My month in money #17: Cashback issues, energy bill credit, Ocado bags & more – Be Clever With Your Cash

What I’ve truly achieved this month to be intelligent with my money.

There are a few ideas behind this function. Typically there are small issues I’m doing that don’t warrant a complete article so this could deliver them collectively! Plus, it’s an effective way to point out that I “stroll the stroll” and actually do comply with my very own recommendation!

So listed here are the important thing cash issues from my very own life in Could 2023

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Cashback rejection

I’ve all the time been an enormous advocate of cashback websites. They’re an effective way to make cash with little or no effort out of your on a regular basis spending (particularly if you happen to’re a brand new consumer). However I’ve had a couple of disappointments just lately which can be price sharing with you.

First was a £25 bonus for an £80 grocery store order. The way in which meals costs are it’s not exhausting to hit the edge, and the £25 is a giant financial savings. The issue was Ocado didn’t have all the things I wished. So the ultimate cost ended up being lower than £80. Which meant no bonus cashback!

However worse – and one thing I’d not skilled earlier than – was a cashback rejection as a result of I returned a few of the gadgets I’d ordered. At any time when I purchase garments on-line (which isn’t usually), I’ll get a number of sizes, and infrequently a number of kinds, figuring out I’ll ship some, if not most, of them again.

After I’ve shopped at different retailers and achieved this, the cashback due has been diminished to mirror what I truly spent. However this time JD Sport declined the quantity for the entire order.

I appealed to Quidco and was instructed this wasn’t an error, as retailers have the suitable to reject claims on amended orders. Frustratingly it seems this might occur with any order, and it’s down to every retailer what they do and don’t permit.

I spoke to the PR groups at each Quidco and TopCashback. The latter stated it is likely to be doable to see particular person insurance policies within the phrases and situations for every enterprise throughout the cashback websites, and if to not examine with customer support. However that’s an additional little bit of friction which will get in the best way of what must be a easy technique to save.

And it’s one other method cashback may fail, together with monitoring issues. It actually sours my view of cashback websites, no less than for getting garments. I’m not saying don’t use cashback – I’m nonetheless a fan. However my recommendation is to all the time use a voucher code if it’s accessible within the first occasion as that may be a assured saving.

Checking my vitality invoice credit score

Now we’re getting into summer season, the hotter temperatures and longer days imply I’ll be utilizing much less gasoline and electrical energy at residence. And which means our vitality payments will fall.

Nonetheless, it doesn’t imply our direct debit funds itself will cut back (though the vitality value cap lower in July ought to see this occur). That’s as a result of payments are averaged out to unfold the overall annual value over 12 months into extra manageable quantities.

So for the final month or so, I’ve paid roughly the correct amount, if not an excessive amount of. And now over the summer season, I’ll pay extra to construct up credit score for costly winter months. Theoretically, it means Could is after I’d anticipate the credit score in your account to be near zero. At most sufficient to cowl only one month of payments.

After all, direct debits are primarily based on estimated use a yr prematurely. And it is likely to be that they aren’t correct for precise utilization. In the event that they’re not proper, this could go certainly one of two methods: you’ve both overpaid otherwise you’ve underpaid for the final yr.

And if it’s the previous, there might be a load of credit score sitting in your account. So, I assumed I’d examine my account – and there’s an enormous £374 credit score there. Excess of I would like proper now.

If you’re in credit score you’ll be able to request a refund. My agency, Octopus, has the choice to do that within the on-line account, although it could impose a restrict – for me that was £317. Your organization may require you to telephone up.

The flip facet is that if the direct debits have been too low, you’ll have underpaid as an alternative and discover you’re in debt proper now. Count on your vitality firm to get in contact to tell you in the event that they’re going to hike it as much as cowl each the debt and future payments. If it’s too massive and also you suppose you’ll wrestle with adjusted and bigger direct debits then do speak to your supplier to see what will be labored out.

Adjusting vitality direct debit

Whilst you’re doing this, it’s price considering now about whether or not you could change your direct debit forward of the July value cap lower, particularly if like me your direct debits have been too excessive.

I’m paying £250 a month proper now. If I cut back it, primarily based each on my precise utilization and the value cap change, it ought to drop to round £200. Once more, for me, it’s simple to alter this in my on-line account. Different suppliers may require you to name up.

Nonetheless – doing it will truly lose me cash. I earn 2% cashback as much as £5 a month from the Santander 123 Lite account. So my present direct debit ensures I get the complete quantity. Dropping the direct debit by £50 a month (so £600 a yr), would lose me £12 annually.

That’s not an enormous quantity, however I’m going to maintain paying the complete £250, figuring out I can simply request a refund for any credit score at a later level. I’ve made a observe to request a credit score refund once more in a few months, to see how a lot I’m capable of withdraw – although after all I’ll nonetheless have to construct up credit score for winter.

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Get a £17 Quidco bonus (new members solely). Extra particulars

Get one of the best of Andy’s cash saving content material each Thursday, straight to your inbox

+ Get a £17 Quidco bonus (new members solely). Extra particulars

No pleasure from Premium Bonds… but

Although the prize price isn’t wonderful in comparison with quick access accounts (3.3% vs 3.82%), I’ve just lately moved some a refund to Premium Bonds.

It is because I’m going to surpass my Private Financial savings Allowance this yr, which implies I’ll get taxed on any curiosity I earn over £500.

So if I do get near the three.3% price in these tax-free Premium Bond prizes (that’s not assured), it’s truly the equal of curiosity from a 5.5% paying account earlier than 40% tax is deducted. Regardless of latest will increase elsewhere, that’s not one thing you’ll be able to beat on lump sum financial savings (although it’s getting nearer).

All of the Premium Bond price will increase this yr imply there’s a greater likelihood of successful a much bigger prize than after I final had them. Again then the commonest prize was £25. Now it’s £50 or £75.

Having added cash on the finish of March, the Could draw was the primary one I used to be eligible for. I used to be excited to see what I’d get.

So how did I do? Was it £1m? And even simply the bottom prize of £25? Nicely, you in all probability guessed it, I gained nothing!

To be truthful, that is to be anticipated. Most bonds gained’t win something, and in reality, I solely gained in six out of 12 months final time round. Nevertheless it was nonetheless a disappointment.

After all that doesn’t imply you’ll be able to’t win. My spouse did win £125 although (it took per week for the cash to succeed in her present account), and my buddy bought an enormous £650!

So possibly subsequent time. I’ll preserve you up to date in these month-to-month replace blogs.

Oh, and on the time of publishing this text, there are nonetheless a couple of days left in Could so as to add cash to Premium Bonds in order that they’re eligible for the July draw.

By the way, the NS&I web site is a nightmare for logging in! It takes a number of makes an attempt to get into my account, and the identical to really do something. The web site says they’re conscious of points with Chrome on iOS, however my points have been on desktop. Let me know when you have the identical experiences.

Ocado bag return

Years in the past, when the plastic bag cost was launched, I realised I had properly over 50 baggage that had constructed up. Since then I’ve primarily been utilizing canvas tote baggage and really, very hardly ever purchase the reusable baggage on the checkout.

The exception is Ocado, who ship groceries in baggage at 10p every. I don’t use the net grocery store quite a bit, however by some means I’d amassed 90 baggage within the final yr! That’s £9 of wasted money simply sitting behind my kitchen door.

Happily, Ocado will purchase again their very own model baggage, so this time I used to be prepared! I bagged up all the luggage and had them by the door able to handover when the supply arrived. The £9 was knocked off our invoice the identical day. Although I’ve bought one other 4 baggage now that I’ll have to return subsequent time.

Again on PAYE

A fast one, however after 5 years totally self employed I’m now again on PAYE, following my becoming a member of up with Good Cash Individuals.

This implies I’m getting an everyday wage once more, fairly than the advert hoc method I paid myself earlier than.

That really makes budgeting and transfers quite a bit simpler as I’ve a set day for cash to hit my account, which may then shoot off to the totally different payments, common savers and present accounts that require funding.

And the remainder…

I can’t bear in mind all the things however a couple of extras briefly…

Final month I shared a customer support difficulty with Starling concerning how they handle fraud checks on transfers. Since then I’ve had my grievance upheld and been transferred £75 in compensationI used Lotto and Love Your Native Theatre credit score, together with the now defunct O2 Precedence 50% low cost on Theatre Tokens to get two £150 tickets to Hamilton for the equal of £57 every (nonetheless dear!)My NUS/Totum card doesn’t get a lot use these days, however on journeys to London I saved 10 to fifteen% at lunches at Leon, Chilango and ItsuDon’t neglect you’ll be able to e book prepare tickets prematurely, even typically on the day you journey! We saved £10 on a last-minute day journey from London to Brighton – reserving at 11.30pm the night time earlier than. We saved one other £10 due to our Two Collectively railcard