Tax Relief: Save over £15,000
Chancellor Jeremy Hunt's Autumn Statement has brought good news for millions of workers in the UK. National Insurance has been reduced by two percentage points, meaning that the average worker on a salary of £35,000 will be £450 better off starting from January 6. Self-employed workers can expect to save an average of £350 from April. However, income tax thresholds will remain frozen until 2028, meaning that more workers will be paying tax on a larger portion of their earnings. To soften the blow, maximize your tax relief by taking advantage of marriage allowance. If you earn less than £12,570, you can transfer up to £1,260 of your tax-free personal allowance to your spouse, saving you up to £252 a year.
Celebrate with Booze: Save £312
Alcohol duty has been frozen until August 2024, which is great news for pub-goers. But you can save even more by taking advantage of discounts and freebies. Tesco Clubcard holders can enjoy discounts on drinks and food at BrewDog UK branches. With £1 off your bill for every 50 points spent, you could enjoy a £6 pint for just 300 points. Download the All Bar One app for a free spritz cocktail or the Nicholson's pub app for a free bottle of Rekorderlig cider. Virgin Media and O2 customers can get two free drinks every Thursday at select pubs in England and Wales. By keeping an eye out for these offers, you could get a free drink each week and save approximately £312 a year.
Save on Your Mortgage: £4,114
Interest rates are expected to stay high for longer, according to the independent Office for Budget Responsibility. If your fixed rate mortgage deal is coming to an end, don't let it roll onto your lender's standard rate. Speak to a professional mortgage adviser to find the best new deal. The average standard rate that borrowers will move to is now 8.19%. By switching to one of the lowest fixed rate deals, around 4.5%, you could save £4,114 per year on a £150,000 mortgage.
Tackle Your Debts: Save £3,996
To tackle your debts, consider applying for a balance transfer credit card with an interest-free period or a low rate. Barclaycard's Platinum card offers the longest zero percent period on the market at 29 months. By moving £5,000 of debt to this card, you could save £3,996 compared to the average credit card rate of 34.5%. Make sure to check your eligibility on MoneySavingExpert before applying to avoid damaging your credit score. You can also seek help from debt charity StepChange or National Debtline.
Save on Fuel: £200
Don't pay more at the pumps than necessary. By filling up at a supermarket instead of on the motorway, you can save around £13 per refill for a small car. Use the app PetrolPrices to find cheaper fuel near you and potentially save over £200 per year on petrol and diesel.
Claim Your Benefits: Save £3,500
Make sure you are receiving all the benefits you are entitled to. Adults on Universal Credit will receive an extra £470 starting from April, while the state pension will rise by £900 per year. Check your entitlement using a benefits calculator such as the one at turn2us.org.uk. You may also qualify for pension credit, which is worth an average of £67 per week or £3,500 per year. Many eligible households fail to claim this benefit, so make sure you don't miss out on additional support such as a free TV licence and help with heating.
