CASH IN
How to save £1,095 to cover the cost of Christmas in just 30 days or less
Read on to find out how you could cash in
BRITS are expected to spend an average of £434 on Christmas presents, festive food and travel this festive season.
But one in six people say this Christmas will be a struggle financially, according to research by comparison website GoCompare.
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With just over 30 days to go until Christmas Day, many of us will be wondering how to make ends meet over the winter period.
But there are still several clever ways to make some extra money - and get the cash in your bank account before the big day.
Here, we explain how you can earn enough money to pay for the festive season and have enough to see you into the New Year.
Swap your current account - £200
Six major banks are offering huge cash incentives to attract new current account customers.
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Club Lloyds has the most generous offer and will pay new customers £200 to switch to the bank.
Customers can also choose one of four rewards, which include 12 months of Disney+, six cinema tickets, a Coffee Club and Gourmet Society membership, or a magazine subscription.
The account has a £3 a month fee unless you pay in £2,000 a month.
To get the cash, you must not have had a switching bonus from Lloyds, , or Halifax since April 2020.
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You can open the account online, by phone or in a branch.
You need to move your existing account using the Current Account Switch Service (CASS).
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James Blower, founder of The Savings Guru, said switching through CASS is "easy” as everything is done for you.
He said: “Switches via CASS take seven working days and over 40 banks are members of the scheme.
“Consumers are still a little fearful of switching but it is very easy now and everything is transferred over for you. £200 is a pretty good reward for the time spent.”
You must begin the process by December 10 to get the bonus, which will be paid within ten days of the switch starting.
Meanwhile, NatWest will pay new customers £180 if they swap to its Reward current account.
Customers will also earn £5 a month in cashback.
The account has a £2 a month fee, which means you will earn £3 a month in cashback, or £36 after a year.
To get the bonus within 60 days of the switch completing you must pay £1,250 into the account and log into the mobile banking app.
Direct debits are not part of the switching criteria but you need to have two worth more than £2 each to hold the Reward account.
You will get the cash within seven days of meeting the bank’s switch criteria.
First Direct and Nationwide will both pay you £175 to transfer your account to them.
You must have two direct debits set up and pay in more than £1,000 to get either bonus.
Nationwide will pay the bonus within ten days of you meeting the criteria.
Meanwhile, First Direct will pay it by the 20th of the following month after you meet the switch bonus criteria.
If you are considering switching make sure that you pick an account with features which work for you and a good level of customer service.
Make sure you understand any terms and conditions before you switch to avoid missing out.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Swap broadband providers - £163
If it has been a while since you shopped around for a new broadband deal then there is a high chance that you are overpaying.
Max Beckett, broadband expert at price comparison website Uswitch, said households can save up to £163 a year by changing broadband provider.
“If you are out of contract on your current deal, switching broadband providers can be a great way to save on your bills,” he suggests.
Use a price comparison website such as Compare the Market or Uswitch to find deals and choose one which meets your needs.
You could also save money even if you decide not to switch.
Mr Beckett said: “It is worth checking you’re not paying for services you aren’t using. Usually the faster the broadband deal, the more expensive it will be.”
“If you are approaching the end of your contract or are out of contract and are happy to pay for a slightly downgraded package, this could also be a good option.”
Run a broadband speed test to check your current internet speed and check if a slower speed would work for you.
Remove any extra services that you are not using, such as TV or landline, which may come with your package.
Meanwhile, if you pay for landline, mobile or TV services with different providers then consider moving them all to one company.
You may be able to get a bundle which is cheaper than paying for each service individually.
Once you make these changes you will be able to feel the financial benefit from the first month.
Earn cashback on your shopping - £300
Cashback can be a great way to earn hundreds of pounds in extra cash on your everyday shopping or when buying Christmas presents.
Websites such as TopCashback and Quidco pay you money when you click through them to buy goods or financial products.
Once you’ve signed up you simply log in and search for an online retailer you want to buy from, such as eBay or Currys, and then click the link to visit that company.
The website tracks your visit and if you buy something a small amount is paid into your cashback account once the transaction is processed.
The amount of cashback you earn from each purchase varies depending on the retailer, but most websites usually pay between 5% and 25%.
Other websites will pay you a set amount when you switch your broadband, gas and electricity or homecare through a cashback website.
Adam Bullock, UK Director at TopCashback, said: "Just by doing their usual shopping through the site, TopCashback members can save £300 a year on average.
“We work with over 6,000 retailers to offer generous cashback rates across all kinds of purchases, including Christmas essentials like food shopping, nice to haves like decorations and gifts.”
Another option is to register for a cashback credit or debit card.
American Express customers can get 5% cashback on purchases for five months when they register for its Cashback Everyday Credit Card.
There is no fee to register and you could earn up to £135 in cashback.
Meanwhile, the free Chase Mastercard Debit Card will give you 1% cashback on your everyday debit card spending for a year.
You can earn up to £15 a month in cashback, or £180 over the course of a year.
What help is available this Christmas?
IF YOU are struggling to pay your energy, water or food bills then you may be able to get help through the Household Support Fund.
Every household in England has been given a share of a £421 million fund from the government to distribute to households in need.
The amount of cash you could get and how it will be paid depends on your local authority.
Some councils will offer vouchers to residents while others will make direct cash payments.
The criteria you must meet also varies depending on where you live.
Many councils will give money to households on certain benefits while others will award the cash based on the household’s income.
Some councils may share out the money through local charities and community groups.
Others may limit the number of applications you can make each year.
Wakefield council is giving £80 to pensioners who receive pension credit.
Meanwhile, pensioners who will no longer receive the winter fuel allowance will get £130.
All other households who receive council tax support will get £80.
Residents of Darlington in County Durham can get food vouchers and financial support to help them pay their energy and food bills.
Pensioners on a low income who are not in receipt of pension credit could also get financial support.
Households in Leicestershire can get food and fuel vouchers this winter through the scheme.
The amount of support you will get depends on if you have children, are single or in a relationship.
Households with children could get £20 per adult per week or £15 per child each week.
Those who live in single households can get £25 a week.
While multiple adult households could receive £20.
All payments will be made for a maximum of two weeks.
Meanwhile, a family could get fuel vouchers worth £98, but this falls to £56 for a single household.
Refer a friend - £80
If you are already registered with a company then you could earn extra cash by recommending them to a friend.
For example, mobile network Three will give you £80 if you recommend one of its products to a friend.
There is no limit to how many times you can claim the cash or how much you could earn.
Similarly, you could earn £50 if you invite a friend to join broadband, TV and landline provider Virgin Media.
If your friend uses your link to make a purchase online or quotes your referral code over the phone then you will get £50 each.
Meanwhile, mobile phone provider Smarty will give you £20 giftcard to spend with Amazon, John Lewis or Uber when you refer a friend.
There is no limit to how many friends you can invite.
To get the cash your friend must choose a plan costing £15 a month or more.
Change phone contracts - £352
If your original phone plan has ended then you could save hundreds of pounds by switching to a new deal.
A lot of customers are “out of contract”, which means that the initial term of their deal has finished but they have not yet taken out a new one.
You could save the most money by swapping from a 24 month deal which included a phone and a contract to a SIM only one.
Doing so could save you £352 a year, or £29 a month.
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Plus, as you have already paid off the cost of your phone you would be able to keep it.
Use a comparison website such as Uswitch or Go Compare to see what deals are available and which meet your needs.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Facebook group to share your tips and stories
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