Bloody hell, my internet bill nearly gave me a heart attack last month. £65 for what amounts to basically watching Netflix and doom-scrolling Twitter? Highway robbery. Then my neighbor (lovely woman, terrible cook) mentioned she pays just £15 with some special BT deal for people on benefits.
So here's teh urgent news: if you're on Universal Credit or other benefits, you've got until TONIGHT to lock in BT's cheapest broadband deal before the price jumps tomorrow.
The Clock is Literally Ticking
BT is hiking their Home Essentials social tariff from £15 to £16 monthly starting Friday (May 3rd). Not massive, but in this economy? Every pound counts.
Apply by 11:59pm tonight and you'll secure the £15 rate for a whole year. That's a tenner saved, which buys you... well, barely anything these days, but still.
You'll get average speeds of 36Mbps. Perfectly decent for Netflix binges and those awkward family Zoom calls where your uncle can't figure out how to unmute himself.
Who can actually get this thing?
The deal's aimed at people receiving:
- Universal Credit
- Pension Credit (Guarantee Credit)
- Jobseeker's Allowance (income-based)
- Income Support
- Employment and Support Allowance (income-based)
There's a £12 delivery fee upfront (because nothing in life is truly free), but then you're locked in at £15 monthly for a year.
The best part? Unlike those sneaky standard contracts that suddenly jump 8.8% every spring, this social tariff stays fixed.
My sister-in-law saved nearly a GRAND
I feel like an idiot for not knowing about this sooner. According to Martin Lewis (the money guru who probably hasn't slept since 2008), thousands of eligible people are completely missing out.
One woman who switched saved over £900 a year by moving her mum to the £15 BT plan. That's a holiday right there!
Listen. This is genuinely important.
The shocking stats that made me angry
Back in January, I was researching bill-cutting for my dad (stubborn man, still pays for landline he never uses) and discovered something ridiculous: Ofcom says over FOUR MILLION UK households qualify for these cheaper broadband deals.
Know how many actually use them? About 220,000.
That's just 5%. The other 95% are overpaying by hundreds every year.
Other options if BT isn't your thing
BT isn't the only game in town. Depending on where you live (and how much Netflix quality matters to you), check these out:
- Virgin Media Essentials: £12.50/month for 15Mbps or £20/month for 54Mbps. No setup cost, 30-day rolling contract.
- Sky Broadband Basics: £20/month for 36Mbps. 18-month contract, no setup fee.
- Vodafone Essentials: £12/month for 38Mbps or £20/month for 73Mbps. 12-month deal.
- Hyperoptic Fair Fibre: £15/month for 50Mbps or £20/month for 150Mbps. Rolling contract, but only in certain urban areas (typical).
- NOW Broadband Basics: £20/month for 36Mbps. Includes line rental, no setup cost.
- TalkTalk: Has this "Future Fibre" social tariff with the DWP. Worth checking if you're already on benefits.
Each provider has their own eligibility rules. I spent 40 minutes on hold with Virgin last year trying to sort my mum's connection... not an experience I'd recommend.
How to actually get this sorted tonight
Just go to BT's Home Essentials page and follow their application process. You'll need your National Insurance number handy - they check your benefit status automatically with DWP.
And if you're already with BT on a standard package? You can downgrade without those ridiculous penalty fees they normally charge.
I helped my cousin switch last month. His response: "Why didn't anyone tell me about this before?" Because companies don't exactly advertise the ways you can pay them less, do they?
Remember: 11:59pm tonight. After that, it's £16 minimum.
Worth setting an alarm for, honestly.
Frequently Asked Questions
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 importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
What are the benefits of having an emergency fund?
An emergency fund provides financial security by offering a safety net for unexpected expenses, such as medical emergencies or job loss. It helps prevent debt accumulation, reduces stress, and allows for better financial planning, ensuring that individuals can navigate unforeseen circumstances without significant hardship.
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.
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.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
Statistics
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- 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.
- 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.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
External Links
How To
How To Plan for Major Expenses
Planning for major expenses requires careful thought and budgeting. Start by identifying upcoming significant costs, such as home repairs, medical expenses, or a new vehicle. Research the estimated costs associated with these expenses, and create a timeline for when the payments will be due. Develop a savings plan by determining how much you need to set aside each month to meet your goal by the target date. Consider using a high-yield savings account to earn interest on your savings. Regularly review and adjust your plan as needed, ensuring you stay on track to meet your financial obligations without incurring debt.
PoliticsRoyaltySoap OperaGamingMoneyPrivacy PolicyTerms And Conditions
