Commuters are paying what?
Commuting to work in the UK is notoriously expensive, costing workers a large portion of their salary. This is down to the high cost of petrol, parking tariffs as well as expensive train fare.
For those unable to work from home and cut the price of commuting altogether, there is a hefty price which goes along with getting to work every day.
Is it best to commute via train or car?
The average Brit spends £421.22 a month when commuting via car. This includes the price of petrol, parking, a coffee as well as lunch.
The average brit spends £512.72 a month including, a return ticket, 2 inner city buses, coffee and lunch when commuting by train.
Since March, train fares have increased by 4.9% which commuters are definitely feeling the affects of.
So, travelling by car could save you money. Using a park and ride could be an efficient way to commute as, all you pay for is the bus ticket into the city and you can avoid inner city parking tariffs.
Commuting via train is more expensive than by car, so look for some ways to save money on your train tickets.
The worst Location for commuting
London is of course, the most expensive UK city to commute around and into with the average price of commuting being, £5,102 a year. For those who drive to work in London, they typically spend £65.64 a month driving to the office. Parking in London is on average £15 a day being the most expensive UK city to park in.
Bristol is next for those getting the train to work as this city has one of the highest train fare prices. Those on the train usually spend £718.40 a month on train journeys. Those who drive to work spend £464 as Bristol has the second, highest price of fuel after London.
Labour’s plans for the Railways
Labour are now in government so we expect some work being done on their promise to fully nationalise the train network within 5 years. Labour pledged bringing all passenger rail into national ownership under Great British Railways (GBR).
Their hope is that this will simplify ticketing for passengers as it will only be one company which all tickets will be valid for. Labour have claimed that there have been issues with the railways which are costing £2.2 billion a year which the Conservative party neglected to handle. With the plan by Labour they say this could save £1.5 billion which could then be used to cut fares by 18%.
Their claims to cut fares are the thing most people will be waiting for, especially those commuting and paying the prices above.
High costs of living alone
Living without roommates or a partner is becoming more popular despite the high costs of living making this more difficult.
Within the last year the amount of people living alone has risen from 178,000 to 237,000.
When trying to become a solo homeowner it is also worth taking a look at the mortgage-to-salary ratio in your area so you know whether you can afford the repayments there.
Alan Boswell Group have compared the cost of living alone to the square footage of a 1 bed flat, studios and single room occupancies to determine the cheapest and most expensive areas of the UK to live alone.
The cheapest places to live alone
The cheapest places to live alone are in the North of England or in the midlands with an exception of Plymouth which sits at NO. 9 on the Alan Boswell list with the price per square meter at £11.77.
- Hull
Price per square meter is £8.85 making it the cheapest place to live as a single occupant.
- Bradford
Price per square meter is £9.17.
- Stoke on Trent
Price per square meter is £9.22
- Liverpool
Price per square meter is £9.91.
The most expensive places to live alone
Cities in the South of England are the most expensive to live alone with an average price per square meter of, £18.09 which is a 76.95% increase from the North which is, £10.22 per square meter.
- London
Price per square meter is £23.39.
- Bristol
Price per square meter is £19.33.
- Brighton and Hove
Price per square meter is £19.32.
- Reading
Price per square meter is £17.40.
The cost of living alone
Living alone will always be a more expensive option than sharing the cost of rent and household bill with a partner or roommate.
The average monthly costs of living alone are reported at £651 excluding the costs of rent. These costs include, council tax, household bills, groceries, phone bills and more.
Those who live alone are spending on average 92% of their disposable income on living expenses compared to 83% for couples.
Living alone also means spending on average, £15 more on grocery shops per week.
This explains the data that 47% of young singles have no savings at all.
How to cut down costs
There are a few ways in which you can reduce your spending including, lowering your energy bills through useful tips to lower your energy usage or installing a smart meter.
If you are on a low income then learn a few ways you can still budget and use you money efficiently to stay afloat.
Setting yourself a budget which prioritises rent and bills to help you keep track of your money. This can be done by using finance apps.
Don’t be defeated by high living costs and a low budget, learn ways to make your money work for you.
How much does the Royal Family earn?
The Royal Finance Report shows the monarchy have received an extra £45 million from the Crown Estate Profits, due to 6 new offshore wind farms which has increased the revenue for the crown.
The Crown Estate profits have increased to £1.1 billion which will lead to a rise in the Sovereign Grant, the body paying for the Royal Family’s costs.
How is the Monarchy funded?
The Monarchy is funded by the taxpayer money accumulated in the Sovereign Grant and given to the Royal family in exchange for the King surrendering the Crown Estate Revenue, of which the Monarchy only gets a percentage of the profits.
The Royal report reveals that the total Sovereign Grant of £86.3million equal £1.39 from each person in the UK.
The Crown Estate goes into the Treasury which then decides an income for the monarchy. The Crown usually receives 25% of the profits, however, last year it was reduced to 12%. The Monarchy grant is reviewed to ensure an appropriate level and income.
The grant directed to the monarchy pays for all official engagements conducted by the Royal Family, maintenance of Palaces and homes which includes paying Royal staff.
The King also receives an income from investments and inheritance which is not made public.
How much money has the Monarchy received?
The Crown profits have risen to £1.1 billion, this means their grant will now be rising from £86.3 million in 2024-25 to £132 million in 2025-26.
This grant will pay for all Royal costs.
This extra grant will be used to pay for the last of the restoration on Buckingham Palace. It was also reported in the Royal Financial report that the Monarchy will be purchasing 2 new helicopters to replace their 15-year-old ones which they use to visit locations in the UK for official engagements.
In the year April 2023 to March 2024 the total cost to the Sovereign Grant totalled £800,000 with £600,000 being spent on the coronation and surrounding events.
How much money does the Monarchy bring to the UK?
With such a high income you may be wondering what the Royal Family do to have such a high income, especially when the UK is facing a cost-of-living crisis with many facing poverty. Criticism has increased over the past few years towards the Monarchy and the lavish lifestyle they lead.
So, does the Royal Family help the UK’s revenue?
The Royal Family replicate the UK’s history and culture and this is the reason for a large number of tourists to the UK every year. Research suggests that 60% of tourists to the UK are likely to visit areas with significance to the Royal Family and their history, with more than a third listing Buckingham Palace high on their list of things to see.
In 2019-2020 the Royal Estate’s income from ticket admission rose to £49.9 million according to Statista.
Windsor Castle and Frogmore House reported 426,000 paying visitors in the year 2021-22. Visitors paying for tickets bring a great revenue to the UK. This includes not only admission tickets but also retail, hospitality, hotels and more which see an increase due to the attraction of the Royal Family to tourists.
Brand Finance estimates that the Royal Family contribute £2.5 billion to the British economy annually.
So, the Royal Family do contribute a significant amount to the UK but do you think this justifies their generous spending when it comes to their events and lifestyle?
Compare Streaming platforms
Streaming platforms are a popular way to watch our favourite films and TV’s and most people are subscribed to more than one platform.
Netflix remains the most popular streaming service with over 270 million subscribers and a revenue of over $9.4 billion in just the first quarter of 2024.
Amazon Prime Video has had the biggest boost in popularity since 2013 – 2023 subscribers increased by +1,025%.
Disney + subscribers have increased to a third of all households by 2023, considering this platform was introduced in 2021.
Cancelling your streaming subscriptions could save you money each month, especially if you are signed up to more than one. Some platforms offer saver deals on memberships which you can try too.
We will compare 5 of the most popular streaming platforms so you can decide which one is worth it, these will include, Netflix, Amazon Prime Video, NOW TV, Disney + and Apple TV.
Compare costs
Netflix
- Netflix have a range of different memberships which differ in cost and benefits.
- Pay £4.99 a month for access on one screen with ads as you watch.
- Pay £7.99 a month for 1 screen and no ads.
- Pay £10.99 a month for 2 devices in the same household and no ads.
- No free trial is available with Netflix.
Amazon Prime Video
- Pay £8.99 a month or £95 a year for 3 devices.
- A one week free trial before you commit to paying.
Now TV
- Pay £6.99 for 3 devices with a minimum term of 6 months.
- Or pay £9.99 for 3 devices and you are able to cancel the membership at any time.
- A 7 day free trial is available before paying.
Disney +
- £7.99 for standard membership with no ads.
- £4.99 for a membership with ads and access on 2 devices.
- Disney + does not offer a free trial.
Apple TV
- Pay £8.99 a month for an Apple Tv subscription with a 7 day free trial before payment begins.
Compare the content available
Netflix
- This popular streaming platform is a favourite for those who love to binge-watch shows with full seasons of shows available.
- Netflix also has the highest amount of original content which can only be found by having an account.
- All the content on Netflix if available with a membership, no further pay walls.
Amazon Prime Video
- Popular for those with a large household due to the smaller restrictions on screen usage and so more people in the family can use the platform at the same time.
- There are extra films and shows which are available to buy or rent.
Now TV
- You can find films and shows which have recently been released and those from Sky and HBO are available on Now TV too.
Disney +
- Great for families and young children. Fans of Disney, Marvel and Star Wars can find it all on this one platform. A wide range of content from children’s TV to dramas and comedies for adults too.
Apple TV
- Big Budget dramas and new releases as well as children’s shows so this platform can be good for everyone in the family. Apple TV’s library is increasing but remains smaller than other platforms.
Compare the cancellation policies
If you are looking to cancel one of your streaming services to save money then knowing the policy is important so you don’t get stuck paying for longer than you want to.
Netflix
You can cancel Netflix at any time through your account details. If you have time left on your billing period you can use the platform until the end, after this you won’t be charged.
You can also pause your membership for a month where you will not be charges and it will resume taking payments and access will be restored after a month. This is a great option if you will be a way for a period of time in a month or simply need to save the money that month.
Amazon Prime Video
To cancel you can go into you account and change your membership settings, contact customer service or use their cancellation form.
If you paid the membership fee in one large sum you will have 14 days to change your mind and will be able to claim a refund within that time limit.
If your subscription fee is taken through Apple you must cancel your membership 24 hours before it is set to be taken again to prevent paying for the next month.
Now TV
Sign into you NOW account to be able to cancel. If you have more than one account you will have to log in to each one you wish to terminate.
If you have signed onto a minimum term e.g. a term of 6 months as stated above then you can cancel your subscription but payment will be taken until the term ends. This is a contact in which you have agreed to pay for the full term.
Disney +
You can cancel on your account by clicking the ‘cancel membership’ option.
You will have access until the end of your payment plan but then will no longer be charged so if you cancel mid-month, you will have access until the end of the month before your next payment would usually be taken.
Apple TV
Sign into your account to cancel your membership.
If you pay for your account through Amazon then you will have to cancel through Amazon
Do you want to cancel your TV license?
More people are deciding against having a TV license due to the rising cost as well as the declining need due to alternative streaming platforms.
The rate of TV license evasion jumped to 10.31% in 2022-23 from 9.38% in 2021-22, the highest figure recorded.
A TV license allows you access to huge range of entertainment services including over 400 TV channels. All households needs a TV license if they watch live showings on TV or streaming platforms and to watch BBC iPlayer too. TV licenses pay for the BBC fees of their shows and services including any app, streaming services, radio and live channels.
The cost of TV license is £169.50 per year and covers all devices in the household. If you do not have a TV license you will be sent letters, if you do not respond then they could send an inspector to your address to find out if you are illegally watching TV. If they find you are using the services without the necessary License then they could fine you up to £1000 as well as court costs.
You can cancel your license if;
- You do not watch live broadcasts
- Do not watch anything on BBC iPlayer
- You no longer watch TV channels including BBC, Channel 4, ITV and more
- You do not watch live showings on streaming or paid for services such as, Youtube, Amazon, Sky, BT and any others
You do not need a TV license if you are only watching on demand programmes on paid for subscriptions like Netflix, Amazon, Disney + and others except BBC iPlayer.
To Cancel;
If you are paying by direct debit or you paid all in one go you can cancel online on the TV license website. You will then have to cancel your direct debit with your bank.
If you pay by using a payment card then you will have to contact the TV license company to cancel this.
You will need your personal TV license number to cancel which you should be able to find on any letter or email you have received from them.
The BBC experiencing a decline of users
The BBC have reported a drop in the number of people paying for a TV licence and record a drop of 500,000. Among 16-34 years olds only 71% used the BBC on average per week in 2023-24. In England there has been a decline year on year from 88% to 85% of people using BBC services. In Scotland the drop was 87% to 84%.
With fewer people paying for a TV licence it proves that you too could go without.
You are entitled to compensation
One of life’s inconvenience’s and a very stressful part of going on holiday is when your flight is delayed or cancelled. Already having got to the airport hours ahead of take-off, waiting to be called to your gate only to be waiting further for any information, then the dreaded announcement that the wait is extended or worse, that the flight is not going at all.
When this happens you are entitled to certain compensation dependent on the situation including, where you are flying and how long the delay has been.
My flight has been delayed
If your flight has been delayed by 3 or more hours you are legally entitled to compensation. This is when the delay was due to the airline such as, technical problems or booking issues.
Citizens Advice reports that if the delay was caused by something outside of the airlines control, such as bad weather then you could be unlikely to claim compensation.
If your flight is delayed 5 or more hours then you can decide not to take the flight at all and claim further compensation. If you do not board on the delayed flight then you can get a full refund of that flight as well as a connecting flight which you missed due to the original delay. You should also receive support with a flight back to your original airport you flew from.
If you decide to wait and take the delayed flight you can claim up to £520 compensation. The amount you can claim back depends on the flight distance, for shorter distances compensation is usually around £220.
My flight has been cancelled
You are entitled to a full refund of a cancelled flight as well a replacement of any connecting flights or a replacement flight to your destination.
You should also be provided food and drink as well as accommodation if the cancellation was overnight.
You will not be compensated for any alcohol, luxury meals or accommodation your pay for during the delay or waiting for your next flight. You will often be given vouchers to use on food and drink which limits what you can get.
Ensure you keep all receipts of money spent during your time delayed at the airport or location as this will be needed to claim back with the airline.
What will you not be compensated for?
- Delays under 3 hours
- Loss of earnings if the disruption causes you to be late or miss work
- Expensive and luxury food and accommodation including alcohol
- If the delay or cancellation was due to anything outside of the airlines control
If an airline has caused disruption to your travel plans then don’t hesitate to contact them and claim compensation.
Universities are facing a financial struggle which the government have stated they cannot bail them out from. This means that either universities need to find new ways to make money and cut costs or face the threat of crippling debt into closure.
UCAS data shows that there have been 316,85 UK 18 years olds that have applied to universities or colleges this year which is a 0.7% increase from 2023.
There has been a 0.3% decrease of applicants of all ages including those over 18 since 2023.
Many people did put off beginning university due to COVID as online learning was not a sufficient replacement for most courses. Once normal teaching resumed applicants increased in numbers again although many find online teaching still being widely used in courses.
What action are Universities taking?
Unfortunately for staff and students, for universities to save the most there need to be cuts. This enables the rest of the Universities facilities to continue running.
Several Universities are planning to cut staff by 10% as well as cutting several courses to save.
Coventry Universities plans to make £100m worth of cuts over the next two years.
University of Kent has confirmed they are cutting 6 courses.
Staff at Goldsmith’s University in London are taking a marking boycott against the planned staff cuts.
Cutting course would mean many students lose the choice to follow this path and could be encourage to pursue other directions.
Why are universities struggling?
Due to Brexit as well as new migration laws making it more difficult and expensive for international students to gain a visa as well as study in England those from outside of the UK are opting out of this option. International students pay much high tuition fees giving Universities a large source of revenue. Limitations on international student being able to bring family with them to the UK also put people off the move.
Tuition fees have been frozen for around a decade and continue to be for a few more years. This is great for students but this means that universities are not able to keep up with rising inflation and the cost of maintaining the institutes.
The rising cost of living including student housing makes new students more unlikely to choose universities. Many choose paid work over further education. Research shows 1 in 10 students access food banks, living as a student for many is not worth it financially. If you are financially struggling at University then try these hacks to save money.
Summer holidays have begun and so has the panic for parents. Finding way to keep the kids entertained is always a summer struggle for parents and this year with rising costs it’s even more difficult.
It’s not a surprise that parents dread the summer holidays as childcare costs rise by 6% this year.
The cost of Childcare
Research by the children’s charity, Coram found that the average price of 6 weeks of childcare now costs over £1000.
The South-east of England are paying around £216 a week and those in Wales paying ££209 a week which is a 15% increase from the previous year.
Childcare programmes are having to turn people away due to being full and understaffed.
Only a handful of councils reported having enough holiday childcare for disabled children and children of parents who work full-time.
How to spend the 6 week summer?
If you are paying these high prices for childcare then you may be searching for free activities when you can spend time with your kids this summer. There are lots of options for this so you can keep costs down. Find free activities here.
You could be eligible for free childcare.
If your child is 3-4 years old then you are entitled to 38 hours of free childcare a week.
If your child is 9 months to 2 years old you could be eligible for 15 hours of childcare.
This is a government scheme so go on the Gov website to check if you could receive this and if your childcare provider can offer this.
Now schools have broken up for the summer many parents are panicking over how to entertain the kids for 6 weeks. You may be planning some days out or holidays but it’s not sustainable to spend money everyday for 6 weeks so having some free activities that you can pull together easily can make summer feel fun every day.
Enjoy the summer without being too stressed about how much it all costs.
If you are getting serious about your savings and perhaps have a larger amount you want to keep safe and partially locked away then notice accounts might be for you.
It is likely you can earn a higher interest rates with a notice account than with other types of savings accounts.
You should only consider opening a notice account if you are certain you won’t need instant access to your money and that you will know in advance when you will need it. With a notice account you will have to give your bank advance notice of when you will need to withdraw any money. If you do withdraw money without notice then you may be charged the amount of the interest you could have earned within the set notice period.
Compare Notice savings accounts
Lloyds bank
- With this account you can earn interest daily and have this paid straight into the account letting your money constantly build.
- You can use this account for businesses.
- You have to be over 18 to open this account.
- With a 32 day account you can earn 2.53% AER. If you choose this account then you will be able to deposit money in at any time.
- With a 95 day account you can earn 4.08% AER.
- Lloyds has the right to change the interest rate at any point as this is not fixed.
West Brom building society
- They offer a 60 notice ISA account where you can earn a variable rate of 5.10% AER tax free. This can be paid either annually or monthly.
- You can open this account with just £1 and continue earning interest tax free up to £1,000,000.
- Give a notice of 60 days to withdraw money or be charged the equivalent of 60 days loss of interest.
- This account can be opened online only.
Monument bank
- A great choice for those big savings like a house deposit as this bank has a high minimum deposit of £25,000.
- Your interest rate of 5.13% AER will be paid into the account monthly. This is for the 7 day notice account.
- For a 45 day notice account the interest rate goes up to 5.20%. It goes up again to 5.27% for a 60 day notice period.
- Up to £85,000 of your savings will be FSCS protected and there are no fees for opening or managing the account. You will also be able to cancel any withdrawal requests if you change your mind before the day.
- Continue depositing into the account whenever you like to top it up and manage the account online including your withdrawal requests.
Having a fixed saving account is a great option for you if you are saving for a big purchase like a house deposit. With a fixed term you will choose the length, common ones include 1 to 5 years, this is the time you won’t be able to have access to your money. From setting up the account you will need to deposit the overall sum and then won’t be able to withdraw or deposit anymore until the end of the term.
The longer term you choose you will often have a higher interest rate, you should assess when you will need to withdraw your money so you know which term to choose. If you do request to withdraw money you may be charged.
The interest rate will be fixed for the length of your term so the bank cannot change this whether the base rate goes up or down.
If Fixed term doesn’t sound right for you check out the other types of savings accounts.
Compare Fixed term Savings Accounts
Natwest
- Interest will paid each month, this can go into your fixed term account or into a sperate nominated account which also must be with Natwest.
- You can deposit a maximum of £5000 into this account. This account will activate from a deposit of just £1. You can open this account as a new Natwest customer but will have to do so online before setting up the app.
- For a 1 year fixed term the interest rate will be 4.45% AER.
- For a 2 year fixed term the interest rate will be 4.10% AER.
- When your term ends they will notify you so you can decide to lock in a new term at a competitive rate or to withdraw the money.
Lloyds
- You can earn 4.40% AER for a 1 year term and 4.05% for 2 years which will be paid at the end of each year.
- There is a minimum deposit amount of £2000.
- If you are already a customer of Lloyds you can earn an extra 0.10% for 1 year and 0.05% AER for a two year term.
- You can only have one 1 year term account however you can have five 2 year accounts making it simple to save for separate goals.
Halifax
- To open this fixed saver account you will need a minimum of £500. You will have 10 days from opening the account to make your deposits, once the 10 days is over the account will be locked to earn interest for the chosen term.
- For 1 year fixed term you can earn 4.40% and 4.05% for a two year term.
- For a 5 year term you can earn 3.80%.
- Choose to have you interest paid annually or monthly.
Barclays
- Deposit a minimum of £500 for a term of around.
- For a 1 year term you will earn 4.45% and will not be able withdraw any money.
- For a 2 year term you will earn 4.15% with the ability to withdraw from the account 3 times up to the amount of 10% of the balance. This account has a minimum deposit of £1.
- Barclays savers accounts are great for those trying to save a large amount as you can deposit up to £1000.
If you are saving up to buy your first home you might be finding it difficult to stay on track, most people find it a challenge to save for a long period of time as this could mean your lifestyle has had to be altered. You may have to change your mindset first so you can stay focused on your goals and the reason you are saving, whatever that may be for you.
Saving for your deposit will depend on the cost of the house you are looking at as mostly you will have a 10% deposit meaning you need to save 10% of the overall house price.
Mojo Mortgages have provided 12 hacks which you can use to save an extra £7,130 towards your house deposit on top of anything you already have.
