How to Save a Grand in 24 Hours: Couple discover savings total
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Carl spends a lot of money on non-essential items and spoiling his family due to his upbringing. He said: “We didn’t have a lot of money, and my dad died when I was young, so we didn’t have any of the new things.
‘I worry that I won’t always be here so I try and do everything I can while I’m still here really.”
However weekly treats for the kids from Carl are hitting their pockets hard. Over the past month Ms Richardson revealed that Carl spent £976 on non-essential items such as clothes and toys.
He loves to splurge on big events, so over £500 of that was spent towards Natalie’s birthday.
Ms Richardson said: “In an ideal world you should be spending 50 percent of your income on essentials, 30 percent on nonessentials, and then you should be able to put away 20 percent as savings.”
Ms Richardson challenged Carl to cut his non-essential shop in half. Usually they spend £400 a month, but with the experts help they were able to keep this cost at zero.
He said: “When you see the funds, you realise you don’t need any of that stuff.”
Additionally, their two kids are fussy eaters, so Natalie usually makes two separate meals. Due to fussy eating, and convenience the couple are blowing nearly a grand on food each month. They were able to save £245 on their monthly shopping bill with chef Gary Usher’s challenge.
Mr Usher said: “Whether it’s a takeaway or a jar bought in sauce, we’re all guilty of using convenience foods. But if you do cook at home from scratch, you’ll get way more out of your food.”
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Ms Richardson continued: “Convenience foods are also more expensive and often full of added sugar and salt. A jar of shop for tomato ragu cost £1.49 compared to £0.60p for home-made version. All those extra little costs can really add up. Making more and saving for later can save time and money.”
Furthermore, by resisting the temptation for convenience spending and take away foods, the couple were able to save £376.40.
All together they were able to slash their food bill by £621.20, more than half.
Carl is a maintenance engineer for a coffee company and Natalie is a self-employed hairdresser and beautician. Unfortunately, she had to close her shop because of the pandemic and make major cuts.
She said: “We have so many bills, it’s been so hard to budget.”
To save money, Natalie is working from home, but she has had to sacrifice one of her children’s bedrooms. Their financial goal is to be able to move Natalie’s beauty and hair business into the garden and build a cabin for her to work from.
Ms Richardson said: “You are hindering yourselves by being everyday spenders rather than looking to the future. We can definitely help you with that.”
Additionally, when it comes to subscriptions, Natalie and Carl have it all.
He said: “We have a lot on the television even though we hardly watch it. We still end up having the Disney, the Netflix, and two Amazon Prime accounts.”
By cutting down on their subscriptions, the couple were able to save £109.15.
They also pay over the odds-on utility bills – £160 a month, when the average four household of four spends £94. Being aware of what a person’s outgoings are each month, and what companies the money is going to can help save money as people can look for cheaper deals on other providers.
Using the lessons learned in 24 hours, Carl and Natalie were able to save £1162.23.
Ms Richardson praised them saying: “That’s like a second mortgage well done both of you. You’re saving well over a thousand pounds a month so think about that in a year. That’s like 13/14 thousand pounds. You will be able to achieve your dream of having the cabin for Natalie’s business, and the bedrooms for the kids.”
Natalie responded: “That’s amazing, that’s really doable with that amount of saving in a month. Thank you for helping us.”
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