“Recession Session” How to save £thousands per year Philippa McKeown

1. For classroom use only “Recession Session” How to save £thousands per year Philippa McKeown Senior Consumer Affairs Officer The Consumer Council

2. Look after the pennies… This 15 minute presentation could save you a minimum of £4,425.40 a year = £368.78 per month There’s a saving to be had everywhere you see this symbol www.consumercouncil.org.uk

3. Tackling the Rising Cost of Living Tips on managing your money; food shopping; motoring; public transport, running the home… Check oil prices in your area. Updated Mondays, Wednesdays and Fridays Ready-made budgeting presentations, quizzes and other downloads www.consumercouncil.org.uk

4. Tackling the Rising Cost of Living Tips on managing your money; food shopping; motoring; public transport, running the home… Check oil prices in your area. Updated Mondays, Wednesdays and Fridays Every Friday we bring you the cheapest, dearest and average prices from a sample of sites across Northern Ireland. www.consumercouncil.org.uk

5. Money - where does it all go???? “Money Leakage” www.consumercouncil.org.uk

6. Where does it all go??? A survey of 1,000 people revealed that the average adult spends £33 every week and can’t remember what they spent it on. Source: Visa study, London Reuters, Burrows, D. July 06 www.consumercouncil.org.uk

7. Stopping the money leakage • Keep a spending diary for one month • Get your free Consumer Council receipt wallet to help monitor spend • Set yourself a weekly allowance, but aim not to spend it all • Save what you don’t spend (set that money aside) www.consumercouncil.org.uk

8. 20 per cent of rubbish in the average black bin is food waste1 • 8.3 million tonnes of food is thrown away by UK households every year2. • Wasting food costs the average family with children £680 per year3. • It costs the environment too. • Most of the food could have been eaten. Food for Thought • Bryson Recycling www.brysonrecycling.co.uk • 2,3. WRAP www.lovefoodhatewaste.com/about_food_waste www.consumercouncil.org.uk

9. Why are we binning food? • Buying too much – “Buy One Get One Free” offers (BOGOF’s) don’t help • Cooking too much e.g. rice or pasta left in the saucepan or on the plate • Not using food on time e.g. over-ripe fruit or unopened salad bags • Not being creative or knowledgeable enough about using leftovers – get more facts and recipe ideas from: • www.lovefoodhatewaste.com • www.cookingbynumbers.com/ • www.beyondbakedbeans.com/articles/20080709

10. We could fill 12 double decker buses EVERY DAY with the apples we throw away. Food for Thought Source: www.lovefoodhatewaste.com/about_food_waste www.consumercouncil.org.uk

11. Food for Thought We spend approx. £12.70 weekly in Northern Ireland on takeaway food. Source: Family spending 2008 edition, Office of National Statistics www.consumercouncil.org.uk

12. Cutting the food bills Before you shop… • Plan your meals • Decide your maximum budget • Visit www.mysupermarket.com to check prices and special offers • Eat first! Rumbly tummy = full trolley!! www.consumercouncil.org.uk

13. Cutting the food bills At the supermarket… • Out-smart supermarket psychology – what do they want you to see and buy? • Reach to the back – later ‘best before’ dates will avoid potential food waste • Take the “Downshift Challenge”* and save approx £800 a year • * www.moneysavingexpert.com • * www.supermarketownbrandguide.co.uk/ www.consumercouncil.org.uk

14. Deal or No Deal? • Best to BOGOF? • If it’s something you were going to buy anyway • If they’re non-perishable • If you can split the offer with a friend or family member What’s the worst deal? A) Buy 2 get 1 free B) 33% discount C) 40% extra free 40% extra free buy 2 get 1 free! 33%discount www.consumercouncil.org.uk

15. Fast Fashion Culture This amounts to £12,810 worth of unworn clothes over the average working life £305 worth of unworn clothes in the wardrobe Buying new clothes throughout the year: NI consumers were the worst offenders at 94% Each item costs an average of £21.82 Source: Churchill Home Insurance Jan 06 www.consumercouncil.org.uk

16. Fast Fashion Culture • The so-called "Primark effect", has seen an estimated two million tonnes of clothing ending up in landfill every day. www.consumercouncil.org.uk

17. Keeping House • Shop around for your house insurance – try online comparison sites first then hit the phone By shopping around and haggling, you can save an average of £389 per year! This guide has top tips on buying contents insurance and a table to help you calculate their worth. www.consumercouncil.org.uk

18. Keeping House Paying energy bills by Direct Debit can save money: - Phoenix Supply Ltd = up to £22.05 a year - Firmus Energy = £20.00 a year - NIE Energy = up to £40.00 on monthly bills and up to £26.00 for quarterly bills www.consumercouncil.org.uk

19. Keeping House Total = £9307.00 over a lifetime Source: Daily Telegraph 27.08.08

20. Financial Support • When people’s lives change, their entitlement to benefits might also change e.g. • Bereavement benefits • Carer’s allowance • Child Tax Credit • Disability Living Allowance • Jobseeker’s Allowance • Social Fund – Crisis Loan • Visit www.a2b.org.uk to check if you’re eligible

21. Knowing your consumer rights Knowing your consumer rights can save you £180.00 a year Source: Office of Fair Trading, Detriment Report 2008

22. If all else fails…! Maybe granny or a kind old aunt started up a savings account for you?! Free service from the British Bankers’ Association, the Building Societies Association and National Savings and Investments. www.mylostaccount.org.uk

23. Look after the pennies… Total saved = £4425.40