucher (comes within 90 days).
- Urban Jungle* gives a £15 Amazon voucher after seven months when you use code MSE_OFFER.
- Home Protect* gives the option of a food hamper or five bottles of wine (comes within 90 days).
- Biggie Direct Line doesn't appear on comparisons and can be competitive for some.
- If you're a member of cashback sites Quidco or Topcashback, you can do a comparison through them, and get up to £34 back. But check prices are the same (or cheaper) as through the main comparisons. See cashback help info.
Haggle. If you want to stick with your existing firm, tell it you want to stay, but ask if it can match your cheapest price from steps 3 and 4 - it will often work. See home insurance haggling help.
Not at renewal? It's still worth checking if you can save. Check prices now and if you can make a substantial saving, provided you haven't claimed this year, you can cancel your policy and usually get a pro-rata refund if you paid upfront, minus a £35ish admin fee (though you won't earn the year's no-claims discount). Plus you forestall rises for another year. See switching home insurance mid-year for more help.
Ensure the policy's right for you before buying. Go through the main terms to check you're happy, and check the firm you're buying from is regulated by the Financial Conduct Authority. And remember, if you have a claim unfairly rejected, that means you have a right to escalate any complaints to the free Financial Ombudsman.

New Martin vid. New energy deal gives 3% off bills for a year to almost EVERYONE. Last week, E.on Next opened its variable Pledge tariff to new as well as existing Direct Debit customers. Watch Martin explain how it works, plus all your other switching options, or see our updated Should you fix? guide.

Christmas veg price war hits boiling point - potatoes, carrots & more from 15p. See when and where to par-snap up the cheapest Christmas veg.

FREE £20 of Uber rides & £10 Uber Eats for NHS workers this Christmas, plus FREE Asda hot drinks for emergency responders. See these and loads more discounts for emergency service & care workers.

Track Santa as he delivers presents on Christmas Eve. Hop online or download a free app to track Santa.

Cheap Christmas train tickets still available - but go quick. The longer you delay, the pricier they'll likely get. While the cheapest advance fares may have gone, you can still save, eg, on Tue, we found London-Birmingham for £38 return from 23 Dec to 1 Jan vs £66 buying on the day. Cheap Christmas trains

2 Cineworld tix for £6, 2 Odeon for £8 to £10 via loyalty schemes. Cheap cinema tickets for Three, Vodafone and Amazon Prime customers, plus 25 more cinema savers.

New. The terrible human cost of scams | Finally, cheaper energy. An important listen to protect yourself from psychologically devious criminals - even if you're a 'they'd never get me' type... Plus back to basics ISAs, interest rates, credit cards etc. Do listen to the new The Martin Lewis Podcast via BBC Sounds, Spotify, Apple Podcasts & more.

BLAGGED FOR MSE

- £47 Grüum men's shaving/beard set for £16 7,500 available

DID YOU MISS?

- Updated. Is it better to leave your heating on all day?
- Millions of mobile users may get £1,000+ payouts
- £81m in unclaimed Premium Bond prizes - are you due?
- 750,000+ FREE water-saving gadgets
- Martin vid. Are you owed £100s back on your student loan?

The MoneySaving guide to doing good this Christmas

Alternative gift ideas including feed the hungry for FREE, help elderly neighbours & donate

'Tis the season to exchange gifts, share food and spend time with family. But the Christmas spirit can also be about helping others and giving something back, rather than just being drawn into a retail festival. So if you're looking for last-minute gift ideas or want to do something for more than just your loved ones, we've plenty of ideas to help you do good at Christmas. Here are a selected few to get you started...

Help feed the hungry for free with just one click. If you don't have spare cash, but want to give to charity, there's a special 'click 'n' give' site - The Hunger Site - where sponsors donate on your behalf. See give with a click.
Check our charity gift catalogue round-up. Why not agree to give to good causes in each other's name? From vaccines to beehives, our charity gifts guide is packed with ideas.
Give to your local foodbank. The Trussell Trust charity predicts foodbanks will need to give out more than one million food parcels this winter. We've links to find your nearest foodbanks, plus how to help even if you're not flush with cash. Full info in foodbank help.
Help out at your local homeless centre. Homelessness charity Crisis runs its 'Crisis at Christmas' campaign at centres around the UK. There are still some volunteering spots available - see help a homeless centre for the locations.
Share a moment with an elderly neighbour who may be struggling. Many may be feeling isolated at this time of year. Yet small acts of kindness can help neighbours who may feel lonely or need a hand with quick tasks.

And to wish you a Merry Christmas, we've practised what we preach and donated a sizeable sum on your behalf to Unicef to provide aid (including vaccines, education, sanitation and emergency support) in disadvantaged areas around the world.

Get up to 2.5% cashback for 3mths + a (fiddly) free £10 with free prepaid card. 5,000 available. Newbies signing up for app-based prepaid card HyperJar via our link* and ordering a free physical card can earn 3mths' cashback of 1.5% on most spending up to £750, and 2.5% on £750+ (max cashback £500/mth). There's no hard credit check (just ID) to get the card. If you don't mind some hoop jumping, there's also a free £10 up for grabs - full details in our Prepaid cards guide.

New Martin vid. How to speedily find out how much appliances cost to run. To help you figure out where it's worth cutting back, it's good to know how much your appliances cost to run - see Martin's quick video on how to check.

How to wrap Christmas presents sustainably. Make your gifts wonderful, not wasteful. It's a wrap

What it means for your mortgage & savings as base rate held. The Bank of England has kept its rate at 5.25% for the third time in a row. See rate update.

Grüum men's shave/beard bundle £16 (normally up to £47). MSE Blagged. 7,500 available. Grüum

Want to work at MSE? We're looking for a Senior Public Affairs Officer to join our Campaigns team. See MSE jobs.

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No-fee 0%: NatWest (check eligibility / apply*) - 14mths 0% (24.9% rep APR)

£200 to switch + 8% regular saver: Nationwide
£175 to switch + TOP service: First Direct

Top easy access: Metro Bank 5.22%, min £500
Top one-year fix: Metro Bank 5.66%, min £500

Try our Compare+ Car Insurance tool

Cheapest for £5,000 to £7,499: Tesco Bank (check eligibility / apply*), 7.3% rep APR (must have a Clubcard)
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CAMPAIGN OF THE WEEK

Have you booked a package holiday in the UK or overseas in the last five years? We want to hear from you. Please take our 5-minute survey, which will help us feed into the Government's review of package travel rules.

THIS WEEK'S POLL

How did you fare financially in 2023? Once again, it's been a tough year financially, with almost all bills rising. But not everyone's feeling the pinch in the same way, so we wanted to find out how you've fared financially in 2023, and whether you feel better or worse off than last year. Vote in this week's poll.

More than half of us plan to spend over £500 on Christmas. Last week we asked how much you thought you'd spend on Christmas this year (including food, drink, presents and travel). More than 4,500 responded, with over half (55%) saying they'd spend more than £500. Nearly a quarter (23%) said Christmas would set them back a hefty £1,000+. And while the majority were spending the same as last year, around a quarter said they were planning to spend less. See full poll results.

MSE NEWS

- Top story: Lenders should stop bombarding people who have missed payments, say Martin and charity
- Banks to be forced to refund some scam victims from next year as reimbursement rules confirmed
- Scottish Budget 2023: Income tax shake-up confirmed from April 2024

MONEY MORAL DILEMMA

Should I pay my colleagues £500 for looking after their house and cats? Two colleagues, who are a couple, were going travelling for a few months and asked me to house-sit for them and look after their two cats. We didn't discuss money, but they presented it as a way of reducing the cost of my commute (which was true) so I agreed. When they returned, they asked me to pay them £500, saying it wasn't much for three months' rent. I'd assumed that if anything, they'd want to give me something for looking after their house and cats. I don't want to pay, but also don't want to make things difficult at work. What should I do? Enter the Money Moral Maze: Should I pay my colleagues for my house- and cat-sitting? | Suggest a Money Moral Dilemma

MARTIN'S APPEARANCES (TUE 19 DEC ONWARDS)

Wed 20 Dec - Ask Martin Lewis, BBC Radio 5 Live, 1pm (listen to previous episodes)

BOARD GAMES, PARSNIP FLUTES AND PARKRUN - WHAT'S YOUR FAVOURITE NO-SPEND CHRISTMAS ACTIVITY?

That's all for this week, but before we go... while Christmas is a special time of year for many, it's also an expensive one. So we asked MoneySavers for their favourite no-spend Christmas activity, with board games, Christmas films snuggled under blankets, long walks in the countryside and looking at light displays on people's homes proving popular. Others get arty by making decorations out of pine cones and one person even makes musical flutes out of leftover parsnips for their neighbours. But we were most impressed by those who do the Christmas Day Parkrun... even if it's only to balance out the vast amount of food they're going to eat later! Read more and add your own ideas for keeping Christmas cheap and cheerful in our Facebook and Twitter conversations.

We hope you save some money,
The MSE team

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MSE’s Money Tips Beat home insurance hikes, 2kg spuds 15p, 3% off energy bills, £35,000 pension boost, track Santa, 2

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