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Whether you're a spender or a saver, | 0:00:02 | 0:00:04 | |
we could all do without knowing how to make the most of our cash. | 0:00:04 | 0:00:07 | |
So, we've found simple advice for you to do just that | 0:00:08 | 0:00:12 | |
and taken it to towns and cities right across Britain. | 0:00:12 | 0:00:15 | |
Whatever help you need with your finances, we are right on the money. | 0:00:17 | 0:00:21 | |
Hello, and welcome to Right On The Money, | 0:00:23 | 0:00:25 | |
the show that aims to boost your coffers | 0:00:25 | 0:00:27 | |
by making simple changes to the way you spend. | 0:00:27 | 0:00:29 | |
Today, we're in historic Chester which was founded by the Romans | 0:00:29 | 0:00:33 | |
as a military base from which their armies could conquer the North. | 0:00:33 | 0:00:37 | |
And if it's one thing the Romans loved, Denise, it was money. | 0:00:37 | 0:00:40 | |
And here's how today we're going to help you keep hold of yours. | 0:00:40 | 0:00:43 | |
We help this former copper investigate the mysterious case | 0:00:45 | 0:00:48 | |
of her disappearing bank balance and we get the chief suspects in | 0:00:48 | 0:00:52 | |
for questioning - one daughter and one dog. | 0:00:52 | 0:00:55 | |
And we will see just what our money makeovers have done | 0:00:56 | 0:01:00 | |
as we catch up with some of the people whose finances | 0:01:00 | 0:01:03 | |
we've transformed in the past. | 0:01:03 | 0:01:05 | |
Without the show, I don't think I'd have been as happy as I am today. | 0:01:05 | 0:01:08 | |
I love it, I love it! | 0:01:08 | 0:01:09 | |
HE RINGS BELL | 0:01:12 | 0:01:14 | |
Oh, yea! | 0:01:14 | 0:01:16 | |
Good people of Chester! | 0:01:16 | 0:01:19 | |
Dom and Denise plan to make sure | 0:01:19 | 0:01:22 | |
that you are right on the money! | 0:01:22 | 0:01:27 | |
We certainly are. | 0:01:27 | 0:01:29 | |
Now, modern Chester is a pretty classy place. | 0:01:29 | 0:01:32 | |
But it's also a regular shopping haunt for a former policewoman | 0:01:32 | 0:01:35 | |
who desperately needs our help to sort her finances out. | 0:01:35 | 0:01:38 | |
Carol Owen from North Wales is devoted mum | 0:01:39 | 0:01:42 | |
to 15-year-old daughter Catherine. | 0:01:42 | 0:01:44 | |
Not forgetting the other baby, | 0:01:44 | 0:01:46 | |
three-year-old British bulldog, Stanley. | 0:01:46 | 0:01:50 | |
Am I boring you, Stanley? | 0:01:50 | 0:01:52 | |
At 54, Carol's been retired from the police for three years. | 0:01:52 | 0:01:56 | |
I've worked full-time all my life, | 0:01:56 | 0:01:58 | |
so this is the first opportunity I've had | 0:01:58 | 0:02:00 | |
to be home when Catherine gets home from school | 0:02:00 | 0:02:03 | |
and to have tea ready and to be around. | 0:02:03 | 0:02:06 | |
I love it. Absolutely love it. | 0:02:06 | 0:02:08 | |
With a decent pension pot, | 0:02:09 | 0:02:10 | |
you'd think Carol shouldn't have too many money worries, | 0:02:10 | 0:02:14 | |
but that's not the case. | 0:02:14 | 0:02:15 | |
When I look at my statements at the end of the month | 0:02:15 | 0:02:19 | |
and I find it ridiculous, really, | 0:02:19 | 0:02:21 | |
that I've got a good amount of money coming in, | 0:02:21 | 0:02:24 | |
but every single penny seems to go out, as well. | 0:02:24 | 0:02:28 | |
So, where on earth is this former police officer's money disappearing? | 0:02:28 | 0:02:33 | |
Let's look at the clues. | 0:02:33 | 0:02:35 | |
Exhibit one, Carol's very cute, | 0:02:35 | 0:02:38 | |
but very pampered British bulldog, Stanley. | 0:02:38 | 0:02:41 | |
Stanley! The most expensive bulldog in the world. | 0:02:41 | 0:02:44 | |
He snores, and he dribbles, | 0:02:44 | 0:02:46 | |
he costs the Earth and we love him to bits. | 0:02:46 | 0:02:49 | |
Exhibit two, Carol's daughter Catherine. | 0:02:49 | 0:02:52 | |
The pair are super-close | 0:02:52 | 0:02:53 | |
and Carol just loves to take her clothes shopping | 0:02:53 | 0:02:56 | |
and give her lots of treats. | 0:02:56 | 0:02:58 | |
But despite all this overwhelming evidence, | 0:02:58 | 0:03:01 | |
this former copper still can't see where all her money's disappearing. | 0:03:01 | 0:03:04 | |
I suspect that it might be paying over the odds on some things. | 0:03:04 | 0:03:09 | |
I'm sure there must be savings somewhere. I can't figure it out. | 0:03:09 | 0:03:12 | |
Carol's biggest fear is getting into debt | 0:03:12 | 0:03:14 | |
and she's afraid of what could happen | 0:03:14 | 0:03:17 | |
if we can't help her crack this case. | 0:03:17 | 0:03:19 | |
I'm terrified that I'll lose the house. | 0:03:19 | 0:03:23 | |
The house is my security, it's Catherine's security, it's our home. | 0:03:23 | 0:03:27 | |
Sounds like Carol needs the services of our special savings branch. | 0:03:27 | 0:03:31 | |
And here's our chief inspector, Sarah Pennells. | 0:03:31 | 0:03:35 | |
-You must be Carol? -Yeah, hello. | 0:03:35 | 0:03:37 | |
-I'm Sarah. -Nice to meet you. -Really nice to meet you. -Come in. | 0:03:37 | 0:03:40 | |
Let the investigation began. | 0:03:40 | 0:03:43 | |
You're saying that you don't like debt... | 0:03:43 | 0:03:46 | |
-Mmm. -Just tell me more about that. | 0:03:46 | 0:03:48 | |
When I got married, I never really thought much about finances, | 0:03:48 | 0:03:51 | |
to be honest with you, | 0:03:51 | 0:03:52 | |
because there was two of us bringing good money in. | 0:03:52 | 0:03:55 | |
And then, when it all fell apart at the end, I had a real... | 0:03:55 | 0:03:59 | |
really nasty shock... | 0:03:59 | 0:04:00 | |
..as to how much we owed. | 0:04:01 | 0:04:03 | |
-It caught me short. -But you weren't aware of it | 0:04:03 | 0:04:06 | |
-or you just didn't realise...? -I didn't realise. | 0:04:06 | 0:04:09 | |
But we lived to our means. | 0:04:09 | 0:04:11 | |
We did. And beyond. And we'd have credit cards and one credit card... | 0:04:11 | 0:04:16 | |
We'd get a credit card to pay off another credit card. | 0:04:16 | 0:04:19 | |
My mum and dad will cringe when they hear this! | 0:04:20 | 0:04:22 | |
THEY LAUGH They didn't know until now? | 0:04:22 | 0:04:25 | |
They didn't know! But it goes against the grain. | 0:04:25 | 0:04:28 | |
Carol's now divorced and out of debt. | 0:04:28 | 0:04:31 | |
But she's still overspending. | 0:04:31 | 0:04:33 | |
In fact, it's got so bad that she's got no money left | 0:04:33 | 0:04:36 | |
to cover two very important costs coming up. | 0:04:36 | 0:04:40 | |
Catherine's bedroom. It's the same furniture since she was five | 0:04:40 | 0:04:44 | |
that she's still got now, and she's coming up to 16. | 0:04:44 | 0:04:47 | |
So, that's the next project, that's really what we're looking at. | 0:04:47 | 0:04:51 | |
And Catherine's prom dress is a prime example. | 0:04:51 | 0:04:54 | |
That's something I haven't budgeted for. | 0:04:54 | 0:04:57 | |
That's a lot of potential spending on the horizon. | 0:04:57 | 0:05:00 | |
So, if Carol wants to avoid her worst fear, debt, | 0:05:00 | 0:05:04 | |
then Sarah needs to get on the case fast. | 0:05:04 | 0:05:07 | |
Time to turn her attention to the third member of the Owen household. | 0:05:07 | 0:05:11 | |
He's an important part of your family, I'm guessing? | 0:05:12 | 0:05:15 | |
He is. He absolutely is. | 0:05:15 | 0:05:17 | |
He's a big part of our family, we wouldn't be without him. | 0:05:17 | 0:05:19 | |
Tell me a bit more about Stanley. | 0:05:19 | 0:05:22 | |
How long you've had him and what you spend on him. | 0:05:22 | 0:05:25 | |
-His cost is bedding and everything like that, Christmas... -Toys? -Toys. | 0:05:25 | 0:05:29 | |
Yeah. Treats, that kind of thing? | 0:05:29 | 0:05:30 | |
Yeah. Food, he has a big 12 kilo... | 0:05:30 | 0:05:35 | |
bag of dog food every month, which is £25. | 0:05:35 | 0:05:40 | |
Pet insurance every month is about £67. | 0:05:40 | 0:05:44 | |
It's quite a lot. | 0:05:44 | 0:05:46 | |
It's quite a lot, bless him. | 0:05:46 | 0:05:49 | |
The average cost of keeping a dog over a lifetime is £16,900, | 0:05:49 | 0:05:55 | |
and a lot of that is swallowed up by vets' bills and pet insurance. | 0:05:55 | 0:05:59 | |
But it's always worth shopping around for a cheaper policy. | 0:05:59 | 0:06:03 | |
Time for Sarah to work her magic | 0:06:03 | 0:06:05 | |
and she very quickly finds a brilliant deal | 0:06:05 | 0:06:08 | |
that could give Stanley the same lifetime cover, | 0:06:08 | 0:06:11 | |
but for £400 a year less. | 0:06:11 | 0:06:14 | |
I think that's fantastic. I admit... For pet insurance I've just... | 0:06:14 | 0:06:18 | |
..paid when it's come round for renewal. | 0:06:19 | 0:06:21 | |
But I think that's really good, that's a big difference. | 0:06:21 | 0:06:24 | |
As long as it does cover... | 0:06:24 | 0:06:25 | |
..everything. | 0:06:26 | 0:06:28 | |
Good work, Sarah. | 0:06:28 | 0:06:29 | |
Stanley, you're well covered. | 0:06:29 | 0:06:31 | |
With Stanley tucked up in his basket, | 0:06:32 | 0:06:34 | |
Sarah is tagging along on one of her daughter's regular shopping trips | 0:06:34 | 0:06:39 | |
and she's about to see how much Carol's splashing out | 0:06:39 | 0:06:41 | |
on extra clothes and make-up for Catherine. | 0:06:41 | 0:06:43 | |
Do you have a feeling of how much your mum spends on you? | 0:06:45 | 0:06:48 | |
I'd say is definitely more than it was, | 0:06:48 | 0:06:50 | |
and because it's coming up to my prom, | 0:06:50 | 0:06:52 | |
she's going to be spending money all on that, as well. | 0:06:52 | 0:06:56 | |
-So... -Well, we've had a look back over the last few months, | 0:06:56 | 0:06:59 | |
and over a three-month period, it's about £800. | 0:06:59 | 0:07:03 | |
SHE LAUGHS | 0:07:03 | 0:07:04 | |
-Really? -How do you feel, hearing that figure? | 0:07:04 | 0:07:07 | |
£800 over three months. | 0:07:07 | 0:07:09 | |
I can't believe it. Really? | 0:07:09 | 0:07:11 | |
That's over £3,000 a year, if you're spending at that rate. | 0:07:11 | 0:07:15 | |
I know you're worth it, Catherine, but I'm sure we can cut back. | 0:07:16 | 0:07:19 | |
Wow, I wouldn't have thought that much. | 0:07:21 | 0:07:23 | |
The average cost of raising a child from 11 to 17 years old | 0:07:23 | 0:07:27 | |
is a massive £55,000. | 0:07:27 | 0:07:31 | |
But it seems like Carol has to cut back on her luxury spending | 0:07:31 | 0:07:34 | |
on Catherine if she wants to get her finances in order. | 0:07:34 | 0:07:38 | |
I think rather than saying, | 0:07:38 | 0:07:40 | |
you know, don't spend any money on your daughter, | 0:07:40 | 0:07:42 | |
maybe it's about giving Catherine the choice of, you know, | 0:07:42 | 0:07:46 | |
do you want some of this money to go in your prom dress fund? | 0:07:46 | 0:07:49 | |
-Or your bedroom fund? -Yeah. -Or do you want a treat? | 0:07:49 | 0:07:52 | |
You know, you can't necessarily have them both. | 0:07:52 | 0:07:55 | |
How would that feel? Would that feel really tough or would that feel OK? | 0:07:55 | 0:07:58 | |
I'd say it would feel OK, | 0:07:58 | 0:07:59 | |
cos at least we're doing something about it. | 0:07:59 | 0:08:02 | |
And what about you? Would you feel, | 0:08:02 | 0:08:04 | |
if there was something Catherine wanted...? | 0:08:04 | 0:08:07 | |
It would probably be hard, but... | 0:08:07 | 0:08:09 | |
I'm... | 0:08:09 | 0:08:10 | |
I'm still a bit in shock. I can't believe it's that much money! | 0:08:10 | 0:08:13 | |
-Do you want to sit down? -Yes, please! | 0:08:13 | 0:08:16 | |
Well, on top of everything else... | 0:08:16 | 0:08:17 | |
Oh, my goodness, we're just throwing money away. | 0:08:17 | 0:08:20 | |
No wonder I'm struggling at the end of the month | 0:08:20 | 0:08:22 | |
with nothing to show for it. | 0:08:22 | 0:08:24 | |
I'm sure we can cut back, can't we? Good grief. | 0:08:24 | 0:08:27 | |
Yes, good grief indeed. | 0:08:27 | 0:08:29 | |
But at least Carol is slowly realising | 0:08:29 | 0:08:31 | |
she's going to have to change her generous spending habits | 0:08:31 | 0:08:35 | |
if she wants to remain debt-free. | 0:08:35 | 0:08:37 | |
As that £3,000 spend on Catherine was just on luxury items, | 0:08:37 | 0:08:42 | |
she could easily halve the amount, bagging Carol a £1,500 saving. | 0:08:42 | 0:08:47 | |
That's enough for five of these prom dresses. | 0:08:47 | 0:08:50 | |
Carol, your Cinderella can still go to the ball. | 0:08:50 | 0:08:53 | |
Shopping trip over and Carol gets the sit-down she needed, | 0:08:53 | 0:08:57 | |
giving Sarah a good chance to investigate | 0:08:57 | 0:08:59 | |
another one of Carol's costly habits. | 0:08:59 | 0:09:02 | |
How many coffees would you say you pay for | 0:09:02 | 0:09:06 | |
in an average week or month? | 0:09:06 | 0:09:08 | |
What would you say you'd buy? | 0:09:08 | 0:09:10 | |
In a week I would say... | 0:09:10 | 0:09:12 | |
So, you'll have a chocolate, I'll have a coffee. | 0:09:15 | 0:09:18 | |
We're sort of talking about probably six or so, | 0:09:18 | 0:09:21 | |
would you say, in an average week? | 0:09:21 | 0:09:23 | |
-An average week. -OK. | 0:09:23 | 0:09:24 | |
If it's £2, that's £12 a week. | 0:09:24 | 0:09:27 | |
Yeah. And over a year, that adds up to over £600. | 0:09:27 | 0:09:31 | |
-Wow. -If you're spending more on your coffees... | 0:09:31 | 0:09:34 | |
That could be £700, £800. | 0:09:34 | 0:09:37 | |
-That's quite a lot. -It's a lot when you say it like that. | 0:09:37 | 0:09:40 | |
Doesn't seem a lot at the time, does it? We just go for a coffee. | 0:09:40 | 0:09:43 | |
Has that surprised you, | 0:09:43 | 0:09:44 | |
that it does add up to that much over a year? | 0:09:44 | 0:09:46 | |
I suppose, in a way, when you say £600 or £700... | 0:09:46 | 0:09:50 | |
..that's almost your bedroom, isn't it? | 0:09:51 | 0:09:54 | |
Look, I'm going to hold my hands up, guys - | 0:09:54 | 0:09:57 | |
coffee's my big vice, too. | 0:09:57 | 0:09:58 | |
But if Carol cuts back on the bean, | 0:09:58 | 0:10:01 | |
she could save £500. | 0:10:01 | 0:10:03 | |
As they head home, Sarah finds another area | 0:10:05 | 0:10:08 | |
where Carol could save some hard cash - her car finance deal. | 0:10:08 | 0:10:12 | |
I paid £5,000 up front and then £210 a month for four years, | 0:10:14 | 0:10:19 | |
and then £6,000 at the end. | 0:10:19 | 0:10:23 | |
So, it's not cheap. | 0:10:23 | 0:10:26 | |
And with this payment, you've got to make at the end, | 0:10:26 | 0:10:29 | |
-do you have the money to make the payment? -No, I don't. | 0:10:29 | 0:10:32 | |
Because you said that you have quite a fear of debt | 0:10:32 | 0:10:34 | |
and so going overdrawn makes you feel physically sick. | 0:10:34 | 0:10:38 | |
Does the car loan count as debt in the same way? | 0:10:38 | 0:10:41 | |
Yeah, absolutely. Absolutely. | 0:10:41 | 0:10:42 | |
That's a huge thing weighing around me at the moment. | 0:10:42 | 0:10:45 | |
So, this is the culprit. | 0:10:45 | 0:10:47 | |
This is the car, the expensive car. | 0:10:47 | 0:10:50 | |
So, over four years, | 0:10:51 | 0:10:53 | |
Carol will end up paying just over £22,000 for a car | 0:10:53 | 0:10:57 | |
that, by then, may not even be worth half of that. | 0:10:57 | 0:11:01 | |
For someone who's scared of debt, that's a puzzling choice. | 0:11:01 | 0:11:05 | |
And you, too, might be in a similar situation, | 0:11:05 | 0:11:07 | |
as 75% of all car sales are on some sort of finance deal. | 0:11:07 | 0:11:13 | |
As far as Carol is concerned, she's stuck with the deal. | 0:11:13 | 0:11:16 | |
But after combing the fine print, Sarah's found a way out. | 0:11:16 | 0:11:20 | |
So, with the kind of agreement that you've got, | 0:11:20 | 0:11:23 | |
you can actually stop making payments | 0:11:23 | 0:11:26 | |
once you've paid half of the entire amount. | 0:11:26 | 0:11:28 | |
You can just stop making the payments and there is no penalty. | 0:11:28 | 0:11:32 | |
Obviously, you'd have to hand the car back... | 0:11:32 | 0:11:34 | |
Oh, I didn't know that! | 0:11:34 | 0:11:36 | |
So, by ditching the car now, | 0:11:36 | 0:11:39 | |
Carol could save £11,000 over the next two years. | 0:11:39 | 0:11:43 | |
And a quick visit to her local car dealer | 0:11:43 | 0:11:46 | |
shows that for just a few grand | 0:11:46 | 0:11:48 | |
and no finance, she could easily pick up a nice set of wheels. | 0:11:48 | 0:11:52 | |
Very neat, isn't it? In good condition. | 0:11:52 | 0:11:54 | |
It feels comfortable to sit in, does it? | 0:11:54 | 0:11:56 | |
There's plenty of room inside, plenty of room in the back. | 0:11:56 | 0:11:58 | |
It's a good-sized boot, isn't it? | 0:11:58 | 0:12:00 | |
You could get your dog and shopping in there! | 0:12:01 | 0:12:04 | |
So, Carol, what do you think now you've seen few of those cars? | 0:12:04 | 0:12:08 | |
I'm amazed. | 0:12:08 | 0:12:10 | |
I'm amazed. If I had done my homework earlier on I wouldn't... | 0:12:10 | 0:12:13 | |
Love the car, though, I do... | 0:12:14 | 0:12:15 | |
I don't think I'd have bought it. | 0:12:17 | 0:12:19 | |
So, if I was Carol, I'd think about taking Sarah's advice - | 0:12:19 | 0:12:23 | |
ditching her car and getting rid of her expensive finance deal. | 0:12:23 | 0:12:27 | |
But will she go through with it? | 0:12:28 | 0:12:30 | |
Well, you'll have to find out later | 0:12:30 | 0:12:32 | |
when we also discover that Carol has a hidden | 0:12:32 | 0:12:35 | |
and, potentially money-spinning, talent. | 0:12:35 | 0:12:37 | |
And Carol will be talking to us | 0:12:41 | 0:12:43 | |
about how she's got on a little bit later. | 0:12:43 | 0:12:45 | |
But first up, personal finance expert Fergus Muirhead | 0:12:45 | 0:12:48 | |
and Kalpana Fitzpatrick, who writes a blog | 0:12:48 | 0:12:50 | |
teaching families how to save money, are with us. | 0:12:50 | 0:12:53 | |
Kalpana, I'm going to come to you in a second. | 0:12:53 | 0:12:55 | |
Fergus - Carol, she didn't have a clue | 0:12:55 | 0:12:57 | |
about how much money she was spending, did she? | 0:12:57 | 0:12:59 | |
Is that quite common with families? | 0:12:59 | 0:13:00 | |
I think it's very common with families. | 0:13:00 | 0:13:02 | |
Research from The Money Advice Service earlier on this year | 0:13:02 | 0:13:05 | |
suggested that almost half of us don't understand how we spend money. | 0:13:05 | 0:13:08 | |
In fact, we couldn't tell how much is in our bank account | 0:13:08 | 0:13:11 | |
at any given time to within £50, and that's quite bad. | 0:13:11 | 0:13:13 | |
Kalpana, it's not easy for parents | 0:13:13 | 0:13:15 | |
to say "no" to their children, is it? | 0:13:15 | 0:13:17 | |
You know, you want to provide for them, | 0:13:17 | 0:13:19 | |
you like to buy them nice things, so what's the answer? | 0:13:19 | 0:13:22 | |
There isn't an easy answer. It is incredibly difficult to say "no", | 0:13:22 | 0:13:25 | |
and there's nothing worse | 0:13:25 | 0:13:27 | |
than a toddler screaming the supermarket down. | 0:13:27 | 0:13:30 | |
But, I think, what you need to do is be firm - "no" means "no". | 0:13:30 | 0:13:34 | |
Don't give in to the tantrums, and also, | 0:13:34 | 0:13:36 | |
if it's a treat, then let it be a treat. | 0:13:36 | 0:13:38 | |
If you're buying it all the time, it's not a treat. | 0:13:38 | 0:13:40 | |
Small children, it's probably easier, | 0:13:40 | 0:13:42 | |
but what happens if you've got teenagers? | 0:13:42 | 0:13:44 | |
How do you get that conversation going? | 0:13:44 | 0:13:46 | |
It gets a lot harder the older they get | 0:13:46 | 0:13:48 | |
and the things that they want obviously cost a lot more money. | 0:13:48 | 0:13:52 | |
So, what I think parents can do | 0:13:52 | 0:13:54 | |
is actually set the children some goals. | 0:13:54 | 0:13:57 | |
Say, "If you want this then you'll probably have to save up for it." | 0:13:57 | 0:14:00 | |
When I was young, and I come from a family with four children in, | 0:14:00 | 0:14:03 | |
we were made to work for our pocket money. It wasn't just given to us. | 0:14:03 | 0:14:06 | |
I remember having to sweep the stairs and then hoover them | 0:14:06 | 0:14:09 | |
and my brothers and sisters had the same sort of thing. | 0:14:09 | 0:14:12 | |
You guys have all got kids, I haven't, | 0:14:12 | 0:14:13 | |
but how do you feel about pocket money? | 0:14:13 | 0:14:15 | |
Do you just give it willy-nilly or do you make them earn it? | 0:14:15 | 0:14:18 | |
We've got one son who's 22 now | 0:14:18 | 0:14:19 | |
so his drain on us now is because he's at university. | 0:14:19 | 0:14:22 | |
Every time he phones he says, "Can I ask you a favour, Dad?" | 0:14:22 | 0:14:25 | |
"Can I ask you a favour?" means | 0:14:25 | 0:14:26 | |
-"Can I have some money, please?" -Yeah. | 0:14:26 | 0:14:28 | |
The UK is getting itself into a lot more debt, | 0:14:28 | 0:14:30 | |
but there are plans afoot, aren't there, | 0:14:30 | 0:14:32 | |
to teach kids a generation away from us now about the value of money? | 0:14:32 | 0:14:36 | |
Yeah, and I think that's important because we've got to start early, | 0:14:36 | 0:14:39 | |
we've got to start teaching the next generation | 0:14:39 | 0:14:41 | |
about understanding money, about how it works. | 0:14:41 | 0:14:43 | |
And the plans, in conjunction with The Money Advice Service, | 0:14:43 | 0:14:46 | |
I think the plans are to take into school | 0:14:46 | 0:14:48 | |
this idea of maths in context, | 0:14:48 | 0:14:50 | |
giving practical examples of how maths can be useful | 0:14:50 | 0:14:53 | |
and using maths teach young people | 0:14:53 | 0:14:54 | |
how they can actually manage their money better. | 0:14:54 | 0:14:57 | |
We've got huge problems with working out interest, | 0:14:57 | 0:14:59 | |
APR on money that we borrow, | 0:14:59 | 0:15:01 | |
so perhaps explaining what APR actually is, how it works, | 0:15:01 | 0:15:03 | |
how you can calculate the amount of interest you pay if you | 0:15:03 | 0:15:06 | |
borrow a certain amount of money | 0:15:06 | 0:15:08 | |
over a certain amount of time and what will happen - | 0:15:08 | 0:15:10 | |
what are the benefits of perhaps reducing the time span | 0:15:10 | 0:15:13 | |
that you borrow money on at the same interest rate? | 0:15:13 | 0:15:15 | |
How much more or less will it cost you if you borrow money over | 0:15:15 | 0:15:17 | |
different periods of time? And maybe it will help them enjoy maths | 0:15:17 | 0:15:21 | |
-a wee bit more, as well. -Thank you both. -Thank you. -Thanks. | 0:15:21 | 0:15:24 | |
Now, Sarah Pennells has been busy helping Carol Owen | 0:15:24 | 0:15:27 | |
tackle her spending habits in the hope that, in the future, | 0:15:27 | 0:15:30 | |
she can stick to a budget. | 0:15:30 | 0:15:31 | |
But how easy is it to stay on track? | 0:15:31 | 0:15:34 | |
Well, to find out, | 0:15:34 | 0:15:35 | |
we caught up with some of the people our team of experts visited | 0:15:35 | 0:15:39 | |
on our last series of Right On The Money. | 0:15:39 | 0:15:41 | |
And 12 months after our money makeovers, | 0:15:41 | 0:15:43 | |
have our families managed to fall back into bad habits? | 0:15:43 | 0:15:47 | |
Exactly a year ago, | 0:15:48 | 0:15:50 | |
these people all asked for our help to tackle their money worries. | 0:15:50 | 0:15:54 | |
First up was 75-year-old Joyce. | 0:15:55 | 0:15:58 | |
We sent in financial expert Richard Fenton | 0:15:58 | 0:16:00 | |
to find ways to make her state pension last longer. | 0:16:00 | 0:16:03 | |
Hi, Joyce. Richard. | 0:16:04 | 0:16:06 | |
-Pleased to meet you. -Come in. | 0:16:06 | 0:16:07 | |
The widow was left completely baffled by the bills | 0:16:07 | 0:16:09 | |
after husband Brian passed away. | 0:16:09 | 0:16:11 | |
He used to pay everything that came in and went out. | 0:16:13 | 0:16:15 | |
This folder had little notes in. | 0:16:15 | 0:16:18 | |
"Joyce, don't worry about this, it's done by direct debit." | 0:16:18 | 0:16:21 | |
This has been what I call my bible. | 0:16:21 | 0:16:24 | |
But Richard soon spotted that some of Joyce's outgoings had crept up | 0:16:25 | 0:16:29 | |
to more than she needed to pay. | 0:16:29 | 0:16:31 | |
So the actual cost of your current insurance is £666.91. | 0:16:31 | 0:16:36 | |
I can see you're a little bit shocked. | 0:16:38 | 0:16:40 | |
I am, actually. I... Truly, truly...I am. | 0:16:40 | 0:16:43 | |
But to Joyce's delight, | 0:16:43 | 0:16:45 | |
Richard soon found her a much better deal. | 0:16:45 | 0:16:48 | |
-That's it. -We're in the money! | 0:16:48 | 0:16:50 | |
The car insurance was horrendous. | 0:16:51 | 0:16:55 | |
It was more or less £700 a year | 0:16:55 | 0:16:58 | |
where now I'm only paying £300 a year, | 0:16:58 | 0:17:02 | |
and hoping, this year, that I can even go for an even lesser one. | 0:17:02 | 0:17:07 | |
Joyce was desperate to save enough to visit her niece in Australia | 0:17:07 | 0:17:11 | |
but in the meantime, | 0:17:11 | 0:17:12 | |
a big wodge of her pension was going on costly calls | 0:17:12 | 0:17:16 | |
just to keep in touch. | 0:17:16 | 0:17:18 | |
Hello, good morning, sweetie. | 0:17:18 | 0:17:20 | |
Richard showed her how apps like Skype let you chat | 0:17:20 | 0:17:24 | |
without paying a penny... | 0:17:24 | 0:17:26 | |
You'll be able to do this with family over in Australia any time. | 0:17:26 | 0:17:30 | |
..which means Joyce can call down under whenever she likes | 0:17:30 | 0:17:34 | |
without it affecting that holiday fund. | 0:17:34 | 0:17:37 | |
-Hello, sweetie! -Joyce, hello. | 0:17:37 | 0:17:40 | |
-Look at you! -I love it, I love it! | 0:17:40 | 0:17:42 | |
Wish I'd known about it years ago, I really do. | 0:17:42 | 0:17:45 | |
They're thousands of miles away across the ocean, | 0:17:45 | 0:17:48 | |
and yet, they're here with you in the room. | 0:17:48 | 0:17:51 | |
He's made a big difference for me, made a very big difference. | 0:17:51 | 0:17:54 | |
With being on my own, my phone bills used to come in at £100-odd, | 0:17:54 | 0:17:59 | |
which was ridiculous. Now they are coming in at ten, which... | 0:17:59 | 0:18:03 | |
There's no comparison. | 0:18:03 | 0:18:05 | |
Without the show, | 0:18:05 | 0:18:06 | |
I wouldn't be... I don't think I'd be as happy as I am today. | 0:18:07 | 0:18:11 | |
Our advice has also boosted the coffers | 0:18:13 | 0:18:15 | |
of newlyweds Chris and Sarah Glover, | 0:18:15 | 0:18:18 | |
who, when we met them last year, | 0:18:18 | 0:18:20 | |
were feeling the effects of a once-in-a-lifetime spending spree. | 0:18:20 | 0:18:25 | |
We've bought the house, the motorbike, | 0:18:25 | 0:18:27 | |
been eating out, the washing machine, | 0:18:27 | 0:18:29 | |
car loans, 13 grand each. | 0:18:29 | 0:18:31 | |
Sofa, and various bits and bobs. | 0:18:31 | 0:18:33 | |
If we see it, we buy it. | 0:18:33 | 0:18:35 | |
It took a visit from who else but Sarah Pennells... | 0:18:36 | 0:18:40 | |
Hello, hi, I'm Sarah. | 0:18:40 | 0:18:41 | |
Hello, nice to meet you. Come on in. | 0:18:41 | 0:18:43 | |
..for Sarah and Chris to face the true size of their credit card debt. | 0:18:43 | 0:18:47 | |
Adding up your credit card debts and your loans, | 0:18:47 | 0:18:50 | |
it's about £43,000 in all. | 0:18:50 | 0:18:53 | |
Is that what you thought it was? | 0:18:53 | 0:18:55 | |
No, that's a bit of a shock, actually. | 0:18:55 | 0:18:57 | |
I actually thought it was 20,000, so I'm completely off the ball there. | 0:18:57 | 0:19:01 | |
One year on, this young couple | 0:19:01 | 0:19:03 | |
have made clearing their credit cards their financial priority. | 0:19:03 | 0:19:07 | |
In order to make the debt a bit more real, to be honest, | 0:19:08 | 0:19:11 | |
we created a whiteboard with everything on there | 0:19:11 | 0:19:14 | |
just so we could highlight which parts we needed to hit first | 0:19:14 | 0:19:17 | |
in order to reduce the debt. | 0:19:17 | 0:19:19 | |
Every month when we overpay, | 0:19:19 | 0:19:20 | |
we come in here and we just change the numbers | 0:19:20 | 0:19:23 | |
to reflect the actual position. And it seems to work quite well. | 0:19:23 | 0:19:26 | |
Drawing up a realistic budget and sticking to it | 0:19:28 | 0:19:31 | |
is a million miles away from their spending habits of a year ago. | 0:19:31 | 0:19:35 | |
But staying on track has meant they've had to do some cutting back. | 0:19:35 | 0:19:39 | |
-Definitely don't go out during the week. -No, exactly. | 0:19:39 | 0:19:42 | |
What we tend to do as well is batch prepare food for the week, | 0:19:42 | 0:19:45 | |
so that way... Well, Sarah batch prepares food for the week. | 0:19:45 | 0:19:49 | |
We stick to the meal plan, as well, | 0:19:49 | 0:19:51 | |
because it's already done and it's already prepared. | 0:19:51 | 0:19:54 | |
That's saved us a fortune. | 0:19:54 | 0:19:55 | |
By spending less and paying back more, | 0:19:57 | 0:19:59 | |
Sarah and Chris are moving closer to their goal of becoming debt-free. | 0:19:59 | 0:20:02 | |
We've paid off one of the credit cards | 0:20:02 | 0:20:04 | |
and we're just working directly through the list now. | 0:20:04 | 0:20:07 | |
It's such a nice feeling to actually have a credit card closed | 0:20:07 | 0:20:10 | |
and say, "Right, we're done with that now." | 0:20:10 | 0:20:13 | |
Let's move onto the next one. | 0:20:13 | 0:20:14 | |
Since we've been on Right On The Money, | 0:20:14 | 0:20:16 | |
we've really stuck to everything that's been suggested | 0:20:16 | 0:20:20 | |
-and we've saved around... -BOTH: -..£5,000? | 0:20:20 | 0:20:24 | |
That's a fantastic result for Sarah and Chris. | 0:20:24 | 0:20:27 | |
But Tracey and Keith Hankinson | 0:20:29 | 0:20:31 | |
have been able to save themselves even more. | 0:20:31 | 0:20:34 | |
When we first met them, | 0:20:34 | 0:20:35 | |
their money worries were growing almost as fast as their two boys. | 0:20:35 | 0:20:39 | |
I think we're bad at saving our money. | 0:20:39 | 0:20:42 | |
We kind of live for the day. | 0:20:42 | 0:20:44 | |
If we had extra money, | 0:20:44 | 0:20:46 | |
I'd like to do definitely something as a family together. | 0:20:46 | 0:20:49 | |
Have a big holiday somewhere for once, like, | 0:20:49 | 0:20:51 | |
before the kids are too big and going to leave us. | 0:20:51 | 0:20:53 | |
I want them to have those memories, not just think, | 0:20:53 | 0:20:55 | |
"Oh, we couldn't afford to do that." | 0:20:55 | 0:20:57 | |
And it didn't take Fergus Muirhead long to work out | 0:20:57 | 0:21:01 | |
where the Hankinsons were wasting their cash. | 0:21:01 | 0:21:04 | |
He's like the supermarkets' ideal customer. | 0:21:04 | 0:21:07 | |
Several packets of biscuits, | 0:21:07 | 0:21:09 | |
there will probably be some cakes and scones and there. | 0:21:09 | 0:21:12 | |
But the family were paying a high price for Keith's sweet tooth. | 0:21:12 | 0:21:16 | |
I've got an average week's total here. What do you think it is? | 0:21:16 | 0:21:19 | |
£263. | 0:21:19 | 0:21:21 | |
But it wasn't just the biscuits | 0:21:23 | 0:21:25 | |
that were blowing the total shopping budget, | 0:21:25 | 0:21:27 | |
there were huge savings to be made | 0:21:27 | 0:21:29 | |
by switching the insurance on Keith's van. | 0:21:29 | 0:21:32 | |
The cheapest annual premium came out at £352, | 0:21:32 | 0:21:35 | |
compared to £1,080. | 0:21:35 | 0:21:37 | |
-That's a huge saving, isn't it? -Massive. -That's fantastic. | 0:21:37 | 0:21:40 | |
After just one year of following Fergus's financial advice, | 0:21:41 | 0:21:46 | |
the Hankinsons are wasting less and saving more. | 0:21:46 | 0:21:50 | |
I think the shopping's made the biggest difference, definitely. | 0:21:50 | 0:21:53 | |
It's very rare now that we have those additional shops. | 0:21:53 | 0:21:56 | |
We tend to get such a big shop that it covers everything. | 0:21:56 | 0:21:59 | |
And by shopping around for better prices from utility suppliers, | 0:22:01 | 0:22:05 | |
there's more money in their pockets at the end of every month. | 0:22:05 | 0:22:08 | |
We've got the total monthly saving so far, which is 577. | 0:22:09 | 0:22:15 | |
And the yearly saving as well. | 0:22:15 | 0:22:17 | |
And that whopping saving comes to nearly £7,000. | 0:22:19 | 0:22:23 | |
All by making simple adjustments | 0:22:23 | 0:22:25 | |
that might very easily work for you, too. | 0:22:25 | 0:22:28 | |
When she wrote it down and showed me the other day | 0:22:28 | 0:22:30 | |
how much it's actually been, I was shocked. | 0:22:30 | 0:22:34 | |
Quite exciting. It's... Yeah, I feel like we've achieved something. | 0:22:34 | 0:22:38 | |
Thanks to their Right On The Money makeover, | 0:22:39 | 0:22:42 | |
Tracey and Keith now have some spare cash | 0:22:42 | 0:22:44 | |
to put towards quality time with their family. | 0:22:44 | 0:22:48 | |
We're planning a weekend away in London, | 0:22:48 | 0:22:52 | |
we're going away to the Peak District, | 0:22:52 | 0:22:53 | |
so we've got things in the pipeline. | 0:22:53 | 0:22:56 | |
I think the experience will be everlasting for me. | 0:22:56 | 0:22:59 | |
I think it was a big wake-up call | 0:22:59 | 0:23:02 | |
when we realised how much money we could save | 0:23:02 | 0:23:05 | |
and I think I will always do that now. | 0:23:05 | 0:23:08 | |
I don't want to waste money any more. | 0:23:08 | 0:23:10 | |
And the lovely Joyce is here with me. | 0:23:15 | 0:23:17 | |
-Joyce, it's fantastic to see you again. -Nice to see you. | 0:23:17 | 0:23:19 | |
Tell me, why do you think you got so much from the experience | 0:23:19 | 0:23:23 | |
-of being on the show? -I've learned a lot from it. | 0:23:23 | 0:23:25 | |
I have learned how to say, "No, I'll look for something else." | 0:23:25 | 0:23:30 | |
They will come back to you and say, | 0:23:30 | 0:23:31 | |
"Just give me a few minutes, I'll have a look for you." | 0:23:31 | 0:23:34 | |
And they come back with an answer, "Well, we can do this for you." | 0:23:34 | 0:23:37 | |
So never take the first advice. | 0:23:37 | 0:23:39 | |
Always say, "I'll look somewhere else." | 0:23:39 | 0:23:41 | |
So, it's important for you to take a bit of a breather... | 0:23:41 | 0:23:44 | |
-Oh, yeah. -..have a think whether you really do need it? | 0:23:44 | 0:23:46 | |
-Oh, yeah, definitely. -Now, a lot of people are set in their ways, | 0:23:46 | 0:23:50 | |
cos it's not easy to change, but what advice would you give them? | 0:23:50 | 0:23:53 | |
Find your nieces or your nephews, if you've got them, | 0:23:53 | 0:23:56 | |
and ask them to just work things out for you | 0:23:56 | 0:23:59 | |
and I'd give anybody any advice - | 0:23:59 | 0:24:02 | |
don't take yes for the first answer. | 0:24:02 | 0:24:05 | |
Always say, "Well, I'll look round." | 0:24:05 | 0:24:08 | |
Try it, just try it - it can't bite you! | 0:24:08 | 0:24:11 | |
But you can get somewhere with it | 0:24:12 | 0:24:14 | |
and you can save some money on it as well, | 0:24:14 | 0:24:16 | |
because then you will be right on the money. | 0:24:16 | 0:24:18 | |
Oh, you are good. | 0:24:19 | 0:24:20 | |
Joyce, I could talk to you all day. | 0:24:20 | 0:24:22 | |
Friends, Romans, countrymen! | 0:24:26 | 0:24:29 | |
Lend us a fiver. | 0:24:29 | 0:24:31 | |
You're not impressed, are you? | 0:24:32 | 0:24:35 | |
Here's a tip for you - next time you're going on holiday, | 0:24:35 | 0:24:37 | |
unplug all your electrical items. | 0:24:37 | 0:24:39 | |
Don't leave them on standby, because, believe it or not, | 0:24:39 | 0:24:42 | |
by doing that, you save yourself about £80 a year. | 0:24:42 | 0:24:46 | |
Now, I'm not the only one with some good tips, | 0:24:46 | 0:24:48 | |
because here's some of your own. | 0:24:48 | 0:24:50 | |
Are your legs a bit cold in that skirt? | 0:24:50 | 0:24:52 | |
You're asking the wrong person. | 0:24:58 | 0:25:00 | |
-Best money-saving tip? We are pretty rubbish at that, aren't we? -Yeah. | 0:25:00 | 0:25:04 | |
Don't buy bottled water, because it's free out of the tap. | 0:25:04 | 0:25:08 | |
If you're a uni student, send your money to your parents | 0:25:08 | 0:25:10 | |
-and get them to send it over to you every week. -That is a good tip. | 0:25:10 | 0:25:13 | |
Don't go food shopping when you are hungry. | 0:25:13 | 0:25:15 | |
That is always a good one. | 0:25:15 | 0:25:17 | |
You have got to do your research. Like, er, yeah... | 0:25:17 | 0:25:20 | |
I'll be on the internet first-thing - "best value for money?" | 0:25:20 | 0:25:24 | |
It takes, like, two minutes to do, and people save £300, £400, | 0:25:24 | 0:25:28 | |
£600 for the year that can go to anything. | 0:25:28 | 0:25:31 | |
Spend what you've got, not what you haven't got, | 0:25:31 | 0:25:33 | |
especially credit cards. They're a killer, unless you are rich | 0:25:33 | 0:25:36 | |
and you can afford it, that's different, yeah. | 0:25:36 | 0:25:38 | |
Start saving for retirement in your 20s. | 0:25:38 | 0:25:42 | |
Because it adds up very quickly | 0:25:42 | 0:25:43 | |
and you have to put a lot less towards it in your 20s | 0:25:43 | 0:25:46 | |
than you do in your 30s, 40s and so on and so forth. | 0:25:46 | 0:25:49 | |
I know it's a long time away, but I think that's probably the best bet. | 0:25:49 | 0:25:52 | |
Earlier on, we met Carol, | 0:25:56 | 0:25:57 | |
who was forking out a king's ransom on her pampered pooch Stanley, | 0:25:57 | 0:26:02 | |
but Carol is not alone, because, believe it or not, | 0:26:02 | 0:26:04 | |
us Brits spend a staggering £4 billion a year on our pets. | 0:26:04 | 0:26:10 | |
Now, Layla is with us because her little pooch here, Buttons, | 0:26:10 | 0:26:13 | |
actually gave you a money-making business idea, didn't it? | 0:26:13 | 0:26:16 | |
I spotted a gap in the market for animal actors. | 0:26:16 | 0:26:19 | |
-Yep. -So, Urban Paws is an animal casting agency for dogs. | 0:26:19 | 0:26:24 | |
I have about 400 dogs on our books, | 0:26:24 | 0:26:26 | |
obviously, with all differing levels of skills, really - | 0:26:26 | 0:26:30 | |
the cute and fluffy handbag dogs to the stunt dogs to trick dogs. | 0:26:30 | 0:26:34 | |
-You name it, we have it. -You charge for that - give me an idea... | 0:26:34 | 0:26:37 | |
Little Buttons here is so well-behaved, we like that. | 0:26:37 | 0:26:39 | |
How much did he earn you this year? | 0:26:39 | 0:26:41 | |
He's a earned about £2,000 this year. | 0:26:41 | 0:26:44 | |
-Two grand?! -Yeah. | 0:26:44 | 0:26:45 | |
I'd have to sell a kidney for that. What's he done? | 0:26:45 | 0:26:48 | |
His claim to fame, really, is just singing on command. | 0:26:48 | 0:26:50 | |
Come on, Buttons, where's Tilly? | 0:26:50 | 0:26:53 | |
Nugget! Rossi! | 0:26:53 | 0:26:54 | |
-Come on, Buttons. -Rossi! Rossi! -BUTTONS WHINES | 0:26:54 | 0:26:58 | |
-There's Tilly? -HE WHINES | 0:26:58 | 0:27:01 | |
Good boy! | 0:27:01 | 0:27:03 | |
-BUTTONS WHINES -Well done, Buttons! | 0:27:03 | 0:27:06 | |
You came in on time. I've got to be honest, he's earned you two grand | 0:27:06 | 0:27:09 | |
and I am going to be slightly rude here - here's not exactly | 0:27:09 | 0:27:11 | |
-the supermodel of the canine world. -He is not, | 0:27:11 | 0:27:14 | |
but when you're talking about the dogs that are literally trained | 0:27:14 | 0:27:18 | |
to do whatever, any command, | 0:27:18 | 0:27:19 | |
there is a potential to earn so much money for them. | 0:27:19 | 0:27:23 | |
Earn fortunes? OK, I'm an animal lover myself, I love all animals, | 0:27:23 | 0:27:27 | |
but I have actually got my pet here. | 0:27:27 | 0:27:28 | |
-That's Maverick. -Oh, wow. | 0:27:30 | 0:27:31 | |
He likes to sit on my head because he feels in control there. | 0:27:31 | 0:27:34 | |
-Do you think he would make the grade? -Do you know what? | 0:27:34 | 0:27:37 | |
Funny you say this - | 0:27:37 | 0:27:38 | |
I am actually thinking of expanding to cater for all animals. | 0:27:38 | 0:27:42 | |
OK, get Maverick on your book. | 0:27:42 | 0:27:43 | |
If he can earn me two grand this year, I'll be very happy. | 0:27:43 | 0:27:46 | |
-Does he talk? -Of course he talks! | 0:27:46 | 0:27:48 | |
He sings, he whistles, he laughs, he giggles, he's very cheeky. | 0:27:48 | 0:27:51 | |
-He's lovely. -Fantastic. -Pinches your food, drinks your wine, you name it. | 0:27:51 | 0:27:55 | |
-Nice talking to you, Layla. -You too. | 0:27:55 | 0:27:57 | |
I'm going to find some other pet owners now | 0:27:57 | 0:27:59 | |
-and have a little chat with them. Cheerio, bye-bye. -Bye! | 0:27:59 | 0:28:02 | |
Now, what are you like at spoiling? | 0:28:02 | 0:28:03 | |
-Do you? -I don't think I spend that much. | 0:28:03 | 0:28:06 | |
I probably buy things that she doesn't need. | 0:28:06 | 0:28:08 | |
-Like? -At Christmas. | 0:28:08 | 0:28:10 | |
What did you buy last Christmas? | 0:28:10 | 0:28:11 | |
I think my mum went berserk compared to me. | 0:28:11 | 0:28:14 | |
My mum bought her a few tug toys. | 0:28:14 | 0:28:17 | |
-Right. -She bought her some biscuits. | 0:28:17 | 0:28:18 | |
-Yep. -I bought her a big ball. | 0:28:18 | 0:28:20 | |
My daughter bought her something that squeaked. | 0:28:20 | 0:28:23 | |
-He goes to doggy day daycare three days a week... -Costing? | 0:28:23 | 0:28:27 | |
..cos I work long days. That's £120 a month. | 0:28:27 | 0:28:31 | |
If my maths is right, 12 x 12 is... | 0:28:31 | 0:28:33 | |
That's £1,440 a year just on doggy daycare? | 0:28:33 | 0:28:37 | |
Yeah. I suppose when I think about how much I spend on him a month, | 0:28:37 | 0:28:40 | |
you are probably looking about... | 0:28:40 | 0:28:42 | |
You're probably looking at about 220 quid a month. | 0:28:42 | 0:28:45 | |
-We love our dogs, though, we are known for it, aren't we? -We are. | 0:28:45 | 0:28:49 | |
Would you ever go without something for yourself | 0:28:49 | 0:28:52 | |
so you could buy the dog something? | 0:28:52 | 0:28:54 | |
If the dog needed it, without doubt. Yeah, I'm all he has got. | 0:28:56 | 0:28:59 | |
He relies on me for everything. | 0:28:59 | 0:29:01 | |
-Yeah? -Yeah, I would. | 0:29:01 | 0:29:03 | |
-Is he insured? -He is not, but I have a savings account for him. | 0:29:03 | 0:29:06 | |
-You have got a savings account just for him? -Yes. | 0:29:06 | 0:29:08 | |
Instead of paying an insurance company for a policy | 0:29:08 | 0:29:11 | |
-that you might not use? -Yes. | 0:29:11 | 0:29:12 | |
That is very shrewd, I like the sound of that. | 0:29:12 | 0:29:15 | |
How much a month do you put away for him? | 0:29:15 | 0:29:17 | |
About 40 quid, same as I'd pay for insurance. | 0:29:17 | 0:29:20 | |
Now, earlier on, we met former policewoman Carol, | 0:29:23 | 0:29:26 | |
who was constantly running out of money. | 0:29:26 | 0:29:28 | |
Let's see if we've been able to help her put a stop to that. | 0:29:28 | 0:29:33 | |
Retired police officer Carol Owen | 0:29:33 | 0:29:35 | |
should have enough cash for a comfortable lifestyle, | 0:29:35 | 0:29:38 | |
but instead, every month without fail, | 0:29:38 | 0:29:40 | |
she runs out of money and just can't understand why. | 0:29:40 | 0:29:44 | |
When it gets to the end of the month, | 0:29:46 | 0:29:48 | |
if I go in the red, I feel sick, but I just can't work it out. | 0:29:48 | 0:29:51 | |
Luckily, personal finance expert Sarah Pennells | 0:29:53 | 0:29:55 | |
has gone through this former cop's spending offences | 0:29:55 | 0:29:59 | |
in forensic detail. | 0:29:59 | 0:30:01 | |
So far, she's already managed to save her £2,400. | 0:30:01 | 0:30:05 | |
That's by switching her beloved bulldog Stanley's pet insurance | 0:30:05 | 0:30:09 | |
and by cutting back on treats for herself and daughter Catherine. | 0:30:09 | 0:30:13 | |
£800 over three months. | 0:30:13 | 0:30:15 | |
That's over £3,000 a year. | 0:30:15 | 0:30:18 | |
Oh, my goodness, we are just throwing money away. | 0:30:18 | 0:30:21 | |
But Carol's biggest financial worry was the expensive finance deal on her car. | 0:30:21 | 0:30:26 | |
That is a huge thing weighing around me at the moment. | 0:30:27 | 0:30:30 | |
Sarah recommended that Carol ditch her costly finance deal | 0:30:31 | 0:30:36 | |
by giving her car back and avoiding £11,000 in repayments. | 0:30:36 | 0:30:40 | |
Sarah is not convinced she'll go through with it. | 0:30:40 | 0:30:42 | |
However, on her return, she is in for a surprise. | 0:30:42 | 0:30:47 | |
-Hi! -Hi, Carol, I noticed you got a new car. | 0:30:47 | 0:30:50 | |
My new car. Your face! | 0:30:50 | 0:30:51 | |
I can't believe you sold the old one. | 0:30:52 | 0:30:54 | |
-Show me what you have been spending the money on. -Come and have a look. | 0:30:54 | 0:30:57 | |
Carol is tickled pink at what she thinks is a brilliant deal, | 0:30:59 | 0:31:02 | |
but Sarah is not convinced that this particular case has been cracked yet. | 0:31:02 | 0:31:06 | |
So how much did this car cost? | 0:31:06 | 0:31:08 | |
2,754, I think. | 0:31:08 | 0:31:12 | |
Did you buy this outright? | 0:31:12 | 0:31:14 | |
No, I didn't, it is on finance. | 0:31:14 | 0:31:16 | |
I don't know about you, Sarah, but my alarm bells are going off. | 0:31:18 | 0:31:21 | |
The interest rate on this deal is 21.9%. | 0:31:21 | 0:31:25 | |
-Oh. -Now, that is credit card rates of interest. | 0:31:25 | 0:31:30 | |
OK, so car finance is complicated, | 0:31:30 | 0:31:33 | |
but it does seem like Carol has saddled herself with another deal | 0:31:33 | 0:31:37 | |
she can't really afford. | 0:31:37 | 0:31:38 | |
I think you can get a cheaper deal if you just take out a loan | 0:31:38 | 0:31:43 | |
direct with a bank. | 0:31:43 | 0:31:46 | |
I reckon that you can borrow the amount you need to buy the car | 0:31:46 | 0:31:51 | |
for about 11% or 12% interest. | 0:31:51 | 0:31:53 | |
-OK. -With any kind of finance deal like this, | 0:31:53 | 0:31:56 | |
you get 14 days cooling off period, | 0:31:56 | 0:31:59 | |
so you can cancel the deal without any penalty, | 0:31:59 | 0:32:03 | |
but I would suggest you keep the car... | 0:32:03 | 0:32:06 | |
-OK! -..ditch the finance deal and take out a bank loan | 0:32:06 | 0:32:11 | |
-at a cheaper interest rate. -OK. | 0:32:11 | 0:32:13 | |
-Is that something you are happy to look at? -Yeah, absolutely. | 0:32:13 | 0:32:16 | |
-Excellent. -Thank you again. -Phew! | 0:32:16 | 0:32:18 | |
With just one day of the cooling off period left, | 0:32:18 | 0:32:21 | |
Sarah has come to the rescue in the nick of time, | 0:32:21 | 0:32:24 | |
saving Carol a further £300. | 0:32:24 | 0:32:28 | |
Now Sarah has spotted a way for Carol | 0:32:28 | 0:32:31 | |
to make some money by turning one of her hobbies | 0:32:31 | 0:32:34 | |
into a nice little earner. | 0:32:34 | 0:32:36 | |
So, Carol, a little bird tells me that you have got a hidden talent. | 0:32:36 | 0:32:39 | |
Tell me about this. | 0:32:39 | 0:32:41 | |
I'm the lead singer in a band, we're a covers band. | 0:32:41 | 0:32:44 | |
-There's four of us. -I have arranged for you to rehearse | 0:32:44 | 0:32:48 | |
-in a top local studio. -Wow! | 0:32:48 | 0:32:49 | |
I've also lined up a top agent just to see whether they can give you | 0:32:49 | 0:32:53 | |
some pointers and tips on how to make some more money. | 0:32:53 | 0:32:56 | |
-Fantastic! -But there is a trade-off, there is always a catch. | 0:32:57 | 0:33:00 | |
In return, I want you to leave me here so I can just do a bit of | 0:33:01 | 0:33:05 | |
snooping around some more of your paperwork, | 0:33:05 | 0:33:07 | |
just to see if there is any more savings I can make. Deal? | 0:33:07 | 0:33:10 | |
Deal. | 0:33:10 | 0:33:12 | |
As Carol heads off to the studio in her bargain motor, | 0:33:12 | 0:33:15 | |
Sarah can get snooping. | 0:33:15 | 0:33:18 | |
What do we have here? Hello, Stanley. | 0:33:18 | 0:33:21 | |
Home insurance policy. | 0:33:21 | 0:33:23 | |
I'll look at the price and see if I can make some savings. | 0:33:23 | 0:33:26 | |
I reckon I can. | 0:33:26 | 0:33:27 | |
Meanwhile, Carol is setting up for agent Chris Davies. | 0:33:27 | 0:33:31 | |
The bands Chris manage can earn up to £60,000 a year, | 0:33:31 | 0:33:35 | |
which is music to Carol's years. | 0:33:35 | 0:33:37 | |
The reason that we are concentrating on the band now is that | 0:33:38 | 0:33:43 | |
we are hoping that we're going to make some money from it. | 0:33:43 | 0:33:47 | |
# I wish I knew you before... # | 0:33:47 | 0:33:49 | |
But will Chris think they have got what it takes? | 0:33:53 | 0:33:55 | |
I'd say you could be making upwards of £300-£400 a gig. | 0:33:55 | 0:33:59 | |
That is, sort of, even before | 0:34:00 | 0:34:03 | |
you would approach an agency. | 0:34:03 | 0:34:05 | |
Looks like our secret-copper rocker Carol impressed. | 0:34:06 | 0:34:09 | |
Time for the sums. | 0:34:09 | 0:34:11 | |
If they did just two gigs a week, that could mean £7,200 a year. | 0:34:11 | 0:34:17 | |
Meeting Chris has been brilliant, | 0:34:17 | 0:34:19 | |
because he's going to be able to show us loads of ways to carry on | 0:34:19 | 0:34:22 | |
from where we are and to, erm, start us off on the right track. | 0:34:22 | 0:34:25 | |
But Carol's not the only one who's had a productive morning. | 0:34:26 | 0:34:29 | |
Sarah's found some new money-saving leads. | 0:34:29 | 0:34:32 | |
I think my snooping time's up, it looks like Carol's home. | 0:34:34 | 0:34:37 | |
-Hello, Carol! -Hi. | 0:34:38 | 0:34:39 | |
-I've been having great fun. -Found anything? | 0:34:39 | 0:34:42 | |
I think I've found that I can make you some savings, | 0:34:42 | 0:34:44 | |
so shall we come on through and have a chat? | 0:34:44 | 0:34:46 | |
-Yeah. -I'll tell you about it. -Come on, Stanley. | 0:34:46 | 0:34:50 | |
OK, what new evidence has Sarah found | 0:34:50 | 0:34:53 | |
in this former police officer's house? | 0:34:53 | 0:34:55 | |
Exhibit one, the gas bill, found in a dining-room drawer. | 0:34:55 | 0:35:00 | |
It looks to me like you've been with the same supplier for some time | 0:35:00 | 0:35:03 | |
and you're on their standard tariff. | 0:35:03 | 0:35:05 | |
Yeah, I always thought that was the cheapest. | 0:35:05 | 0:35:07 | |
It's actually the best one for the energy company | 0:35:07 | 0:35:10 | |
because it's generally the most expensive, | 0:35:10 | 0:35:12 | |
and it's the one that almost three quarters of people are on. | 0:35:12 | 0:35:16 | |
Having had a look at your energy usage, | 0:35:16 | 0:35:18 | |
I reckon that we can save almost a third on the cost | 0:35:18 | 0:35:23 | |
of your energy bill if you switch. | 0:35:23 | 0:35:24 | |
-A third? -A third on the cost of your energy bill. | 0:35:24 | 0:35:27 | |
-Wow. -Yes, a third. | 0:35:27 | 0:35:29 | |
Sarah does it again, another £300 saving. | 0:35:29 | 0:35:33 | |
Next up, exhibit two, a forgotten direct debit found on the fridge. | 0:35:33 | 0:35:37 | |
The other thing I noticed, | 0:35:38 | 0:35:40 | |
that you're paying for a monthly credit-monitoring service. | 0:35:40 | 0:35:45 | |
-Yes. -Can you just tell me why did you sign up for that? | 0:35:45 | 0:35:49 | |
-Is that something you... -It was free! | 0:35:49 | 0:35:51 | |
It was one of these 30-day free trial, erm, | 0:35:51 | 0:35:55 | |
and then to be honest I'd forgotten about it completely. | 0:35:55 | 0:35:59 | |
I think we can just cancel that straightaway, | 0:35:59 | 0:36:01 | |
so that's another £200 saved. | 0:36:01 | 0:36:04 | |
-Yeah. -Sarah's tactics have saved Carol a bundle of cash. | 0:36:04 | 0:36:08 | |
Good work. | 0:36:08 | 0:36:10 | |
But between us Brits waste more than £5 billion a year on long-forgotten | 0:36:10 | 0:36:15 | |
direct debits, so you need to do some detective work | 0:36:15 | 0:36:19 | |
on your own bank statements. | 0:36:19 | 0:36:21 | |
With plenty of money saved, | 0:36:21 | 0:36:22 | |
Sarah has one last surprise in store for animal-loving Carol. | 0:36:22 | 0:36:26 | |
You might wonder why I've brought you to an animal rescue centre. | 0:36:26 | 0:36:31 | |
Yeah! | 0:36:31 | 0:36:32 | |
The reason is, when I was going through your finances I noticed that | 0:36:33 | 0:36:37 | |
you give regularly to a couple of different animal charities. | 0:36:37 | 0:36:41 | |
Yes, I've done it for years. | 0:36:41 | 0:36:42 | |
So what I've done, I've organised for a volunteer induction course for you today. | 0:36:42 | 0:36:46 | |
Wow, brilliant. | 0:36:46 | 0:36:47 | |
And give to charity in that way instead. | 0:36:47 | 0:36:50 | |
Fantastic, I'd love to. | 0:36:50 | 0:36:52 | |
So what I need you to do is take all the bedding out... | 0:36:56 | 0:36:59 | |
-Yeah. -And then we'll give it all a good spray around. | 0:36:59 | 0:37:01 | |
-Am I doing this right? -Yeah. | 0:37:01 | 0:37:03 | |
-Here's Jimmy. -Oh, Jimmy, Jimmy, Jimmy. -As you can see... | 0:37:06 | 0:37:09 | |
What a brilliant name. I think that's fantastic. | 0:37:09 | 0:37:12 | |
As you can see, he's really affectionate. | 0:37:12 | 0:37:14 | |
Carol's in her element here. | 0:37:14 | 0:37:16 | |
She's time rich and cash poor, so for her, | 0:37:16 | 0:37:19 | |
swapping her charity donations for volunteering means that everyone's | 0:37:19 | 0:37:24 | |
a winner. | 0:37:24 | 0:37:25 | |
Carol, how have you been doing on your induction course? | 0:37:25 | 0:37:29 | |
-How's she been getting on? -Brilliantly. | 0:37:29 | 0:37:32 | |
-I've enjoyed it. -Definitely want to take you on as a volunteer. -I'm definitely going to take it up. | 0:37:32 | 0:37:37 | |
And you seem to have a new friend. | 0:37:37 | 0:37:40 | |
-I have! -Who's this? Someone seems very keen on you. -This is Russell. | 0:37:40 | 0:37:43 | |
-Russell's rather cute. He is, and he's good with dogs. -Right, OK. | 0:37:43 | 0:37:47 | |
Oh, Carol, what are you like? | 0:37:47 | 0:37:50 | |
You're not going to be keen on this next bit, Sarah. | 0:37:50 | 0:37:52 | |
And, you know what, think I might take him home! | 0:37:52 | 0:37:55 | |
Carol, that was... | 0:37:58 | 0:37:59 | |
Thanks for saving me all that money, I've bought a cat! | 0:37:59 | 0:38:02 | |
The plan was not to save you money elsewhere so you spend it on a cat. | 0:38:02 | 0:38:05 | |
-I know, I know. -But are you seriously... I mean, are you | 0:38:05 | 0:38:07 | |
seriously thinking that you might adopt Russell? | 0:38:07 | 0:38:10 | |
I am serious. Yeah. | 0:38:10 | 0:38:11 | |
We've been thinking about it for a long time and... | 0:38:11 | 0:38:15 | |
Yes, I know, it's just that I want to come home! | 0:38:15 | 0:38:18 | |
Look out, Stanley, you'd better make the most of the peace and quiet | 0:38:18 | 0:38:21 | |
while you can. | 0:38:21 | 0:38:22 | |
Carol has enjoyed her experience so much that she's going to | 0:38:22 | 0:38:25 | |
volunteer once a week, | 0:38:25 | 0:38:27 | |
but with Russell the cat now added to her household costs, | 0:38:27 | 0:38:31 | |
it's just as well Sarah has managed to make | 0:38:31 | 0:38:33 | |
these other spectacular savings. | 0:38:33 | 0:38:36 | |
She's slashed £400 off Stanley's pet insurance, | 0:38:36 | 0:38:39 | |
halved what Carol spends on treats for Catherine, | 0:38:39 | 0:38:42 | |
netted another £500 by cutting down on coffees, | 0:38:42 | 0:38:45 | |
saved £8,000 by securing a better car deal, | 0:38:45 | 0:38:49 | |
Carol's singing gigs could earn her £7,200 a year, | 0:38:49 | 0:38:54 | |
£300 by switching energy provider | 0:38:54 | 0:38:57 | |
and another £200 dumping that direct debit. | 0:38:57 | 0:39:00 | |
That's a stonking saving of £18,100. | 0:39:00 | 0:39:04 | |
But have all those savings | 0:39:05 | 0:39:07 | |
made a difference to Carol and Catherine's life? | 0:39:07 | 0:39:10 | |
What advice am I going to stick to? | 0:39:10 | 0:39:12 | |
All of it. Absolutely all of it. | 0:39:12 | 0:39:14 | |
Everything Sarah said, just I can't fault the advice at all. | 0:39:14 | 0:39:19 | |
Knowing that every month we're going to be in the black, | 0:39:19 | 0:39:22 | |
we're not going to be overdrawn, we're going to have money to spend, | 0:39:22 | 0:39:26 | |
we're going to have money to save, it's life-changing. | 0:39:26 | 0:39:28 | |
It really is. | 0:39:28 | 0:39:30 | |
And Carol and Catherine are with us. | 0:39:39 | 0:39:41 | |
Carol, first up, how's Stanley getting on with Russell? | 0:39:41 | 0:39:45 | |
They're getting on like a house on fire, love each other, yeah. | 0:39:45 | 0:39:48 | |
Six months ago your personal finances were in a bit of a mess. | 0:39:48 | 0:39:51 | |
Yeah, they were. How are you feeling now? | 0:39:51 | 0:39:54 | |
Erm, a weight is lifted off my shoulders. | 0:39:54 | 0:39:56 | |
I feel much better, much happier, much more secure for the future, | 0:39:56 | 0:40:00 | |
for both of us. | 0:40:00 | 0:40:01 | |
I know that what we've got, we can live on. | 0:40:01 | 0:40:03 | |
Our lifestyle hasn't changed, to be honest with you, | 0:40:03 | 0:40:07 | |
it hasn't changed at all, and yet every month we're saving money. | 0:40:07 | 0:40:11 | |
-Strange! -It wasn't that hard, was it? | 0:40:11 | 0:40:13 | |
It wasn't that hard, no, it wasn't. | 0:40:13 | 0:40:15 | |
-And has your philosophy on spending actually changed? -Yes, it has. | 0:40:15 | 0:40:18 | |
-Absolutely, totally, it's changed. -Catherine, I know that | 0:40:18 | 0:40:21 | |
mother-daughter relationship is such a strong bond. | 0:40:21 | 0:40:24 | |
The little bit of pressure, like my daughter always says, | 0:40:24 | 0:40:27 | |
"Mum, can you buy me this, can you buy me that?" | 0:40:27 | 0:40:30 | |
Do you think you've learned something about, you know, | 0:40:30 | 0:40:32 | |
just stop asking Mum for little items? | 0:40:32 | 0:40:35 | |
-Yeah, I feel... -To try and assist her a little bit. | 0:40:35 | 0:40:39 | |
Yeah, I feel like instead of getting her to buy me things, just | 0:40:39 | 0:40:42 | |
spending time at home watching the telly and just being together, | 0:40:42 | 0:40:45 | |
-would be fine. -Are you managing to curb the big spends? | 0:40:45 | 0:40:48 | |
Yeah, I look in the shop prices and then I'll look online to see if | 0:40:48 | 0:40:51 | |
there's anything cheaper, so that's helped and I do save money that way. | 0:40:51 | 0:40:55 | |
Catherine, I've got to come to you, | 0:40:55 | 0:40:56 | |
because I was chatting to you a couple of minutes ago and | 0:40:56 | 0:40:59 | |
you're disappointed that Mum swapped her car. | 0:40:59 | 0:41:01 | |
-You loved that little Mini! -I did! | 0:41:01 | 0:41:03 | |
And now you're in a sensible family car you're devastated, aren't you? | 0:41:03 | 0:41:07 | |
Erm, it's very embarrassing! | 0:41:07 | 0:41:12 | |
Thanks! | 0:41:12 | 0:41:13 | |
Teenagers are more fussy about cars than parents, aren't they? | 0:41:13 | 0:41:16 | |
They are, but you know, I'm saving enough every month now, | 0:41:16 | 0:41:19 | |
I will soon have paid my new car off. | 0:41:20 | 0:41:23 | |
-Yay! -That's brilliant. -Thank you, Sarah. Again! | 0:41:23 | 0:41:27 | |
Didn't hear a "yay" from Catherine! | 0:41:27 | 0:41:30 | |
-That is incredible. -Yeah, it is. | 0:41:30 | 0:41:32 | |
Catherine, have you seen a big change in your mum? | 0:41:32 | 0:41:35 | |
-Have you noticed her, say, worrying less? -Yes, very much. | 0:41:35 | 0:41:38 | |
I feel that she's much happier | 0:41:38 | 0:41:40 | |
and I just feel there is a very big change in her. | 0:41:40 | 0:41:44 | |
The big question is, | 0:41:44 | 0:41:46 | |
can you stick to the saving habits long-term? | 0:41:46 | 0:41:48 | |
Absolutely. It's a lifestyle change and a lifetime change. | 0:41:48 | 0:41:51 | |
-Yes. Yeah, we will. -Good on you both. -Yeah. Keep it up. | 0:41:51 | 0:41:55 | |
If you'd like one of our experts to come round and sort out your finances, | 0:41:55 | 0:41:58 | |
as they did for Carol and Catherine here, e-mail us at... | 0:41:58 | 0:42:04 | |
Or, if you're after more ways you can save money right now, | 0:42:04 | 0:42:06 | |
here's what to do. | 0:42:06 | 0:42:08 | |
Our website has everything you need to sort out your spending. | 0:42:10 | 0:42:14 | |
We've teamed up with The Money Advice Service to bring you | 0:42:14 | 0:42:18 | |
easy-to-use money-saving tools to plan your budget, | 0:42:18 | 0:42:21 | |
calculate the cost of your car or credit cards and give your money | 0:42:21 | 0:42:25 | |
a complete health check. | 0:42:25 | 0:42:27 | |
Download them at... | 0:42:27 | 0:42:28 | |
..where you can also take our interactive spending test. | 0:42:32 | 0:42:35 | |
You'll find more tips and advice to keep your finances on track. | 0:42:35 | 0:42:39 | |
Personal-finance expert Fergus Muirhead is back with us to answer some questions | 0:42:44 | 0:42:48 | |
from the people we've met today. | 0:42:48 | 0:42:49 | |
Question from Becky, | 0:42:49 | 0:42:51 | |
who is looking to buy a new house but is worried about all the hidden costs. | 0:42:51 | 0:42:54 | |
What kind of things should she be budgeting for? | 0:42:54 | 0:42:58 | |
There's some research by a bank that I read the other day that said | 0:42:58 | 0:43:01 | |
that we spend six months looking at some of these big purchases | 0:43:01 | 0:43:03 | |
like houses and then we spend 15 minutes looking at how we're going to finance these purchases. | 0:43:03 | 0:43:08 | |
So, 15 minutes looking at how we're going to pay back the | 0:43:08 | 0:43:10 | |
most amount of money we're ever going to borrow. | 0:43:10 | 0:43:12 | |
You need to sit down and do your sums, | 0:43:12 | 0:43:14 | |
because it's not just about your monthly mortgage repayments, | 0:43:14 | 0:43:17 | |
it's not just about the deposit you're going to have to pay, | 0:43:17 | 0:43:20 | |
you've got to remember that you're going to have to pay solicitors, | 0:43:20 | 0:43:23 | |
you'll have to pay surveyors, | 0:43:23 | 0:43:24 | |
you might want to get the house redecorated, | 0:43:24 | 0:43:26 | |
you'll have to pay removers when you move in, | 0:43:26 | 0:43:28 | |
so always add 15% or 20% onto the money you think you'll spend. | 0:43:28 | 0:43:31 | |
At least, because it's going to cost a lot more than you think | 0:43:31 | 0:43:34 | |
-it will cost you. -Katrina says, | 0:43:34 | 0:43:36 | |
"I've ordered and paid for some goods but the shop's gone bust. | 0:43:36 | 0:43:39 | |
"Can I get a refund?" | 0:43:39 | 0:43:41 | |
If the shop's shut its doors and it's no longer trading | 0:43:41 | 0:43:43 | |
and you're waiting on an order to be delivered from that shop, | 0:43:43 | 0:43:47 | |
the chances are that you won't get it. | 0:43:47 | 0:43:49 | |
You will go to the bottom of the queue of creditors, | 0:43:49 | 0:43:51 | |
so the chances are slim that you'll get your money back if you're waiting | 0:43:51 | 0:43:54 | |
on an order, unless you've used your credit card, | 0:43:54 | 0:43:58 | |
and there's a golden nugget here which people don't know about. | 0:43:58 | 0:44:01 | |
Section 75 of the Consumer Credit Act says that if you buy goods that cost | 0:44:01 | 0:44:05 | |
more than £100 and less than £30,000 on your credit card then | 0:44:05 | 0:44:09 | |
the credit-card company is equally liable if something goes wrong with that contract. | 0:44:09 | 0:44:14 | |
So, rather than the retailer or the manufacturer, | 0:44:14 | 0:44:16 | |
you can go to the credit-card company | 0:44:16 | 0:44:18 | |
and say, "I'd like my money back." | 0:44:18 | 0:44:19 | |
I've used it a few times myself and it does work, it does protect you. Thank you. | 0:44:19 | 0:44:23 | |
In fact thanks to everybody who's joined us in Chester today. | 0:44:23 | 0:44:26 | |
And not forgetting you at home, too. | 0:44:26 | 0:44:28 | |
That's all from us today, so until the next time, goodbye. Cheerio. | 0:44:28 | 0:44:32 |