You thought New Year was reserved for January didn’t you? Perhaps Chinese New Year. Or the Jewish Rosh Hashana. Well, forget all of them as there’s one which is going to have a bigger impact on you and your wallet – the financial new year.
What can you expect? For a start, there are no fireworks, and there’s no chance of getting a snog at midnight. And it bizarrely starts on 6th April (why not the 1st?). But major money changes are introduced this week to coincide, so we’ve picked it as the #MondayMoneyUK topic this week.
UK Money Bloggers editor Andy Webb (also from Be Clever With Your Cash) was in charge for the evening’s conversation. Keep reading for the best of the tweets, or listen again to Share Radio to hear Andy in conversation with Georgie Frost.
Q1
Q1 The National Living Wage is up, but benefits are frozen & some are cut. What’s your top tip to help people on low incomes? #mondaymoneyuk
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
@AndyCleverCash A1. Reduce outgoings as much as possible – start with a quick money makeover https://t.co/yuav0tzckh #MondayMoneyUK
— Tightwad Mama (@tightwad_mama) April 3, 2017
@AndyCleverCash Budget. You need to know where you’re starting from. If you know you outgoings then you can work on saving money from there #MondayMoneyUK
— LifeLessConventional (@LLConventional_) April 3, 2017
A.1. Budget. And educate yourself. I think a lack of knowledge can lead to a build up of debt for those on low income #mondaymoneyuk https://t.co/ps6DgvCI2Z
— Savvy in Somerset (@SavvyinSomerset) April 3, 2017
A1 When money was tight, we focused on essential bills, switched to cheaper options & cut all other spending to the bone. #MondayMoneyUK https://t.co/bEtGW7pTGE
— Faith Archer (@MuchMore_Less) April 3, 2017
A1 Save little but often and build up what you can. #MondayMoneyUK
— Money Saving Journey (@MoneySavingJrny) April 3, 2017
Q1a I coupon a lot and buy in bulk and find the deals and look for the best offers,Even a few pence a week saved can help! #mondaymoneyuk
— Coupon Squirrel (@squirrel_coupon) April 3, 2017
A1 Always recommend keeping a spending diary if you’re watching your money. Write it all down, see where to make changes. #MondayMoneyUK https://t.co/bEtGW7pTGE
— Faith Archer (@MuchMore_Less) April 3, 2017
Meal planning. As well as batch cooking and embracing frozen veg, there are plenty of tips here: https://t.co/lbUfKQd4iI #MondayMoneyUK https://t.co/JAd3XUNo55
— Hannah Brice (@HannahLisaBrice) April 3, 2017
A1, really sort out what is a ‘want’ and what is a ‘need’. It’s amazing just how much is the former #UKMoneyBloggers
— Lesley Negus (@Thriftylesley) April 3, 2017
Q2
Q2 New Lifetime ISAs are designed to help you save for a home or retirement. Would you use one? What for? What are the risks? #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
A2. In all honesty I don’t know enough about them. Would depend on the interest I guess #MondayMoneyUK https://t.co/rg5hH8RNid
— Savvy in Somerset (@SavvyinSomerset) April 3, 2017
I’m going to use one. I’m planning on retiring from work in my 40s, so this is money to be used in my later years post 60. #MondayMoneyUK https://t.co/5xHYgGZ06N
— LifeLessConventional (@LLConventional_) April 3, 2017
A2 I’m reluctant to jump into the LISAs, it depends on how much you trust the government… (looks around shiftily) #MondayMoneyUK
— Lee Balders (@HomelyEconomics) April 3, 2017
@HomelyEconomics My one big reservation about them is the government bonus, I really don’t think it’ll last! #MondayMoneyUK
— LifeLessConventional (@LLConventional_) April 3, 2017
Not enough people think about saving for their retirement so this should definitely help. #MondaymoneyUK https://t.co/bj1XO8sEVN
— Hannah Brice (@HannahLisaBrice) April 3, 2017
@AndyCleverCash Not at the moment. Though really need to get one sorted. The penalties of withdrawals from a lisa are quite high #MondayMoneyUK
— Money for Monday (@MoneyforMonday) April 3, 2017
Pros and cons it seems to the LISA. Here’s a guide from @MoneySavingExp explaining more #mondaymoneyuk https://t.co/OZkCwuYhuF
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
Q3
Q3 Energy prepayment caps could save £80 a year, but still cheaper by direct debit. Where else does the poverty premium bite? #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
@AndyCleverCash car insurance (massively more expensive to pay monthly) and credit. Also much taxation (council tax, VAT, NI) very regressive #MondayMoneyUK
— Debt Camel (@DebtCamel) April 3, 2017
A3 Poverty premium strikes via high street stores that sell/hire appliances in instalments for crazy high APRs. Rip-offs! #MondayMoneyUK
— Lee Balders (@HomelyEconomics) April 3, 2017
A3 EVERYWHERE! Being that side of poverty. It’s hard to get credit #mondaymoneyuk
— Coupon Squirrel (@squirrel_coupon) April 3, 2017
A3 More expensive to buy on credit (eg oven, washing machine) than if you have the cash. Higher insurance in deprived areas #MondayMoneyUK https://t.co/47PYahsZ52
— Faith Archer (@MuchMore_Less) April 3, 2017
@AndyCleverCash Car insurance for sure. It’s all gone up in price as well! #MondayMoneyUK
— FromPenniestoPounds (@FromPenniesto) April 3, 2017
A3 not being able to buy in bulk; to go to out of town super stores; to buy good quality, long lasting clothing #MondayMoneyUK https://t.co/CANVTMHXhK
— Lesley Negus (@Thriftylesley) April 3, 2017
Also if you don’t have a good credit rating, you’ll be locked out of a lot of the best deals for things #MondayMoneyUK https://t.co/gGow3lE55o
— Hannah Brice (@HannahLisaBrice) April 3, 2017
A3 I think it also affect mental H your constantly on edge, where am I getting the cash for this bill, school uniforms Etc #mondaymoneyuk
— Coupon Squirrel (@squirrel_coupon) April 3, 2017
@AndyCleverCash If you can pay by direct debit so long as it doesn’t cost more, car insurance companies often penalise for paying this way #MondayMoneyUk
— Money for Monday (@MoneyforMonday) April 3, 2017
Q4
Q4 Council tax, water rates, prescription charges and TV license all go up. How can people cut their spend on their bills? #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
@AndyCleverCash A4. Old school thrifty living! Have showers over baths, dry clothes outside, wear extra layers before turning heating on #MondayMoneyUK
— Tightwad Mama (@tightwad_mama) April 3, 2017
Council tax – make sure you’re in the right band. Around 400,000 homes are in the wrong one! #MondayMoneyUK https://t.co/TCZtDWqjAN
— Kalpana Fitzpatrick (@KalpanaFitz) April 3, 2017
A4 I would argue that TV isn’t necessary, not had it since 2008. But switching providers for cashback is good for other bills #MondayMoneyUK
— Lee Balders (@HomelyEconomics) April 3, 2017
@AndyCleverCash lots of people should be able to reduce their water bills: https://t.co/TZdPLJ5Cq4 #MondayMoneyUK
— Debt Camel (@DebtCamel) April 3, 2017
Q5
Q5 We’re getting a pay rise! The amount you earn before paying tax is up to £11,500, worth £100. What will you do with it? #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017
A5 I won’t notice it as I’m under the personal allowance as is! Still, I’ll tell myself to feel richer 😀 #MondayMoneyUK
— Lee Balders (@HomelyEconomics) April 3, 2017
@AndyCleverCash Q5 Though not for higher rate taxpayers in Scotland. #mondaymoneyuk
— Graeme (@talkstough) April 3, 2017
@AndyCleverCash A nice bottle of wine haha no it will probs be so small… it will be swallowed in everything else #mondaymoneyuk
— Coupon Squirrel (@squirrel_coupon) April 3, 2017
@AndyCleverCash what about the many people whose benefits are being cut by a lot more than £100? #MondayMoneyUK pic.twitter.com/pSf0zaYpWO
— Debt Camel (@DebtCamel) April 3, 2017
A5 Use it towards increased costs, due to double whammy of rising inflation & weak exchange rates pushing prices up. #MondayMoneyUK https://t.co/Lnm4mqlLxe
— Faith Archer (@MuchMore_Less) April 3, 2017
@AndyCleverCash Sadly it will probably be sucked up by increasing costs elsewhere! #MondayMoneyUK
— FromPenniestoPounds (@FromPenniesto) April 3, 2017
Here’s a bit more info on the tax cut and how the extra £100 ends up in your pocket https://t.co/yCBfVrvy6Y #mondaymoneyuk
— Andy Webb CleverCash (@AndyCleverCash) April 3, 2017