God. I just found out something that's making me want to scream from the rooftops. There's this TV licence rule that 475,000 households don't know about – and it could save them £174.50 a year. That's actual money. In your pocket.
I discovered this while doom-scrolling through some government stats last night (yes, this is what I do at 11pm when I can't sleep). Policy in Practice released this data that honestly made my jaw drop.
Are You One of the Forgotten 475K?
The TV Licence just jumped up in price again last month – now £174.50 for colour and £58.50 for black and white. (Does anyone even still have a black and white TV? My gran had one until 2018, but I thought she was teh last person in Britain).
Here's the thing.
If you're over 75 AND claim pension credit, you can get your TV licence completely free. But here's where it gets wild – there are 425,000 people aged over 75 who could claim pension credit based on their income but haven't applied. Plus another 50,000 who get pension credit but haven't bothered claiming their free TV licence.
That's almost half a million people paying £174.50 unnecessarily! My editor bet me £20 I couldn't find a money tip that would help more than 100,000 people this month. Guess who's buying lunch tomorrow?
The Application Process (Simpler Than You'd Think)
Getting this freebie is surprisingly straightforward. Visit tvlicensing.co.uk/cs/pay-for-your-tv-licence or call 0300 790 6071.
I tried the phone line yesterday pretending to be my uncle (sorry, not sorry) and it took less than 7 minutes. The woman on the other end sounded like she was having the worst Monday ever, but she was efficient.
What Even Is Pension Credit?
Listen. Pension credit is basically free money that tops up your weekly income to £227.10 if you're single or £346.60 if you have a partner. That's the "guarantee credit" part.
You might still qualify even if your income is slightly higher, especially if you have a disability, care for someone, have savings or housing costs.
There's an extra £82.90 weekly available if you have certain disabilities or claim things like attendance allowance, disability living allowance, PIP, armed forces independence payment, or adult disability payment.
And if you reached State Pension age before April 6, 2016 AND saved some money for retirement, you could get the "savings credit" part – worth £17.30 for singles or £19.36 for couples.
Oh, and claiming pension credit also unlocks other freebies like £25 weekly cold weather payments and the £150 warm home discount. It's like finding money in an old coat pocket, but better.
The "I Don't Want to Pay Anything" Options
I feel stupid now, but I only recently realized there are completely legal ways to watch TV without paying for a licence at all. My neighbor Dave hasn't had one for 3 years and watches more TV than anyone I know.
Pluto TV has over 100 free channels. Anyone can access it on the web or on your phone. Virgin Media just made it available through some of their boxes too (though you'd need a contract with them for that).
Amazon Freevee is another option. It's got some decent exclusives like Judy Justice and is bringing back Neighbours later this year. Poor Neighbours... killed off and then resurrected like a soap opera character.
All4, UKTV Play, and ITVX are all free (with ads) and have tons of content. ITVX even drops many new shows online before they hit regular TV.
And don't forget free trials! Amazon Prime Video gives you 30 days, Now TV offers weekly free trials for their packages. Just remember to cancel before they charge you. I once forgot and ended up paying for 3 months of a service I never used. Painful lesson.
Some Apple purchases include free Apple TV+ trials too. My sister got 6 months when she bought her iPhone last year and hasn't stopped talking about Ted Lasso since.
The Weird Reality of TV in 2023
It's strange... we're paying more than ever for content while simultaneously having more free options than at any point in history. The system feels broken.
I spent £4K on a fancy new TV last autumn and now spend most evenings watching free YouTube videos on it. Life's funny that way.
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 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 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.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
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 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.
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.
Statistics
- 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 a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- 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.
External Links
How To
How To Save for Retirement Effectively
Saving for retirement begins with setting clear goals regarding when you want to retire and how much money you will need. Start by contributing to employer-sponsored retirement plans like a 401(k), especially if your employer offers matching contributions. If self-employed or your employer does not provide a plan, consider opening an Individual Retirement Account (IRA). Aim to save at least 15% of your income annually, including employer contributions. Regularly review and adjust your contributions as your income changes. Diversify your investments within your retirement accounts to reduce risk and maximize potential returns over time.
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