Archive: MoneySavingExpert's Money Tips Email

Student Loan 2012 Calc. What'll it REALLY cost you?
Brand new tool | Zippy sliders reveal true cost of £9,000 tuition fees | Please spread the word

Student finance is radically changing for 2012 starters - who will be applying soon. Headlines scream of £50,000+ debts for many leavers due to £9,000 tuition fees. Yet some will repay far less than this, others far more. Our power-packed new www.studentfinancecalc.com reveals what you'll really pay.

• What you repay depends on what you earn. New 2012 starters repay 9% of everything earned above £21,000 (from 2017, this rises with avg earnings) after graduation for 30 years or until the debt's cleared. Therefore, low earners will repay far less than they borrow, but above-inflation interest means high earners repay much more. For full help understanding the new system, see the 2012 Student Finance Key Facts guide.
• Play to see what you'll repay. The Graduate Accounts Calculator 2012 uses sliders to let you vary fees, maintenance loans and likely starting salary, so you usually see the change in cost. Advanced options let you alter inflation rates, pay rise rates and general wage inflation, to hone the results.

• It shows £9,000 fees may cost no more than £6,000. The calc shows up a quirk that, for lower salaries, increasing fees from £6k to £9k doesn't change the cost, as you'll never repay in full at even the lower fee.
• Know someone worried about uni costs after 2012? There's been a lot of political spittle about this, that misses the practical impact on students' pockets. So for info on living costs, grants, part-time fees, the impact on mortgages & more, please send them this link to our full guide: www.moneysavingexpert.com/students2012. Related: Top Student Accounts 2011, Graduate Accounts 2011, Parents Guide to Student Finance

Urgent! New cheapest fixed energy deal
Over £250/yr cheaper for typical home than post-hike standard tariffs | Unlikely to be around long

Energy fixes lock in a set rate, so you're not hit by price hikes. Most cheap deals are disappearing, so it's a surprise Scottish Power's new fix is new cheapest. It may be because, as it was the first provider to announce price hikes recently, it lost customers, so wants to claw some back. Yet it says there's limited availability.

• New cheapest fix. Scottish Power's Online Fixed Saver Dec 2012 gives dual-fuel, monthly direct-debit customers a guaranteed rate until 30 Nov 2012. For a home with typical use it costs c. £1,020/yr (varies per region). Compare this to its own current standard tariff, which is £1,390/yr or British Gas standard at £1,290/yr.
• How to get it & cashback. Plug your details into a comparison site first to check your cost, and if it'll save you cash (for fixes, click the 'show only fixed tariffs' tabs). You can also get cashback/freebies on top if they can switch you (not available direct). Top comparison: Energyhelpline* pays £15 cashback per switch, whether to gas, electricity or both. Dual fuel: MoneySupermarket* pays £30 cash, Uswitch* a crate of wine.
  
• Fix NOW if you can't afford rises. A fix is like an insurance policy against price hikes. If you can't risk rises and are on a standard tariff, thus massively overpaying, a CHEAP fix (not just any fix) is a no-brainer. Beware, if you need to leave early, you'd need to pay an exit fee (Scot Power's £20-30/fuel). Some on already-cheap deals may be better avoiding it. See full Fixing FAQ for more.
  

For full info, how to cut energy, and more help, see the Updated Guide: Cheap Gas & Elec Related: Cheap Prepay Gas & Elec, Mis-sold Energy? Reclaim, Free Solar Panels, Energy Grants, plus Martin's Wholesale prices dropping? blog

Check NOW if car insurance renewal's due in Sept
You're now law breaking if insurance lapses, yet don't auto-renew, find the cheapest & save £100s
September is a massive car insurance renewal month, as it's when new registration plates come out. New laws mean if you have a car, it must be insured - even if you don't drive it (unless it has a Sorn). Yet don't just auto-renew, with average car insurance rising by about 30% a year, you could overpay by £100s. We've updated our full Cheap Car Insurance & Young Persons' Car Insurance guides. Here's a summary:

• Combine comparison sites. For the widest spread of quotes, use sites that get you dozens in seconds. We've re-analysed our order, based on ease and max quotes in min time. Use as many of Moneysup*, Gocompare*, Beatthatquote* and Confused* as you've time for. Together, they cover 170+ providers. Then check the policy's suitable.
• Add the ones they miss. The two big insurers not on comparison sites are Aviva* and Direct Line*. They come top for some, so are worth checking too.
• Young persons' specialists: Under-25s or new drivers struggling to get reasonably-priced cover can also try insurers that put a tracker in your car. See Young Drivers' Insurance for full list and help.
• Check for cashback too. Comparison sites Beatthatquote* and Simplyswitch* automatically give £25 and £40 cashback, respectively, for getting policies via them. Even bigger payouts are often available via cashback sites, though always do comparisons first and aim for cashback on that - don't let the cashback tail wag the dog.

More motoring insurance guides: Cheap Van Insurance, Cheap Motorbike Insurance

Text for free - save £££s on your mobile bill
Some mobile providers charge 10p for just 160 characters | Why pay when you can do it for nowt

Many packages include free texts, but for those that don't, costs can soon add up - some charge 10p a go. Our re-researched & re-written Free Texts guide has a host of ways to text for nowt (or dirt cheap). Here's a summary.

• Free 'message' apps (smartphones only). If you've an iPhone, Android or BlackBerry, special apps including PingChat and WhatsApp let you message friends with the same apps worldwide for no charge. As these instant messaging services work via mobile internet, if you don't have a data allowance, there can be a cost. It's usually tiny per text in the UK, for example 4,000 push notifications (or texts) would cost around £3 if you don't have inclusive data.
• Free texts via the web: If you're near a PC, lots of web-texting services such as O2* (free even if you're not a customer), or SendSMSNow let you text without an account. Some even let you text overseas. The texts come from a different number though, so sign your name at the bottom & tell friends to reply to your normal number. See full free web texts list.
• Text for 2p/min from most mobiles. If you haven't got a smartphone, but your mobile has web access, you can save on texting with services such as FishText and Vyke. These can help cut SMS prices to as little as 2p, even texting someone abroad, again, using mobile data. And if your friends also use the service, it's free.

Full details, pros & cons in the Updated Guide: Free Texts Related: Cheap Mobiles, Cheap International Calls

TWO new 0% for 22 months cards. Balance transfer war
If you have existing debts & a decent credit score, card companies are fighting to slash your costs

Balance transfer cards let those with credit card debts shift them to new plastic at cheaper rates, so more cash repays the actual debt, not the interest. Last Thurs, Halifax launched a table-topping 22-month deal. Hours later, Barclaycard recaptured the top spot, matching it but with a lower fee. All cards require you to pass a credit check. Always try to clear the debt or shift again before the 0% ends. Spending isn't usually at 0%.

• New 22-month 0% with 2.9% fee. Accepted new Barclaycard* customers get this deal, plus shift over £3,000 and you get a £20 fee refund (effectively reducing the fee to 2.2% on a £3,000 debt). Yet beware: when the 0% ends, it jumps to 17.5% representative APR.
• Already got Barclaycard? Card firms usually don't let you transfer between their own brands, so next top is Halifax's* new 0% for 22 mths but its fee is 3.5% and the max transfer's £3,000. There's also Virgin's* 0% for 19 mths with a 2.85% fee. After the 0%s end, rates jump to 17.9% and 18.9% rep APR. Use the Which card is cheapest? tool to find your winner.
  
• Need to transfer under £2,000? Another Barclaycard* offers 20 months 0% with a lower 2.6% fee (17.5% rep APR after). This usually works out cheapest for those transferring under £2,000.
• Need longer to pay off? The MBNA Rate for Life card charges 5.9% APR until the balance is cleared, with a 1.5% fee. This works out cheapest for many taking over 4 years to repay. If you're uncertain you can make decent-sized regular repayments, it's a safer option. Beware spending on this, as it's 16.9% rep APR.
  

All best buys, pros & cons in the Updated Guide: Balance Transfers (see Official APR Examples). Related: 15 months 0% Spending, 6.6% Loans