The money-saving expert has shared questions anyone can ask themselves before spending
Martin Lewis fans can use a ‘money mantra’ to help control their spending, and the tip could be especially helpful for impulse buyers. Known for his straightforward guidance, the money-saving expert often shares tips on MoneySavingExpert.
A recent MoneySavingExpert Money Tips Email highlights a useful tip for anyone browsing the spring sales. Martin’s team advised: “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 guide 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.” There are two options as consumers can print a black-and-white card or a colour version. Once printed, the card can be cut out and folded to credit card size.
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, it’s not always straightforward to answer ‘Will I use it?’ and ‘Is it worth it?’ Even if you know you will use the product, you might decide there’s better value in 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 is £200, but the cost-per-wear for a £200 winter coat might be 50p.
Martin Lewis also offered an example from a shopping trip with a friend who liked two pairs of leather boots. As Martin explained, she was choosing between a £40 pair and a £110 pair.
The money-saving expert held up £70 cash next to the £40 pair to help her visualise the choice she was making. He said his friend ultimately chose the pricier boots, but the tip could still be helpful for people making a similar decision.
