It won’t have escaped your notice that Christmas will soon be here.
It’s well known that older friends and relatives can be the hardest to choose gifts for. But don’t despair – as an older person myself (I’m 68) , I’m here with some ideas to make gift-buying for this age group a bit easier for you!
None of the suggestions below will break the bank. For the electronic ones, though, you might just want to check first how they might be received. Some older people are wary of trying new things, but I believe most will enjoy and get a lot of benefit from all these products. So a little bit of gentle encouragement if they express doubts might be in order!
Let’s start with a couple of the more techy ones then…
1.Kindle e-reader
As an older person myself I love my Kindle.
Of course, people of all ages use these devices, but for older people they have two particular advantages. One is you can adjust the brightness, font size, and so on. For those (like me) whose eyesight isn’t what it once was, the benefits of this can’t be overstated.
The other attraction is that on a Kindle you can literally carry hundreds of books around with you. If – like many of us older folk – your shelves are already groaning from the weight of books on them, a Kindle can provide a great alternative option.
In my view an Amazon Echo smart speaker with Alexa would make a great gift for any older person, even if they aren’t tech-savvy (though these devices do of course need wifi to work).
Once the speaker has been set up – which you can help with if required – they can control it using just their voice. As you may know, you can ask it to play your favourite music, set alarms and reminders, ask questions, and much more besides.
For an older person living alone especially, having an Echo can provide companionship as well as reassurance in the event of an emergency (you can ask Alexa to call any of your contacts for you, though currently you can’t get it to phone 999). And an Echo smart speaker is a present that will go on giving through Christmas and well beyond.
Again, various models are available from Amazon, including my personal favourite, the Echo Show. This has a display screen, so you can do video calls on it if you like. Prices range from £45 upwards, with generous discounts frequently on offer.
3. Afternoon Tea Voucher
Dare I say it, this might be especially popular among female friends and relatives, but plenty of men will enjoy it too. Or you could buy this as a joint gift, of course.
This is another very popular gift among older people. It’s an opportunity to enjoy an exhilarating flight in a hot air balloon with stunning views of the UK landscape.
Vouchers are available from Virgin Balloon Flights for prices between £169 and £209 for a one-hour flight, including a celebratory glass of Prosecco afterwards. Flights take place in the UK between March and October.
5. Christmas Hamper
Who doesn’t enjoy a hamper of festive food and drink at Christmas? And that applies especially to older people on a limited income, who may relish the opportunity to enjoy some little luxuries that would normally be beyond their budget, particularly in the current cost-of-living crisis.
You could put together a basket filled with quality chocolates, nuts, gourmet snacks, cakes, biscuits, and a bottle of fine wine or champagne. Alternatively you can buy a ready-made hamper from suppliers such as Prestige Hampers or Marks and Spencer. Prices range from £25 upwards (including delivery).
6. Magazine or Newspaper Subscription
Choose a magazine or newspaper subscription that aligns with their interests, e.g. gardening, travel, cooking, or current events. Another good option might be Radio Times, as many older people consume a lot of TV and radio.
This is another present that keeps on giving throughout the year. Just remember to purchase a gift subscription rather than a standard one, or your subscription will automatically renew.
7. Artisan Chocolates
You can’t go too far wrong with chocolates. But except perhaps for your least favoured relatives, a tin of Quality Street isn’t going to cut it.
So why not push the boat out and buy them some luxury, hand-made, artisan chocolates? There are various local shops specialising in this, and as ever Amazon sell a good range. Here are some I bought my sister as a thank-you for putting me up for a few days recently. She tells me she and her husband enjoyed all the different flavours and quickly polished them off!
Prices for boxes of artisan chocolates range from £15 upwards. They are guaranteed to bring a bit of good cheer to anyone’s Christmas celebrations!
8. Digital Photo Frame
Load a digital photo frame with a collection of your friend or relative’s favourite pictures. This way, they can enjoy a rotating display of memories without the need for multiple printed photos. And compared with the latter option, it’s a great space-saver as well!
Most frames come with a remote control; they may also have extra features such as a built-in clock/calendar. Prices range from £30 upwards. You can view a selection on this Amazon web page.
9. Cosy Blanket or Throw
A soft and luxurious blanket or throw (such as the one pictured below from Amazon) is perfect for staying warm during the winter months. And of course it can help save on energy bills as well.
Prices range from £15 upwards (more for those with built-in electric heating). Look for one in their favorite colour or with a pattern that matches their decor.
10. Ergonomic Gardening Tools Set
For those with green fingers, consider a set of ergonomic gardening tools (like this one perhaps). These tools are designed to reduce the strain on joints and muscles, making gardening more comfortable and enjoyable. Prices range from about £15 upwards.
11. Subscription to a Streaming Service
Give the gift of entertainment with a subscription to a streaming service like Netflix or Amazon Prime Video. This will provide a wide range of films and TV shows for your friend or relative to enjoy at their leisure. This is another gift whose benefits will extend well beyond Christmas itself.
12. Comfortable Slippers
I’ll close with an ‘old-school’ gift, but nonetheless one that will be very much appreciated by many older people.
Opt for a pair of high-quality, comfortable slippers. Look for features such as memory-foam insoles and non-slip soles to ensure your friend or relative stays cosy and safe around the house.
You can expect to pay from £20 upwards for a decent pair of slippers. They are available from many high street stores including Marks and Spencer or – inevitably – from Amazon (see example below).
A personal recommendation is to avoid getting slippers with low (or no) backs, as these are easy for an older person to slip out of. Traditional high-backed slippers, such as the ones pictured above, are safer and better.
So there you have it. Twelve great gifts for older people – one for each day of Christmas – and not a sock among them!
Remember to take into account personal preferences and interests when choosing a gift, to make it truly special.
If you have any comments or questions about this article, as ever, please do post them below.
Note: This article is adapted from one originally written for my good friends at Mouthy Money.
Disclosure: This article includes affiliate links. If you click through and make a purchase, I may receive a small commission for introducing you. This will not affect the price you pay or the product you receive.
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I was recently offered the chance to review the Simba Orbit™ weighted blanket (see cover photo). This is a premium weighted blanket from the well-known Simba Sleep brand.
Weighted blankets are a growing trend right now. They purport to help reduce anxiety, promote relaxation and improve sleep. Naturally I was pleased to have the opportunity to test this out for myself.
The Simba Orbit™ blanket is available in various sizes and weights. I received the 15 lb (6.8 kg) single bed version. For reasons to be discussed, in my view this would also be perfectly suitable if (like me) you normally sleep on your own in a double bed.
Even though I got the lightest version, I was still quite surprised how heavy it was. It comes with a machine-washable cotton cover and I got a decent workout just putting the blanket in! The cover and the blanket itself are a rather nondescript brown. It might be nice to have a choice of colours to suit your decor. That’s only a minor criticism, though.
The blanket is filled with tiny weighted-glass nano-beads. These are stitched evenly into small pockets (see picture below) to prevent clumping. I can confirm that they don’t appear to move around in the night, neither do you hear any noise from them. As they say on the Simba sales page, ‘Together they form a soothing layer that rests gently over your body, giving you a feeling of light, comforting pressure.’ The blanket and cover are also designed for maximum breathability, so the blanket feels warm in winter but cool in summer.
The theory behind the Simba Orbit™ weighted blanket (and weighted blankets generally) is Deep Pressure Therapy (DPT). This is an actual, scientific thing, with academic studies to back it up.
DPT is a calming process activated through a physical stimulus – like a hug, or the application of some sort of gentle pressure across the body. Some studies have suggested that this pressure works by helping your nervous system switch off its ‘fight or flight’ system (sympathetic) and move to its ‘rest and digest’ system (parasympathetic).
Simba say the Orbit™ weighted blanket is designed to replicate that feeling of soothing pressure. They suggest thinking of it as your ‘off switch’ – a switch that helps regulate your heartbeat, relax your muscles and set your mind at rest.
My own experience confirms this. Admittedly it took a night or two to get used to, but I did then notice I was sleeping longer and deeper and feeling more refreshed when I woke up. One thing that impressed me was how the blanket stays in place and doesn’t move around or slip off the bed once it’s in position. That is why I think the single version is also suitable for people who sleep alone in a double bed. Personally I found it worked best (and felt most comfortable) if I positioned it over the lower half of my body rather than up to my neck/chest. Your experience might be different, of course.
Clearly, weighted blankets won’t be right for everyone. In particular, as SImba themselves say, they aren’t suitable for children, the elderly or anyone suffering from breathing difficulties or circulatory issues (including diabetes). In cases of pregnancy and kidney issues, you are recommended to consult your doctor before use.
If you’re stressed and anxious and finding it hard to unwind, however, then based on my experience this weighted blanket is well worth a try. You can order direct from the SImba Orbit™ weighted blanket web page while stocks last. You can get free next day delivery if you order before 2 pm on the UK mainland, with interest-free finance options also available.
As always, if you have any comments or questions about this post, please do leave them below.
Disclosure: As stated above, I received a free Simba Orbit™ weighted blanket in exchange for reviewing it here. This has not influenced my review in any way.
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As speculation mounts ahead of Rachel Reeves’ upcoming budget, many UK retirees and those approaching retirement are wondering if now is the right time to take a tax-free lump sum from their pension. Already it appears growing numbers have been doing just that in anticipation of a possible tightening of the rules.
The rumoured changes in pension taxation could have significant implications, but should these potential shifts prompt immediate action? Let’s explore the factors you should consider.
What Is the Tax-Free Lump Sum?
In the UK, retirees can typically withdraw 25% of their pension pot as a tax-free lump sum once they reach the age of 55. This is an attractive option for many, offering access to a sizable portion of their savings without incurring tax. For some, it provides the flexibility to pay off debts, invest elsewhere, or simply enjoy a more comfortable lifestyle in retirement.
Rumoured Changes in the Budget
Rachel Reeves, the Chancellor, is reportedly considering reforms to pension tax relief, which could also extend to the tax-free lump sum. While no firm details have been announced, the possibility of reducing or capping the 25% tax-free allowance is circulating. This has led to concerns that those who wait may lose out on the full benefits they could currently access.
There’s also talk of broader reforms to pension rules, aimed at increasing revenue for public services and addressing the UK’s fiscal challenges. While these changes are still speculative, they are fuelling anxiety among pension holders who fear that future alterations could make withdrawing a tax-free lump sum less advantageous.
So Should You Act Now?
1. Certainty vs. Uncertainty
One of the main arguments for taking the lump sum now is to lock in the current 25% tax-free amount before any potential changes. Given that pension reforms often take time to be enacted and may not affect existing pension holders, acting sooner rather than later could provide peace of mind. However, if the government does decide to protect current retirees from any new rules, rushing to take the lump sum might be unnecessary.
2. Immediate Need for Funds
Another key factor is your immediate financial situation. If you have debts to clear, home improvements to make, or other significant expenses on the horizon, taking the tax-free lump sum now could offer a welcome cash injection. Conversely, if your pension pot is your primary source of retirement income, withdrawing a large sum may reduce your long-term financial security.
3. Future Investment Opportunities
Withdrawing your lump sum early could also open up other investment opportunities. If you have a clear plan for how you will use or invest the funds, you may benefit from accessing the money now. However, keep in mind that once withdrawn, the lump sum will no longer benefit from the tax advantages and potential growth offered within a pension.
Though you can of course reinvest the money in another tax-efficient vehicle, e.g. an ISA (annual limit £20,000) and/or premium bonds (maximum total £50,000).
4. Impact on Future Income
Remember that taking a lump sum now will reduce the size of your remaining pension pot, potentially lowering your future retirement income. If you rely heavily on your pension for day-to-day living, this could be a risky move. Make sure you understand how much income you’ll need later in life and whether taking the lump sum will still allow you to meet those needs.
5. Pension Lifetime Allowance
Another aspect to consider is the pension lifetime allowance (LTA), which capped the total amount you could invest across all your pensions without incurring an additional tax charge. While the LTA was abolished in the 2023 budget under Jeremy Hunt, there could be changes under Labour that might bring back a revised limit, especially if tax-relief reforms are on the table.
Seeking Professional Advice
If you’re unsure whether to take the lump sum, it’s essential to consult a financial advisor who can offer guidance based on your individual circumstances. Pension decisions are complex, and making the wrong move could have long-term financial implications.
Your advisor will be able to assess whether taking a lump sum now aligns with your retirement goals, or if it’s more prudent to wait and see what changes, if any, are introduced in future budgets.
Conclusion: Is Now the Time to Act?
The potential changes in Rachel Reeves’ budget have understandably raised concerns about pension taxation. While it’s tempting to act quickly to safeguard your tax-free lump sum, it’s important to weigh your immediate financial needs against the possible impact on your future retirement income.
Without firm details of what the budget may contain, it’s impossible to predict exactly how pension rules might change. For most, the best course of action will be to stay informed, assess your own financial situation, and seek professional advice before making any significant decisions.
After all, your pension is a key part of your long-term financial security, and decisions made in haste could have lasting consequences. Keep an eye on the upcoming budget announcements, and don’t hesitate to revisit your pension strategy once more concrete information is available.
As always, if you have any comments or questions about this post, please do leave them below. But bear in mind that I am not a qualified tax adviser and cannot give personal financial advice. All investing carries a risk of loss.
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Today I am looking at the Warm Home Discount scheme. The 2024/25 version of this has just launched.
The WHD scheme provides people on low incomes and/or certain means-tested benefits with a discount of £150 on their electricity bill. This is a one-off payment that will be credited to your electricity account by March 2025. It won’t be paid to you in cash.
If you have a pre-payment electricity meter you can still get WHD. You may be given a voucher you can use to top up your payments. Your electricity supplier will tell you exactly how and when you will receive this.
You may be able to get the discount on your gas bill instead if your supplier provides you with both gas and electricity. You will need to ask your supplier about this.
To get the £150 discount, you need to have your name on the bill and either receive a qualifying benefit or (in Scotland) qualify under your supplier’s low-income criteria (see below).
If you live in England or Wales, you will qualify if you either:
An important thing to note is that only pensioners who receive the Guarantee element of Pension Credit will qualify automatically for the Warm Home Discount. These people are known as ‘Core Group 1’ in England and Wales and the ‘Core Group’ in Scotland. If you’re in this group you should receive a letter between October 2024 and early January 2025 telling you when and how the discount will be paid. If you don’t get a letter and think you are eligible for the core group, you should contact the Warm Home Discount helpline on 0800 030 9322.
You should also still qualify for WHD if you live in England or Wales and:
your energy supplier is part of the scheme (see below)
you get certain means-tested benefits or tax credits
your property has a high energy cost score (see below)
your name (or your partner’s) is on the bill
This is known as being in ‘Core Group 2’. The qualifying means-tested benefits are:
Housing Benefit
income-related Employment and Support Allowance (ESA)
income-based Jobseeker’s Allowance (JSA)
Income Support
the ‘Savings Credit’ part of Pension Credit
Universal Credit
You could also qualify if your household income falls below a certain threshold and you get either:
Again, you should receive a letter between October 2024 and early January 2025 telling you about the discount if you’re eligible. In most cases you are no longer required to apply for it.
Most eligible households will receive an automatic discount. Your letter will say if you need to call a helpline by 28 February 2025 to confirm your details.
If you’re eligible, your electricity supplier will apply the discount to your bill by 31 March 2025.
If you live in Scotland and don’t get the Guarantee Element of Pension Credit, you may qualify to receive WHD if:
your energy supplier is part of the scheme
you (or your partner) get certain means-tested benefits or tax credits
your name (or your partner’s) is on the bill
Your supplier may have additional criteria so you will need to check with them if you’re eligible. This is known as being in the ‘broader group’. To get the discount you’ll need to stay with your supplier until it’s paid.
As mentioned above, if you are not in Core Group 1 in England and Wales, to qualify for WHD your property must also have a high energy cost score.
The Government models the energy cost score of your property based on official data about its characteristics. These include the property type, age, and floor area. The Government uses data from the Valuation Office Agency (VOA) to model your property’s energy cost score. They may also use your property’s Energy Performance Certificate (EPC), assuming it has one. Other sources and statistical methods may also be used for the small proportion of households where data is not otherwise available.
Each year the Government will decide what constitutes a high energy cost score. It’s not straightforward for an individual to determine whether they will be eligible under this criterion. If you fill in the online eligibility checker, however, it should indicate whether or not you are likely to qualify (when I tried this for some elderly friends, it said they would ‘probably’ qualify and should wait to receive a letter).
Which Suppliers Offer Warm Home Discount?
All the large energy suppliers offer WHD and some of the lesser-known ones as well. Below is a list of suppliers copied from the government webpage devoted to Warm Home Discount. You can check your eligibility on the supplier’s website or phone them up and ask.
100Green (formerly Green Energy UK or GEUK)
Affect Energy – see Octopus Energy
Boost
British Gas
Bulb Energy – see Octopus Energy
Co-op Energy – see Octopus Energy
E – also known as E (Gas and Electricity)
Ecotricity
E.ON Next
EDF
Fuse Energy
Good Energy
Home Energy
London Power
Octopus Energy
Outfox the Market
OVO
Rebel Energy
Sainsbury’s Energy
Scottish Gas – see British Gas
ScottishPower
Shell Energy Retail
So Energy
Tomato Energy
TruEnergy
Utilita
Utility Warehouse
The government say that if the electricity supplier you were with stops trading, you may still be eligible for the Warm Home Discount. Ofgem will appoint your new supplier for you, and you should check with the new supplier to find out if you’re eligible for the discount.
If you are in the market for a new energy supplier, you may like to know that if you switch to EDF Energy you can get £50 credited to your account by clicking on my EDF referral link. I am an EDF customer myself and will also get £50 credited to my account if you do this and switch to EDF. This will not affect in any way the service you receive or the rate you are charged.
Other Winter Fuel Benefits
Two other benefits are also available to qualifying individuals.
1. People born before 23rd September 1958 and in receipt of pension credit or certain other welfare benefits are eligible for a Winter Fuel Payment. This is worth £200 or £300 per person and will be paid in November or December 2024. More information including eligibility details can be found on the official government website. As you may know, previously all state pensioners were entitled to WFP, but the new Labour government has chosen to restrict it to the poorest pensioners only.
2. In the event of a prolonged cold spell, most people receiving Pension Credit will receive Cold Weather Payments. People on Income Support, Jobseeker’s Allowance, Employment and Support Allowance (ESA) and Universal Credit may also qualify depending on their circumstances, e.g. if they have a disability and/or a disabled child living with them. You will get this payment if the average temperature in your area is recorded as, or forecast to be, zero degrees Celsius or below for seven consecutive days. You get £25 for each seven-day period of very cold weather between 1 November and 31 March. Note that people in Scotland don’t get Cold Weather Payments but might get an annual £50 Winter Heating Payment instead. This is paid regardless of weather conditions in your area.
As always, if you have any comments or questions about this post, please do leave them below.
This is the 2024 update of an annual post.
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Unfortunately winter blackouts look increasingly probable in the UK.
There are various reasons for this. High among them is the transition away from fossil fuels to electricity. The latter will increasingly come from renewables like wind and solar. While they are (arguably) more environmentally friendly, renewables are less reliable than fossil fuels and produce significantly less power when the sun doesn’t shine or the wind doesn’t blow.
In addition, the growing use of electric vehicles (EVs) and heat pumps is adding to the overall demand for electricity, which current generation and distribution systems are struggling to keep pace with.
Even National Grid chiefs have acknowledged that winter blackouts are becoming more likely, in London and the South-East especially [source]. Only a few days ago we apparently came close to a nationwide blackout after an interconnector from the Nordic Grid failed and gas power stations had to be quickly fired up to meet the shortfall [source]. In future, as fossil fuels are phased out, this backup option may no longer be available.
I have also just heard that on Monday a backstop system designed to prevent blackouts was activated for the first time in two years as Britain’s power grid battled low winds and plummeting temperatures [source].
Finally, we live in an increasingly dangerous world. Wars in Ukraine and (de facto) the Middle East threaten our gas and oil supply lines, which in turn may impact on our ability to generate electricity. And – without wanting to sound unduly alarmist – if these wars come to Britain’s doorstep, via the actions of terrorists or hostile nations like Iran and Russia, then attacks (including cyber-attacks) on our energy infrastructure certainly can’t be ruled out.
For ordinary UK residents, it’s therefore vital to prepare for increasingly likely disruptions to the electricity supply. This applies especially if there are young children or older people in the house, as they may be more vulnerable in the event of blackouts.
So here’s a guide to ensure that you are ready and able to cope during outages.
1. Emergency Kit Essentials
Lighting: Invest in battery-operated torches and lanterns. Avoid using candles due to fire risks.
Batteries: Stock up on various types of batteries for your devices.
Power Banks: Keep portable chargers fully charged for your phones and other essential gadgets.
First Aid Kit: Ensure it’s well-stocked with basic medical supplies.
Manual Tools: Have a manual can opener and basic tools handy.
2. Heating Solutions
Layer Up: Wear multiple layers of clothing and use extra blankets to stay warm.
Hot Water Bottles: Fill these with hot water before a blackout for lasting warmth.
Have Alternatives: Beware of relying entirely on electricity for heating. That obviously includes heat pumps, as they need electricity to function.
Fireplaces: If you have a fireplace, stock up on firewood and know how to use it safely. Some other non-electric heating options are discussed in this post.
3. Food and Water Supply
Non-Perishable Food: Stock up on canned goods, dried fruits, nuts and other non-perishable items.
Cooking: Have a camping stove or a portable gas cooker as a backup. Ensure you have adequate ventilation when using these indoors.
Water: Store bottled water in case of disruptions to the water supply. Aim for at least 2 litres per person per day.
4. Communication and Information
Battery-Powered Radio: This can be vital for receiving updates during a blackout.
Emergency Contacts: Keep a list of emergency phone numbers and contacts handy.
Community Networks: Stay in touch with neighbours, especially the elderly or vulnerable, to offer and receive support.
5. Household Preparations
Insulation: Check your home’s insulation and draught-proofing to retain heat.
Surge Protectors: Use these to protect your electronics from power surges when electricity is restored.
Freezers: Keep freezers closed during a blackout to maintain the cold temperature for as long as possible. Group items together to retain cold.
Home Battery: If you can afford it, a home storage battery can give your home a backup power source.
Diesel Generator: it may not be particularly ‘green’, but a diesel generator is another relatively inexpensive backup solution.
6. Health and Safety
Medication: Ensure you have an adequate supply of essential medications.
Medical Devices: If you rely on electrically-powered medical devices, discuss contingency plans with your healthcare provider.
Carbon Monoxide Detectors: If using alternative heating methods, ensure you have working carbon monoxide detectors.
7. Entertainment and Activities
Books and Board Games: Have these on hand to keep everyone occupied without the need for electricity.
Exercise: Stay active indoors to generate body heat and keep spirits up.
8. Transportation and Mobility
EVs: If you have an EV, keep it charged.
Fuel: If you have a petrol or diesel vehicle, keep its tank topped up (service stations need electricity to operate pumps).
Public Transport: Be aware that services may be disrupted, so plan accordingly and have backup options for essential trips if required.
9. Emergency Plans
Evacuation: Have a plan for evacuating if necessary. Know your nearest emergency shelter locations.
Pets: Make provisions for your pets, including food, water and warmth.
Priority Services Register: If there are old and/or vulnerable people in your house, be sure to add your details to the Priority Services Register. This is free, only takes a moment, and should ensure you’re prioritized in the event of blackouts and other emergencies.
10. Stay Informed
Weather Updates: Regularly check weather forecasts and be aware of any blackout warnings.
Government Advice: Follow advice and updates from government sources and energy providers.
Closing Thoughts
While the prospect of winter blackouts may be daunting, thorough preparation should mitigate many of the challenges. By taking steps now, you can ensure the safety and comfort of your household, no matter what the winter months bring. Stay prepared, stay informed, and support your local community.
As always, if you have any comments or questions about this post, please do leave them below.
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Recently my energy supplier, EDF Energy, has been sending me invitations to sign up for what it calls its ‘Sunday Saver’ challenge.
The way this works is that you sign up to shift some of your electricity usage on weekdays away from peak hours (4pm-7pm). When you hit your target (which is set individually for each user by EDF), you earn free electricity the following Sunday.
EDF say, ‘The more you shift, the more you earn – reduce your weekly peak usage by 40% and you could earn up to 16 hours of free electricity per week.’
The challenge is due to take place monthly, starting on the first Monday of each month.
At first glance you might think this is a good offer. But as I have looked into it more, my doubts have grown. Here are my main reservations…
To benefit from this scheme you have to cut your daily energy usage every weekday between 4pm and 7pm. That’s quite a long period (three hours), and coincides with when I would normally be cooking my evening meal. To have any realistic chance of cutting my energy use during this time, I would have to eat either ridiculously early or significantly later than normal. For various reasons, including my health, I prefer to eat between 6 and 7 pm and no later. So that in itself is a big ask and would impact drastically on my normal routine.
Free electricity on Sunday sounds great, but the devil is in the detail. EDF say that you will get ‘up to 16 hours’ of free electricity if you meet their targets, but are very vague about what this means in practice. Specifically, they don’t explain how your energy-saving targets are calculated, how any reduction in usage translates to free hours, or when on Sunday you will be able to use the free electricity awarded.
In addition, they say there are ‘fair usage’ limits to how much free electricity you can have. Again, they are vague about what this means in practice. The obvious way to use your free electricity would be to charge your EV, and I strongly suspect limits would be placed on this. As for me, I don’t have an EV and don’t want one, so my options for benefiting from the free electricity would be limited. I could shift use of appliances like my washing machine to Sunday but doubt if I could save more than a few kw/h this way (obviously the exact number would depend on how many free hours I was allocated, which is anyone’s guess). That means my free electricity would likely benefit me by no more than a pound or two.
Lastly, as a solar panel owner I already get some free electricity anyway. My panels obviously generate less in the winter, but during daylight hours they still produce something. That means any benefit from free electricity on Sundays will be reduced, especially if (as is likely) the free hours are in the day rather than at night.
Overall, then, I am not much enamoured of EDF’s Sunday Saver challenges and won’t be signing up. Ultimately, I am not prepared to make major changes to my day-to-day schedule in pursuit of what will likely be (in my case anyway) minuscule rewards.
Obviously some will see this differently and I wish them well. And it’s good that EDF (and other companies) are exploring ways to help customers reduce their bills. I do just think this particular one – for me anyway – is a non-starter.
I would be interested to hear any comments from people doing this challenge (or similar ones from other energy companies) as to whether they find it worthwhile, and whether the benefits really do justify the changes you are required to make.
I do still recommend EDF Energy based on my personal experiences with them. And as I’ve said before on PAS, I can offer anyone switching to EDF £50 off their bills if they use my refer-a-friend link at https://edfenergy.com/quote/refer-a-friend/sunny-koala-9462 when applying. I will also get £50 off my bill if you do this, which is duly appreciated 🙂
UPDATE 22 OCTOBER 2024 – I am indebted to the readers (especially Harry!) who have taken the time to comment on this article and address some of the points raised in my original post. Based on this I have changed my views somewhat and am considering registering for the scheme when it reopens in November. If you’re still wondering whether to take the plunge, please do take the time to read the comments as (like me) they may influence your decision. I will publish an update in due course if I proceed with it next month.
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I’ll begin as usual with my Nutmeg Stocks and Shares ISA. This is the largest investment I hold other than my Bestinvest SIPP (personal pension).
As the screenshot below for the year to date shows, my main Nutmeg portfolio is currently valued at £24,625. Last month it stood at £24,525, so that is an increase of £100.
Apart from my main portfolio, I also have a second, smaller pot using Nutmeg’s Smart Alpha option. This is now worth £3,954 (rounded up) compared with £3,937 a month ago, a rise of £17. Here is a screen capture showing performance over the year to date.
Finally, at the start of December 2023 I invested £500 in one of Nutmeg’s new thematic portfolios (Resource Transformation). In March I also invested a further £200 from ‘Refer a Friend’ bonuses. As you can see from the YTD screen capture below, this portfolio is now worth £781 compared with £772 last month, a small rise of £9.
As you can see, September was another decent though unspectacular month for my Nutmeg investments. Their overall value has risen by £126 or 0.43% since the start of September. They are also up by £3,045 or 11.57% since the start of the year.
You can read my full Nutmeg review here. If you are looking for a home for your annual ISA allowance, based on my overall experience over the last eight years, they are certainly worth considering. They offer self-invested personal pensions (SIPPs), Lifetime ISAs and Junior ISAs as well.
Note that I am no longer an affiliate for Nutmeg. That means you won’t find any affiliate links in my review (or anywhere else on PAS). And you will no longer see the no-fees-for-six-months offer I used to promote as an affiliate. However, the better news is that you can still get six months free of any management fees by registering with Nutmeg via my Refer a Friend link. I will receive a gift voucher if you do this, which is duly appreciated
Don’t forget, also, that the current tax year began on 6 April 2024 and you have a full £20,000 tax-free ISA allowance for 2024/25. In a change to the rules, you can now open any number of ISAs with different providers in the same tax year, as long as you don’t exceed your overall £20,000 allowance. So opening a stocks and shares ISA with Nutmeg won’t prevent you from also opening one with another S&S ISA provider (should you wish to) later in the financial year.
Moving on, I also have investments with the property crowdlending platform Kuflink. They continue to do well, with new projects launching every week. I currently have around £833 invested with them in 7 different projects paying interest rates averaging around 7%. I also have £40 in my Kuflink cash account.
To date I have never lost any money with Kuflink, though some loan terms have been extended once or twice. On the plus side, when this happens additional interest is paid for the period in question.
There is now an initial minimum investment of £1,000 and a minimum investment per project of £500. Kuflink say they are doing this to streamline their operation and minimize costs. I can understand that, though it does mean that the option to test the water with a small first investment has been removed. It also makes it harder for small investors (like myself) to build a well-diversified portfolio on a limited budget.
One possible way around this is to invest using Kuflink’s Auto/IFISA facility. Your money here is automatically invested across a basket of loans over a period from one to five years. Interest rates range from 7% to around 10%, depending on the length of term you choose. Full up-to-date details can be found on the Kuflink website.
You can invest tax-free in a Kuflink Auto IFISA. Or if you have already used your annual ISA allowance elsewhere, you can invest via a taxable Auto account. You can read my full Kuflink review here if you wish.
Moving on, my Assetz Exchange investments continue to generate steady returns. Regular readers will know that this is a P2P property investment platform focusing on lower-risk properties (e.g. sheltered housing). I put an initial £100 into this in mid-February 2021 and another £400 in April. In June 2021 I added another £500, bringing my total investment up to £1,000.
Since I opened my account, my AE portfolio has generated a respectable £208.97 in revenue from rental income. Capital growth has slowed, though, in line with UK property values generally.
At the time of writing, 11 of ‘my’ properties are showing gains, 5 are breaking even, and the remaining 17 are showing losses. My portfolio of 33 properties is currently showing a net decrease in value of £42.75, meaning that overall (rental income minus capital value decrease) I am up by £166.22. That’s still a decent return on my £1,000 and does illustrate the value of P2P property investments for diversifying your portfolio. And it doesn’t hurt that with Assetz Exchange most projects are socially beneficial as well.
The overall fall in capital value of my AE investments is obviously a little disappointing. But it’s important to remember that until/unless I choose to sell the investments in question, it is largely theoretical, based on the latest price at which shares in the property concerned have changed hands. The rental income, on the other hand, is real money (which in my case I’ve reinvested in other AE projects to further diversify my portfolio).
To control risk with all my property crowdfunding investments nowadays, I invest relatively modest amounts in individual projects. This is a particular attraction of AE as far as i am concerned (especially after Kuflink raised their minimum investment per project to £500). You can actually invest from as little as 80p per property if you really want to proceed cautiously.
As I noted in this recent post, Assetz Exchange is particularly good if you want to compound your returns by reinvesting rental income. This effectively boosts the interest rate you are receiving. Personally, once I have accrued a minimum of £10 in rental payments, I reinvest this money in either a new AE project or one I have already invested in (thus increasing my holding). Over time, even if I don’t invest any more capital, this will ensure my investment with AE grows at an accelerating rate and becomes more diversified as well.
My investment on Assetz Exchange is in the form of an IFISA so there won’t be any tax to pay on profits, dividends or capital gains. I’ve been impressed by my experiences with Assetz Exchange and the returns generated so far, and intend to continue investing with them. You can read my full review of Assetz Exchange here. You can also sign up for an account on Assetz Exchange directly via this link [affiliate]. Bear in mind that, as from this financial year (2024/25), you can open more than one IFISA per year.
In 2022 I set up an account with investment and trading platform eToro, using their popular ‘copy trader’ facility. I chose to invest $500 (then about £412) copying an experienced eToro trader called Aukie2008 (real name Mike Moest).
In January 2023 I added to this with another $500 investment in one of their thematic portfolios, Oil Worldwide. I also invested a small amount I had left over in Tesla shares.
As you can see from the screen captures below, my original investment totalling $1,022.26 is today worth $1,305.31 an overall increase of $283.05 or 27.69%.
As you can see, my Oil WorldWide investment is showing 7.30% profit. That’s okay but not spectacular. Obviously my copy trading investment with Aukie2008 has been doing much better. The Oil WorldWide port was recently rebalanced by eToro, so I hope this may boost its performance. The investment team at eToro periodically rebalance all smart portfolios to ensure that the mix of investments remains aligned with the portfolio’s goals, and to take advantage of any new opportunities that may present themselves.
As a matter of interest, since I wrote the above war has effectively broken out in the Middle East. This has led to fears that oil supplies from the region will be compromised and the price of oil will rise. As a consequence of this (I assume) the value of my Oil Worldwide investment has gone up. I say this not to gloat over the tragedy that is unfolding in the area, but to highlight the fact that a diversified portfolio can often help to hedge against economic downturns resulting from world events.
You might also notice that I have a small holding in Prosus NV, a Dutch internet group. To be honest I don’t understand how I acquired this, but it may be connected to my copy trading investment with MIke Moest (who is Dutch). In any event, I am happy to have it in my portfolio as well!
eToro also offer the free eToro Money app. This allows you to deposit money to your eToro account without paying any currency conversion fees, saving you up to £5 for every £1,000 you deposit. You can also use the app to withdraw funds from your eToro account instantly to your bank account. I tried this myself and was impressed with how quickly and seamlessly it worked. You can read my blog post about eToro Money here. Note that it can also serve as a cryptocurrency wallet, allowing you to send and receive crypto from any other wallet address in the world.
I had three more articles published in September on the excellent Mouthy Money website. The first is Are Electric Boilers Better Than Heat Pumps?. As you doubtless know, the government are pushing heat pumps hard as a means of achieving their Net Zero goals. They are definitely not a one-size-fits-all solution, though. In this article I highlighted an alternative that may be more suitable for some, electric boilers. These are cheaper, smaller and quieter than heat pumps (though their running costs may be higher). You can read all about the pros and cons of heat pumps versus electric boilers in the article.
Also in September I revealed How to Get Free Stuff Online. In this article, I explained how you can get your hands on a wide range of freebies online, from samples and giveaways to promotional offers and rewards programmes – all without having to spend a single penny!
Finally, in September I discussed How to Save Money With Cashback Sites. If you ever buy anything online, you can almost certainly save by signing up with these sites. In this article I revealed how they work and set out some hints and tops for making the most of them.
As I’ve said before, Mouthy Money is a great resource for anyone interested in money-making and money-saving. From the variety of articles published in September, I particularly enjoyed Secondhand September: Good for Your Purse and the Planet by regular MM contributor Shoestring Jane. Jane writes mainly about money saving and frugal living. You can see all of her articles for Mouthy Money via this web page.
I also published (or republished) several posts on Pounds and Sense in September. Some are no longer relevant due to closing dates having passed, but I have listed the others below.
In Can You Still Make Money From Matched Betting? I discussed this tax-free money-making opportunity. As I said in the article, this is something I did for several years and earned about £3,000 from. I am not doing it nearly as much these days, for reasons explained in the article. But if you’ve never done it before, I do still highly recommend it as a way of making some quick tax-free cash. The article explains what matched betting is and how to get started.
The price of stamps is rising again on Monday 7 October 2024. That is the second price rise this year, after they also went up in April. So in How to Beat the Postage Stamp Price Rise, I revealed just how much (some) prices are rising and suggested ways to mitigate this.
In case you didn’t know, October is Free Wills Month. So in Get Your Will Written Free of Charge in October, I discussed how you can use this no-strings scheme to get your will written free at a range of participating solicitors across the UK. There are only limited slots available, so I recommend moving quickly if you want to take advantage of this opportunity.
Also in September I published How to Save Money on Your Heating Bills This Winter. As you doubtless know, gas and electricity bills have gone up considerably in the last year or two. And many older people will no longer get Winter Fuel Payments, as the new Labour government have opted to restrict this to just the very poorest pensioners (those in receipt of Pension Credit). So in this article I set out a range of ways you may be able to save money on your heating and energy bills. Following these tips could save you hundreds of pounds in the months and years ahead.
Finally, I published Amazon Big Deals Day is Almost Here. This annual event extends over two days, Tuesday 8th and Wednesday 9th October 2024. It is is a special event for Amazon Prime members only. Amazon say they will be offering members their lowest prices of the year on selected products from leading brands including Philips, Logitech, Oral-B, Braun, Tefal, Ghd, Swarovski, Bosch, Shark, and so on.
Next, some odds and ends. First up, Trading 212 recently reopened their free share offer, so I have updated my post Get a Free Share Worth Up to £100 With Trading 212. This explains how, if you haven’t done so already, you can get a free share when you open a new Invest or Stocks ISA with Trading 212. Note that opening a Cash ISA with T212 alone will not qualify you for a free share, but of course you can do both. My advice is to start by opening a Stocks ISA or (non-ISA) Invest account to qualify for your free share and apply (if you wish) for the Cash ISA after that. This new free share offer closes on 6 November 2024.
A few months ago I invested just over £1,000 in a Scottish wind farm project via a platform called Ripple Energy. The way this works is that you pay a fee towards building the wind farm, and in exchange receive lower-cost, ‘green’ electricity once the wind farm is up and running. This will continue for the life of the wind farm (an estimated 20 years). The original closing date for this was the end of May, but the date was extended and the share offer is still open at the time of writing. You can pay by 12 monthly instalments rather than a single lump sum if you like. If you’re interested in learning more, you can visit the Ripple website via my referral link. If you decide to invest, you will get a £25 bonus credited to your account when generation starts (and so will I). Note that you will need to invest a minimum of £1,000 to qualify for the £25 bonus, but you can invest from as little as £25 if you wish.
Speaking of energy, a quick reminder that if you switch to EDF Energy via my refer-a-friend link (below) you can get a FREE £50 credited to your energy account (and so will I). For more info and to sign up, click on https://edfenergy.com/quote/refer-a-friend/sunny-koala-9462
Finally, I wanted to highlight (again) the decision by the new government to abolish Winter Fuel Payments for all pensioners except those on pension credit. Like many others, I feel this is a terrible decision that will badly impact some of the poorest people in society and quite likely lead to increased deaths by hypothermia in the winter ahead (and others to follow).
it is therefore more important than ever that older people who may be eligible for pension credit apply for it. I recently updated my blog post about pension credit in light of the announcement. If you have older relatives, friends or neighbours, please encourage them to apply if they may be eligible. The application process is not as straightforward as it should be, so they may well appreciate some help with it
Even so, be aware that only the very poorest pensioners qualify for pension credit. If you get the full new state pension, even with no other source of income, you likely won’t qualify. I do therefore recommend writing to your MP and asking for this Draconian decision to be reversed. You may also like to sign one of the various petitions that have sprung up, including this one on Change.org and this one from Age UK. The former has over 100,000 signatures now and the latter over half a million.
That’s all for now. If you have any comments or queries about this update, as ever, feel free to leave them below. I am always delighted to hear from PAS readers
Disclaimer: I am not a qualified financial adviser and nothing in this blog post should be construed as personal financial advice. Everyone should do their own ‘due diligence’ before investing and seek professional advice if in any doubt how best to proceed. All investing carries a risk of loss. Note also that posts on PAS may include affiliate links. If you click through and perform a qualifying transaction, I may receive a commission for introducing you. This will not affect the product or service you receive or the terms you are offered, but it does help support me in publishing PAS and paying my bills. Thank you!
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