How to have summer fun without splashing the cash, according to Mr MoneyJar

Big Issue’s financial and digital inclusion ambassador, Rotimi Merriman-Johnson, aka Mr MoneyJar, shares his top tips on how to thrive this summer while making your money last longer – from free meals to comparing deals and budgeting tricks.

Where’s your money going?

Before anything else says Mr MoneyJar, start with your basics.

“There’s stuff that we can all do, like track what we’re spending. For me, that’s having a monthly review or, if you can, weekly. It’s important to look back and ask: ‘How much did I spend on all of these different areas?’

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“There are free budgeting apps you can download that link to your bank accounts and actually show where your money is going. I’ll often ask people, ‘Do you know how much you earned last month?’ All their hands will go up. Then I’ll ask: ‘Do you know how much you spent last month?’ And most people have no idea.”

Keep an eye out for price rises

Mr MoneyJar keeps a spreadsheet of key dates throughout the year. On his calendar for July and August, alongside end of school term, payday and Bank Holiday dates, he notes the Bank of England’s next interest rate decision (7 August) and the next inflation numbers release date (20 August).

Why track things like inflation? 

“So that I’m not surprised if prices spike. I just pay attention – almost like checking the weather. The cost of living is perhaps the single biggest issue facing us. Monthly inflation data lets us know how expensive things are today versus 12 months prior… even if it’s a small number, 2% or 3% – this adds up.”

Read more:

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• I lived on a debt-stricken housing estate as an anthropologist – this is what I learned about poverty
• Homeless people were given free cash to buy what they want – here’s what they spent their money on

Free meals for kids

For families that rely on free school meals, summer is a major challenge. Local food banks and community groups can help. See opposite for a list of places where kids can eat for free or
£1 over the holidays.

In England, the government’s Holiday Activities and Food (HAF) programme in 153 local authorities, provides healthy meals, enriching activities and free childcare places for school-aged kids from reception to year 11 (inclusive) who receive benefits related to free school meals.

And Mr MoneyJar emphasises the importance of checking what you’re missing out on: “Billions of pounds of benefits and entitlements go unclaimed every year. The Turn2Us calculator really simplifies it – pop in your details and it can let you know what you could be due.”

Start summer savings

A lot of people feel like they don’t earn enough to save – but starting small is a great first step.

“The simplest way [to start saving] is to get paid, save into a separate savings account, then spend the rest. You can start really small. Even putting away a fiver. Then next month maybe try and save £10.

“Some people definitely struggle to save. For those on low incomes, there is the Help to Save scheme – a savings account which allows certain people entitled to working tax credit or on universal credit to get a bonus of 50p for every £1 they save over four years.

“It’s backed by the government, so all savings there are secure. You can save between £1 and £50 each calendar month but you do not have to pay in every month.”

Keep cool without melting your budget

Hot weather means higher energy bills for those needing fans or air conditioning to cope. So it pays to shop around: “Price comparison websites always help, so you can see how much things cost across different stores online.”

And if you’re buying a fan or other cooling unit, buy wisely: “Try to buy as much fan as you can get for your money… so they actually last. What you don’t want to do is spend money on stuff that is only good for a year, then you find yourself having to re-buy it again.”

Be smart with pocket money

Pocket money can be a useful way to help children build lifelong financial habits and for youngsters the basics aren’t too different from what adults should be doing.

“The tips around pocket money are really similar to what adults can do. Count it all up and put it all into
one place. Decide how much you want to set aside and how much you want to spend. 

“Make a list of the different things you want to buy and just prioritise them. If the thing that’s at the top of your list is too expensive, then continue to save up until you can buy it.”

The best fun can be free

Summer doesn’t need to be expensive to be meaningful. When choosing what to do with young people in your life, Mr MoneyJar recommends: “Anything that’s nice, that you can do outside, that doesn’t cost too much money. Anything that, most importantly, involves you spending quality time with them.”

His own best childhood summer memories are not expensive holidays or long-haul flights. 

“We did not go abroad much. My mum’s older sister lived not too far away from us, so when I think back to the most fun summers when I was a child, it was sleepovers at cousins’ houses or friends’ houses. 

“If we weren’t in the park, then we’d be at home watching Saturday evening TV or a Disney video or playing video games together. It was time spent with other people.

“The key thread running through all the best summers is anything that generates memories or experiences.”

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