Our experts

MAX RIAZ

Max, a director of Banyantree Investment, says: “I have totally moved away from drinking $5 coffee every day and spending $400 a week on restaurant and cafe foods. I am now a self-taught chef, whipping up culinary delights from all over the world inspired by YouTube chefs. The net savings of $18k a year can go a substantial way in paying school fees for my daughter.”

SCOTT PHILLIPS

Scott is The Motley Fool’s CIO. He says: “A good way to overcome financial risks is to reduce outgoings, spending less on discretionary items. But another, overlooked way is to spend upfront to cut bills. For my family that meant adding more solar panels on our roof. In the sunniest part of the year, we ended up with a credit on our power bill, which will help offset winter heating costs.”

DAVID THORNTON

David, a senior writer at Money, says: “My alcohol consumption at home has increased as Covid-19 has spread. Stuck at home in lockdown, my friends and I have even started a wine appreciation society that takes place via Zoom, named No Way Rosé. I live next to a Dan Murphy’s, so have signed up to a My Dan’s membership. It’s saved me a pretty penny.”

ANN LOVEDAY

Ann, Money’s art director, says: “Looking for the satisfaction in thrift and silver linings in a tightened budget has been my target. I’ve been reworking my existing wardrobe with a few new inexpensive accessories to give a fresh take.

I’ve also been busy making my own shortbread and jams. Simple, creative pursuits that save a buck and give pleasure.”