Goal! How MoS team hit (or missed) our 2019 money targets
Our experts reveal how they scored on discounts, savings and tax relief
JEFF PRESTRIDGE Cheaper travel and entertainment
TURNING 60 can feel like joining the approach road to the pearly gates. There might still be a lot of road ahead, but any intimation of immortality vanishes for good.
Yet hitting three score years is not all bad news. When I run, I am now winning as many races in my veterans’ 60-to-65 age category at the weekend as I am losing – and I am also enjoying a raft of financial discounts as a result of ‘old’ age.
I now get to travel free on London’s Underground. And my senior railcard – costing £30 a year – secures me a third off rail fares.
This is perfect for my regular visits to the Hawthorns, home of (hopefully) Premier League-bound West Bromwich Albion Football Club. Because of my age I also get a discount on my season ticket. Some say long-suffering Albion fans should all receive discounts.
Occasional Saturdays – this season in particular – were almost heavenly. Free travel to Euston railway station, a cheap (advance) return ticket to Birmingham New Street, and a victory for the Baggies (Albion’s nickname).
And, so far, no sight of those pearly gates, apart from a complaining prostate. TOBY WALNE Energetic energy savings
MY MAIN victory was turning direct debit payments for energy into a savings account.
I was £1,200 in the black by the end of the year – enough to cover the expense of Christmas.
The catalyst for this was one sleepless night when I heard a strange sound coming from the airing cupboard. Upon investigation, it transpired the immersion heater was in permanent ‘on’ mode, burning electricity like crazy and a hole in my pocket at the start of the year. Yikes.
After turning it off, I carried on paying the same monthly direct debit amount – unwittingly building up a surplus of £1,200 by December. Having boiling hot water in the house 24 hours a day is expensive. So please ensure your immersion heater is used as it is intended – usually for unexpected shortages of hot water, such as when guests visit.
Wiser from the experience, I changed 20 halogen bulbs to eco-friendly LED lamps for another saving. No smart energy meter required.
LAURA SHANNON Support for much needed childcare
I HAVE saved our household at least £1,500 a year by opening a Government tax-free childcare account.
For every £8 I put in the account to pay nursery fees for my twoyear-old daughter, the State adds £2, up to £2,000 a year. And with another family member having just arrived – the beautiful Madeleine – I’ll be claiming the same sum for her next year too, as the boost is per child rather than per family.
It’s a great financial deal, especially for anyone not receiving or not eligible for childcare vouchers. However, not enough eligible parents sign up for the free cash. My own parents would say it’s better than a poke in the eye – so why would you turn it down?
If you are working parents paying for childcare, sign up to gov.uk/taxfree-childcare.
But if you are claiming childcare vouchers through an employer you might be better off with that scheme.
A smaller win came in the form of recycling old clothes. High street retailer H&M gives customers a £5 voucher for handing over clothes that would otherwise be dumped in landfill – any item, from any brand, in any condition.
SARAH BRIDGE Tax-free income from my spare room
THE best financial decision I made this year was renting out my spare bedroom. I had been using it as a study, but by moving the desk into my bedroom – a bit of a squeeze – I was able to free up the room.
Placing an advert on flatsharing website spareroom.co.uk meant I found my lovely flatmate, Rosie, who works nearby and was looking for a short commute. Under the Government Rent a Room scheme, the first £7,500 a year of income is tax-free. As my income from the room falls just under the threshold, my tax exemption is automatic.
Renting out my spare room does mean I no longer qualify for a single person’s discount on council tax, but even with that and a slight increase in bills it is well worth it for the extra income and the security of knowing there’s a fixed amount coming in every month.