MARTIN Lewis has shared his top tips on how to slash compulsive spending – and it could save you hundreds.
The Money Saving Expert spoke on The Martin Lewis Money Show tonight in a one-off Mental Health Day special.
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He shared helpful advice for those struggling with their finances amid a mental health crisis.
As Martin explained, not everyone can control their spending during these tough times.
“If you can, sort core finances which are budget, cut costs, debt interest, there’s lots of help online and new series coming.
“If you don’t trust yourself when unwell there are options to add friction.
“You can switch to Basic Bank Account, avoid credit cards or restrict to a low-limit card.
“Another option is add credit file ‘Notice of Correction’ to control acceptance.
“Many banks and card firms offer spending controls for gambling and retail.”
Martin also pointed out that in England and Wales, there are things in place to help financially when you’re in a moment of crisis.
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“If you are in crisis mental health treatment you may get breathing space for treatment length plus 30 days on top – this is policy from my charity.
“If you’re in crisis mental care, you may not think about this, but this can be engaged by carers, and support workers.”
The Money Saving Expert also shared his advice on going to non-profit debt councillors if you find yourself in a stressful financial situation.
“A bank doesn’t have to freeze interest unless you’re on a breathing space scheme, you have to go through a non profit debt councillor to do so, speak to a non profit councillor,” he added.
Banks are also offering schemes to help carers for those battling mental health issues.
“If you need people to buy specialist products for you Barclays has something called an Authorised User Additional Cardholder.
“This means people can spend but not access your main account.
“They will usually be able to withdraw money from ATMs, but in limited amounts.
“Lloyds’ offer a Trusted Persons Account to help, meanwhile there’s a Carers Card Account with Santander.
“Help is also available on Tell Experian’s Support Hub.”
Many viewers asked the expert if they should tell their bank about their mental health vulnerability.
He advised them: “Tell your bank. Under the Equality act 2012, banks can’t discriminate against what they give you because of your mental health.
“Trust in your bank – when it comes to you telling them if you’re vulnerable, you tell them, it’s under consumer duty for them to help.”
This comes as Martin Lewis revealed a simple hack to get a free £175 in your account before Christmas.
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And, the MSE offered his “golden rules” for anyone with a savings account and how taking action could make you hundreds.
Plus, Martin issued an urgent warning to anyone with a credit card – and it could save you £1,000s.
