Ask Andy #22: Your money questions answered

My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from this week with even more!

Watch the latest Q&A

Watch my answers to questions in the weekly Q&A on YouTube, including

• Is Monzo at risk?
• Will there be new NOW Sky Sports offers?
• Where to save £200 a month?
• and much more.

What’s the point of NOW TV?

Now TV is all well and good but you can’t record anything, so what’s the point of Now TV? Apart from extra channels cheaper than sky.

Daffy Duck, via YouTube

You’ve hit the nail on the head in your question – because it’s cheaper than Sky! You’re right you can’t record, but you can watch on catch up, so you won’t miss out on the shows you want to watch.

And if there are a handful of movies or series you really want to keep, it’ll still likely be cheaper to buy the DVD/Blu-Ray. Here’s are the latest deals for NOW (as it’s been rebranded).

Do I need to use up my credit limit?

Amex have approved me for £1300 ( this is my first every credit card, I’m 23). I’m not going to spend this much every month, what happens if I don’t use the full limit every month ?

 1CB via YouTube

Hi, there’s no need to worry! The credit limit is just the most you can spend on the card. It’s not a target. So spend what you need to spend and pay off as much as you can each month – ideally the full amount.

In fact, spending less will be beneficial to your credit report. The ideal amount is around 30% of your credit limit, so £433 – though it varies by credit card provider when they actually report the amount spent to the credit reference agencies, so I wouldn’t worry too much about this.

Should I wait to get an Amex?

I am planning to do a big purchase next year.

Is it worth it to wait to get the Amex then? As I don’t think I can spend enough to get the extra cash in the first few months.

Justin, via comments on the blog

Hi Justin, I think it probably will. You will miss out on the ongoing 1% cashback from the Nectar Amex in that time as well as extra offers, but it’s unlikely you’ll spend enough to match the welcome bonus return when you do make the big purchase next year.

You could go for a smaller welcome bonus -eg the Amex Platinum Cashback Everyday card will give 5% on the first £2,000 spent. So even if you spend less you’ll still get the 5%, unlike with the Nectar and Preferred Reward Gold cards which require a threshold spend to trigger the bonus.

Why has my Sky bill gone up?

Why do they charge different amount of money every month.. I thought I fixed 35 pounds a month but paid £43s, and this month £53.

Jattot via YouTube

It could be that you were on a special deal for the first 12 months, and now that’s over the price has gone up. Alternatively, there could extra purchases being made on your account such as a movie rental.

I’d get a hold of your bill and compare it to one at the cheaper price to see if you can identify where the extra has come from. If you are out of contract and the price has gone up, you can haggle for a better deal, or check out NOW TV instead.

Can I get two Amex welcome bonuses?

Can I apply for the Gold and Platinum on the same day and get both new customer offers?REPLY1 reply

Pietro, via YouTube

Sadly not! The welcome bonus is just once per person. If you have a partner you could both apply for a card and get the bonus twice – though I’d space it out so you can focus your spend on reaching one threshold before doing the same on the second card.

Which Virgin account should I keep my savings in?

I’ve just got these accounts and am a bit confused. Am I right in saying that the M plus current account (pink colour) is the one with 2.02% interest on anything up to £1000. The M plus savings account (purple colour) is the one with 0.35% interest on any amount of savings?

Ellie, via YouTube

Hi Ellie. Yes that’s right re the different accounts. The colours could change though, and if you add extra accounts they are in different colours too. Here’s more on the account.

It’s worth noting too that in total your money is only protected up to £85,000 across all Virgin Money accounts – though that’s not a problem for most people.

Should I take an annuity?

Hi Andy I am retired and wish to purchase a cash annuity, what I have been offered by Aviva and Canada life offer only straight monthly pay out no cover for benefactors. Any ideas? by the really good advice content on your channel thank you.

Simeon, via YouTube

Hi Simeon, glad you like the channel! So with an annuity and pension pot you really should seek regulated advice from a pension advisor. Not only will they be able to look at what’s best for you and have a decent understanding of the wider annuity market, but there will also be some protection if it’s bad advice.

How to ask me questions

The best ways to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me live in my weekly Q&A each Wednesday (which is on Instagram and YouTube).

You can also comment on individual blogposts and videos or ask me questions via these channels:

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash
• Email Andy[at]BeCleverWithYourCash.com

I can’t promise I’ll be able to answer all questions but I’ll do my best.