Britain’s Money Saving Expert talks to Deputy Editor Jo Wooderson about his job and upcoming campaigns
We’re really excited to introduce Britain’s Money Saving Expert, Martin Lewis, who will be bringing you the best money-saving tips here every month in 2012. In this exclusive interview we caught up with Martin to find out a little more about him and why he loves his job...
How would you describe what you do?
I’m first and foremost a journalist; my aim is to investigate products to find the best. Many mistakenly think this is about thrift. It’s not. My job is to play the system and get more money in people’s pockets. I’m all for pain-free saving. Have more and pay less for it, as opposed to cutting back and doing without. The first step is to see if you can save money without changing your lifestyle. However, many people will have to make huge lifestyle changes. This notion of saving money may be harder to understand, but is actually easier to do.
What type of feedback do you get?
A huge amount, for me and the site. It’s often too much to take in, but is usually very rewarding. Some of the big campaigns I’ve been involved in, such as bank charges or PPI, have seen people get back billions that have been wrongly taken from them, and make you want to jump for joy. Yet, in reality, it’s the everyday stuff, helping people start to get a grip on their money, that I’m really passionate about. Money doesn’t make you happy, but it can cause huge problems in people’s lives. It truly can be life-enhancing to get your finances in order.
How did you get into it?
I gave up my job in the city to go into journalism. After a while I got the chance on a small TV channel to have some freedom. I chose to focus on the nitty gritty of products – not just discussing issues but digging deep into how people could make their choices. For me the big problem back then was personal finance as it was just about shares and mortgages – but more people bought DVD players than shares so for me that was a core financial decision too.
I always remember at journalism school taking stick for saying I’d like to talk about money on This Morning. I used to watch the programme and think: “These food, beauty and fashion experts are great, but their suggestions are pointless if people don’t have the money to do them”.
I was getting nowhere. It wasn’t a question of me proving myself, it was about having to try and create a demand for money-saving and it wasn’t going well – the small telly channel had gone under and I was struggling.
I remember going to lunch with my dad and discussing a career change. The next day I was invited to join a Radio 5 debate and the editor of This Morning was listening in on her way to work. She invited me on to the show for a phone-in the very next day. Phone lines went crazy with viewers wanting tips on managing their money. After that I got a regular slot on the show. My ambition had come true – seems a long time ago now.
When did you launch your website, MoneySavingExpert.com?
I was setting up my website around the same time in 2003, so it was a busy period. The concept of a money-saving expert actually became popular before the recession, and the biggest searches pre-recession and during recession are the opposite of what you’d expect. Pre-recession, people want to know about managing debts, as they had borrowed too much. But in times of recession, it was all about savings as interest rates were so bad. Now, staggeringly, there are 12 million users a month and 6 million people get my weekly email – if you’d told me that when I started it, I’d probably have run away!
January can be hard. What would your top tip be for being money-savvy in Jan?
The New Year is a brilliant opportunity to get your finances in order. Quick tips are not the answer, but a day spent going through your income and outgoings can literally save you thousands. It may sound boring, but it’s only a day out of your life. How many people actually know how much they spend a month? Not many. Only then can you work out a budget plan to help reduce your outgoings.
Self control is important, what can people do?
I have two money mantras for spending. If you’re really struggling and want to purchase something, ask yourself the following three questions: Do I need it? Can I afford it? If the answer is yes to both questions, then finally ask yourself: Can I get it cheaper elsewhere? If you are not so strapped for cash, ask yourself: Will I use it? If it’s a yes, can I make better use of my money elsewhere? If it’s a no, then finally ask the same question: Can I get it cheaper elsewhere?
You’ve run a lot of campaigns in the past – what’s coming up?
Right now I’ve got two main new campaigns on my agenda. The first is financial education. I’m campaigning to make it a compulsory part of the national curriculum, as I believe it’s vital to teach our kids about debt. Nowadays there isn’t a stigma surrounding debt; it’s socially acceptable so people don’t worry. I believe we need to teach the younger generation about borrowing the right way. We’ve pushed a debate in Parliament on it, but I think we need to shout a little louder to convince Mr Cameron.
The second cause is debt-related mental health. Many people who are in serious debt have mental health issues, ranging from bi-polar disorder to depression. Debt and mental health are a marriage made in hell; both cause each other and it’s getting worse. We need some joined-up thinking to try to make it better. I’m very proud that on my site we treat mental health like any other money issue – not put it in a specialist ghetto. We’ve published a comprehensive guide that anyone can download and provided 50,000 copies to health centres around the country.
I’m sure there are many more money campaigns on the horizon for me. It’s exciting to not know what’s around the corner.
You’re still the UK’s most searched man on the internet … not a bad epitaph is it?
It certainly earns ‘cool’ points with my niece! Though unlike when they search for Cheryl Cole I know with me it’s my tips they’re after. Although it’s just a number, what really makes the difference are the letters, emails and tweets of thanks showing the impact of the work – it helps me get out of bed in the morning.
For more tips and advice on saving money, visit Martin’s site MoneySavingExpert.com
Words: Jo Wooderson
Image: Ken McKay/Rex Features
