God, I love a good bargain. And this one's actually worth talking about for once – not like those pathetic "sales" my local supermarket keeps trying to push (25% off something that was already overpriced? No thanks).
British Gas has just announced they're slashing electricity prices IN HALF for the entire Bank Holiday weekend. Not joking. Half bloody price between 11am and 4pm on Saturday, Sunday and Monday (24th-26th May). My washing machine is practically begging to be used during those hours.
Why are they suddenly feeling so generous?
Turns out, they're celebrating hitting one million sign-ups to their PeakSave scheme. I joined back in January after my neighbor wouldn't shut up about saving £47 on her winter bill. Thought it was all marketing nonsense initially... but I've actually saved about £30 so far. Not life-changing, but enough for a decent bottle of wine, which is all that matters sometimes.
The scheme's been running since 2023, and apparently customers have collectively saved nearly £25 million. That's... actually impressive.
The catch? (There's always one...)
You need to be a British Gas customer with a smart meter already installed. And you need to sign up for teh PeakSave scheme through your online account.
I did it in about 3 minutes while waiting for my pasta water to boil. Dead simple.
It's not just about your wallet
Listen. I'm not exactly an eco-warrior (my shower times would horrify Greta Thunberg), but there's actually a decent reason behind this discount. British Gas is trying to get people to use energy when demand is low and there's more renewable power available.
Makes sense when you think about it.
They also run these "Green Flex events" – usually two-hour windows when there's tons of clean energy on the grid. My flatmate and I made a game of it last month, seeing who could use the most appliances during one of these windows. I won by simultaneously running the dishwasher, washing machine, and charging my laptop while making toast. Mature? No. Satisfying? Absolutely.
What the suits are saying
Catherine O'Kelly (Managing Director at British Gas) gave the usual corporate spiel: "We're proud to have supported a million customers through our PeakSave scheme, helping them make simple yet impactful changes to how they use energy."
Translation: "We're shocked this actually worked and people are using less energy during peak times."
Summer mode – the button you're probably ignoring
While we're on the topic of saving money... did you know about the "summer mode" button on your boiler? I only discovered it last year after paying ridiculous bills through July. Pressing that little button could save you around £20.
I feel stupid now for not knowing about it sooner.
Struggling with energy costs? Don't suffer in silence
Back in 2018, I was between jobs and literally couldn't afford to heat my flat for two months. Worst winter ever. Wish I'd known then about the support available.
The Household Support Fund has reopened for applications – you might get up to £500 to help with food and energy costs. You'll need to check if your local council is offering it though (find yours at gov.uk/find-local-council).
You can also get temporary credit from your supplier if you're really stuck. Usually around £10-£20. They'll take it back when you next top up, but it can be a lifesaver when you're down to your last few quid before payday.
There's also this little-known fuel voucher scheme worth checking out. Typically about £49, and you don't have to pay it back. Unlike that "small loan" my cousin asked for in 2019... still waiting, Dave.
Frequently Asked Questions
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
How can I budget my money effectively?
To budget effectively, start by tracking your income and expenses to understand your spending habits. Set realistic financial goals, categorize your expenses, and allocate funds accordingly. Regularly review and adjust your budget to ensure it reflects your current financial situation and objectives.
Statistics
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
External Links
How To
How To Create a Personal Budget That Works
Creating a personal budget involves several key steps. First, assess your income by totaling all sources of revenue, including salary, bonuses, and side hustles. Next, categorize your expenses into fixed (rent, utilities) and variable (groceries, entertainment). Track your spending for at least a month to gather accurate data. Once you have this information, allocate a specific amount for each category while ensuring your total expenses do not exceed your income. Remember to include savings as a line item in your budget. Review and adjust your budget regularly to reflect changes in income or expenses, which will help you stay on track financially.
Did you miss our previous article...
https://hellofaread.com/money/santander-slashes-popular-cashback-perk-millions-of-customers-left-fuming
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