Martin Lewis has suggested considering the option of canceling booked holidays and hotel reservations to potentially re-book at lower rates.
The financial expert advised, “Have you noticed if your hotel or car rental has become cheaper since your booking? If so, and if cancellation is free, it’s worth monitoring the prices. If you find a better deal, rebooking and then canceling your original reservation can be advantageous.”
Several financial insights highlighted include:
1. Assessing inheritance tax liabilities.
2. Exploring pension initiation and consolidation strategies.
3. Optimizing pension withdrawals to avoid excessive tax burdens.
4. Exploring avenues to contest rent increases.
5. Understanding tax implications across income, crypto, and capital gains.
Full discussions on these topics are available through Martin Lewis’s NOT THE MARTIN LEWIS podcasts.
Martin Lewis received feedback from a follower via Money Saving Expert, who shared their experience: “In January 2024, I booked a two-week car rental in the US for $1,024. By checking comparison sites in May, I discovered the same car available at a lower price. I canceled my initial booking, received a refund of my deposit, and rebooked at a reduced rate.”
A social media user named Chris praised this rebooking approach, citing savings of approximately £250.
Another example from a social media post highlighted a traveler’s experience: “Back in January, I booked a London hotel for July, costing nearly £600 for two days. Upon checking earlier this month, I found the price had dropped to around £250. I canceled my original booking and rebooked at the lower rate.”
Recommended readings include Martin Lewis’s cautionary note about Amazon Prime Day deals, a mother’s warning regarding acrylic nails for UK teens, and a doctor’s advice on effective hangover remedies.
Martin Lewis’s readers also share tips on negotiating better deals, emphasizing the potential benefits of haggling in various scenarios, including travel bookings.
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