Sort out loot in lockdown
THE NATION is still largely in lockdown despite this week’s muddled attempts to ease the situation, but do not twiddle your fingers when you could sort out your finances instead.
A little hard work could leave you in much better financial shape for the uncertain months to come.
SELL STUFF ONLINE
A third of Britons have used the lockdown to spring clean and declutter their homes, to make space and earn money by selling online, research from Gumtree shows.A Gumtree spokesperson advised using delivery services if worried about social distancing when selling items.
STREAMLINE STREAMING
The average Briton spends £650 a year on digital subscription services, says switching service Monva. Of these, two out of five rarely use all their services, overpaying by £153 a year on average. Monva chief executive SteveWiley said to review your subscriptions: “Too many sign up and forget.”
GO MOBILE
Locked-down Britons are failing to use monthly mobile allowances as they use wi-fi to stay connected, research from Uswitch.com shows.
Mobiles expert Ru Bhihka said while tariffs let you roll over unused data, many do not: “If yours is more than you require, even after the lockdown, look for a better plan.”
SUPERMARKET SWEEP
If looking to save money, check which local supermarket offers best value when shopping for essentials.
Asda is the UK’s cheapest, according to Alertr, with a basket of 43 items including essentials such as bread, milk, eggs and pasta costing £129.66, followed by Iceland (£134.16), Morrisons (£136.73) and Sainsbury’s (£138.75).Waitrose (£145.75) was cheaper than Tesco (£149.49).
TRACK PENSION POTS
People regularly fail to tell their pension provider when moving house, which leaves an estimated 1.6 million pots worth £19.4 billion unclaimed, worth £13,000 on average.
Dr Yvonne Braun, policy director at the Assoication of British Insurers, said check the address on your most recent statement and update it if you have moved: “Log in to your provider’s website or find out more at ABI.org.uk.”
PLAN TAX
Inheritance tax (IHT) planning could save your loved ones thousands of pounds in death duties when you go.
Charles Stanley financial planning director Alex Price said IHT kicks in at a punitive 40 per cent once total assets pass a certain level: “Cut your bill with gifts to family, setting up trusts or passing pension to your beneficiaries while using other assets to fund your retirement.”
SWITCH SAVINGS
If you have money in an old easy access savings account, you may get far more interest by shopping around for a best buy deal.
Moneyfacts finance expert Rachel Springall said: “Some high street accounts pay just 0.1 per cent, but Shawbrook Bank and Ford Money now pay 1.15 per cent and 1.07 per cent respectively.”