MTTM Podcast Episode 467 – New government’s impact on your finances, important money steps & when to renew car insurance

Listen to Episode 467

On this week's episode we discuss the potential impacts of Labour's landslide victory on your finances, including potential changes to taxes and renters' rights. We also explore the benefits of making small, positive changes to your personal finances. Finally, we reveal when is the best time to renew your car insurance in order to save money

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Podcast Episode 467 Summary

Labour election and financial implications

Labour's landslide election victory has sparked discussions on the potential financial implications for voters. These include the freezing of the income tax threshold, which could push more people into higher tax bands. The Labour manifesto also commits to not raising National Insurance, income tax, or VAT. However, there is speculation about potential changes to capital gains tax and inheritance tax. One confirmed change is the scrapping of the VAT exemption for private school fees, which could increase costs for parents.

Making small financial changes

We emphasise the importance of making small, positive changes to improve financial habits. Referencing James Clear's book "Atomic Habits," we suggest starting with manageable actions like setting up a standing order to save money regularly. These small steps can gradually lead to significant improvements. We also discuss the psychological benefits of changing your internal dialogue to identify as a saver or someone who is paying off debt. Other examples include building an emergency fund, saving for retirement or overpaying on a mortgage.

Optimal time to renew your car insurance

We discuss recent research on the best time to renew car insurance to maximise savings. Renewing 26 days before the renewal date can save up to 55% on premiums. The research highlights that renewing on the actual renewal date can be significantly more expensive. To get the best deal, it's essential to shop around and set reminders to avoid leaving the renewal to the last minute. This proactive approach can lead to substantial savings on car insurance costs.

Episode 467 Quiz

1. What is one potential financial implication of the Labour election win?
   • A. Immediate tax cuts
   • B. Increased inheritance tax
   • C. Freezing the income tax threshold
   • D. Lowering VAT
2. What is one action the Labour Party intends to take regarding private schools?
   • A. Reduce fees
   • B. Increase government funding
   • C. Scrap the VAT exemption on fees
   • D. Impose new regulations on curriculum standards
3. What is the optimal number of days before your car insurance renewal date to shop around and save the most money?
   • A. 10 days
   • B. 26 days
   • C. 45 days
   • D. 60 days
4. How much can you save on car insurance by renewing at the optimal time?
   • A. Up to 25%
   • B. Up to 35%
   • C. Up to 45%
   • D. Up to 55%
5. What was Damien's key message regarding small financial changes?
   • A. They have little impact
   • B. They lead to significant improvements over time
   • C. They are not worth the effort
   • D. They only work for some people

Answers:

1. C. Freezing the income tax threshold
2. C. Scrap the VAT exemption on fees
3. B. 26 days
4. D. Up to 55%
5. B. They lead to significant improvements over time

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