Money Watch Family: Cutting Spending
Financial expert Martin Lewis has been overhauling the Merriman family’s finances.
His budget planner has revealed they are overspending by £3000 per month. He’s determined to change this overspend into an underspend.
He's given them tips on how to get the best deals on their household energy bills, using comparison websites. And he's suggested that they think carefully about their spending on luxuries like holidays, eating out and hairdressing appointments.
He says it would help to prioritize these luxury items and work out which ones they could think about cutting out.
But he also has some tips on how to cut one of their biggest expenses - their weekly grocery bills. He calls it the downshifting taste test.
Martin’s theory is that by downgrading one brand level on everything you buy at the supermarket you can save up to 1/3 on your grocery bills.
To prove his theory he puts the family favourite, Jaffa Cakes, to the test.
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