Easy methods to make £1,147 by Christmas: From netting £200 from a present account change to a easy referral that’ll make you £75, the Mail’s cash consultants reveal their finest fast hacks
Who says there’s no such thing as getting something for nothing? Using our seven simple steps you could bank the cost of Christmas this year, with minimal effort and without having to cut back.
The cost of celebrating Christmas – including gifts, decorations, socialising and travel – is set to hit £563 on average this year, according to the Institute of Practitioners in Advertising. For a couple, that is a total spend of £1,127.
Here’s how you can cover the cost for free.
The cost of celebrating Christmas – including gifts, decorations, socialising and travel – is set to hit £563 on average this year
SWITCH YOUR CURRENT ACCOUNT: £200
Several High Street banks are offering generous deals to new customers who switch their current account.
NatWest is offering £180 for switching and First Direct £175. Lloyds currently has the most attractive switching bonus of £200 – a nice sum to help pay for your Christmas shopping.
You’ll need to switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account to qualify.
Plus, you must transfer three active direct debits via the Current Account Switch Service.
You won’t qualify if you’ve received a switching bonus from Lloyds, Bank of Scotland or Halifax since April 2020.
All three cards have monthly fees. Club Lloyds is the cheapest of the three with a £3 monthly fee, which is refunded each month you pay in £2,000 or more to your account.
Switching takes up to seven working days and is managed by your new bank. Your balance will be automatically transferred, and your old account closed.
Don’t simply pick the account with the most enticing switching bonus. Check reviews as well as the terms and conditions of the account you’re considering to make sure you go for the best one for you. For example, check overdraft fees if you regularly go into yours, the bank’s track record when dealing with scam victims, and how its online banking facilities compare to its rivals. If you use a High-Street branch, make sure the bank you’re considering has one somewhere convenient to you – and that it is not set for closure.
USE CASHBACK WEBSITES WHEN SHOPPING ONLINE: £300
Cashback websites will show you how much you can make if you click on their links first
Using cashback websites requires minimal effort and users make £300 a year on average, according to cashback website TopCashback.
Instead of going directly to the website of the retailer you plan to buy from, go to a cashback website first. These include TopCashback (topcashback.co.uk), Quidco (quidco.com) and Swagbucks (swagbucks.com).
Then click through from there to the retailer’s website and continue to shop as normal.
The cashback website will record your visit to the retailer’s website and add cash to your account.
For example, if you’re purchasing a Christmas gift from Asos via TopCashback, you’ll get 6.6 pc in cashback as a new customer. Existing customers get 1.11 pc. You can get up to 7 pc cashback from Selfridges, 5 pc from Clarks and up to 12 pc from Iceland.
These websites work because they receive commission from retailers when they direct shoppers to their websites. They then pay shoppers a portion of the commission they receive.
Adam Bullock, director of TopCashback, recommends you download the browser extension. Once downloaded, you should receive an alert every time you are shopping on a retail website where you could earn cashback. It will show you how much money you could get and you can decide whether to go ahead. That saves you having to remember to visit a cashback website. Go to www.topcashback.co.uk/browser-extension.
FIND A CHEAPER BROADBAND AND TV PROVIDER: £160
TV and broadband packages can vary wildly. Make sure you are getting the best value
Switching your broadband and TV provider saves £160 a year on average, according to consumer website Which?.
If you are out of contract and so no longer tied up to a particular provider, it is very likely you could save money by switching.
Scan comparison websites such as Uswitch or Go Compare for the best deals. Don’t just opt for the cheapest – make sure that you find a deal with the broadband speed and the television services you require. Check online reviews as well.
If you’d rather stay with your existing provider, phone them up and haggle to get a better deal. Explaining that you’re planning to leave tends to be a good bargaining technique.
Check some comparison websites first so you have an idea of the deals currently available. That way, you can tell your provider you’ve seen a competitive offer and ask for the price to be beaten or matched.
Households who switched from Sky saved £235 a year on average, those switching from Virgin Media Broadband saved £165 a year and those from BT £148 a year.
Even if you don’t have a TV package and just switch your broadband provider you could save £105 a year.
CHANGE YOUR MOBILE DEAL: £67
You could save £67 a year on average by switching mobile phone provider, according to Which?. However, this rises to £146 for those leaving Vodafone for a different provider.
If your current contract has or is about to expire, look on MoneySuperMarket or Compare the Market for a better deal.
If you want to keep your existing mobile number, you will need a Porting Authorisation Code (PAC).
Call your network’s customer support line to get this – they must provide it within two hours of the request. You can also text PAC to 65075. You must use the code within 30 days after which you need a new one.
Then contact the provider you want to switch to and give them the code. They’ll organise the switch.
If you are still within contract, note the date it expires in your diary so you can seek out a better deal immediately. If you plan to keep your existing handset, you may be able to switch to a Sim-only deal to save money.
Haggle if you don’t want to change provider – it could save you £61 a year on average, Which? says.
GET CASH FROM YOUR ENERGY PROVIDER: £220
Households had as much as £220 sitting in their energy account in October, according to the most-recent figures from comparison website Uswitch.
It’s useful to have two-months’ worth of energy credit in your account to cover the cost of higher bills over the winter months.
But if you have an excess sum on top of this in your account, ask your provider to refund it to you. You’ll need to submit an up-to-date meter reading first, unless you have a smart meter.
Any money refunded could go towards your Christmas spending – or could earn you some extra cash if you put it into a high-interest savings account.
REFER A FRIEND TO YOUR ENERGY SERVICE: up to £75
If you’re happy with your energy provider and have a friend who wants to switch services, refer them and you could earn up to £150.
British Gas has the most lucrative deal of the big providers. It offers a £75 Amazon gift card for both you and your friend when they switch both gas and electricity. It’s £35 each if they switch just one.
EDF Energy is still offering a Black Friday deal where you can get £75 for each successful referral you make – and E.on Next offers £50 credit for both you and your friend when they sign up using your exclusive referral link.
You and your friend could get £50 each if you refer them to Octopus Energy and they sign up.
For Scottish Power you and your friend will get £60 credit each if they switch their gas and electricity, and £30 each if they switch a single fuel.
You’ll find the referral link on your online energy account.
The new provider will organise the switch for your friend. It can take up to five working days, but any longer and your friend could be entitled to some compensation.
Only switch to a tariff that will save you money compared to your existing one. Otherwise you could end up paying more in energy bills than you gain from the referral deal.
SELL UNWANTED CLOTHES AND SHOES: £125
Don’t leave old shoes and clothes piling up at the back of the wardrobe, you can sell them on sites such as Vinted
Most of us have old clothes and shoes lying around the house – but these unwanted items could help pay for Christmas dinner.
Households could make £67 from selling old clothes and a further £58 from selling old shoes, according to website VoucherCodes.
You could sell your items on second-hand sales platforms such as Vinted (vinted.co.uk) or Depop (depop.com). Wash, steam and remove pills on clothes before advertising.
To use these platforms, you will need to set up an account with a username and password, and then upload pictures and descriptions of the items you wish to sell.
Take good pictures, as this is the first thing shoppers see when scrolling through. Write a good, detailed description, including the brand of the item and the condition it is in.
TOTAL BANKED: £1,147
