Martin Lewis is encouraging Brits to stock up a common item before October to save themselves some extra cash this Christmas, with one member of the public claiming a similar move has done “better” than their pension. Speaking on the most recent episode of his BBC podcast, money expert Martin explained how bulk-buying first class stamps now could be a financially savvy move.
First class stamps are currently priced at £1.35 each, which may seem steep but they are set to go up in price again on October 7 – to £1.65.
While individually this might not seem like a massive increase, when it comes to sending off multiple Christmas cards this winter it could make a noticeable dent in your wallet.
On the podcast he said: “Now, the key thing to understand here is if you buy a stamp and it says first on or second, for that matter, then it’s always a first class stamp.
“And it can always be used no matter what you paid for it, which is why I would recommend to anyone who’s going to need stamps well, thankfully forever or for Christmas in five years’ time, if you haven’t got them now, you should be stocking up now on your stamps.
“Go and buy 10 books, however many you’re going to use over the next few years and stock up on them, because they’re likely to go up again.”
His advice was backed by a number of members of the public who had written in to the show to explain how stocking up on stamps has saved them money over the years. One, called Jo, said her stockpile of stamps had done “better” than her pension.
In a voice message played on the show she said: “Well I used to enter lots of competitions, so I would bulk buy the stamps marked first and second class and I’d send out hundreds of postcards, envelopes, entry forms every month entering competitions. And I built up a huge stock.
“And then when the recent barcoded stamps came in, I had to send them all away to get them changed.
“When they came back, I had about £2,500-worth. They’ve actually done better than my pension. So I don’t think I’ve done too bad.”
There was a similar outcome for listener Pete Jones. Podcast co-host Adrian Chiles read out his story: “Doctor Pete Jones bought 3,000 stamps at 28p in 2003. Cost £840. Used and gave away about 1,500 over 20 years and swapped 1,500 for new barcode stamps. 1,500 left at new prices, worth nearly two and a half thousand. Better return than my pension.”
In response, Martin said: “Yeah, I mean, it’s unbelievable.”
Regarding the price hike for first class stamps, Nick Landon, chief commercial officer at Royal Mail commented: “We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.
“We are proud to deliver the Universal Service, but the financial cost is significant.”
For other money saving tips you can visit Martin Lewis’ website moneysavingexpert.com.
