Martin Lewis’ simple ‘1 item in freezer’ tip for anyone ‘struggling’ | UK | News
The advice involves a bowl, some water, a card and a freezer (stock image) (Image: Getty )
Brits could benefit from financial expert Martin Lewis‘ ‘ice bowl trick’. While this may appear an unusual recommendation from the founder of MoneySavingExpert (MSE), it is a tactic designed to help people save a considerable sum of money. This summer, prices are anticipated to climb, with MoneyWeek experts predicting inflation will surge following the Middle East conflict.
This ‘bowl in the freezer’ method is designed to help users cut their credit card debt during challenging times. It can also be applied to debit cards to curb non-essential expenditure, as long as basic necessities are still met. Although Martin Lewis first revealed the tip several years ago, it remains timeless guidance that could assist anyone grappling with their spending.
This simple budgeting strategy can prove remarkably effective. Discussing it previously, Martin Lewis stated it could help anyone seeking to control their impulsive spending patterns.
During an episode of the ITV Martin Lewis Money Show Live, Martin Lewis unveiled this distinctive tip. This guidance requires only a freezer, a bowl of water, and your credit card.
Martin Lewis outlined that the technique is intended to stop people from using 0% interest cards for new purchases rather than for debt clearance. He advised viewers at the time to prioritise paying off debts with the highest interest rates first, which often includes bank overdrafts.
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Any additional funds should be channelled towards the highest-interest debt first. Martin Lewis pointed out that by paying only the minimum on remaining balances while concentrating on one debt at a time — a technique known as snowballing — you can clear what you owe far more quickly, reports the Liverpool Echo.
“Clear your debts in highest interest order first, which for many will be the overdraft. Then, you take all the spare cash you possibly have and you put it at clearing the highest interest rate debts,” he said.
“You only pay the minimum on the others. Then when the top one goes, you focus on clearing the next highest and so on. It’s called snowballing and it gets rid of your debts more quickly.”
Martin Lewis shared the tip on a previous episode of his ITV show, which remains relevant to this day (Image: ITV)
He added: “If you have any savings, use them to clear the debts. If you have an emergency you can always put it back on the card afterwards – you haven’t lost anything. If you’re struggling, tell people you’re in debt, tell people you can’t afford to buy a round.
“And everyone else, let’s not put pressure on people to spend when they don’t have the cash. Set up a direct debit to pay at least the minimum. You can pay more, but make sure you’re not missing that.
“Next, make sure you clear the card before the 0% ends or you will pay back the 20-22% rate. If you can’t do that, you need to balance transfer it again. Do not spend on these cards. Do not withdraw cash on these cards, because that is usually not at a cheap rate.
“These cards are only for shifting debt to. And if you really don’t trust yourself, get the card, get a bowl of water. Card in the water, bowl in the fridge [freezer], then you’ll need a hammer to spend on the card and it might give you a moment of thinking time.”
