Latest news with #NerdWalletUK
Rhyl Journal
24-05-2025
- Business
- Rhyl Journal
5 ways parents could be £4,000 better off this summer
From childcare savings to untapped government benefits and simple side hustles, there are many ways families can reclaim money they might be missing out on. These include Tax Free Childcare, Child Benefit, and free breakfast clubs. Amy Knight, personal finance expert at NerdWallet UK broke down five ways parents can boost their finances this summer. Amy Knight, finance expert at NerdWallet UK (Image: NerdWallet UK) Starting this summer, parents can use HMRC's new online service to report the amount of Child Benefit they've received and pay any tax charge required through PAYE. Making the confusing 'High Income Child Benefit Tax Charge' much easier to pay could encourage many more families to make the most of the financial support they are eligible for. If you previously held off claiming Child Benefit because you (or your partner) earn more than £50,000, it's time to rethink that decision: You could be missing out on thousands of pounds that's rightfully yours. In 2024, the upper earnings limit for parents claiming Child Benefit moved from £60,000 to £80,000, so you can earn an extra £20,000 per year before you lose entitlement completely. The point at which the High Income Child Benefit Tax Change kicks in also moved, from £50,000 to £60,200. This means that families earning between £60,000 and £80,000 can claim the payments and will pay a portion of it back in tax. A couple who both earn the national average salary of £37,340 can claim the full amount of Child Benefit and will not have to repay any of the cash they receive. On 6 April 2025, the rate of Child Benefit increased to £26.05 per week for the eldest child and £17.25 for each additional child. The maximum amount for two children is £2,251.60. Now that we're into the final term of this academic year, the countdown to the summer holidays is on. For parents of children aged 11 or younger (or 17 if your child is disabled), it's time to get your summer holiday childcare plans in order. Tax Free Childcare (TFC) is a great way to get a helping hand from the government, whether you're paying for nursery, school holiday clubs or a childminder this summer. As long as you use an Ofsted-approved, registered provider, you'll save 20% on childcare costs. Unfortunately, many eligible parents don't claim this free cash, which is worth up to £2,000 per year (or more if you have a child with a disability). For every £8 you deposit in your TFC account, the government will add a £2 top-up, shaving 20% off your childcare bill. For a family with 2 children, a holiday club 5 days a week for 5 weeks of the summer could cost them at least £1,500. Many holiday camps and clubs are more expensive, depending on the activities provided. Using TFC to cut this down by 20% would put £300 back in parents' pockets – vital cash that can support the cost of new school uniforms for September, or can be used to fund holiday activities together when parents take annual leave. Busy mornings can be stressful for families, and finding affordable wraparound care is a major challenge for working parents. Juggling breakfast, school runs around a job can be a huge source of mental and financial stress, as mums and dads struggle to cover the gap between school opening hours and the start of their working day. While flexible working allows some parents to start work after taking their children to school, for many, this is not an option. Some call in favours from family, or pay local childminders to look after their children before school. Others rely on breakfast clubs run by school staff, which, on top of wraparound care at the end of the day, whittle away at household budgets. The government's breakfast club scheme, the pilot for which launched in April, hopes to save families £450 per year. The parents of children attending one of 750 schools selected for the trial will start to benefit immediately. Many parents are turning to side hustles to cover rising childcare costs and summer activities. With some spending over 40% of their salary on childcare alone, additional income streams are worth considering. Last year, a quarter of mums with young children took on 'side hustles' to fund childcare costs, according to research by Indeed Flex. Renting out a parking space is one of the easiest and most flexible ways to generate extra cash. Summer 2025 in the UK is packed with major music and sporting events that will draw large crowds, especially in urban areas. This presents a prime opportunity for homeowners to earn extra income by renting out their driveways, and not just for Londoners. For example, sports fans will flock to the Women's Rugby World Cup, which will take place across the country, including Brighton and Hove, Bristol, Exeter, Northampton, Manchester, Sunderland and York. Registering with a platform like YourParkingSpace or JustPark takes just minutes, and could earn you hundreds of pounds, especially at peak times. If you live close to a music venue or sports stadium, you could earn £500 a year by cashing in on fans looking for an easy parking solution. As we head into summer, thousands of parents will find themselves with winter coats, school shoes, uniforms, sports kit and toys that won't fit come September. If your child is moving school, a completely new set of uniform and PE kit may be required, creating more financial stress if you leave it to the last minute. Get ahead by selling your child's outgrown clothing now to raise cash for next year's kit, using Facebook Marketplace, Vinted, eBay or Depop. Having a clearout of unwanted toys is a great activity to get children to help with over the Bank Holiday weekend. NerdWallet analysis calculated that selling 20 to 30 items of clothing at £3 to £8 each, five to ten pairs of shoes at £5 to £15 each and 10 to 15 toys at £5 to £10 each could earn you between £135–£540 over the summer months. You may be able to increase your earnings if items are in excellent condition, are from popular brands, or are sold in bundles. When it comes to stocking up on new school items for September, take advantage of end-of-term sales organised by the Parent Teacher Association, where you may be able to pick up pre-loved logo items for as little as £3.
South Wales Argus
23-05-2025
- Business
- South Wales Argus
5 ways parents could be £4,000 better off this summer
From childcare savings to untapped government benefits and simple side hustles, there are many ways families can reclaim money they might be missing out on. These include Tax Free Childcare, Child Benefit, and free breakfast clubs. Amy Knight, personal finance expert at NerdWallet UK broke down five ways parents can boost their finances this summer. Amy Knight, finance expert at NerdWallet UK (Image: NerdWallet UK) 5 ways parents could be £4,041 better off this summer Child Benefit Starting this summer, parents can use HMRC's new online service to report the amount of Child Benefit they've received and pay any tax charge required through PAYE. Making the confusing 'High Income Child Benefit Tax Charge' much easier to pay could encourage many more families to make the most of the financial support they are eligible for. If you previously held off claiming Child Benefit because you (or your partner) earn more than £50,000, it's time to rethink that decision: You could be missing out on thousands of pounds that's rightfully yours. In 2024, the upper earnings limit for parents claiming Child Benefit moved from £60,000 to £80,000, so you can earn an extra £20,000 per year before you lose entitlement completely. The point at which the High Income Child Benefit Tax Change kicks in also moved, from £50,000 to £60,200. This means that families earning between £60,000 and £80,000 can claim the payments and will pay a portion of it back in tax. A couple who both earn the national average salary of £37,340 can claim the full amount of Child Benefit and will not have to repay any of the cash they receive. On 6 April 2025, the rate of Child Benefit increased to £26.05 per week for the eldest child and £17.25 for each additional child. The maximum amount for two children is £2,251.60. Tax Free Childcare Now that we're into the final term of this academic year, the countdown to the summer holidays is on. For parents of children aged 11 or younger (or 17 if your child is disabled), it's time to get your summer holiday childcare plans in order. Tax Free Childcare (TFC) is a great way to get a helping hand from the government, whether you're paying for nursery, school holiday clubs or a childminder this summer. As long as you use an Ofsted-approved, registered provider, you'll save 20% on childcare costs. Unfortunately, many eligible parents don't claim this free cash, which is worth up to £2,000 per year (or more if you have a child with a disability). For every £8 you deposit in your TFC account, the government will add a £2 top-up, shaving 20% off your childcare bill. Recommended Reading: For a family with 2 children, a holiday club 5 days a week for 5 weeks of the summer could cost them at least £1,500. Many holiday camps and clubs are more expensive, depending on the activities provided. Using TFC to cut this down by 20% would put £300 back in parents' pockets – vital cash that can support the cost of new school uniforms for September, or can be used to fund holiday activities together when parents take annual leave. Free Breakfast Clubs Busy mornings can be stressful for families, and finding affordable wraparound care is a major challenge for working parents. Juggling breakfast, school runs around a job can be a huge source of mental and financial stress, as mums and dads struggle to cover the gap between school opening hours and the start of their working day. While flexible working allows some parents to start work after taking their children to school, for many, this is not an option. Some call in favours from family, or pay local childminders to look after their children before school. Others rely on breakfast clubs run by school staff, which, on top of wraparound care at the end of the day, whittle away at household budgets. The government's breakfast club scheme, the pilot for which launched in April, hopes to save families £450 per year. The parents of children attending one of 750 schools selected for the trial will start to benefit immediately. Rent out your parking space Many parents are turning to side hustles to cover rising childcare costs and summer activities. With some spending over 40% of their salary on childcare alone, additional income streams are worth considering. Last year, a quarter of mums with young children took on 'side hustles' to fund childcare costs, according to research by Indeed Flex. Renting out a parking space is one of the easiest and most flexible ways to generate extra cash. Summer 2025 in the UK is packed with major music and sporting events that will draw large crowds, especially in urban areas. This presents a prime opportunity for homeowners to earn extra income by renting out their driveways, and not just for Londoners. For example, sports fans will flock to the Women's Rugby World Cup, which will take place across the country, including Brighton and Hove, Bristol, Exeter, Northampton, Manchester, Sunderland and York. Registering with a platform like YourParkingSpace or JustPark takes just minutes, and could earn you hundreds of pounds, especially at peak times. If you live close to a music venue or sports stadium, you could earn £500 a year by cashing in on fans looking for an easy parking solution. Sell your children's old things As we head into summer, thousands of parents will find themselves with winter coats, school shoes, uniforms, sports kit and toys that won't fit come September. If your child is moving school, a completely new set of uniform and PE kit may be required, creating more financial stress if you leave it to the last minute. Get ahead by selling your child's outgrown clothing now to raise cash for next year's kit, using Facebook Marketplace, Vinted, eBay or Depop. Having a clearout of unwanted toys is a great activity to get children to help with over the Bank Holiday weekend. NerdWallet analysis calculated that selling 20 to 30 items of clothing at £3 to £8 each, five to ten pairs of shoes at £5 to £15 each and 10 to 15 toys at £5 to £10 each could earn you between £135–£540 over the summer months. You may be able to increase your earnings if items are in excellent condition, are from popular brands, or are sold in bundles. When it comes to stocking up on new school items for September, take advantage of end-of-term sales organised by the Parent Teacher Association, where you may be able to pick up pre-loved logo items for as little as £3.
Leader Live
23-05-2025
- Business
- Leader Live
5 ways parents could be £4,000 better off this summer
From childcare savings to untapped government benefits and simple side hustles, there are many ways families can reclaim money they might be missing out on. These include Tax Free Childcare, Child Benefit, and free breakfast clubs. Amy Knight, personal finance expert at NerdWallet UK broke down five ways parents can boost their finances this summer. Amy Knight, finance expert at NerdWallet UK (Image: NerdWallet UK) Starting this summer, parents can use HMRC's new online service to report the amount of Child Benefit they've received and pay any tax charge required through PAYE. Making the confusing 'High Income Child Benefit Tax Charge' much easier to pay could encourage many more families to make the most of the financial support they are eligible for. If you previously held off claiming Child Benefit because you (or your partner) earn more than £50,000, it's time to rethink that decision: You could be missing out on thousands of pounds that's rightfully yours. In 2024, the upper earnings limit for parents claiming Child Benefit moved from £60,000 to £80,000, so you can earn an extra £20,000 per year before you lose entitlement completely. The point at which the High Income Child Benefit Tax Change kicks in also moved, from £50,000 to £60,200. This means that families earning between £60,000 and £80,000 can claim the payments and will pay a portion of it back in tax. A couple who both earn the national average salary of £37,340 can claim the full amount of Child Benefit and will not have to repay any of the cash they receive. On 6 April 2025, the rate of Child Benefit increased to £26.05 per week for the eldest child and £17.25 for each additional child. The maximum amount for two children is £2,251.60. Now that we're into the final term of this academic year, the countdown to the summer holidays is on. For parents of children aged 11 or younger (or 17 if your child is disabled), it's time to get your summer holiday childcare plans in order. Tax Free Childcare (TFC) is a great way to get a helping hand from the government, whether you're paying for nursery, school holiday clubs or a childminder this summer. As long as you use an Ofsted-approved, registered provider, you'll save 20% on childcare costs. Unfortunately, many eligible parents don't claim this free cash, which is worth up to £2,000 per year (or more if you have a child with a disability). For every £8 you deposit in your TFC account, the government will add a £2 top-up, shaving 20% off your childcare bill. For a family with 2 children, a holiday club 5 days a week for 5 weeks of the summer could cost them at least £1,500. Many holiday camps and clubs are more expensive, depending on the activities provided. Using TFC to cut this down by 20% would put £300 back in parents' pockets – vital cash that can support the cost of new school uniforms for September, or can be used to fund holiday activities together when parents take annual leave. Busy mornings can be stressful for families, and finding affordable wraparound care is a major challenge for working parents. Juggling breakfast, school runs around a job can be a huge source of mental and financial stress, as mums and dads struggle to cover the gap between school opening hours and the start of their working day. While flexible working allows some parents to start work after taking their children to school, for many, this is not an option. Some call in favours from family, or pay local childminders to look after their children before school. Others rely on breakfast clubs run by school staff, which, on top of wraparound care at the end of the day, whittle away at household budgets. The government's breakfast club scheme, the pilot for which launched in April, hopes to save families £450 per year. The parents of children attending one of 750 schools selected for the trial will start to benefit immediately. Many parents are turning to side hustles to cover rising childcare costs and summer activities. With some spending over 40% of their salary on childcare alone, additional income streams are worth considering. Last year, a quarter of mums with young children took on 'side hustles' to fund childcare costs, according to research by Indeed Flex. Renting out a parking space is one of the easiest and most flexible ways to generate extra cash. Summer 2025 in the UK is packed with major music and sporting events that will draw large crowds, especially in urban areas. This presents a prime opportunity for homeowners to earn extra income by renting out their driveways, and not just for Londoners. For example, sports fans will flock to the Women's Rugby World Cup, which will take place across the country, including Brighton and Hove, Bristol, Exeter, Northampton, Manchester, Sunderland and York. Registering with a platform like YourParkingSpace or JustPark takes just minutes, and could earn you hundreds of pounds, especially at peak times. If you live close to a music venue or sports stadium, you could earn £500 a year by cashing in on fans looking for an easy parking solution. As we head into summer, thousands of parents will find themselves with winter coats, school shoes, uniforms, sports kit and toys that won't fit come September. If your child is moving school, a completely new set of uniform and PE kit may be required, creating more financial stress if you leave it to the last minute. Get ahead by selling your child's outgrown clothing now to raise cash for next year's kit, using Facebook Marketplace, Vinted, eBay or Depop. Having a clearout of unwanted toys is a great activity to get children to help with over the Bank Holiday weekend. NerdWallet analysis calculated that selling 20 to 30 items of clothing at £3 to £8 each, five to ten pairs of shoes at £5 to £15 each and 10 to 15 toys at £5 to £10 each could earn you between £135–£540 over the summer months. You may be able to increase your earnings if items are in excellent condition, are from popular brands, or are sold in bundles. When it comes to stocking up on new school items for September, take advantage of end-of-term sales organised by the Parent Teacher Association, where you may be able to pick up pre-loved logo items for as little as £3.
Powys County Times
23-05-2025
- Business
- Powys County Times
5 ways parents could be £4,000 better off this summer
A personal finance expert has revealed the five tips parents should follow this summer that could make them more than £4,000 better off. From childcare savings to untapped government benefits and simple side hustles, there are many ways families can reclaim money they might be missing out on. These include Tax Free Childcare, Child Benefit, and free breakfast clubs. Amy Knight, personal finance expert at NerdWallet UK broke down five ways parents can boost their finances this summer. 5 ways parents could be £4,041 better off this summer Child Benefit Starting this summer, parents can use HMRC's new online service to report the amount of Child Benefit they've received and pay any tax charge required through PAYE. Making the confusing 'High Income Child Benefit Tax Charge' much easier to pay could encourage many more families to make the most of the financial support they are eligible for. If you previously held off claiming Child Benefit because you (or your partner) earn more than £50,000, it's time to rethink that decision: You could be missing out on thousands of pounds that's rightfully yours. In 2024, the upper earnings limit for parents claiming Child Benefit moved from £60,000 to £80,000, so you can earn an extra £20,000 per year before you lose entitlement completely. The point at which the High Income Child Benefit Tax Change kicks in also moved, from £50,000 to £60,200. This means that families earning between £60,000 and £80,000 can claim the payments and will pay a portion of it back in tax. A couple who both earn the national average salary of £37,340 can claim the full amount of Child Benefit and will not have to repay any of the cash they receive. On 6 April 2025, the rate of Child Benefit increased to £26.05 per week for the eldest child and £17.25 for each additional child. The maximum amount for two children is £2,251.60. Tax Free Childcare Now that we're into the final term of this academic year, the countdown to the summer holidays is on. For parents of children aged 11 or younger (or 17 if your child is disabled), it's time to get your summer holiday childcare plans in order. Tax Free Childcare (TFC) is a great way to get a helping hand from the government, whether you're paying for nursery, school holiday clubs or a childminder this summer. As long as you use an Ofsted-approved, registered provider, you'll save 20% on childcare costs. Unfortunately, many eligible parents don't claim this free cash, which is worth up to £2,000 per year (or more if you have a child with a disability). For every £8 you deposit in your TFC account, the government will add a £2 top-up, shaving 20% off your childcare bill. Recommended Reading: For a family with 2 children, a holiday club 5 days a week for 5 weeks of the summer could cost them at least £1,500. Many holiday camps and clubs are more expensive, depending on the activities provided. Using TFC to cut this down by 20% would put £300 back in parents' pockets – vital cash that can support the cost of new school uniforms for September, or can be used to fund holiday activities together when parents take annual leave. Free Breakfast Clubs Busy mornings can be stressful for families, and finding affordable wraparound care is a major challenge for working parents. Juggling breakfast, school runs around a job can be a huge source of mental and financial stress, as mums and dads struggle to cover the gap between school opening hours and the start of their working day. While flexible working allows some parents to start work after taking their children to school, for many, this is not an option. Some call in favours from family, or pay local childminders to look after their children before school. Others rely on breakfast clubs run by school staff, which, on top of wraparound care at the end of the day, whittle away at household budgets. The government's breakfast club scheme, the pilot for which launched in April, hopes to save families £450 per year. The parents of children attending one of 750 schools selected for the trial will start to benefit immediately. Rent out your parking space Many parents are turning to side hustles to cover rising childcare costs and summer activities. With some spending over 40% of their salary on childcare alone, additional income streams are worth considering. Last year, a quarter of mums with young children took on 'side hustles' to fund childcare costs, according to research by Indeed Flex. Renting out a parking space is one of the easiest and most flexible ways to generate extra cash. Summer 2025 in the UK is packed with major music and sporting events that will draw large crowds, especially in urban areas. This presents a prime opportunity for homeowners to earn extra income by renting out their driveways, and not just for Londoners. For example, sports fans will flock to the Women's Rugby World Cup, which will take place across the country, including Brighton and Hove, Bristol, Exeter, Northampton, Manchester, Sunderland and York. Registering with a platform like YourParkingSpace or JustPark takes just minutes, and could earn you hundreds of pounds, especially at peak times. If you live close to a music venue or sports stadium, you could earn £500 a year by cashing in on fans looking for an easy parking solution. Sell your children's old things As we head into summer, thousands of parents will find themselves with winter coats, school shoes, uniforms, sports kit and toys that won't fit come September. If your child is moving school, a completely new set of uniform and PE kit may be required, creating more financial stress if you leave it to the last minute. Get ahead by selling your child's outgrown clothing now to raise cash for next year's kit, using Facebook Marketplace, Vinted, eBay or Depop. Having a clearout of unwanted toys is a great activity to get children to help with over the Bank Holiday weekend. NerdWallet analysis calculated that selling 20 to 30 items of clothing at £3 to £8 each, five to ten pairs of shoes at £5 to £15 each and 10 to 15 toys at £5 to £10 each could earn you between £135–£540 over the summer months. You may be able to increase your earnings if items are in excellent condition, are from popular brands, or are sold in bundles.
North Wales Chronicle
23-05-2025
- Business
- North Wales Chronicle
5 ways parents could be £4,000 better off this summer
From childcare savings to untapped government benefits and simple side hustles, there are many ways families can reclaim money they might be missing out on. These include Tax Free Childcare, Child Benefit, and free breakfast clubs. Amy Knight, personal finance expert at NerdWallet UK broke down five ways parents can boost their finances this summer. Amy Knight, finance expert at NerdWallet UK (Image: NerdWallet UK) Starting this summer, parents can use HMRC's new online service to report the amount of Child Benefit they've received and pay any tax charge required through PAYE. Making the confusing 'High Income Child Benefit Tax Charge' much easier to pay could encourage many more families to make the most of the financial support they are eligible for. If you previously held off claiming Child Benefit because you (or your partner) earn more than £50,000, it's time to rethink that decision: You could be missing out on thousands of pounds that's rightfully yours. In 2024, the upper earnings limit for parents claiming Child Benefit moved from £60,000 to £80,000, so you can earn an extra £20,000 per year before you lose entitlement completely. The point at which the High Income Child Benefit Tax Change kicks in also moved, from £50,000 to £60,200. This means that families earning between £60,000 and £80,000 can claim the payments and will pay a portion of it back in tax. A couple who both earn the national average salary of £37,340 can claim the full amount of Child Benefit and will not have to repay any of the cash they receive. On 6 April 2025, the rate of Child Benefit increased to £26.05 per week for the eldest child and £17.25 for each additional child. The maximum amount for two children is £2,251.60. Now that we're into the final term of this academic year, the countdown to the summer holidays is on. For parents of children aged 11 or younger (or 17 if your child is disabled), it's time to get your summer holiday childcare plans in order. Tax Free Childcare (TFC) is a great way to get a helping hand from the government, whether you're paying for nursery, school holiday clubs or a childminder this summer. As long as you use an Ofsted-approved, registered provider, you'll save 20% on childcare costs. Unfortunately, many eligible parents don't claim this free cash, which is worth up to £2,000 per year (or more if you have a child with a disability). For every £8 you deposit in your TFC account, the government will add a £2 top-up, shaving 20% off your childcare bill. For a family with 2 children, a holiday club 5 days a week for 5 weeks of the summer could cost them at least £1,500. Many holiday camps and clubs are more expensive, depending on the activities provided. Using TFC to cut this down by 20% would put £300 back in parents' pockets – vital cash that can support the cost of new school uniforms for September, or can be used to fund holiday activities together when parents take annual leave. Busy mornings can be stressful for families, and finding affordable wraparound care is a major challenge for working parents. Juggling breakfast, school runs around a job can be a huge source of mental and financial stress, as mums and dads struggle to cover the gap between school opening hours and the start of their working day. While flexible working allows some parents to start work after taking their children to school, for many, this is not an option. Some call in favours from family, or pay local childminders to look after their children before school. Others rely on breakfast clubs run by school staff, which, on top of wraparound care at the end of the day, whittle away at household budgets. The government's breakfast club scheme, the pilot for which launched in April, hopes to save families £450 per year. The parents of children attending one of 750 schools selected for the trial will start to benefit immediately. Many parents are turning to side hustles to cover rising childcare costs and summer activities. With some spending over 40% of their salary on childcare alone, additional income streams are worth considering. Last year, a quarter of mums with young children took on 'side hustles' to fund childcare costs, according to research by Indeed Flex. Renting out a parking space is one of the easiest and most flexible ways to generate extra cash. Summer 2025 in the UK is packed with major music and sporting events that will draw large crowds, especially in urban areas. This presents a prime opportunity for homeowners to earn extra income by renting out their driveways, and not just for Londoners. For example, sports fans will flock to the Women's Rugby World Cup, which will take place across the country, including Brighton and Hove, Bristol, Exeter, Northampton, Manchester, Sunderland and York. Registering with a platform like YourParkingSpace or JustPark takes just minutes, and could earn you hundreds of pounds, especially at peak times. If you live close to a music venue or sports stadium, you could earn £500 a year by cashing in on fans looking for an easy parking solution. As we head into summer, thousands of parents will find themselves with winter coats, school shoes, uniforms, sports kit and toys that won't fit come September. If your child is moving school, a completely new set of uniform and PE kit may be required, creating more financial stress if you leave it to the last minute. Get ahead by selling your child's outgrown clothing now to raise cash for next year's kit, using Facebook Marketplace, Vinted, eBay or Depop. Having a clearout of unwanted toys is a great activity to get children to help with over the Bank Holiday weekend. NerdWallet analysis calculated that selling 20 to 30 items of clothing at £3 to £8 each, five to ten pairs of shoes at £5 to £15 each and 10 to 15 toys at £5 to £10 each could earn you between £135–£540 over the summer months. You may be able to increase your earnings if items are in excellent condition, are from popular brands, or are sold in bundles. When it comes to stocking up on new school items for September, take advantage of end-of-term sales organised by the Parent Teacher Association, where you may be able to pick up pre-loved logo items for as little as £3.
