Episode 3 Right on the Money


Episode 3

Series packed with money-saving tips, with Denise Lewis and Dom Littlewood. The team help a young couple struggling to pay for their dream wedding.


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Transcript


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Whether you're a spender or a saver,

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we could all do with knowing how to make the most of our cash.

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So we've found simple advice for you to do just that

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and taken it to people right across the UK.

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Whatever help you need with your finances,

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we are Right On The Money.

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Morning, and welcome to Right On The Money,

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the show that's all about saving you pots of cash

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in the easiest possible way.

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And we've packaged up plenty of advice and top tips for you today.

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Here's a tasty teaser of what's in store.

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Tasty teaser, I like it.

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Prepare for some tough talking from our money expert, who's on a mission

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to help one couple start married life debt-free.

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The pair of you are being fleeced by the financial services industry

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right now and you need to fight back.

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Maybe they can learn a thing or two from this lot.

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As one group of primary school children prove

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you're never too young to be money savvy.

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So, who has heard of a budget and when?

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Starting a new life together can be a really exciting time

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but it can also be a pricey one too.

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Yup, especially if your other half's spending habits

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are just as bad as yours.

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Newly engaged Gary and Rae live together in Eastbourne

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with their kitten, Jim.

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Hello.

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It's as plain as day that this couple are made for each other.

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He's everything. He's funny, he's kind, he's sweet,

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he's always there for me, no matter what happens.

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And the feeling is mutual,

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so much so that, earlier this year, Gary popped the question.

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I was in the bedroom, and as she came in,

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I was down on one knee and I just said, "Will you marry me?"

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And then she said "Yes," started crying.

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SOBS: Sorry, I think I've got something in me eye!

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But this young couple have had to face up

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to more than their fair share of heartache.

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It's been an awful year, I'm not going to lie.

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My dad suffered a major heart attack in September.

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Almost lost his life.

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Last year I lost the most important person in my life,

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which was my mum.

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My mum was everything to me.

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Everything I did, it was to make my mum happy.

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The sudden death of Gary's mum Linda forced him

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to look after his finances for the first time in his life.

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Until then, he'd paid her rent and she'd looked after the bills.

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I found it really hard, obviously,

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because I was used to my mum paying for everything.

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So it was a shock, a massive shock,

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of how much everything is and how much everything can cost.

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Gary and Rae, like many young couples,

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have found that managing the household bills

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has caused friction between them.

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Most of our arguments that we do have are about money,

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-and it's not nice to have that.

-Yeah.

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We don't want to argue, but you get to the end of the month,

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you've got no money, "We can't afford this, why did we do this?"

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and you start blaming each other.

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Inexperience in managing their money means that,

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despite working full-time, Gary and Rae have racked up

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a combined debt of almost three grand.

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We know where we are going wrong with our money

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and we know where we waste it, but we're not doing anything about it.

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We just need that...

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I think we just need, like, a reality check.

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With a wedding on the cards,

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Gary and Rae need to start saving up and paying off their debts.

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Sounds like a job for a master of money-saving,

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The Financial Times money editor, Claer Barrett.

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She's come from Eastbourne to give our couple some much-needed advice.

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It's great to meet you.

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Hopefully I can help you with some of your problems.

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But she's not here for a cosy pub chat.

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Claer's dug deep and she's not pulling any punches

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when it comes to putting their financial house in order.

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I've got a letter here which you gave me,

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setting out the fact that you're in arrears with your rent.

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I mean, I hate to break it to you, but if you don't meet

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these rent payments and if you don't keep the council on side,

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-they will evict you.

-Yeah.

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Once you've lost that right to have a council property

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-you will never get it back again.

-Yeah.

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That is the reality of what is going to happen

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if we don't get a grip on your finances...

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-Yeah.

-..and your spending, and paying the bills on time.

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Never mind the wedding, if they don't sort their debt out,

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they're in danger of being turfed out of their home.

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So there's no time to waste

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for Claer to start saving them some cash.

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Gary and Rae love to unwind by playing computer games,

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which they buy regularly.

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So why on Earth is Claer taking them to a game shop

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where they could be tempted to purchase even more?

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I'm not a gamer myself.

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Tell me how much these things will cost?

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They're usually around £30-40 each when they're brand new.

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Blimey. Some of them look incredibly new.

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Some of them are. A mixture of old and new here.

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We've got quite a few new ones, quite a few older ones.

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-Still in their packaging as well.

-Some are still in their packaging.

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-So you haven't even played them?

-Haven't even got round to playing some of them.

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Because you've just got too many, too many toys?

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Too many to play.

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But Claer wants to teach them a basic lesson

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about managing their money. It's all about choices.

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Spending cash on one thing means they won't have any left

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for something else they may really want.

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OK, well, let's have a quick count,

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we've got one, two, three, four, five, six, seven, eight, nine, ten.

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Let's assume £40 each.

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-So that's £400 that you've spent on these games.

-Yep.

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Something like that, yeah.

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So, I mean, that could be quite a nice wedding dress

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-for you, young lady.

-Yeah.

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If you think about it that way.

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Claer has got an idea on how to make some cash back

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on their unwanted games.

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Like many games shops, this one offers an exchange service.

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So the price for all of those games for store credit would be £58.20.

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Wow, OK.

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-The cash would be £38.90.

-Nice!

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So, guys, what do you want to do?

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I think, on this occasion, we'll take the money to help us out,

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but in the future, definitely we'll be trading them in

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a lot more to help towards the games.

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OK, so we'll take the money.

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That's the spirit.

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But while the couple have made a handy bit of cash on games

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gathering dust in their games library,

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Claer takes her advice to the next level.

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Maybe you could implement a policy - I'm looking at you Rae -

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one in, one out. Yeah. Gary wants a new game,

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-he has to bring at least one game back for exchange.

-Uh-huh.

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Yeah, OK, that's a good one.

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If Gary can curb his spending on new games and exchanges some of the ones

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he already has, we calculate they could save at least £200 a year.

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Leaving Gary with strict instructions not to buy anything,

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Claer takes Rae for a cuppa and a quiet word.

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So, I've heard on the grapevine that you're very generous.

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When it comes to family,

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everyone gets four or five Christmas presents or birthday presents,

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they don't just get one.

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I hear that Gary had quite a good Christmas as well.

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-Gary got so much stuff.

-He got three pairs of trainers.

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Why the excess?

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Why not one really nice present? Why does it have to be five or six?

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Truthfully, it's for the attention.

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I'll be honest, I like the attention when they sit there and they cry

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and they go, "Oh, my God, thank you so much."

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-You're showing them your love...

-Yeah.

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..by the amount of money that you're spending on them,

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-but that's not how love is...

-I know.

-..is measured.

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Just as it makes you happy to give him so much,

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-you've got to look at your happiness in the wider aspect...

-Yeah.

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..and say, well, actually,

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I might be giving him happiness for that moment by giving him this gift,

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-but at the end of the month...

-I'm going to be skint.

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-..I'm going to be giving myself more sadness.

-Yeah, I know.

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I do, yeah.

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You are such a lovely girl.

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Your motivation is good, because you want everyone to have a good time...

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-Yeah.

-..but you've got to remember you at the end of the day.

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I'm not saying you can't be generous,

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but you've got to be able to know when to stop.

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That's a great piece of advice for everyone.

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Now, if Rae sticks to buying one present per person

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she would save £389 a year.

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Don't say it with flowers - or diamonds! -

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in fact, don't say it with computer games, just say it, Rae.

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Even though we've engaged and I do love him and he loves me,

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it's still...

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It's still a new thing that we still have to get used to,

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so I need to learn how to do that one.

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And, obviously, he responds well and he likes it.

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-Yeah.

-And it's free.

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Yes! Yeah, definitely.

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The next thing on Claer's agenda is not as nice and romantic,

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but it can't be put off any longer -

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bank charges.

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Because the couple are in the red,

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their direct debits are bounced back by their bank

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with an additional surcharge added on, and it's all mounting up.

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Do you know how much your bank is charging you

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-when you miss a bill payment?

-I'm not sure, no.

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Every time one of those is not being paid,

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-that's adding £10 onto your bank charges for the month after.

-Yeah.

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So, I looked through your bank statements for January,

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and how many missed direct debit payments do you think you had in that month?

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I think I had three or four in that month, maybe more.

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More? Five? Six?

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-Seven?

-Nine.

-Nine?! Wow.

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How did I have nine?

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90 quid you're going to get charged this month now.

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-Yeah.

-Needlessly.

-I think I did, probably...

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For what? You're paying a penalty for being disorganised.

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-You've got to think of it like a lazy tax.

-Yeah!

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If you don't get yourselves in order,

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then the banks and the finance institutions

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are going to take a pound of flesh.

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Gary has paid dear for being disorganised.

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If he made an effort to be more disciplined

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and pay his bills on time,

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he would save a massive £1,080 a year.

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Now, if that's not an incentive, Gary...?

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And Rae is just as guilty.

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Last month, she was charged 160 smackers by her bank,

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and Claer's not impressed.

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Every day that you're overdrawn,

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when you haven't arranged the overdraft with the bank,

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you're getting charged £6 a day.

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So, a week, that's £42 a week.

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-Yeah.

-And that's not all.

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Every time you use your card when you are that overdrawn,

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with an unauthorised overdraft,

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they're going to charge an extra £10 every time you use your card.

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So that's how you can get to £160 worth of charges,

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plus still have the debt to pay back.

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I didn't look into that. I didn't know anything about it.

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Do you want to be giving all of this money to the boring bank?

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-Yeah.

-Or do you want it to be...

-Save it for our wedding.

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-..going towards your big day?

-Yeah, yeah.

-Exactly.

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It's estimated a whopping 16.8 million Brits

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have slipped into an unauthorised overdraft.

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So, if you're in that position,

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making a call to your bank could save you a tonne of cash.

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The pair of you are being fleeced

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-by the financial services industry right now.

-Yeah.

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And you need to fight back.

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If Rae agrees an overdraft with her bank,

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she could save a massive £1,920 a year.

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And there are more savings to be had,

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as Claer tackles one of Gary's biggest expenditures.

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So, Gary, this is your lovely car.

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-Yes.

-But how much of your lovely money is it costing you each month?

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It's £268 a month.

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Ooh!

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And that's just for the car?

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For everything. It's insurance, car, I just add fuel.

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It's called the Just Add Fuel policy.

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OK, so with the petrol, probably about £300?

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-Probably about £300 a month, with petrol.

-Do you both drive?

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No, I'm the only driver.

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-Rae...?

-No, I don't drive.

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So you're not getting any benefit out of this £300 cost

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-to your relationship.

-Not at all.

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It's handy to have, but no, I don't drive it, unfortunately.

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Gary doesn't actually own this car,

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he's just leasing it,

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which means, after three years,

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he'll either have to pay a lump sum or give it back.

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Leasing cars like this has become incredibly popular.

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Last year, nine out of ten private car buyers

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bought their cars in this way.

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That's more than 1 million cars.

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But Gary's annual mileage is very low and for most of the time,

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his motor is standing outside the house, losing value.

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Claer reckons that he's miles away from getting his money's worth.

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If I was to say to you, how would you feel

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if we could hand this car back to the finance company,

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so that you wouldn't have to pay for it every month?

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I would happily get out of it. It's a massive expense that I don't need.

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Car finance agreements are very easy to get into

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but very difficult to get out of, so we are going to look into this.

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We're going to speak to the car company together to see

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if there's any way that we can actually end your agreement early.

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Cutting loose from the car lease agreement

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would free up thousands of pounds for this couple.

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So it's time for Claer to look at the small print.

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Join us again to see if our money maestro

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can get Gary and Rae's finances in tune for their big day.

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Cheers.

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Gary and Rae will be here a little bit later to tell us

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if that dream wedding is any closer to becoming a reality.

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-Fingers crossed.

-You're such a hopeless romantic.

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-I can't help it!

-She is.

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Joining us now is personal finance expert Simon Read

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and also consumer psychologist Dimitrios Tsivrikos.

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I'm going to start with you, Simon.

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Because, in that film, we saw Gary and Rae, and they were struggling

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to pay their bills since moving in together, and that's quite a common problem, isn't it?

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It's a very common problem amongst young people.

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There was a survey by the Money Advice Trust recently.

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They talked to 18-24-year-olds,

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around half of them said they worry about money regularly.

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Almost a third say that it's a deep burden on them.

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So what's the answer there, Simon,

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if it's so prevalent in that age group? What can they do?

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I think it's all about education.

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People need to learn from a young age how to manage money.

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The House of Lords recently called

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for people in the primary school to be taught.

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We know that, actually, children from the age of seven

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already have an ingrained feeling about money.

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So, by then, we need to teach them to respect money

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and understand its value.

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Dimitrios, what age do children actually become consumers?

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As young as five years old.

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-Really?

-Give us an idea, what are you talking about?

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When kids go into what sort of shops are they starting to be influenced?

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Say, for instance, when we are going to a massive retail supermarket.

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We normally have, on a shopping trolley,

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-you will actually see a kid's seat.

-Yes.

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So most of us, as consumers, we feel that's a very considerate act,

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being allowed to place your young child into a trolley.

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In reality, what happens is these positions are there to train you

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to recognise brands and products, and there are two dangers there.

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One of them is that a child can really dictate what you're buying.

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Crying their eyes out,

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"Mummy or Daddy, could I have this or that?"

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And of course, poor parents, to keep them quiet, they do buy them.

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And the second thing is that the associations that we build

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from such a young age, stay with us at a later stage.

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So, what you're saying, these retailers,

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they'll put certain products at the right height so that kids sitting in

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those chairs in the baskets are going,

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"I want that, I want that, I want that, I want that one."

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-Yeah?

-Absolutely.

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So, the colours, the shapes,

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the logos of them are there to attract that level of attention.

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Sneaky.

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How do you get around that one?

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Walk with my trolley...

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"No. Put that back. You're not having that today. No."

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"Wahh!" And then the tantrums kick in, but you've got to be strong.

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You've got to have, you know,

0:16:170:16:19

that willpower not to give into your children all the time.

0:16:190:16:22

-Absolutely.

-Thanks Dimitrios, thanks Simon.

0:16:220:16:25

Now, in my eyes, it's never too early

0:16:250:16:27

-to start teaching kids the value of money.

-I couldn't agree more, Dom.

0:16:270:16:30

So, what is the best way of getting that message across?

0:16:300:16:33

-Right, one.

-£200.

0:16:340:16:36

-£200 from...Joely?

-Jordy.

-Jordy.

0:16:360:16:39

Kids at this Lancashire primary school are getting a lesson

0:16:390:16:42

with a difference today.

0:16:420:16:44

750 from Henry.

0:16:440:16:46

It's all about money.

0:16:470:16:49

-1,000.

-1,000 from Caitlin! Going up and up and up.

0:16:490:16:52

Former teacher Brian works for a debt charity.

0:16:520:16:55

It's one of a number of organizations running

0:16:550:16:58

money management education programmes

0:16:580:17:00

for children as young as nine,

0:17:000:17:02

long before it's on the secondary school curriculum.

0:17:020:17:05

Course it is, surplus.

0:17:050:17:06

Our view is, that when the people get to high school

0:17:060:17:09

and get to 14 or 15, you're looking to maybe change habits.

0:17:090:17:13

Here in primary schools, you're developing them.

0:17:130:17:15

And children could start learning about money even earlier.

0:17:170:17:20

A recent report recommended kids as young as five

0:17:210:17:24

should be taught about personal finance

0:17:240:17:26

to boost understanding of money later in life.

0:17:260:17:30

-Help me, help me, help...

-2,000.

-That was very, very good.

0:17:300:17:32

Brian's programme introduces children to essential life skills,

0:17:320:17:36

like budgeting and debt.

0:17:360:17:39

We give children the knowledge, understanding and skills.

0:17:390:17:41

And from that, therefore,

0:17:420:17:44

we hope that they will develop an attitude towards money that's very

0:17:440:17:48

sensible, it's very safe, it's based on a correct body of knowledge.

0:17:480:17:51

He actually didn't make a budget.

0:17:510:17:54

And if he had, things would've been different.

0:17:540:17:56

And there are plenty of chances for children to get involved.

0:17:560:18:00

So, who has heard of a budget and where?

0:18:000:18:04

Hmm, sounds good!

0:18:040:18:06

But what do the most important people

0:18:060:18:08

think they've learned from the lessons?

0:18:080:18:11

I think it's important for when people grow up,

0:18:110:18:13

because if they don't know how to manage their money properly,

0:18:130:18:16

they could go to a lot of debt.

0:18:160:18:19

Only get into debt if you can pay it back.

0:18:190:18:22

And also it's better to have a surplus.

0:18:220:18:26

At home, I've got about £60.

0:18:260:18:28

And I've got about £7.50!

0:18:280:18:31

Today's session features the difference between wants and needs.

0:18:330:18:37

That's a valuable lesson for us all to learn.

0:18:370:18:40

If I got a lot of money I'd spend it on needs first

0:18:400:18:42

and if I still had some saved up, I'd buy some wants.

0:18:420:18:46

Needs are like water and food, that we always have.

0:18:460:18:50

And wants are like things that you want but you don't really need.

0:18:500:18:54

I spend most of my pocket money on clothes.

0:18:540:18:57

I spend most of mine on sweets.

0:18:570:19:00

Well, they sound like needs to me.

0:19:000:19:03

The children have responded really well to it,

0:19:030:19:05

because I think it's the way it's presented.

0:19:050:19:07

It's the real world, isn't it? It's real life.

0:19:070:19:10

I think money can be a sensitive subject for some people.

0:19:100:19:14

If they're struggling financially,

0:19:140:19:16

perhaps they want to protect their children.

0:19:160:19:18

But I think if children can help their families

0:19:180:19:21

by doing simple little things to save a little bit of money,

0:19:210:19:24

I think that can only be a good thing.

0:19:240:19:27

So, we've come up with a Right On The Money challenge

0:19:270:19:31

to see if and how these lessons can influence the decisions children

0:19:310:19:34

make about spending money.

0:19:340:19:37

Our two teams are Emilia and Olivia,

0:19:370:19:40

and Natalie and Ava.

0:19:400:19:42

Natalie and Ava have been taking the money lessons.

0:19:420:19:45

While Emilia and Olivia, like most children their age, haven't.

0:19:450:19:48

We've asked them all to plan a day out for a family of four,

0:19:510:19:53

including activities and food.

0:19:530:19:56

Moira O'Neill, the editor of Moneywise magazine,

0:19:560:19:59

is on hand to see what happens.

0:19:590:20:01

Right, girls, you can see on the board

0:20:010:20:04

there's lots of different options about what you might want to do.

0:20:040:20:07

Off you go.

0:20:070:20:08

Grown-ups, look away now. It's not going to be cheap.

0:20:080:20:11

So, how about we have an ice cream?

0:20:120:20:15

-Bowling.

-Yeah.

0:20:150:20:17

And that's £10 per person, so £40.

0:20:170:20:20

You've gone swimming, bowling,

0:20:200:20:22

ice cream, cinema and the zoo.

0:20:220:20:26

How much have you spent, girls?

0:20:260:20:27

314.

0:20:270:20:29

£314? Wow.

0:20:290:20:31

£375. Very expensive day out.

0:20:310:20:35

It is, yeah.

0:20:350:20:37

Wow. So, it seems the girls know how to spend money

0:20:370:20:39

when there's no restrictions.

0:20:390:20:42

But how will they get on when they have a budget of £50?

0:20:420:20:45

Will Natalie and Ava be more savvy spenders than Emilia and Olivia?

0:20:450:20:50

And just to mix it up a bit,

0:20:500:20:53

both teams have money-saving vouchers which they can use as well.

0:20:530:20:56

Natalie and Ava get stuck in straightaway.

0:20:560:20:59

-So, that'd be £7 per person.

-We should be £28?

-28.

0:20:590:21:05

And you could do half, with 50% off.

0:21:050:21:08

Why are you using that voucher? Can you tell me?

0:21:080:21:11

You're saving half.

0:21:110:21:12

You're saving half the price you should've paid.

0:21:120:21:16

But Olivia and Emilia, who, like most primary school children,

0:21:160:21:20

have not had lessons, take longer to get to grips with how vouchers

0:21:200:21:23

can help stretch their budget.

0:21:230:21:25

But we're only getting one.

0:21:250:21:27

Now, you've had a good look at those vouchers.

0:21:270:21:29

Do you want to come back and look at the things that you wanted to do

0:21:290:21:32

on your special family day out and see if you can use

0:21:320:21:34

any of those vouchers to make it cheaper?

0:21:340:21:36

Could you use any vouchers on the swimming?

0:21:400:21:42

Erm, yeah.

0:21:440:21:45

-50% off.

-Ooh!

0:21:450:21:48

Both teams have planned fantastic days out

0:21:480:21:50

and kept pretty much on-budget.

0:21:500:21:52

So, what does Moira think?

0:21:520:21:54

I was expecting the two groups to perform the task differently.

0:21:540:21:59

And I was expecting the personal finance lessons

0:21:590:22:02

to translate into a more confident approach to doing the tasks.

0:22:020:22:08

But I was surprised at how big the difference was.

0:22:080:22:11

Great job, girls!

0:22:120:22:14

All four of you can plan my family's next day out.

0:22:140:22:17

Brian's a firm believer in the benefit of talking to children

0:22:170:22:21

about cash and spending.

0:22:210:22:23

I think parents, it's very important

0:22:230:22:25

they do talk to children about money.

0:22:250:22:27

So that children do know how much it costs for the rent,

0:22:270:22:30

for the mortgage or for the car. They'll have to do that one day.

0:22:300:22:34

And he's got one top tip for parents to consider.

0:22:340:22:37

When children become 11, they can have a debit card.

0:22:370:22:40

So they're given the money once a month,

0:22:400:22:42

there's your money, there's your card.

0:22:420:22:44

If you spend it all this week, you've three weeks with no money.

0:22:440:22:47

So they're very early on realising,

0:22:470:22:49

when it comes, to plan your money over time.

0:22:490:22:51

And for the kids, it's clearly teaching them lessons for life.

0:22:530:22:57

It definitely gives me practical skills, definitely.

0:22:570:23:01

I'm not wasting my money on some sweets.

0:23:010:23:04

And to be honest, I don't really like sweets.

0:23:040:23:06

So I'm all right with that.

0:23:060:23:08

I think they help at home with money,

0:23:080:23:10

because I know not to spend it all when I do get money.

0:23:100:23:14

I try to save my pocket money.

0:23:140:23:16

I DO save my pocket money.

0:23:160:23:19

Class dismissed.

0:23:190:23:20

And well done to those super-savvy children.

0:23:250:23:27

Now, when I was a kid I remember wanting to get my hands

0:23:270:23:30

on the very latest Action Man.

0:23:300:23:33

The one with the eagle eyes.

0:23:330:23:34

Nothing's really changed,

0:23:350:23:37

except nowadays it's also about gadgets and trendy trainers.

0:23:370:23:40

But what happens when all those must-haves are left

0:23:400:23:43

to collect dust in the attic?

0:23:430:23:45

Well, joining me today is antiques and collectibles specialists

0:23:450:23:49

Kathy Taylor and Richard Beale.

0:23:490:23:51

Kathy, I'm going to start with you.

0:23:510:23:53

Early Star Wars figures, give me an idea, how much are they worth?

0:23:530:23:55

They can be worth a lot of money,

0:23:550:23:57

particularly the 3.75" figures that you see here.

0:23:570:24:00

Even loose, they can be worth a lot of money.

0:24:000:24:03

Yeah, but a lot doesn't mean much. Give me some figures.

0:24:030:24:05

-How much are we talking about?

-Erm, well...

0:24:050:24:07

-20 quid, 50 quid?

-This fellow here...

-Yep?

-..250 to 350.

0:24:070:24:11

-Really?

-Yeah, he's a Blue Snaggletooth.

0:24:110:24:14

And he was only produced for a short period of time in America.

0:24:140:24:18

But if it's a rare figure,

0:24:180:24:19

they still can command quite a good value, because everybody wants them.

0:24:190:24:23

And that probably cost back in its day, what? Two or three quid?

0:24:230:24:26

Yeah, if you could've got him on a card

0:24:260:24:27

that would have been probably about a pound.

0:24:270:24:29

-Wow.

-And then they went up to about £1.49.

0:24:290:24:31

So, that's a really good investment if you get it right.

0:24:310:24:34

Yeah, people when they get into their 40s, 50s, 60s,

0:24:340:24:37

they might've paid off the mortgage, their kids have left home,

0:24:370:24:39

and all of a sudden they've got money in their pocket.

0:24:390:24:42

And often people will think,

0:24:420:24:44

"Well, OK, I mean, I've got a bit of money now,

0:24:440:24:46

"I'll buy something that I remember from my youth."

0:24:460:24:49

Presumably, there's someone probably in the Far East somewhere

0:24:490:24:52

that's making these as fakes though, isn't there?

0:24:520:24:55

Particularly the weapons, yeah.

0:24:550:24:56

But I'll show you an little tip here.

0:24:560:25:00

Yeah.

0:25:000:25:01

Right. What do you notice?

0:25:020:25:04

-Well, it's got wet.

-It floats.

-Oh, yeah, and it floats, yeah.

0:25:040:25:07

The fakes that are on the market, sink.

0:25:070:25:09

But you need to know what you're looking at.

0:25:090:25:11

-So, if it sinks, it's a fake?

-Yeah.

0:25:110:25:13

There's probably loads of people right now who've got a box like this

0:25:130:25:17

in the attic or even got a doll like that

0:25:170:25:19

or a whole load of them in the attic.

0:25:190:25:20

What is going to be the best way for somebody to make sure

0:25:200:25:23

they're getting the best price and not 50p at car-boot sale?

0:25:230:25:27

The key is to go to people who know.

0:25:270:25:29

Don't have a guess. You put it on eBay, you might end up with nothing

0:25:290:25:32

for something that's worth quite a lot of money.

0:25:320:25:35

And you need to show it to people who know, basically.

0:25:350:25:39

What happens if there isn't an expert like you on their doorstep?

0:25:390:25:42

You can do it remotely.

0:25:420:25:44

With a series of photographs.

0:25:440:25:46

Lay it out on a table, nice white background.

0:25:460:25:49

We're able to look at things remotely.

0:25:490:25:51

There's an awful lot of people right now,

0:25:510:25:53

-probably sitting on a small fortune.

-Oh, absolutely!

0:25:530:25:56

And I mean, don't think just because it's from the '70s,

0:25:560:25:59

'80s or even the 1990s, it's worthless and too modern.

0:25:590:26:03

Because that sort of era, now,

0:26:030:26:05

anything that's TV and film related, through the roof.

0:26:050:26:09

There you have it, get off the settee,

0:26:090:26:11

get upstairs and have a rummage through the attic.

0:26:110:26:14

Let's leave Dom to relive his childhood

0:26:150:26:18

while I chat to the good people at Stockport market

0:26:180:26:20

about when they think it's the right time to teach kids

0:26:200:26:23

about the value of money.

0:26:230:26:26

What age would you start talking to your children about money

0:26:260:26:28

and how to handle it?

0:26:280:26:29

Maybe about 12 years old, you know when they start high school,

0:26:300:26:33

maybe around that time.

0:26:330:26:35

But do you know some people actually think

0:26:350:26:37

-it's a good time to start when they're five?

-No.

0:26:370:26:40

-No?

-I wouldn't.

-That's too young?

-Yeah, yeah, that's too young.

0:26:400:26:43

Tell me, do you give your son pocket money?

0:26:430:26:45

Yes I do, yeah. He has to help around the house though,

0:26:450:26:47

to learn how to make the money

0:26:470:26:48

because it doesn't grow on trees nowadays, does it?

0:26:480:26:50

That's right, exactly.

0:26:500:26:51

So, you give him chores and he gets rewarded for that?

0:26:510:26:54

That's right, that's right.

0:26:540:26:55

When is a good time to start talking about money?

0:26:550:26:58

Some people say as young as five is acceptable.

0:26:580:27:00

What's your opinion?

0:27:000:27:01

I didn't learn the values of money when I was that young.

0:27:010:27:04

It was only when I first started work

0:27:040:27:05

before I learned the values of money.

0:27:050:27:07

You always have to learn how to cope with money, you know,

0:27:070:27:11

and deal with it, don't you?

0:27:110:27:12

So, it's always a learning process, whatever age you are.

0:27:120:27:16

-Even at my age.

-Your tender age.

0:27:160:27:18

Yeah, yes, yeah.

0:27:180:27:19

-Lorraine, thanks ever so much.

-You're more than welcome.

0:27:190:27:22

Earlier on, we met Gary and Rae

0:27:240:27:26

who were struggling to manage their debts and save up for their wedding.

0:27:260:27:30

So has personal-finance expert Claer Barrett managed

0:27:300:27:32

to squirrel away enough money for the big day?

0:27:320:27:34

Newly engaged Rae and Gary from Eastbourne

0:27:360:27:39

desperately want to splash out on the wedding of their dreams.

0:27:390:27:42

But their spending habits and lack of financial know-how

0:27:420:27:45

have landed them almost three grand into debt.

0:27:450:27:49

-Our spending is shocking.

-Horrible, yeah.

0:27:490:27:52

We're like, as soon as we get paid, we're like, "Ooh, we've got money."

0:27:540:27:57

Let's go have a meal, let's go and...

0:27:570:27:59

-Have drinks.

-..have some drinks with mates.

0:27:590:28:01

We don't seem to think we need to put that aside

0:28:010:28:04

and need to save that. We need to calm down.

0:28:040:28:07

Earlier on, the Financial Times money editor Claer Barrett

0:28:080:28:12

was busy teaching this young couple

0:28:120:28:14

how to put their financial house in order.

0:28:140:28:16

She saved them hundreds of pounds on their overdraft fees

0:28:160:28:20

and even showed them how they can make money

0:28:200:28:22

from selling their unwanted computer games.

0:28:220:28:25

-OK, so we'll take the money.

-Yeah, cool beans.

0:28:250:28:28

Thank you.

0:28:300:28:32

Now Claer's back to take them on the next leg

0:28:320:28:34

of their money-saving journey.

0:28:340:28:37

Hi.

0:28:370:28:38

One of Gary's biggest expenses is his leased car.

0:28:380:28:42

He's paying over £268 a month for it, despite rarely using it.

0:28:420:28:46

But Claer has been studying the paperwork

0:28:460:28:49

and reckons that there may be room for manoeuvre

0:28:490:28:51

when it comes to reversing out of the agreement early.

0:28:510:28:54

So, I've got the terms and conditions here that you gave me.

0:28:550:29:00

Seven pages of A4 and even a financial black belt like me,

0:29:000:29:05

I have to say it took several cups of coffee

0:29:050:29:07

and looking through the small print.

0:29:070:29:09

By my calculations, it may be possible for you

0:29:090:29:13

to hand back this car for as little as 200-300 quid.

0:29:130:29:18

Oh, wow, wow, OK, yeah.

0:29:180:29:20

That is a lot, lot cheaper than I thought it would be.

0:29:200:29:23

That's fantastic news.

0:29:240:29:26

For a very small fee,

0:29:260:29:28

Gary could terminate the lease agreement and hand his car back,

0:29:280:29:31

saving a gigantic £6,432.

0:29:310:29:36

For the amount of miles he does,

0:29:360:29:38

Gary could look at joining a car-pool club

0:29:380:29:40

or hiring a car for longer journeys.

0:29:400:29:43

OK, brilliant. Thank you for that.

0:29:430:29:44

-Feeling empowered!

-Definitely, definitely.

-OK.

0:29:440:29:47

As they continue with their money-saving,

0:29:480:29:50

it's crunch time for Claer,

0:29:500:29:52

as she tackles Gary and Rae's biggest expense - food.

0:29:520:29:56

It turns out that almost half of this couple's monthly income

0:29:560:30:00

goes on groceries, eating out, and takeaways.

0:30:000:30:03

It's time for some home truths.

0:30:030:30:05

Seems like the chickens could be coming home to roost.

0:30:050:30:08

Based on the bank statements that you've given me,

0:30:090:30:13

this is how much money you guys spent in the supermarket last month.

0:30:130:30:16

Just over £400.

0:30:180:30:20

Just on supermarket shopping?

0:30:200:30:23

Thing is, though, we've thrown probably £200 of that away, easy.

0:30:230:30:27

Gary and Rae need to get a grip on their wasteful habits.

0:30:280:30:32

Despite stocking up at the supermarket,

0:30:320:30:34

they often pick up a takeaway on the way home.

0:30:340:30:36

If I asked you to burn £200 of this money with a lighter right now,

0:30:380:30:42

-how would you feel?

-I don't know.

-No way, no.

-I don't know.

0:30:420:30:46

-That's what we're pretty much doing.

-You've got to remember this feeling

0:30:460:30:49

every time you're opening your bin and throwing food in it.

0:30:490:30:51

It's like you're literally throwing money down the drain.

0:30:510:30:54

-Throwing away money, yeah.

-OK?

0:30:540:30:55

Gary and Rae are not alone.

0:30:580:30:59

We are a nation of food wasters.

0:30:590:31:01

Throwing away good grub costs the average home £700 a year.

0:31:010:31:06

As they head home, Claer unearths the next candidates for the food bin

0:31:060:31:11

rather than the cooking pot.

0:31:110:31:13

What's this? Oh, dear, lurking in the back here.

0:31:130:31:16

Some pork and leek sausages.

0:31:160:31:19

Rather sad-looking sausage.

0:31:190:31:20

Yeah, they've been in there for, like, four or five days.

0:31:200:31:23

Right, OK, so they may have...

0:31:230:31:26

-Gone out of date, definitely.

-What's up here?

0:31:260:31:28

We've got one...

0:31:280:31:29

..two open packs of carrots.

0:31:310:31:33

Ugh, there's some...

0:31:330:31:34

-Bit squidgy, carrots.

-Yeah, bit squidgy.

0:31:340:31:37

OK, so they are about two weeks out of date.

0:31:370:31:40

But Rae's got an excuse and, let's be honest, it's one we've all used.

0:31:400:31:44

By the time that I get in from work at night,

0:31:450:31:47

I'm too knackered to want to cook,

0:31:470:31:49

I'm too knackered to want to make a big meal.

0:31:490:31:52

But with a little effort,

0:31:540:31:55

Claer reckons they could turn their supermarket stash

0:31:550:31:58

into a tastier version of their favourite takeaways.

0:31:580:32:01

She thinks the answer is for them to plan their menus for the week,

0:32:010:32:05

which would save them a wad of cash.

0:32:050:32:07

So she's arranged for Gary and Rae to meet Chef Miguel Barclay,

0:32:070:32:11

who specializes in making meals for a pound or less

0:32:110:32:14

by having a larder of basic ingredients,

0:32:140:32:17

shopping savvy and batch cooking.

0:32:170:32:19

I hear that you're quite big into takeaways?

0:32:190:32:21

-Yes.

-Yes, we are, yeah.

0:32:210:32:23

And, basically, I'm going to teach you one of your favourite takeaways,

0:32:230:32:26

chicken tikka masala.

0:32:260:32:28

Miguel's version comes at a fraction of the cost, and it's tasty too.

0:32:280:32:33

So, I specialize in doing meals for under a pound.

0:32:330:32:35

But if you want to get this one under a pound, then you're going to

0:32:350:32:38

-have to take the bone out yourself.

-OK.

-No, that's fine.

0:32:380:32:41

Miguel's tips include buying less expensive ingredients in bulk

0:32:410:32:45

and freezing the results.

0:32:450:32:47

If they do this, they can knock up a delicious meal in minutes,

0:32:470:32:50

as well as putting more cash into their wedding pot.

0:32:500:32:53

If you want to start cooking meals for a pound,

0:32:540:32:56

you're going to have to start overlapping your dishes.

0:32:560:32:59

-Yeah.

-So once you've cooked this dish, you know that your next dish

0:32:590:33:02

-is going to have to involve chicken thighs.

-Yeah.

0:33:020:33:05

I don't know, imagine you were going to do a nice chicken pie.

0:33:050:33:08

-Ooh!

-Yeah.

0:33:080:33:09

Then you're probably going to have mushrooms left over and you're

0:33:090:33:12

probably going to have puff pastry left over.

0:33:120:33:14

So then you could probably do like a mushroom tart the next day.

0:33:140:33:17

And it's like a never-ending cycle of just overlapping ingredients,

0:33:170:33:20

-meal by meal by meal.

-All right, brilliant.

-OK.

0:33:200:33:24

So, has Miguel convinced our couple to chuck out their takeaway menu

0:33:240:33:28

and get spicy in the kitchen?

0:33:280:33:30

-You could do this.

-Yes, I definitely could, I definitely could.

0:33:300:33:33

Be quite easy.

0:33:330:33:36

Gary and Rae may be on first name terms with the takeaway shop owner,

0:33:360:33:39

but have we now got two cooking-from-scratch converts on our hands?

0:33:390:33:43

-Mmm!

-Mmm.

-That's actually really good.

-That's really good.

0:33:460:33:50

Chicken's so...

0:33:500:33:51

-So soft but crunchy as well.

-Mmm!

0:33:510:33:52

Do think you're going to be able to make me this?

0:33:540:33:56

No, I think I'm going to make myself this.

0:33:560:33:57

Yeah definitely, it's really good. I really like it.

0:33:570:34:00

Result!

0:34:000:34:02

If Gary and Rae planned their meals more carefully and reined in their

0:34:020:34:05

takeaway habit, they could save an incredible five grand a year.

0:34:050:34:09

As Claer joins them for a drink with Rae's mum and dad,

0:34:110:34:14

she's about to learn how much they spend on socializing

0:34:140:34:17

with their nearest and dearest.

0:34:170:34:19

I know that you like to have a drink

0:34:190:34:21

with your family and your friends, especially.

0:34:210:34:24

And I know that you're a very generous couple.

0:34:240:34:27

-Very generous, aren't they?

-Generous. Yeah, most definitely.

-Very generous.

0:34:270:34:31

Gary and Rae spent an eye-watering £120 a week on nights out

0:34:310:34:36

and Claer's discovered they use their contactless bank cards to pay.

0:34:360:34:40

I just go like that and go like that and go like that

0:34:400:34:42

-and don't think about it.

-Yeah.

0:34:420:34:43

Exactly, and this is why the numbers are adding up.

0:34:430:34:48

Because it's so easy to spend money on contactless and you can't really

0:34:480:34:51

keep track of it, especially if you've had a few drinks

0:34:510:34:54

and you don't often get a receipt.

0:34:540:34:55

-Yeah.

-So I've got one idea for you,

0:34:550:34:58

which is, take out the cash that you're going to spend

0:34:580:35:00

on the night out, leave the cards at home.

0:35:000:35:03

And when it's gone, it's gone.

0:35:030:35:05

Then if you want to be generous and buy your friends a round

0:35:050:35:08

then you can, but if you need a drink,

0:35:080:35:10

you'll have to get them to buy you one back.

0:35:100:35:13

Good point, well made.

0:35:130:35:15

Gary and Rae could cut the cost of nights out by a third

0:35:150:35:18

if they followed her advice.

0:35:180:35:20

And it's not last orders from Claer just yet.

0:35:200:35:23

Now, I think your mum and dad will like this one.

0:35:230:35:26

Is, have nights out at friends' houses.

0:35:260:35:29

So, take it in turns, you can all host a different night in your home

0:35:290:35:31

instead of paying lots of money

0:35:310:35:33

to go out to a pub or a bar or a restaurant.

0:35:330:35:35

Everyone can bring a dish, everyone can bring a bottle.

0:35:350:35:38

So instead of spending £20-30 for a meal and a drink,

0:35:380:35:42

you could do it for, you know, less than £10 a head.

0:35:420:35:45

And you're with your friends and you're having a great night.

0:35:450:35:49

-Yeah, why not?

-Yeah, I think that's a really good idea.

0:35:490:35:51

It'll save you money, at least 60 quid, what you're spending.

0:35:510:35:54

And you get to talk to people, you haven't got to shout at people.

0:35:540:35:57

That's a good point.

0:35:570:35:59

So, that £6,000, roughly, that you're spending on socializing

0:35:590:36:03

and going out a year, maybe we could cut it in half...

0:36:030:36:05

-Yeah.

-..to £3,000, and then that will give you

0:36:050:36:09

quite a sizeable chunk of money that you could spend on the wedding.

0:36:090:36:13

So that's got to be your motivation.

0:36:130:36:15

You know, when you're in the pub,

0:36:150:36:17

-itching to get your contactless card out...

-Yeah.

-..think of the wedding.

0:36:170:36:20

OK.

0:36:200:36:21

And talking of weddings, they don't come cheap,

0:36:230:36:26

with the average one in the UK costing north of 20 grand.

0:36:260:36:30

Claer has got some great ideas on how to keep the price down.

0:36:300:36:34

When it comes to saving money on your wedding,

0:36:340:36:36

I've got to confess, I'm a bit of an expert.

0:36:360:36:39

Because when me and my husband got married,

0:36:390:36:42

we did it on a really tight budget.

0:36:420:36:44

The average couple spends nearly £1,100 on photography

0:36:440:36:47

and just under £800 on entertainment.

0:36:470:36:50

But Claer reckons that's money better spent elsewhere.

0:36:500:36:54

So the first couple of tips I'm going to give you

0:36:540:36:56

involve one of these, the humble smartphone.

0:36:560:36:59

What do we like to do with our phones more than anything else?

0:36:590:37:01

-Take pictures.

-Yeah.

-So there are now apps that you can get,

0:37:010:37:04

when you send out the wedding invitations, you can tell people

0:37:040:37:06

about the app and your password, there are lots of different ones,

0:37:060:37:09

and then, as they're taking pictures throughout the day,

0:37:090:37:12

they can be uploading the pictures and the videos.

0:37:120:37:14

So that means not only do you not need to have

0:37:140:37:17

a professional photographer, which could cost thousands of pounds,

0:37:170:37:21

you can actually get some really, really nice quality pictures

0:37:210:37:24

that everyone's been involved in taking and

0:37:240:37:26

get them all made up into an album.

0:37:260:37:28

-Afterwards, second way that you can use your phone, music.

-Mmm.

0:37:280:37:32

-Make a wedding playlist.

-Yeah.

0:37:320:37:35

Then you don't need to pay to have an expensive DJ.

0:37:350:37:38

That's 24-carat money-saving advice.

0:37:390:37:42

And there's more.

0:37:420:37:44

When is the best time of year to get a really good deal on champagne?

0:37:440:37:47

-Be around Christmas and New Year's.

-Exactly.

-Always a lot of bubbles.

0:37:470:37:52

Buy the champagne then, keep it - don't drink it! -

0:37:520:37:57

until the wedding.

0:37:570:37:58

So, I'll drink to that.

0:37:580:38:00

-Cheers!

-Thank you.

-Thank you.

0:38:000:38:02

And the icing on the wedding cake,

0:38:020:38:04

get married midweek rather than Saturday

0:38:040:38:06

and you could cut in half the cost of hiring that dream venue.

0:38:060:38:10

If Gary and Rae followed Claer's advice, they could save £1,900.

0:38:100:38:15

So time to tot up whether we've saved them enough money

0:38:150:38:18

to help them clear their debts and feather their matrimonial nest.

0:38:180:38:22

As well as that 1,900 on their wedding,

0:38:230:38:26

£200 on recycling their console games,

0:38:260:38:29

£389 on cutting back on gifts,

0:38:290:38:32

a whopping three grand on bank charges,

0:38:320:38:35

£6,432 a year on Gary's car,

0:38:350:38:38

five grand on their yearly food bill,

0:38:380:38:40

and three grand on socializing.

0:38:400:38:42

That's a grand saving of £19,921.

0:38:420:38:48

Not forgetting all the incredible advice Claer has given

0:38:480:38:51

our young lovebirds, which will help set them up for life.

0:38:510:38:54

This whole experience has been really, really enlightening.

0:38:560:39:00

We are definitely looking at getting married soon.

0:39:000:39:03

I thought the way we were going,

0:39:030:39:04

it would take three, four years, maybe even more.

0:39:040:39:08

But with Claer's tips,

0:39:080:39:09

I think we can definitely achieve it within the next year or so.

0:39:090:39:12

-I want to get married to you as soon as I can...

-Aw!

0:39:120:39:15

..so we can get our future started as soon as we can.

0:39:150:39:18

So, yeah. Yeah. That's what I want.

0:39:180:39:21

-Thanks, Gaz.

-That's all right.

0:39:210:39:22

Well, I'm delighted to say that Gary and Rae are with us

0:39:270:39:30

along with our resident personal finance guru Simon Reid.

0:39:300:39:33

Hi, Gary, hi, Rae. Good to see you again, Simon.

0:39:330:39:36

And you, Dom.

0:39:360:39:38

Now, you said earlier on in that video that we just watched

0:39:380:39:40

since moving in together, you've been struggling with your finances.

0:39:400:39:43

-Yeah.

-Yeah.

-How has this whole experience helped you?

0:39:430:39:46

It's helped us a lot, it really has.

0:39:460:39:48

The food shopping, we've completely changed around.

0:39:480:39:51

I mean, we was doing 70... £60-70 a week.

0:39:510:39:53

-A week, yeah, we were doing that.

-We're now lucky if we do that month.

0:39:530:39:57

We've started bulk buying. I mean, we completely blitzed the freezer,

0:39:570:40:00

took everything out that we wasn't going to eat.

0:40:000:40:03

It sounds bad, but to bin it.

0:40:030:40:04

And completely, completely start from scratch.

0:40:040:40:07

-Yeah.

-The stuff that Miguel taught us also, so the curries, we do.

0:40:070:40:10

Yeah, curries, and his book's been really handy.

0:40:100:40:12

We do at least once a week now.

0:40:120:40:14

At least once a week,

0:40:140:40:16

-we do a proper, home-cooked, fresh, from-scratch meal.

-Yeah.

0:40:160:40:19

This is great stuff, isn't it Simon? Really positive.

0:40:190:40:21

Well, it's fantastic stuff and it's you know,

0:40:210:40:23

it's quite simple when you think about it.

0:40:230:40:25

Bulk buying, planning what you're eating,

0:40:250:40:27

you know, using the freezer for stuff that you've made rather than

0:40:270:40:30

-for ready meals that never get eaten.

-Yeah.

0:40:300:40:32

Do you know, a lot of this though, it should be common sense, shouldn't it?

0:40:320:40:35

And you know, in fairness, common sense is not that common.

0:40:350:40:37

-Do you see a lot of this, Simon?

-I see a lot of this with couples.

0:40:370:40:40

You know, they don't talk about money, because it's a bit boring.

0:40:400:40:43

You know, it can be a bit depressing to talk about it, but, you know,

0:40:430:40:46

when you're a couple, you've got to share the financial responsibility.

0:40:460:40:49

-Share, yeah.

-But I think Simon's made a good point about

0:40:490:40:52

looking and being aware of your finances.

0:40:520:40:55

You were throwing money away for overdrafts, unauthorized overdrafts.

0:40:550:40:59

Are you looking at those bank statements more carefully?

0:40:590:41:01

-Yeah, definitely. Both, we both...

-The amount of money

0:41:010:41:04

that we've wasted on unorganised overdrafts is horrendous.

0:41:040:41:07

-Horrendous, yeah.

-We've now both got that sorted.

0:41:070:41:09

-Both got planned overdrafts.

-We've both got planned overdrafts,

0:41:090:41:12

we've sorted that out with the bank.

0:41:120:41:13

It was a big kick that we both needed.

0:41:130:41:16

It was the kick we needed to just...

0:41:160:41:17

-We knew we were doing it wrong.

-Yeah.

-We but we were just...

0:41:170:41:20

We didn't want to own up to it.

0:41:200:41:21

There was so much denial that we both had.

0:41:210:41:23

-More me, I'll admit to that.

-Yeah, probably a bit more you.

0:41:230:41:25

There's an awful lot of people in the same situation as you.

0:41:250:41:29

Why do you think you got into such a bad rut? What caused that?

0:41:290:41:33

I think it was just naivety.

0:41:330:41:35

I think it was just us being naive about it.

0:41:350:41:39

I've never had the amount of money I had coming in.

0:41:390:41:41

-We were just...

-I've never, ever looked at my account and gone,

0:41:410:41:44

"I've got, like, four digits sitting in there, wow, this is brilliant."

0:41:440:41:47

I think it's a case of what do you need, versus what do you want.

0:41:470:41:51

-Yeah.

-Yeah.

-It was.

-It was constantly burying our head.

0:41:510:41:54

-This was just the wake-up call you needed, wasn't it?

-Yeah.

-It was.

0:41:540:41:57

And it helped our relationship as well.

0:41:570:41:59

It did, it really helped our relationship a lot since.

0:41:590:42:01

-We're a lot happier than we was six months ago.

-Yeah.

0:42:010:42:04

-Everyone's a winner.

-Everyone, yeah.

-Everyone's a winner.

0:42:040:42:07

It's winner, winner, home-cooked chicken dinner!

0:42:070:42:09

Gary, Rae, thank you for sharing your story

0:42:090:42:11

-and, Simon, thanks as always.

-Yeah, good luck to you.

-Thank you very much.

0:42:110:42:15

If you're saving up for something big, like a wedding,

0:42:150:42:17

or you need some good financial advice form one of our experts,

0:42:170:42:20

like Simon, send us an e-mail to...

0:42:200:42:23

And if it's more money-saving tips you're after,

0:42:250:42:27

here's where to go to get some nuggets of advice.

0:42:270:42:30

Our website has everything you need to sort out your spending.

0:42:310:42:36

We've teamed up with the Money Advice Service

0:42:360:42:38

to bring you easy-to-use money-saving tools

0:42:380:42:41

to plan your budget,

0:42:410:42:42

calculate the cost of your car or credit cards

0:42:420:42:45

and give your money a complete health check.

0:42:450:42:48

Download them at...

0:42:480:42:51

Well, Simon is still here to help answer some of the questions

0:42:570:43:00

we've had from people we've met today.

0:43:000:43:02

Susan wants to know - and I bet a lot of parents can relate to this -

0:43:020:43:05

how can she stop her student son going overdrawn?

0:43:050:43:08

That's a good question. Young people, students,

0:43:080:43:11

they want to have fun, they're going to spend money.

0:43:110:43:13

One thing I always suggest to young people is get a part-time job,

0:43:130:43:15

which will help their financial situation, but also help them

0:43:150:43:18

-learn the value of money.

-Get a job, I like that one.

0:43:180:43:20

Brian wants to know will he lose his pension if his company goes bust?

0:43:220:43:26

Simple answer, no.

0:43:260:43:27

-Really?

-Used to be the case that pensions were at risk,

0:43:270:43:30

there were lots of things back in the ancient times of history where

0:43:300:43:33

people did lose their pensions.

0:43:330:43:34

Now they're all protected by a Government scheme,

0:43:340:43:38

so if a company goes bust, your pension scheme should be protected.

0:43:380:43:42

Only up to about 90% of the value, but it will be fine.

0:43:420:43:44

And Pat says, "How can I earn more interest on my savings?

0:43:440:43:48

"I've got four grand in a cash ISA, paying me almost diddly-squat."

0:43:480:43:51

You know, we're all worried about the lack of interest

0:43:510:43:54

we're getting on our savings, rates have been at record lows for years.

0:43:540:43:57

My only advice is really, walk down the high street a bit

0:43:570:44:00

and see what else someone else is offering.

0:44:000:44:02

-You're bound to get a better rate.

-Shop around.

-Shop around.

0:44:020:44:04

Great advice, Simon.

0:44:040:44:06

Well, that's it from us today, thank you to Simon and all our guests.

0:44:060:44:10

And thanks to you at home too.

0:44:100:44:12

And I hope you picked up loads of tips

0:44:120:44:13

that will help boost your piggy bank.

0:44:130:44:16

-But until next time, cheerio.

-Bye-bye.

0:44:160:44:18

Denise Lewis and Dominic Littlewood present more simple, practical ways to make money go further. The team help a young couple struggling to pay for their dream wedding. But with a mountain of debt, can the expert save them enough money to finally make it up the aisle? Plus, with borrowing expected to reach a record high, we meet some money-savvy primary school children who are being taught how to stay out of debt.

For more tips on budgeting and managing your finances visit bbc.co.uk/rightonthemoney.