This week | MARTIN'S QUICK BRIEFING: For more tips, alerts & awful puns, follow Martin on Twitter 50 MoneySaving Tips for over-50s
You're never too old to start MoneySaving. Silver surfers - time to tool up Whether your half-century is on the horizon or long gone, the older you are the more your cash needs to look after you. To help, we've updated our guide to older money, 50 Over-50s Tips. Here's a starter for ten... | 1. | Avoid life's biggest financial train-wreck. At retirement, many who've saved cash in a pension convert a large amount into an annuity - a regular income, usually until you die. Yet a nightmarish 60% just do this with their pension firm, rather than finding the best rates on the open market.
Live 25 yrs and you could lose £14,300 per £100,000 compared with the best rates. Plus even if you feel well, get a medical. A hidden condition can result in enhanced rates. See our Free Annuity Booklet PDF or order a print copy and pls put up our Annuity Mantras Poster at work to help others. | | | | 2. |  Freebies & discounts: Bus passes, TV, prescriptions, B&Q, Odeon... Silver savings include free bus passes at 60+, TV licences at 75, plus discounts such as a free over-50s' dining card for meal deals at 100+ pubs 'n' carveries. For over-60s there's 25% off Specsavers, 10% off B&Q, cheap cinema tix and more. See Silver Savers' Discounts. | | | | 3. | Have the 'unpleasant issues' chat, incl losing your faculties. Hopefully you'll live healthy and happily until you're 172. But in case problems arise, it's best to deal and communicate sooner and openly with your family.
a) One in three over-65s develop dementia. If you lose mental capacity, unless you've a Power of Attorney already, loved ones need to apply through court, which can be long and costly. Sort it in advance. See the Power of Attorney guide.
b) Sort a Cheap & Free Will to ensure your assets go where you want.
c) Discuss your preferences - see the Death Happens - Plan For It guide.
d) Compile a financial factsheet with key info the family needs to know.
e) Do an Inheritance Tax Plan to make use of allowed exemptions. | | | | 4. | A YEAR's travel insurance £23. Travel insurance costs rise outrageously as you age. Full help in our Older Travel Insurance section; for speed here are the cheapest ANNUAL policies for singles (couples policies in guide).
50+: HolidaySafe* £23-£26 Europe; £37-£40 world.
65+: Elect* £60 Europe, £77 world, using code 'save5now'. Or via MoneySup* comparison, TopDog is £45 Europe, £72 world.
70+: Elect* £74 Europe, £96 world using code 'save5now'.
75+: Planet Earth* is £112 Europe, £202 worldwide.
80-85: via Castle Cover* £232 Europe, £348 worldwide.
Single trips: Use the MoneySup* comparison, which sometimes has special deals on the annual policies above.
Pre-existing conditions: See full Pre-Existing Conditions help. | | | | 5. | Over a million miss out on pension credit. The full state single pension's £110.15/week, yet if your total income is under £145/week or even if you've some savings, you may be entitled to a top-up. See Pension Credit info for more (and the Benefits Check-Up tool). | | | | 6. | Over-50s cheap car insurance. Older drivers told us finding cheap cover was tough, so we've bespoke Over-50s Cheap Car Insurance tips in our main guide. Huge savings are possible. Our all-time record cheapest is 96p a year fully comprehensive from gran Barbara Wakerell.
For speed, if you just want to dip your toe in the water, for max quotes in min time, combine MoneySupermarket* and Confused*, then add key ones missed - Aviva*, Direct Line*, Age UK and Castle Cover. | | | | 7. | FREE boilers, insulation and home improvements. There are wads of freebies on offer from energy providers, especially for those on low incomes/getting pension credit. To speedily uncover these crocks of gold, see the Home and Energy Grant Grabbing guide. | | | | 8. | Warning. Equity release is NOT a no-brainer. If you own your home but have little income, equity release loans are sold as a way to spend its value while living there.
Yet rates at 5.5%-7% are far higher than mortgages, and more importantly, as you usually don't make repayments, interest compounds at rocket speed. Taking £20,000 aged 65 can mean almost £100,000 from your value 25 years later. See Equity Release Need-To-Knows. | | | 9. | Boost your state pension. Many wrongly think the state pension is immutable. Yet you can buy old National Insurance years or defer to up the payout. Full help in State Pension Boosting. | | | | 10. | Stop energy firms taking you for a ride. It's a national disgrace that I pay far less to boil a kettle than a 90-year-old on a state pension struggling with the system. That's why switching to a cheap tariff to save £200+ a year to break the energy loyalty habit is so important.
Switching isn't a big faff. It's the same elec, same gas, same safety. Only service, billing & price changes. To make it easier, use the MSE Cheap Energy Club which compares for you, shows you top long-term cheap picks and alerts you when to switch again. More help in Cheap Gas & Elec. | | |
Far more tips, freebies, tricks and help in 50 Over-50s MoneySaving Tips. |
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| The Ones Not To Miss | Wed 5 Jun 2013 |
Lowest EVER 2-year mortgage fix - 1.69%
Rates are now ridiculously, historically low. A great time to remortgage, but watch out for heavy fees If you've large equity (a big deposit) and a spotless credit record, a new 1.69% 2yr fix is eye-watering, sadly not just for the low rate, but also for its high £1,675 fee. While it can win for mortgages over £220,000, beware - lower-fee deals beat it within the two years if you borrow less. Our 30-Page Remortgage Booklet guides you. Here's the latest... | CHEAPEST 2 AND 5-YEAR MORTGAGES (picked by L&C Mortgages) | | Lender | LTV (% of home value borrowable) | Fix | Admin fee | Cost on £150k over fix (i) | Standard variable rate (after fix ends) | Overall APR
(if you never switch) | | Chelsea* - lowest rate | 60% | 2yrs - 1.69% | £1,675 | £16,400 | 5.79% | 5.2% | | N&P - lower fee | 60% | 2yrs - 2.24% | £295 | £16,000 | 4.99% | 4.6% | | Tesco Bank - lowest rate | 60% | 5yrs - 2.49% | £1,495 | £41,800 | 4.24% | 3.7% | | First Direct - lower fee | 65% | 5yrs - 2.69% | £499 | £41,700 | 3.69% | 3.4% | | Chelsea* - lowest rate | 90% | 2yrs - 3.59% | £1,675 | £19,900 | 5.79% | 5.5% | | N&P - lower fee | 90% | 2yrs - 4.04% | £295 | £19,400 | 4.99% | 5.0% | | Do the calculation for your mortgage: Our Ultimate Mortgage Calculator lets you work out fees vs rates. (i) 25-year mortgage, fee paid upfront. Ensure you budget so it's affordable, or your home may be repossessed if you don't keep up repayments. | - Should I fix? Rates are dirt cheap, but they could still drop. Yet fixing's more about surety against rate rises than picking market lows. The less you can afford hikes, the more (and longer) fixing wins. See Should I Fix?.
- How to find top deals. Try a whole-of-market mortgage broker - read how in Cheap Mortgage Finding. As many deals aren't available via brokers, also check MoneySup*, Google Compare* and Money Advice Service.
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| Free Wahanda £10 - get manicures & more. No minimum spend, includes waxing, etc at salons. Wahanda Deals Tesco Wine 50% sale + 500 Clubcard pts code. + Virgin Wines 55% off, new custs (be Drinkaware). Wine Deals 1p 500g boxes of Thorntons? Reports of these £14 chocs scanning at 1p in supermarkets. Can you find them? 'Free' personalised Father's Day card (pay 99p postage). MSE Blagged. Only 2,000 avail. See Photo Deals. |
'I got a 6ft sailing boat for free' - 30 giveaway site tips
Free sofas, beds, TVs, bikes and more. 30 tips to make the most of giveaway sites Freecycle and Freegle From espresso makers to iPods, designer sofas to dungarees and even a car, we've had reports of huge successes from giveaway sites. Our fully updated 30 Freecycle & Freegle Tips guide shows how. Here's a taster to whet your appetite.
 What's the catch? There isn't one. Instead of providing landfill fodder or eBaying goods no longer used, people offer them to local communities out of goodwill. - Is it all moth-bitten tat? Some is, but there's top-quality stuff too. MoneySavers report bagging everything from a kitchen (with granite worktops and Neff hob) to a pristine designer settee. Vikkijbb tweeted: "I got a 6ft sailing boat from Freecycle."
- Bagging the best is all about the etiquette. These are reciprocal communities. To get the best stuff, it's best to engage, give items yourself and keep your eyes peeled. For tips on doing it right, not offending anyone and avoiding scams, see our 30 Freecycle & Freegle Tips guide.
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| Free entry to 350+ farms - pig racing and tractor rides. Sun only. One day each year, farms open up and put races and events on, eg, scarecrow making, sheep-shearing and grow-your-own food. Full info: Open Farm Sunday Ends Thurs. TalkTalk TV, anytime calls, line rent & unlimited b'band from £19/mth. MSE Blagged. Rarely do hot deals incl anytime calls. Works for new & existing customers. Here's how: 1) TV, calls & b'band. Via this TalkTalk* link, it's £10/mth for 6mths, then £15.50/mth on an 18mth contract (24mth if upgrading). B'band avail to 85% of UK. 2) Line rent. Normally £14.95/mth, yet you can opt to pay £114 for a year upfront, equiv £9.50/mth. 3) Free £70 Love2Shop vouch. For Argos, Boots, etc. Factor as cash, and it's £347 over 18mths (equiv £19/mth). See TalkTalk. M&S Outlet 25% EXTRA off £25+ womenswear spend. MSE Blagged. Includes shoes. M&S Outlet Deals Forum Hottie. M&S up to 50% off sale. Discounts on this season's women's and kids' items. See M&S Sales. |
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| 50% off code for John Greed designer jewellery outlet. MSE Blagged. Includes Fred Bennett rings £17.50 (RRP £70) and Calvin Klein watches £88 (RRP £220). Items start at £1. Usually hugely popular. See John Greed Codes. 'Free' £10 Helen E lip gloss code (£2.50 p&p). 'Like' on Facebook. 1,000s avail in 18 shades. Helen E Deals |
Shift debt to 27mths 0%, now with LOWER fee
Take advantage of the latest salvo in the credit card price war to cut costs and erase debt sooner A balance transfer is when you get a new card that pays off existing cards for you so you owe it instead, but at a lower rate. Last week Barclaycard launched a new longest EVER 0% offer; we told the 7m people who get this email its high fee meant shorter 0% deals would often be cheaper. It's now cut the fee - coincidence? Maybe, maybe not. Here's the latest... - Get the lowest fee within the 0% time you're certain you can clear the card. The one-off fee is trivial compared to interest if you don't clear the card or shift again before the 0% ends. Even a 2% lower fee only saves £20 per £1,000 - that'd be eaten up by interest in 6 weeks of paying the full APR on £1,000. So if unsure, go long.
| TOP 0% BALANCE TRANSFER CREDIT CARDS | The golden rules. a) Repay at least the set monthly minimum, or you may lose the 0% rate.
b) Aim to clear the debt or shift again before the 0% ends, or rates rocket.
c) Don't spend on these, it isn't usually at the cheap rate.
d) To help decide, see our Which Card's Cheapest? tool. | | | Provider | Fee | 0% length | Rep APR after | | | Barclaycard* | 2.98% | 27 mths | 18.9% | | | NatWest* | 2.65% | 26 mths | 18.9% | | | Barclaycard* | 1.28% | 16 mths | 18.9% | | | Lloyds TSB* | 1% | 15 mths | 17.9% | | | Halifax* | 1% | 15 mths | 17.9% | | | Rates are for accepted new cardholders (you usually can't balance transfer from the same card company).
FULL info in Best Balance Transfers & APR Examples. | - Find which card you're MOST likely to get. Apply for a card and it hits your credit file, whether you're accepted or not. So first use our Balance Transfer Eligibility Checker, which does a soft search (so no impact) to assess which cards you'll most likely pass the credit score for (of those that allow us to do it).
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| £6 BP car wash for 50p. Via smartphone or voucher. Only for 165 garages (mainly in S Eng). BP Vouchers Urban Outfitters 20% code, Mothercare 20%, Evans 20% & more...
Evans 20% off code & voucher | Mothercare 20% off clothing code | Figleaves 20% off code
Urban Outfitters 20% off code | Habitat 25% off code/in-store | La Redoute 40% off code | Full list: Discount Vouchers £15 off BA Europe flights voucher. Get £15 off minimum £100 flights to 70 destinations. BA Deals
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Warning. Switched energy? Get your direct debit right
Many save £200+ a year switching, but direct debit confusion can make you think it costs more Energy complexity is frustrating. Switching saves people big money, it but can feel the opposite if the direct debit goes up. We've been swamped with questions about this from users of our free MSE Cheap Energy Club, so let's clear it up... -
 Paying by monthly direct debit is cheapest. It can cut your bill by up to 8%. - Don't confuse the direct debit with the cost. Direct debits are based on an estimate of your usage. So some find they've switched to a cheaper tariff, but their direct debit rises. This can be the new firm over-estimating or the old one under-estimating. If it means you overpay, you'll get the money back later.
- Read meters regularly. If you're on direct debit, regular meter readings will help make estimates more accurate. Remember it's an estimate of the year's bill divided by 12, so a year's worth is needed as usage is seasonal.
- How to fight unfair direct debits. Since we've been lobbying on this, rules have changed. Suppliers' licences now say they must ensure direct debits are reasonable. If yours isn't, see Fight Unfair Energy Direct Debits.
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| 50% off Lastminute.com spa sale. Some spa days £25, discounts at 112 locations. 2for1 Champneys. Lastminute 2x 'free' Warwick Castle tix (RRP £46). Collect 7 tokens in 40p papers. Must be date flexible. Theme Park Tickets Free £8 Northern Home Show tix (Manch) & £8 Southern Homebuilding Show (Surrey). See Days Out. MSE editorial internship & Energy Club help team job. Based in MSE Towers, west London. See MSE Jobs. |
Restaurant vouchers | Discount vouchers & sales | Top deals |
| The Moneysaving community |
 THE GREAT HUNT
Dads, what would you like for Father's Day?
Flowers for mum on Mother's Day is always a safe bet. But what to get dads for Father's Day, especially if you already bought them socks at Christmas? Dads, here's your chance to enlighten your kids. Share yours/read others': Dads, what would you like for Father's Day? Past topics: View all MONEY MORAL DILEMMA
Water worry - should we split the bill equally?
This week's MoneySaver who wants advice asks... My boyfriend and I house-share with four others. On returning from a four-week holiday, we were told to pay our share of a large water bill. We usually split everything equally, but as we'd been away for so long, we resent paying as much as everyone else. Should we ask to pay a portion rather than the whole amount? Enter the Money Moral Maze: Should we split water bill equally? | Suggest an MMD | View Past MMDs BOOK GIVEAWAY
The Little Book of What Men Don't Understand About Women.
25 blagged for MoneySavers. Find out if you got one. THE GREAT HUNT... REVEALED
'What I wish I'd known before my wedding'
Some great tips from this hunt included making your own invitations and forgetting about disposable cameras for the tables. One sage piece of advice was to avoid getting caught up in the detail - as long as you're standing at the altar next to the person you love, you could be anywhere, wearing anything and it wouldn't matter a jot. CHEAP FLIGHT SALES ALERT
Airline: Jet2 Price: From £30 Ends: Sun 9 Jun
Our pick this week is Jet2's summer sale. It's for flights to 10 destinations in Spain and Portugal from eight UK airports until the end of August. Prices start from £30 and include taxes and charges. We found flights from Leeds Bradford to Majorca for £35.99. To find 'em quickly, use FlightChecker on a £50 one-way max search. Extra charges warning: Avoid payment and check-in charges - see Budget Airline Fee Fighting. Related: Cheap Flights, Cheap Hotels, Spending Abroad, Cheap Currency, Travel Insurance back to top ↑ |
Quick forum tips | Freebies |
Martin's blogs | Martin's appearances 6 June
Daybreak, ITV, 7.35am-7.45am.
Deals of the Week. | 6 June
Shelagh Fogarty, Radio 5, 12pm-1pm.
Consumer Panel.
Listen to past shows. | 10 June
This Morning, ITV, 11am-12pm.
Subject tbc. | PS. Missed the latest The Martin Lewis Money Show series? Watch episodes here. | |
MSE team corner - Team appearances:
- No team appearances this week.
| Board of the week The Charities Board Share advice and tips on raising money for charity. Discussions include Creating an internet presence for a charity project, Best place to donate childrens' clothes to? and glass recycling. | Cheap travel money |
This week's poll: Which TV-watching services do you have? Modern technology has revolutionised ways to watch TV - it's no longer just a case of plugging the big box into an aerial.
Please select ALL the TV-watching services you use. | Poll resultsWould you own up if undercharged?
We asked if your attitude would change on being undercharged or given too much change, depending on the store.
- 74% would own up at an independent shop.
- 73% would pocket the cash at a chain.
3,813 voted. See the full results. |
Question of the week Q: How do university fees work if you are already in full-time employment? Do I pay the full whack, or are there any discounts? Aileen, via Twitter. MSE Wendy’s A: Well, if you're working full-time, I'll presume you're a part-time student.
In that case, as long as you're a first-time UK undergraduate, you're eligible for a full loan to cover your tuition fees. Though unlike full-time students, you're not eligible for maintenance loans or grants to help with your living costs.
Apart from that, you still don't need the cash upfront, you still repay 9% of everything you earn over £21,000 and you're still able to apply for fee waivers, discounts and scholarships (but not bursaries).
If you're not eligible for the official student finance package, ask your employer if it can sponsor you. If not, see if the university you're interested in allows you to spread the cost and pay in instalments, or look for other grants and scholarships. More info in our Student Checklist and Part Time Student Guide. Please suggest a question of the week (we can't reply to individual emails). |
 Archna's free game of the week: Leaf me alone |
Your place in the universe That's it for this week, but if you can, take a few minutes to check out the new, improved version of this awe-inspiring website we featured last year. You might know your place on the Global Rich List and what class you are, but have you ever considered where you are on the scale of the universe? We hope you save some money, Martin & the MSE team |
| Important. Please read how MoneySavingExpert.com works We think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.
What you need to know This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service. We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the section 75 guide for protection tips). We often link to other websites, but we can't be responsible for their content. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Please read the Full Terms & Conditions, Privacy Policy, how this site is financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis. More about MoneySaving Expert and Martin Lewis What is MoneySavingExpert.com?
Founded in February 2003, it's now the UK's biggest consumer help website with over 6 million people getting this email and nearly 10m using the site. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple: how to save cash and fight for financial justice on anything and everything. The site has over 30 full time staff about half of whom are editorial researching, analysing and writing to continually find ways to save money. More info: See About MSE Who is Martin Lewis? Martin set up and runs MSE, he's an ultra-focused money saving journalist and consumer campaigner. He has regular slots on Daybreak, Lorraine, Radio 2 Vine, BBC1 Watchdog, Radio 5 Consumer panel and presents ITV Tonight. He is a columnist for amongst others the Sunday Post as well as an author. More info: See Martin Lewis' biog What do the links with a * mean? Any links with a * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the product at all and the editorial line (the things we write) isn't changed due to it. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See how this site is financed. As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too:
Unaffiliated web-addresses for links in this email holidaysafe.co.uk, electinsurance.co.uk, moneysupermarket.com, planetearthdirect.co.uk, insureandgo.com, aviva.co.uk, directline.com, confused.com, thechelsea.co.uk, google.co.uk, barclaycard.co.uk, halifax.co.uk, lloydstsb.com, talktalk.co.uk, natwest.com, admiral.com, nationwide.co.uk, energyhelpline.com, uswitch.com, santander-products.co.uk, firstdirect.com, comparethemarket.com, productsandservices.bt.com, postoffice.co.uk.
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