Angela wrote a letter to MoneySavingExpert.com explaining how she has been using the MSE website for 20 years following her separation from her husband
Martin Lewis has issued a warning to couples after one woman explained how she saved almost £19,000 following the end of her marriage.
The woman, known only as Angela, wrote a letter to MoneySavingExpert.com explaining how she has been using the website for 20 years following her separation. She described being in “dire financial straits” after her husband left, but managed to save £18,858.95 over the years thanks to advice from the MSE team.
Angela said the first thing she did after becoming a regular reader of MSE was set up a budget, which she still reviews every year. She also opened a savings accounts and “planned for every eventuality” including a small emergency fund.
To cut her credit card debt, Angela was inspired by MSE to use a 0% balance transfer. This lets you move your existing credit card debt to another card where you’re not paying interest for a set amount of time.
For her mortgage, MSE gave her “certainty” over her payments by helping her find a 10-year fix. Angela said: “In four months’ time, I’ll be mortgage and debt-free, three years earlier than originally planned! I saved a bit every year on insurance and breakdown cover, and used a cashback website. I’ve switched bank accounts five times, and broadband and energy supplier most years.”
Angela said the £18,858.95 she has saved doesn’t include the savings from other tips picked up from MSE, including shopping at the right time of day and cutting her Christmas gift spending. Martin replied to her letter, saying it will “inspire many” people – but also issued a warning.
He said: “In relationships, there’s usually a ‘dominant financial doer’ who sorts out the finances. There’s nowt wrong with that, but if it steps over the line to ‘I just do it all, so they needn’t worry’ it may feel generous, but it can be disastrous, especially if one of the three Ds hit (death, divorce, dementia – jolly isn’t it?).”
Martin said both partners should know enough about their bills and finances to be able to take over if needed and warned communication is “crucial” in relationships.
