Martin Lewis has revealed a ‘money mantra’ that anyone can use to help manage their spending – and it could stop people from making impulse purchases they later regret. The money-saving expert has earned a reputation for his no-nonsense advice and TV appearances. He also shares tips on MoneySavingExpert.
The latest MoneySavingExpert Money Tips Email includes guidance for anyone buying during the spring sales. It 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 advice read: “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.”
While shoppers might think they’re saving money when they spot a good deal, it’s important to check whether it’s right for them, as MoneySavingExpert pointed out. The webpage about Martin’s Mantras shares more advice for making money-savvy choices, including tips for answering the money mantra questions, reports the Mirror.
For example, shoppers might struggle to answer the first two questions. While you might use the product, you could get better value for your money by buying something else.
MoneySavingExpert offered an example, imagining someone wanting to buy a £200 dress. If you buy the dress to wear it for a one-off occasion, the cost-per-wear works out as £200. On the other hand, the cost-per-wear for a £200 winter coat might equal 50p.
For people who are still undecided, Martin Lewis shared an example from a shopping trip he took with a friend. On the day, his friend was struggling to decide between two pairs of leather boots. She liked one £40 pair and one £110 pair.
So Martin 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.
Sharing another way to understand the cost, MoneySavingExpert said it could also be helpful to work out how many hours you would need to work to pay for an impulse buy.