Millions of credit card customers face a big increase in the cost of their borrowing, but many will not know.
Barclaycard is reducing the minimum payments that customers will be charged from July. Someone owing £2,500 will have a minimum payment of £71. 21 from July down from £89.96 - an apparent saving of £18 a month.
But this move alone increases the cost of paying off balances because customers paying the minimum will be paying the high interest charges for longer.
Not only is the company reducing the monthly payments but it is also increasing the interest rates at the same time by about 15% from 18.71% to 21.59% for example. So not only are cardholders paying for longer, but they are also paying a higher rate of interest.
The cost of paying off card balances could cost thousands of pounds more if minimum payments are made every month. A customer choosing to pay £100 on a £2,500 debt instead of £71.21 would save a massive £3,522.57 in interest.
Pay as much as you can each month or apply for a zero interest card to pay off debts even quicker.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Children are very expensive, especially if you work.
The government has increased the financial help it gives towards child care costs so that the parents of two-year-olds can now get a contribution towards the costs. But this is still likely to be a lot less than is needed.
The official line is that two-year-olds are entitled to 15 hours free child care a week if the parents each earn less than £100,001 a year. But when school holidays are taken into account the free care is equivalent to one 10-hour day a week and extra costs for food and nappies are also likely to be added. And that is if you can find a child care place.
Budgets for babies are undoubtedly stretched making it vital that parents get every bit of help they can to cover the costs of children.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Loyalty is the latest tool that supermarkets use to lure us into their stores. Big signs and advertisements suggest we can save lots of money but in reality you need to take a calculator, check prices carefully on grocery websites and allow extra time if you are not going to be ripped off.
Loyalty cards offer cheaper prices to customers who have them. But this loyalty is fickle and the offers seem to change at whim. And often there is not enough information for us to compare prices and work out which is the best value.
Shrinkflation where the contents of packs are reduced but the price is not, add to the confusion.
The stores are constantly changing their scheme rules and the timing of their offers so we have to be alert. For many it is simpler and cheaper to use discount stores and the economy ranges.
We do not have to be loyal to one group. Remember the big chains are making bigger profits this year from our loyalty.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

April is the cruellest month when many of our household bills increase. The battle to tame inflation has not yet been won so we have to cut our household bills wherever possible.
Even energy bills that are set to be reduced by 12% on April 1 are still more than twice what they were before Ukraine was invaded.
So there is no better time to check all our household bills to find out where savings can be made.
Water bills are set to rise by an average of 6% in April, but the good news is that millions of households can cut their bills immediately. If you do not have a water meter they cost nothing and if you have more bedrooms than people living in the property you should save money. Those who shower at the gym or travel a lot may also benefit. If your bills do not come down after a meter is installed you can ask your water company to switch you back.
Energy bills may be falling but we still need to be alert and to make sure we are not wasting gas or electricity, and we must send a reading to our energy companies early on April 1 to make sure we are not charged winter prices for Spring usage under the new Ofcom price cap.
Also check how much you are in credit on your direct debits. Energy companies have £7 billion of our money accrued because we have paid for more energy than we have used, and as days get longer and warmer and the new price cap comes into operation it is a good time to get back any overpayment.
As council tax bills increase in April householders should check if they can save money.
Broadband and mobile costs are set to increase by up to 8.8% but only if you are in contract. Everyone else should call their supplier and negotiate a reduction.
There is also lots of money to be saved on insurance, credit cards, food and petrol.
Take one bill at a time and keep a record of the savings. If you do not ask you do not get.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

It is crunch time for millions of homeowners whose fixed rate mortgages expire this year. They face much bigger monthly payments.
After 14 interest rate increases over the last two years, and no sign from the Bank of England that there will be a reduction any time soon, many are fearful they could lose their homes, and may be putting off finding out just how bad the news is.
It may be scary, but anyone facing having to remortgage cannot start soon enough. And delaying could be catastrophically expensive.
Lenders will allow homebuyers to secure a mortgage interest rate six months before their existing loans expire.
Those not familiar with how mortgage payments are calculated may find the new payments, while higher, are not as frightening as they have feared.
The earliest cut in interest rates is now expected in May and then may only be 0.25%. 10-year bond yields, which are the key influence on mortgage rates, have risen in recent weeks and the best remortgage rates have been withdrawn.
But if rates do fall sooner than expected homebuyers should be able to abandon their fixed offer and move to a better deal at no cost. Of course, it is important to establish the rules of the "insurance" offer when you agree it.
Starting early also gives you time to fix your household budget and maybe get £7,500 tax-free help.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Succeeding in your A level exams is vital for the school students wanting to go to university this autumn. But almost as important, as their studies, is working out how they will afford to live whilst they are at university.
The government has increased maintenance loans for undergraduates by 2.5% for students going to university this autumn. This comes after a 2.8% increase last year and two years of rapidly rising living costs.
Parents are not told how much they should contribute towards their children's living costs, but families with an income above £25,000 are on the hook for cash help even though their living costs have risen faster than their incomes.
The threshold for parental contribution to student living costs has not been increased more than 15 years.
This means that both parents and their children are likley to have difficulty funding university life.
So now is the time to start for families to have honest conversations and to work out how they will manage to fund university life without getting into debt.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Tax returns have been filed so it is now time to find out if there is any money that HMRC owes you, and the quicker you are the more you might get.
The current tax year ends on April 5 and if you make a claim before then for an allowance you should have then you may be able to backdate the claim to 2019.
And there is lots of money waiting for you to claim it.
There are 2.1 million couples who are eligible for the married couples' allowance who have not claimed it. They could be able to claim up to £1,256 and have it in their bank accounts in weeks.
If you still have to work from home a tax rebate could be waiting for you. If you need specialist tools or uniform for work then you might be able to get money from the tax office.
Use your trading, property and savings allowances.
Rent a Room out and pay no tax on the £7,500 you receive from your tenant.
Make sure you claim the full tax relief on any charitable donations and for pension contributions.
We all need to get what we are due.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Insurance companies are competting to charge us more. The average homes' insurance policy already cost 36% more this year than last, before storms Babet, Ciaran and Debi damaged thousands of homes causing half a billion pounds worth of damage. And then came the even more powerful Henk.
While the insurance companies will find reasons to increase our premiums we all need to make sure we do enough research to stop us being massively overcharged.
For two years the companies have been under instructions from the Financial Conduct Authority to treat existing customers fairly, and not to charge them more than new customers.
There is lots of evidence that they are not managing to do so yet. This means that when your policy is due for renewal you need to make sure you are not overcharged. Start your research early and never allow the company to auto renew.
Just as important: do not accept their "easy terms." Making monthly instalments can add 40% to the cost of the policy.
Do not leave renewal to the last days of your existing policy. The earlier you commit the cheaper the policy is likely to be. Twenty-three days before the policy expires is the sweet spot.
Mrs Mean wants you to be in control of the process and to pay less.

"From Passion to Purpose" is a podcast that explores the world of nonprofit...

Listen on: Apple Podcasts Spotify

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com