The money-saving expert shared a simple tip people can use when making a purchase
Shoppers can use Martin Lewis’ tip to manage their money (stock photo)(Image: ITV)
Martin Lewis has shared a ‘money mantra’ anyone can use to manage their spending – and it could prevent people from making impulse purchases they might later regret. The money-saving expert has built a reputation for his no-nonsense advice. He also shares tips on MoneySavingExpert.
In the latest MoneySavingExpert Money Tips Email, Martin’s team shared guidance for anyone buying during the spring sales. One tip said: “Always follow Martin’s Money Mantras before buying anything.” The email explained that there are a few questions everyone ought to ask themselves before making a new purchase.
The guidance said: “Use the Money Mantras. Before spending, use Martin’s mantras. If you answer ‘NO’ to any, then don’t buy! Skint? Then ask: Do I need it? Can I afford it?
“Not skint? Then ask: “Will I use it? Is it worth it?” By asking the question, consumers can evaluate whether or not the purchase they are about to make is worthwhile.
MoneySavingExpert offers a free Money Mantras card that people can print and keep in their purse as a reminder the next time they buy something. The instructions say: “It’s designed for you to print, pop in your purse or wallet and whip out before you buy.
“One side’s for if you’re skint, the other if you’re not. Flip it over depending on your circumstances, then check EVERY time you shop to see if you should be spending the cash.”
As MoneySavingExpert pointed out, just because a shop is offering a good deal does not guarantee it’s the right deal for you. The webpage about Martin’s Mantras shares more tips for making money-savvy choices. It acknowledges that answering the questions isn’t always straightforward.
For instance, if you’re not skint and you’re answering the questions ‘Will I use it?’ and ‘Is it worth it?’, it might be hard to decide. While you might use the product, you could get better value for your money by buying something else.
MoneySavingExpert used a £200 dress as an example. If you buy the dress to wear it for a one-off occasion, the cost-per-wear works out as £200. However, the cost-per-wear for a £200 winter coat might equal 50p.
Offering a tip, Martin Lewis shared an example from a shopping trip he took with a friend who was struggling to decide between two pairs of leather boots. She liked one £40 pair and one £110 pair.
So the money-saving expert held up £70 cash next to the £40 pair to help her visualise the choice she was making. While his friend ultimately chose the pricier boots, the tip could still be helpful for people making a similar decision.