Martin Lewis round up of 24 of his best money-saving tips to take into 2024

24 December 2023 , 07:00

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The cost of living crisis means more and more people have been looking for ways to make their money stretch further this past year.

For many people, the tips of MoneySavingExpert.com founder Martin Lewis have proved invaluable, whether it be ways to lower your energy or council tax bill, or how to get the best rate on your savings. As 2023 comes to a close, it’s often a time where we think about all the changes we want to make for the next 12 months ahead.

If improving your finances is one thing on your list, we've rounded up 24 tips from Martin Lewis from the past year, that you can take into 2024. All of these have either been mentioned on the MoneySavingExpert.com website, during his Martin Lewis Money Show Live broadcast on ITV, or on The Martin Lewis Podcast on BBC Radio 5 Live.

1. Get up to £200 by switching banks

Martin Lewis has long urged anyone who is unhappy with their bank to switch elsewhere - and get paid for doing so. At the moment, Nationwide will give you £200 to switch and First Direct pays £175.

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Martin Lewis is founder of MoneySavingExpert.com

However, there usually some hoops you need to jump through first - so check the terms and conditions carefully. For example, you may need to transfer across a number of direct debits or pay in a certain amount during the first few months.

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You also may be limited if you have received a switch bonus before, depending on when you previously held an account with that bank.

2. Get the best savings rate

MSE founder Martin has previously warned many people are still “earning diddly squat” on their savings accounts. The best easy-access rate at the time of writing is 5.22% from Metro Bank, and the best-paying fixed rate account is also from Metro Bank, which is paying 5.66% fixed for one year.

Martin Lewis provides tips on how to make the most of your money (Getty Images)

Regular saving accounts pay even more than this - but you're normally limited on how much money you can save each month. Nationwide has launched a linked saver which pays 8% fixed for one year - but you can only deposit up to £200 each month.

If you claim certain benefits, there is an account called Help to Save which beats all the above and has been flagged by Martin - we explain how it works below.

3. Don’t overspend

During the build up to big events such as Black Friday or Christmas, Martin has long urged people not to overspend and only buy what they really need. In terms of Black Friday, if you weren't planning on buying that product anyway, then you're not really making a saving.

And as for Christmas, Martin has long campaigned for people not to get themselves into debt by buying presents. Instead, he has advocated having open conversations with your loved ones about what you can actually afford.

4. Cut your credit card debt

If you have credit card debt, see if you’re able to move the amount you owe to a 0% balance transfer card. This means you’ll pay no interest for a set period of time, so you can become debt-free more quickly.

Martin has previously recommended using an eligibility calculator first to check which card you are likely to be approved for. MSE has a 0% Balance Transfer calculator which carries out a “soft credit search” and won’t be seen by lenders.

When choosing a new credit card, make sure you can clear your debt before the 0% interest period finishes - or you’ll start paying the representative APR. Next, check if there are any fees involved when transferring your debt. If you don’t need the longest deal, there may be shorter cards available with cheaper, or sometimes no fees.

Finally, avoid spending or withdrawing cash on these cards - these are normally charged at an expensive rate. At the time of writing, the longest 0% period offered is 28 months from Barclaycard and M&S Bank, which comes with a 3.45% fee and 3.49% fee, respectively. The longest 0% period with no fee is 14 months from NatWest.

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5. Boost your state pension

Most people need 35 qualifying years on their National Insurance record to claim the full new state pension, although some will need more. You typically need ten years to receive anything at all.

This means if you have gaps in your record, you may not receive a full new state pension later in life. Under the current rules, you can buy back missing National Insurance years dating back to 2006 - but after April 5, 2025, you will only be able to go back six tax years.

A top-up for a missed qualifying year currently costs £824 and boosts your annual state pension entitlement by £275 a year. Speaking on The Martin Lewis Podcast earlier this year, the financial journalist said people aged between 45 and 72 should check their state pension forecast on GOV.UK.

However, not everyone needs to buy National Insurance contributions - some people will be able to top up their record for free with National Insurance credits. Check the scenarios where you may be able to do this on GOV.UK.

6. Get money back on student loans

Martin has previously warned how over one million people could be owed money back after overpaying their student loan. One reason this may happen, is if you're put on the wrong payment plan by your employer.

Another reason you may have overpaid, is that you started paying off your loan despite not earning over the threshold. Some people had money deducted from their pay even after fully repaying the loan, while others started repayments too early. Repayments should only begin in April following graduation, but errors can occur.

Contact the Student Loans Company (SLC) on 0300 100 0611 (for Wales it's 0300 100 0370 and +44 141 243 3660 from overseas) if you think you've overpaid.

7. Find missing money from lost bank accounts

Martin and the MSE team have shared several success stories from parents who have uncovered forgotten or lost Child Trust Funds for their children. Child Trust Funds are savings accounts that were set up for every child born between September 1, 2002 and January 2, 2011.

If you know the name of a bank, building society or savings firm you might have money in, contact them first. You can also ask HMRC to help you find a Child Trust Fund by filling out this form on GOV.UK.

For regular lost bank accounts and savings accounts, you can run a free search through My Lost Account to help you retrace your money. Fill in the form with your details, then wait until you get a response within three months.

8. Check your payslip

Martin and MSE have previously explained how millions of people are on the wrong tax code, which means they may have been overpaying tax. The most common code for the current tax year is 1257L for people who have one job or pension - although not everyone will be on this.

The simplest way to check your tax code is to look at your latest payslip, or on your P45 if you have recently quit your job. You can also ask your HR department.

If you suspect you’re on the wrong tax code, contact HMRC on 0300 200 3300 and ask them to investigate. If you have been overpaying tax, your tax code will be adjusted and you can claim back up to four additional tax years.

But if you've been underpaying tax, then you would owe HMRC money. It is better to get this sorted sooner rather than later, to avoid a huge tax bill.

Make sure you check your payslip for any errors (Getty Images)

9. Compare car and home insurance

The MSE team recommends looking for new car insurance 23 days before your current deal expires, to find the cheapest prices. For home insurance, you should look 21 days before.

Use a comparison website to check for prices - some of the most popular ones include Go Compare, Confused.com and Compare the Market - and check quotes with some providers directly. This is because not all insurance firms appear on comparison websites - one of the most notable ones being Direct Line.

Once you’ve found the best deal elsewhere, call up your current insurance company and seeing if they will beat it. If they can't give you a lower price, then switch to the cheaper provider.

10. Don’t forget travel insurance

Travel insurance can help cover you financially if something goes wrong while you're on holiday. Depending on the type of cover you've got, it can cover anything from medical expenses to your luggage going missing.

Martin has long highlighted the importance of sorting out travel insurance "as soon as you book". Use comparison website such as Compare the Market or MoneySuperMarket to check the latest prices for travel insurance. You'll need to enter details about yourself, such as your age, as well as information about your trip, including where you're going and for how long.

11. Slash your broadband bill

If you're out of contract with your broadband provider, compare prices for this as well, to make sure you're getting the best price. Again, use a comparison website - such as MoneySuperMarket.com and Uswitch to see what other offers are out there.

Make sure you take note of how much broadband speed you actually need, as you could save money if you're able to reduce your package. If you've found a better deal, speak to your current provider to see if they'll match it - if they can't, move elsewhere.

Do keep in mind that if you’re in contract, you will likely be charged an exit fee for switching. If you claim certain benefits, you may be able to take advantage of cheaper social tariffs - we explain how they work below.

12. Check your mobile bill as well

The same principles above go for your mobile deal. When comparing prices, look for deals with the right number of minutes, texts and data that you really need.

Many people are paying over-the-top for mobile tariffs that contain more texts or data than they actually use. Martin has previously suggested SIM-only deals offer the best value.

13. Claim money back from your energy provider

Martin Lewis has previously urged households to check if they’re owed hundreds or even thousands of pounds in energy bill credit. We generally use more energy in the winter months when it is colder.

This means if you pay by direct debit, you probably have built up energy credit during summer, when we don't use as much energy as the heating isn't switched on. But if you’re disproportionately in credit, you can ask your supplier to give you some of the money you’ve accumulated back.

Writing in an MSE newsletter in October of this year, Martin said "at this time of year it's appropriate to have a couple of months' worth built up as credit" which gives you a rough idea of how much you should have in your account.

He continued: “If it's a lot more, then as long as your DDs are right, see how to get your energy credit back. If you're in debt at this point of the year, your DD probably needs to be higher or you'll build up the debt.”

14. Find the cheapest mortgage

Mortgage rates have surged over the last year, thanks to consecutive interest rate rises by by the Bank of England. If you're due to remortgage, Martin shared the following advice on MSE platforms earlier this year.

First of all, gather all the relevant information about your current mortgage deal. This includes the rate, the type and exactly when your fix ends.

The other important thing to know about your mortgage, is your loan to value (LTV). That is the proportion of your home’s current value that you borrow. Once you've got all your details, check what product transfer your existing lender can offer you. Then, compare prices on the open market to see which deal is best for you.

15. Check if you can claim benefits

In a previous MSE newsletter, Martin urged people to check if they were eligible to claim benefits. He said it is a common misconception that help is only available to people who are out of work.

In fact, millions of people are missing out on an estimated £19billion in unclaimed benefits. You should start by spending ten minutes using a benefits calculator.

This should be seen as just a rough guide. If you believe you're eligible but a calculator says you're not, or you need help applying, speak to Citizens Advice or Turn2Us.

16. On Universal Credit? Get 50% return on savings

If you claim certain benefits, Martin Lewis has previously flagged the “unbeatable” Help to Save savings account, offered by the Government, where you could earn a bonus of up to £1,200.

For every £1 you save, you get a bonus of 50p - this means you're getting a 50% return on your money. This account lasts four years and you can pay in a maximum of £50 a month.

This means if you save the maximum £50 each month over four years, you could end up with a bonus of £1,200. You need to be claiming Universal Credit and be earning above a certain threshold, or be entitled to Working Tax Credit. Read more about the eligibility criteria on GOV.UK.

17. Check for broadband social tariffs

Social tariffs are cheaper broadband packages for people claiming certain benefits. The Government claims switching to a social tariff could save you up to £180 a year - but many people don't realise these deals exist.

Martin and the MSE team have previously shared huge success stories from people who have saved money by switching. Social broadband prices start from £12 a month with Vodafone - but you might also be able to get six months free if you're a jobseeker through TalkTalk.

As well as social tariffs normally being cheaper than standard deals, they also normally don't come with any exit fees.

18. Slash your council tax bill

Martin has long urged people to see if they're missing out on council tax discounts - and in some cases, you get 100% off your bill. For example, you can get a 25% discount on your council tax bill if you live alone or with someone who is considered "disregarded" from paying.

This can include someone who is under 18 or someone who is called as "severely mentally impairment". You can see a list of examples of people on GOV.UK.

Households on a low income or receiving benefits could be eligible for a reduction of up to 100% on their council tax bill, although this varies between councils. Someone who is considered "severely mentally impaired" and is living alone may also be entitled to a 100% bill reduction.

There are lots of other scenarios that qualify for a discount, so speak to your local council to see what support you may be entitled to.

19. Cut your water bill

Martin Lewis has previously urged families to check if they could benefit from a water meter. If you have a water meter installed, you only pay for the water you actually use - without one, your bills are estimated by the size of your home.

He said his "rule of thumb" is to consider a water meter if you have more or the same number of bedrooms in your house than people. The Consumer Council for Water has a free water meter calculator that tells you if you could save cash.

20. Tax benefit for married couples

Marriage Tax Allowance allows eligible couples to transfer £1,260 of their personal allowance to their spouse or civil partner to cut their yearly tax bill. This is something else Martin has flagged this past year.

Your personal allowance is the amount you can earn before you start paying tax. Marriage Tax Allowance for the 2023/24 tax year is worth up to £252, but you may be able to backdate your claim by up to four tax years.

If you claim for this tax year and backdate the maximum four years, you'll get up to £1,256. You need to be married or in a civil partnership to claim Marriage Tax Allowance, and both of you must also have been born on or after April 6, 1935.

One of you also needs to be a non-taxpayer while the other person needs to be paying the basic 20% rate of tax.

21. Claim tax on PPI claims

PPI was an insurance policy attached to credit agreements such as loans, mortgages or credit cards. But it was often mis-sold to customers - for example, to those who could never claim on it, or in cases where people were wrongly told they needed it.

If you received a payout from mis-sold PPI - the deadline for doing this through the Ombudsman passed in August 2019 - Martin has previously urged people to check if they're owed tax back as well.

22. Get free food from Greggs and McDonald's

Martin Lewis' MSE website often flags the best free and cheap food deals. For example, sign up to the Greggs app right now and you'll get a free hot drink. If you register with Krispy Kreme Rewards you get a free original glazed doughnut.

Taco Bell fans get a free crunchy taco when they sign up to the app. Download the McDonald's app, and you'll get 1,000 bonus points on your first order. However, you do need 1,500 to redeem a freebie, so you'll need to spend a little bit before you get anything.

23. Spend £1 and get BOGOF cinema tickets all year

Martin has previously flagged a cheeky hack that gets you buy one, get one free cinema tickets for a whole year - just by spending £1. The deal involves buying a one-day UK travel insurance policy from the comparison website Compare the Market.

When you take out a qualifying insurance through Compare the Market, you will automatically get access to its Meerkat Movies and Meerkat Meals promotions for one year. Meerkat Movies gives you two-for-one on cinema tickets at participating screens - including Odeon and Cineworld - every Tuesday and Wednesday.

24. Keep an eye out for cost of living help

Martin Lewis exclusively revealed that the final £299 cost of living payment will be sent to eligible households between February 6 and February 22 next year. You need to have been entitled to a payment for a qualifying benefit between November 13 and December 12 to get the cost of living cash.

The money will be sent automatically, meaning you won't need to physically claim it. The DWP and HMRC are urging people to be wary of scammers and anyone trying to trick people into believing they need to apply for it.

The full list of benefits that qualify for the third cost of living payment are: