Could you be the next Martin Lewis? Take our quiz to find out if you’re a financial wizz or numbers dummy
MANAGING your finances is a nightmare for some and a doddle for others.
Those who struggle can lose hundreds – if not thousands – on common mistakes, like not claiming certain benefits or forgetting to fix utility bills.
Take our quiz and find out if you’re a financial whizz or numbers dummy, and what you need to do to get into shape.
1. How often do you compare energy, mobile and broadband deals and check you’re on the cheapest tariffs?
- a) Never
- b) I check now and again, when I remember
- c) I always refix whenever my current deals comes to an end, or I keep track of the market for the best rates for my household
2. Have you ever checked your broadband speed to make sure you’re getting the advertised speed?
- a) Never thought to do it
- b) No, because I’ve never had a problem
- c) Yes, because I want to see exactly what service my home is getting
3. Do you know where all your pensions are, including ones from old jobs?
- a) No, I may have lost track of one or more from an old job
- b) I have a vague idea but need to go through the paperwork
- c) I have my pensions organised and know how much is in them, what they will pay out and who they will go to if I die
4. Is your bank account the best one for you?
- a) Not sure – it’s the one I’ve had for years
- b) I’m fine with it but not sure it’s the best for me
- c) I switch accounts to get the best perks, or I haven’t switched accounts because I know that my bank is best for me in terms of things like its overdraft, interest rates and cashback
5. Do you know how many non-essential subscriptions are coming out of your bank account, such as Netflix, gym passes and food deliveries?
- a) Not sure, probably too many
- b) Now and again I check but I know there are subscriptions that I don’t use much
- c) I know exactly what’s going out and I cancel anything I don’t want or use
My friends call me the 'female Martin Lewis'
SAVVY saver Lydia Garner saved more than £3,700 in a year with her money saving tricks - and friends call her the 'female version of Martin Lewis'.
Lydia, 41, who works for a finance company, was forced to reassess her finances after splitting from her husband in April 2020.
Following the divorce, she bought a property of her own but had to manage the mortgage, bills and food for her two kids on a shoestring budget.
In total, she saved £3,710 by making a few tweaks to her lifestyle. One of the main changes was making the most of switching incentives offered by energy suppliers.
She made £300 from referring six friends to electricity provider Octopus. She has also saved £168 by haggling for better broadband deals, £1,200 by shopping at cheaper stores and £810 by using money saving apps.
“My friends dubbed me Martin Lewis,” she says. “One said that I’m just like him because I keep giving her money saving tips. It’s nice to help friends – or anyone else – save money, and I love Martin Lewis.”
Lydia was on a deal with Plusnet which cost £22.99 a month for the first year and then went up to £36.99. But when Lydia phoned them, they agreed to stick to the same price. She has saved around £500 n a year by negotiating with similar deals.
Using money saving apps has saved Lydia £810. AirTime rewards, for example, which knocks money off your phone bill when you shop at certain high street stores, has saved her £50.
She’s cut her grocery bill from £5,200 to £4,000 annuallyl simply by doing her painstaking research and going to different supermarkets for different products rather than one big shop.
“For example, I go to Asda for toiletries and cleaning products but I shop at Tesco for food. I reckon I save £100 a week doing this.” She’s axed fancy brands and now buys cheaper brands and always looks for the best deals on offer at shops, cinemas and restaurants. This has cut her luxury spending from £2,700 to £1,500, saving her a whopping £1,200.
Lydia makes the most of free trials and subscriptions to save cash on treats like meals and trips out. This includes signing up to a free Tastecard for a month. The membership scheme typically offers two-for-one or 50 per cent off at participating restaurants, including pizza delivery. But she made sure to close the subscription when the free trial ended, so she didn’t have to fork out the membership fee.
6. You have an old bag of clothes that are too shabby to wear. What do you do?
- a) Throw them away
- b) Cut them up for dusters
- c) Get some money or vouchers back on them with a recycling exchange programme.
7. Do you know what council tax band your home falls under, and do you know what might qualify you for a discount?
- a) Not a clue
- b) I’m pretty sure I pay the right amount of council tax, but probably should check
- c) I know my council tax band and have checked it’s the right one for my property. I pay the right amount of council tax.
8. Do you use cashback sites when you buy things online?
- a) No, what are they?
- b) I’ve signed up but forgot to check sometimes
- c) I always look for cashback bonuses on anything I buy online, or if there are none available I’ll try and get a discount code. My motto is “never buy at full price”.
9. Do you make the most out of your loyalty points and rewards for schemes like Tesco‘s Clubcard and Sainsbury’s Nectar?
- a) No – I’m hopeless at remembering to swipe for points
- b) I collect points but am not good at keeping track or redeeming them
- c) I collect as many as possible and save them for specific goals, like buying Christmas presents and holidays.
10. Do you know your credit score?
- a) No
- b) I have checked it in the last year
- c) Yes I check it regularly
11. Have you made a will?
- a) Not got around to it
- b) Yes but need to check it’s up to date
- c) Yes and it is up to date.
IF YOU HAVE CHILDREN UNDER 12
Otherwise, skip to question 14.
12. What is the maximum you can earn while claiming tax free childcare on nursery fees, as well as after school and holiday clubs?
- a) £49,999
- b) £59,999
- c) £99,999
13. What is the maximum you can currently earn before needing to pay back your child benefit?
- a) £50,000
- b) £100,000
- c) £60,000
IF YOU ARE A PENSIONER
Otherwise, skip to question 16.
14. Have you thought about registering for your water and electricity supplier’s Priority Services Register?
- a) Never heard of it
- b) I haven’t got around to it yet
- c) Yes I am registered or I’ve chosen not to be on it
15. Have you claimed all the discount perks available to you as an over-60, including shopping loyalty cards, travel passes, pension credit and other benefits?
- a) I need to get around to claiming things like my free bus pass
- b) Most of them but I should make more of my pensioner status to nab freebies and discounts
- c) I have it all, a senior National Trust pass, Boots over-60s card and free health subscriptions and I’ll always ask for a pensioner discount
IF YOU ARE A DRIVER
Otherwise skip a question.
16. When do you buy your car insurance?
- a) I just let it auto-renew
- b) Just before my current policy expires
- c) About a month in advance
IF YOU’RE IN DEBT
Otherwise, skip a question.
17. Do you feel your debt is under control?
- a) No, I’m struggling to keep it down
- b) Yes it’s getting there, but I could probably pay it back faster if I focussed on it
MARTIN LEWIS - THE MOST TRUSTED MAN IN BRITAIN
The founder of the Money Saving Expert website is an award winning campaigning journalist and has his own prime-time ITV show and according to Google, the UK’s most searched-for British man.
In 2016, he also founded the Money and Mental Health Policy Institute charity, which he chairs and funds.
He still helps compile his popular newsletter and helps readers with their finances.
In the last year, Sun readers have loved reading about how one reader reclaimed £2,300 thanks to a Martin Lewis tip.
Another couple found out that they were owed £17,000 thanks to Martin’s advice.
Other popular stories have included a warning for grandparents that they are missing out on £1,000s in free cash.
And a pension warning that could see you missing out on £22,500 in retirement.
IF YOU HAVE SAVINGS
Otherwise, skip a question.
18. How often do you check the interest rate you are getting on your savings?
- a) Never
- b) Now and then
- c) I check regularly and move my money around to get the best interest
IF YOU ARE A HOMEOWNER
Otherwise, skip a question.
19. Do you know the rebuild value of your home for insurance purposes?
- a) Isn’t it just the sale price?
- b) I just guess
- c) I use specialist online calculators to get an accurate estimate
IF YOU TRAVEL ABROAD
20. When do you buy your travel insurance?
- a) I don’t bother with it
- b) Just before I go
- c) I have a year-round policy or I buy it as soon as I’ve booked the holiday
RESULTS
If you mostly answered “a”, you need to spend some time getting up to date with your finances, which could save you hundreds of pounds.
See the answers below on how to do it.
If you mostly answered “b”, you are generally on top of things but you could do better.
If you answered “c”, you’re a financial whizzkid who always gets the best rates and deals, and every possible discount.
Keep going!
ANSWERS
1. Once you’re out of contract utility bills automatically go up, even though you continue to get the same service.
Set reminders to yourself so you know when your deals are ending, and then bag the cheapest deal.
Use a price comparison site like uSwitch, Go Compare or Compare the Market to compare rates on energy, broadband and mobile contracts.
2. Check whether you are actually getting your advertised broadband speed by running a test such as this one at: comparethemarket.com/broadband/speed-test.
Log into your broadband account online to see what deal you are on and what rate you should get.
If the results fall below the minimum you were promised, you shouldn’t have to pay a penalty to leave your broadband contract early under Ofcom rules.
But, you must contact your provider first to give them a chance to fix the problem.
3. Millions of pounds are resting in lost pensions.
Go through all the jobs you’ve had and consider if you may have been paying into a pension during the employment.
If you’re not sure, try the Pension Tracing Service – at gov.uk/find-lost-pension or talk to the Pensions Advisory Service.
4. Bank accounts have different selling points, such as overdrafts, adding interest on balances and cashback and rewards.
Make sure yours suits your needs, and if not, switch to something that fits better.
Various banks are currently offering a switching bonus of up to £175, such as First Direct or Nationwide.
5. Citizens Advice has found that over 13 million people – 26% of UK adults – have accidentally taken out a subscription over the previous 12 months.
These subscriptions cover services from fitness apps to food delivery services, and repeat pet food to magazine subscriptions.
Many don’t cancel them, even if they aren’t wanted, and end up losing out. Be sure to regularly check what’s leaving your account.
6. Top tip – M&S offer a £5 voucher off a £35 spend if you drop off unwanted clothes at an Oxfam shop, as long as at least one item is from M&S.
H&M runs a similar scheme.
7. Many homes across England and Scotland are thought to be in the wrong Council Tax band, so check you are not overpaying on your rates.
Moneysavingexpert.com has a good guide for this.
Also check if you qualify for a council tax discount, which you might get if, for example, you live on your own, are a student or live with someone diagnosed with a “severe mental impairment” such as Alzheimer’s disease.
HOW TO BRUSH UP ON YOUR MONEY SKILLS
ARE you worried about your money skills after taking this test? We explain where you can get help and support.
KNOWING WHERE TO LOOK
As well as reading The Sun’s money pages in print and online and signing up to our newsletter, there are lots of resources that can help you.
Only use trusted or government websites such as Moneyhelper or MoneySavingExpert.
ASK FOR HELP
Our Consumer Champion Laura Purkess is has helped win back thousands of pounds for readers. You can contact her by emailing Laura.Purkess@the-sun.co.uk.
Other useful resources include Citizens Advice, The Financial Ombudsman, Pension Wise and Which?
Martin Lewis’ MoneySavingExpert has written brilliantly about a wealth of help you can get as a child or adult with financial literacy.
8. Cashback sites basically give you free money for buying things online.
They are easy to use, but those who are not confident with computers may shy away from them.
If you’re not sure how it works, ask a friend or family member to help you learn to use sites like Quidco.com or Topcashback.co.uk.
9. A weekly shop at Tesco all year can bag a family £100 of Clubcard vouchers – which might be handy for Christmas shopping.
Other supermarkets have their own incentives and reward schemes. So it’s worth nabbing bonus points, which you can earn through offers and competitions on the supermarkets’ apps.
With Clubcard, you can get twice the value of your points by redeeming with a reward partner like Disney Plus, RAC or Leeds Castle.
10. Some estimates suggest almost half the UK population have never checked their credit report.
But it’s important to do, as having a good credit score means you can get better borrowing terms and lower interest rates.
It also means you’ll know of any fraudulent credit applications taken out in your name.
11. It is important to make a will so that your money and estate go to the right people.
If you die intestate (without a will), it can also be more difficult for loved ones to deal with the death admin.
12. You can get tax free childcare if you and your partner both earn under £100,000 a year.
Some parents think they earn too much to claim tax free children and are surprised the upper limit is so high.
13. For the 2024/2025 tax year, the maximum you can earn before needing to pay back child benefit is £60,000 a year.
If you earn more than this, you’ll need to pay a “Child Benefit tax charge”.
Last tax year the limit was £50,000.
14. People on the Priority Services Register get extra care and attention if they need help from their supplier.
For example, if you might need your bill in large print, or water brought to you if there’s a supply issue.
15. There are lots of perks and discounts available to pensioners. Retailers offer discounts, the NHS gives free prescriptions and you can often travel for free.
You might also get reduced cinema tickets and a National Trust pass.
16. Car insurers look favourably at drivers who organise their premiums in advance.
The cheapest time to get quotes is between 20 and 27 days ahead of your renewal date, according to MoneySavingExpert.com.
17. The Citizens Advice has some really good advice for getting your debts in order.
But if you’re struggling to deal with it alone, speak to StepChange (stepchange.org.uk, 0800 138 1111) or National Debtline (nationaldebtline.org, 0808 808 4000).
18. The top-paying easy account currently pays 5% but the worst pay a pittance.
Finance site Moneyfactscompare.co.uk advises savers to check deals every three to six months to make sure they’re getting the best rates.
19. The rebuild cost is how much it would cost to completely rebuild your home if it was destroyed, including the price of labour and materials.
This is normally lower than your home’s sale price.
Basing your policy on your home’s rebuild cost will stop you from paying a higher than necessary premium.
Visit abi.bcis.co.uk for an online calculator to work out the right figure.
20. Never travel without insurance.
If you had an accident and needed medical care, the cost could run into thousands of pounds.
It’s also important to buy a policy at the time you book the holiday, if you don’t already have one, in case you need to cancel it in an emergency.