Inflation has hit its highest levels in forty years, with rates reaching a record 9.9% - the highest it’s been since 1982.
And, the Bank of England has said it now expects a 0.1% fall in GDP over the current quarter, indicating that the country is already in a recession.
Alongside this, there is a cost of living crisis, that’s being caused by food costs rocketing, and petrol prices reaching record highs.
At times like this, we need some good solid advice on how best to tackle such difficult economic terrain - and who best to give us that support than the icon that is Martin Lewis.
Here’s everything you need to know, from his net worth, to which TV shows he’s appeared on, and whether he’s married and has kids.
Who is Martin Lewis?
Martin Lewis is a 50-year-old finance journalist, who was born in Witherington, Manchester, on May 9, 1972.
After school, he studied Government and Law at the London School of Economics, before branching out into broadcast journalism at the Univeristy of Cardiff.
After graduating, he landed a job as a producer for BBC Radio as well as Five Live.
The journalist was appointed an OBE (Order of the British Empire) in the 2014 honours list, for his services to consumer rights as well as charitable services.
He was also made a CBE (Commander of the Order of the British Empire) in the 2022 Honours List for services to consumer rights and broadcasting.
Martin tragically lost his mother to a car accident when he was young, and in later life made the move to become a patron of the child’s bereavment charity, Grief Encounter.
What is his net worth?
Martin Lewis’ exact net worth is unknown, but, according to the Sunday Times Rich List, he’s certainly put his money training to good use, with a projected value of £123million.
Martin established Moneysavingexpert.com for just £80 in 2003, and, since then, has sold it for £87 million in 2012.
What TV shows has Martin been on?
Martin has been on a number of TV shows throughout his career, and since 2012 he’s co-presented The Martin Lewis Show on ITV alongside Angelica Bell.
In 2020, he revealed that he was quitting Good Morning Britain after 17 years because he “can’t cope” with his busy workload.
The expert has also regularly appeared on shows such as It Pays To Watch!, Tonight, Watchdog, and Lorraine.
Is Martin married and does he have children?
Martin married Lara Lewington in 2009, who is a presenter, journalist and former weather girl.
She’s also worked as a reporter on BBC’s Click which covers consumer technology news, since 2011. The couple welcomed their first child Sapphire Susan in 2012.
What is Martin’s latest Cost of Living crisis advice?
Martin has a whole range of different pieces of advice for those struggling with the current cost of living crisis.
In May, he warned there could be “civil unrest” due to the severe cost of living, predicting yet again that the energy cap will once again rise to £2,600 in October.
He told ITV’s Robert Peston: “I worry about civil unrest.
“So the Government needs to get a handle on it, and they need to get a handle on it quickly, they need to listen, and they need to stop people making choices of whether they feed themselves or feed their children.
“And we are in that now. We used to have a relative poverty condition in this country and we are moving to absolute poverty, and we cannot allow that to happen.”
So, what tips and tricks does he have to combat the situation? Here are a number of easy things to try.
Check your phone contract
Money Saving Expert recommends using price comparison tools to assess whether you could save money on your phone contract, approximately £200 a year.
Control your direct debits
‘Recurring payments are little known, and hidden,’ it reads on Money Saving Expert. ‘This is where you give firms permission to take a “payment” each month from your debit or credit card.’
Sell what you don’t need
MSE recommends selling something if you haven’t used it for a year. Anything from old smartphones and devices, to clothes, books and furniture can be sold online these days. Try websites like eBay, Facebook Marketplace, Vinted, Gumtree and Shpock.
Get a NHS prescription certificate
If you use more than one NHS prescription a month, it’s worthwhile investing in a certificate, which is a one-off fee that covers all prescriptions for a period of one month to a year.
Use the weather to your advantage
If the weather is good, dry laundry outside, instead of using a tumble dryer. This could see you save approximately £28 a year.
Squeeze all you can out of what you have
In very tough times, it might be necessary to cut corners wherever you can, whether that’s squeezing the last amount of toothpaste from a tube, or cutting dishwasher tablets in half - every little helps!
Keep an eye out for price reductions
Get to know your local supermarket and when they’re most likely to put the little yellow stickers on content symbolising a sale. Make sure to shop at those times.
Pay less for your period
After the scrapping of the tampon tax, there are other ways to reduce the monthly costs, including reusable sanitary products.
Get food, drink and more for free
Instead of throwing food away when there’s nothing wrong with it, share it among the community using Olio. Big retailers like Tesco, Pret and Planet Organic have teamed up with the app to give away their surplus food too.
Be a canny cook
Last but not least, save money on food, by using websites such as Jack Monroe’s Cooking on a Bootstrap.
See the full list on the Money Saving Expert website.
Switch your debt to a zero-interest credit card
Martin said: “Paying credit card interest? STOP. A balance transfer credit card can save you £1,000s by slashing the interest you pay.”
He added: “With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. A card will have a 0% period, during which you pay no interest – for example, 28 months – and sometimes you'll pay a small fee. It means you become debt-free quicker, as more of your repayments reduce the debt, rather than pay interest.”
Switch to the Santander 123 Lite account to get £175
“To get it, you need to have/switch two direct debits, log in to online/mobile banking, have a one-off £1,000 going in, then fund £500/month (for example, by paying your salary in). The bonus will be paid within 30 days of meeting the criteria,” advises Martin.