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Money Box

Money Box Live: Your Spending Strategies

Money Box

BBC

Business

4.2825 Ratings

🗓️ 21 December 2022

⏱️ 29 minutes

🧾️ Download transcript

Summary

The surge in inflation is hitting wide and hitting deep, impacting everything from energy and fuel, to food and everyday household goods. With inflation this high, the effects are leading to significant changes in the way lives are being lived – well beyond those on low incomes. In practice, rising costs of almost everything has meant large swatches of Britain’s working households having to make material cutbacks, people’s disposable incomes being wiped out and donors of foodbanks becoming users. We hear from some of those people having to make changes to their spending.

The experts on the panel are Sarah Pennells, Consumer Finance Specialist at Royal London, Colletta Smith, BBC News Cost of Living Correspondent and Callum Hewitt, Deputy Manager at The Sanctuary Trust Limited (charity).

Presenter: Ruth Alexander Producer: Amber Mehmood Editor: Clare Worden Researcher: Star McFarlane

Transcript

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0:00.0

You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.

0:06.5

I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.

0:11.2

I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,

0:16.0

relationships, identity, comedy, even one that mixes poetry, music and inner city life.

0:22.4

So one day I'll be helping host develop their ideas, the next fact-checking, a feature,

0:28.3

and the next looking at how a podcast connects with its audience, and maybe that's you.

0:33.6

So if you like this podcast, check out some others on BBC Sounds.

0:39.5

BBC Sounds, music, radio, podcasts.

0:43.2

Hello and welcome to this episode of Moneybox Live, the podcast about your money.

0:47.9

Today, the cost of living is rising at its fastest rate in 40 years.

0:52.5

Food, shelter, heating, all the basics are going up in price and much

0:57.3

else besides. In today's program, our panel of experts will be sharing their tips on how to

1:03.0

try to cut costs to minimize your own personal rate of inflation. On the panel today is Sarah Pennells,

1:10.3

consumer finance specialist at Royal London,

1:13.0

helping customers with budgeting and debt and dealing with life shocks. Calam Hewitt from the

1:18.5

Sanctuary Trust, which runs a food bank for people in northwest Wales and Greater Manchester,

1:23.6

and the BBC's Cost of Living correspondent, Colletta Smith, who's got all the detail on what's rising

1:29.2

by how much and what help is out there. We'll come to them in a moment, but first, we've been

1:34.4

speaking to shoppers in Norwich and Stafford about how inflation is changing the way they're living

1:40.0

their lives. My bills have gone up. Rent, luckily has stayed the same for me, but it is that

1:46.6

uncertainty of not knowing, definitely staying in more, so doing grocery shopping rather than going

1:54.2

out for meals and drinks, prioritising that rather than cutting down that one or two things just

...

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