Tag: personal finance tips

More than half a million more people in line for savings boost

  • Government’s Help to Save scheme now open to 550,000 more people to help with cost of living
  • Those saving £50 a month can expect £25 Government top-up, putting more money in people’s pockets
  • Part of Government’s mission to grow the economy and deliver on Plan for Change

More than half a million more UK savers are in line for Government bonuses worth up to £25 a month to boost their cash pots and help ease rises in the cost of living, HM Revenue and Customs (HMRC) has announced today.

As part of the Government’s mission to grow the economy and improve lives in every corner of the UK and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit – rewarding 550,000 more people.

Its extension to April 2027 means more can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018.

This is evidence of the Government backing the most vulnerable in society with 93% of savers paying in the maximum £50 every month to their Help to Save account.

In Scotland, 36,050 Help to Save savers have paid in a total of £33,584,000 into their accounts, since September 2018.

An account can be set up in less than 5 minutes and easily managed through GOV.UK or the HMRC app, making it accessible to people throughout the UK.

Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year.

Economic Secretary Emma Reynolds said: ““Security for working people is at the heart of our Plan for Change.

“We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.”

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.”

Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.

Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order.

Money can be withdrawn at any time, although this may affect the 50% bonus payments.

Michelle Highman, Chief Executive of The Money Charity, said: ‘We are really pleased to see the Help to Save scheme extended and made available to more people.

“It’s a brilliant way for people to start to save and to build their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it’s a great place to boost your savings.”

Find out more about Help to Save at GOV.UK.

Veganuary on a budget: Personal Finance Expert’s tips

Paul Wilson, Personal Finance Expert at CashLady.com, shares his ideas on how to keep going with Veganuary if you’re on a budget.

Veganuary is a great time to try starting some new habits and making a change to your lifestyle. If you’re not used to a plant-based diet, you might be starting to find it tricky to stay on track.

We know more about money than making delicious meals, but with a few weeks left of January, here’s some tips on how you can keep up with Veganuary without it costing the earth: 

1.                Yellow labels 

Fresh produce is by far the most likely to be reduced in the supermarket. Different supermarkets generally reduce their stock at different times; ask in store when they start marking down prices and make sure you get there when they do. You can pick up lots of reduced fruit and vegetables to whip up stews and curries with.

2.                Bulk buy 

If you’ve found a few recipes you know you like and have gotten the hang of cooking plant based meals, then stock up on the things you know you’ll use. You can make savings by buying multipacks rather than individual items every time you need them 

3.                 Save your leftovers 

Don’t throw away what you don’t eat. Save it and use it for lunch the next day. Saving money by not buying yet another meal deal could help see you through until the end of January.

4.                 Shop online 

Type ‘meat free’ or vegan into your shopping app and it will bring up all the relevant options. You can then see which are on offer or are cheaper and choose those instead of more expensive options. Rather than planning what you are eating and then buying those ingredients, do it the other way round and buy the items on offer then make a meal from them. 

5.                 Offers everywhere 

If you’ve had enough of cooking and fancy a Friday night off, January couldn’t be a better time. There are a huge number of restaurants trying to tempt us back in with 50% offers. Be sure to search for offers in your area before you book anywhere to make sure you’re getting a good deal alongside a good meal. 

6.                 Eat more veg 

Meat or dairy substitutes can be costly. Eating meals that are vegetable based means you aren’t forking out for big name brands or packaging. Cooking from scratch can really help you keep a handle on what you spend and also be much more exciting than a pre-packed burger. 

7.                 Visit the greengrocer 

If you have the time, get down to the greengrocers. Just as with the yellow labels, you can ask if they have any produce that is near it’s best before and ask for a discount. You can also buy in singles rather than pre-packed bundles, and find items that might not be in the supermarket to give your diet variety and inspire you to keep going.  

8.                 Meal boxes 

If you’re really struggling to come up with new dinner ideas in Veganuary, then you could try signing up to a meal subscription service. They always offer introductory discounts, like 50% off your first box, and you can cancel any time. You can select only vegan meals and they send you recipe cards with step-by-step instructions. Keep the recipe cards, and once you’ve got the hang of it, cancel the subscription and start buying and making the recipes yourself. 

9.              Pin It 

There are so many resources on the internet to find new vegan recipes, but it’s easy to forget where you saw them. Create a board on Pinterest and save all your favourite meals on there. That way, you won’t run out of ideas and end up spending too much on takeaways or meals out. 

Paul Wilson is a Consumer Finance Expert at Financial Conduct Authority authorised and regulated credit broker CashLady.com