Six easy ways to claim back cash and save money

Household finances are tough for many right now - but could you boost your budget and claw back some cash? By Vicky Shaw.
Martyn James from resolver.co.ukMartyn James from resolver.co.uk
Martyn James from resolver.co.uk

Household budgets are going to be very stretched in the coming months, as the financial impact of coronavirus continues to be felt.

While many people are feeling a significant impact on their finances, there may be some small ways to ease some of the pressure.

Hide Ad
Hide Ad

Even while you're sitting at home, you may be able to do something to save some cash right now and even get some money back.

Managing household budgets is becoming increasingly challenging. OPicture: iStock/PAManaging household budgets is becoming increasingly challenging. OPicture: iStock/PA
Managing household budgets is becoming increasingly challenging. OPicture: iStock/PA

Consumer rights expert Martyn James, from complaints help website Resolver.co.uk, has some suggestions...

1. Are you paying for the same service more than once?

Many people routinely pay out more than they think - by spending on several services that basically do the same thing.

For example, are you saving your online data to 'the cloud?' Some people might be using a paid-for service they took out with their computer or laptop - and maybe another through their phone provider, or another through anti-virus software.

Hide Ad
Hide Ad

OK, so you don't want to lose all your photos in a tech failure, but you only really need one cloud storage service. Music streaming services are also often duplicated. If someone is paying for two cloud services and two music streaming services - and they reduce that to one each, the potential saving could be as much as £400 a year.

2. Have you fallen into a subscription trap?

Lurking in your statements, you may discover one-off payments or sneaky monthly subscriptions. You may have signed up to free trials and forgotten to cancel. Or perhaps you tried out a service a while ago but you simply don't use it.

Trawl back a year and one month in your banking, which will allow for every annual payment to be tracked down. If you didn't authorise these payments, weren't told you were going to be debited or you think you've been scammed, contact your bank immediately. You might even find you eventually get some money back.

3. Look for mistakes and mishaps

Managing money online can be very convenient. But when we're not handing over physical cash, this can make us less vigilant about checking spending.

Hide Ad
Hide Ad

Honest errors on statements may be be missed, whether it's duplicate transactions or payments for services still going out despite having been cancelled.

If you spot anything you don't recognise, ask your bank or card provider to 'charge back' the money. You might have to sign a statement saying you didn't authorise the payment, so you need to be sure.

4. Check you're not paying for more than you need in online bills

Many of us no longer receive paper bills. This could mean we're less likely to scrutinise exactly what we're paying for. Go through what's included. You might not need the full package you're on and could instantly save be reducing it.

Hide Ad
Hide Ad

Phone bills can contain a range of charges. Flag up anything you haven't authorised with your provider. The Phone-paid Services Authority, the UK regulator for content, goods and services charged to a phone bill, may also be able to help point you in the right direction.

5. Stop paying the price for loyalty

In 2018, the Competitions and Markets Authority found that a range of businesses - from lenders to mobile phone companies, insurance to broadband firms - had been charging loyalty penalties to customers who let policies or services automatically renew each year.

Some people sticking with the same provider for years may have paid thousands of pounds more than they needed to. If you feel you've paid too much for loyalty, you may want to complain to the firm. Turn detective and check online to see what you'd be offered for the same deal you're on as a new customer, take a screenshot and take it up with the business.

6. Cancel insurance policies you no longer need

Perhaps it's a mobile phone insurance policy for a phone you've upgraded years ago that you're still being charged for. Or maybe an expensive gadget insurance policy would be cheaper if you update your home insurance.

Hide Ad
Hide Ad

And if you're paying for a bank account that comes with certain perks such as insurance, make sure it covers what you expect it to.

Finally, remember to use kindness and courtesy

Making a few savings can really help you make your cash go further. But businesses may be extremely busy currently with many people trying to get through. For non-urgent inquiries, take your time and try to avoid tying up phone lines where possible by going online. Be friendly even if you're frustrated. A bit of kindness goes a long way.

More help with dealing with gripes about firms is available at resolver.co.uk.

Editor’s note: first and foremost - and rarely have I written down these words with more sincerity - I hope this finds you well.

Hide Ad
Hide Ad

Almost certainly you are here because you value the quality and the integrity of the journalism produced by The Yorkshire Post’s journalists - almost all of which live alongside you in Yorkshire, spending the wages they earn with Yorkshire businesses - who last year took this title to the industry watchdog’s Most Trusted Newspaper in Britain accolade.

And that is why I must make an urgent request of you: as advertising revenue declines, your support becomes evermore crucial to the maintenance of the journalistic standards expected of The Yorkshire Post. If you can, safely, please buy a paper or take up a subscription. We want to continue to make you proud of Yorkshire’s National Newspaper but we are going to need your help.

Postal subscription copies can be ordered by calling 0330 4030066 or by emailing [email protected]. Vouchers, to be exchanged at retail sales outlets - our newsagents need you, too - can be subscribed to by contacting subscriptions on 0330 1235950 or by visiting www.localsubsplus.co.uk where you should select The Yorkshire Post from the list of titles available.

If you want to help right now, download our tablet app from the App / Play Stores. Every contribution you make helps to provide this county with the best regional journalism in the country.

Sincerely. Thank you.

James Mitchinson

Editor