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The President of the United States this week admitted that despite his great wealth, he is careful with his money. Following the leader of the free world in taking a similarly thrifty approach, we invited some financial experts to share some examples of their won penny-saving ways.
Their responses had much in common: riding a bike if you live in town and, whenever possible, prioritising saving over spending. The secret is to put money aside whichever way you can. Some people put all their spare change in a jar every day and, at the end of the month, take it to the bank and invest it. Others believe that it’s too easy to make impulse purchases using contactless cards; if you don’t hand over cash, it may not feel like spending.
On the basis that “a mickle makes a muckle” (small savings add up to a lot), as Mr Trump’s Scottish mother would have put it, here are some scrimper ideas.
● Patrick Connolly, of Chase de Vere
“I look at my current account every couple of months and transfer any surplus to my mortgage account to pay down a bit of my outstanding balance. Even if you’re talking about sums of £200 or £300, it all adds up. I’m earning nothing on my current account and I am paying interest on my mortgage, so it’s really a no-brainer.”
● Gemma Godfrey, of Moo.la
“I save before I spend, and believe it’s never too early to invest in your children’s future. That’s why every month, as soon as money comes in, a slice of it goes into accounts for my son and daughter. Small regular savings, when invested, should grow to help fund their education or contribute towards a car.”
● Sam Slator, of Chelsea Financial Services “I’ve signed up to get Gin Explorer — a box of four different types of gin delivered each month for £24.99. It’s a lot cheaper than multiple rounds of gin and tonic in the pub and a taxi home.”
● Brian Dennehy, of Fundexpert
“Try making your own lunch. A chicken salad sandwich is about £2.50 to buy, £12.50 for the week. Buy a loaf of bread for 50p, lettuce for 50p, five tomatoes for 50p, and a small chicken for £2.95. Total £4.45 for a week of fresh chicken salad sandwiches.”
● Mark Dampier, of Hargreaves Lansdown “New furniture has a depreciation element that means it’s near worthless after you buy it. I would use eBay to buy furniture. My wife and I have just bought a fantastic table and large roll-top desk.”