With so many Brits falling into debt every year, the internet has become an invaluable resource for information about achieving financial freedom.
You can find free and impartial advice on how to deal with your debts just at the click of a button.
Today, I’ll be reviewing one such resource of information: the website MoneySavingExpert.com that was founded by financial journalist Martin Lewis.
History of Money Saving Expert
The website was established in 2003 by Martin Lewis as a hub where people could get together to share tips to save money.
While the primary purpose of the website was not to make money, the rapid expansion of the website meant that the costs required to run it would necessitate revenue generation.
The website does not allow any advertisement on it which means that any and all links that appear on the website have been hand-picked by its team.
They generate revenue through affiliate links that lead to merchants and their products.
Features on the Website
The website features four prominent features:
The weekly email subscription provided by the website is called Martin’s Free Money Tips.
The email sent consists of an amalgamation of articles as well as the best tips currently found on the website’s forum section. The goal of the weekly email subscription is to keep the website’s users up-to-date when it comes to financial news as well as updates in procedures related to debt collection, etc.
Many of the deals and discounts listed in the email tend to expire within the week in which the email is sent.
The email subscription currently reportedly has over thirteen million recipients each week.
Best Buy Guides and Articles
These articles form the backbone of the website. These guides are designed to be extremely specific and they cater to as many niche scenarios as they can.
The aim of these guides and articles is to help laymen navigate through the financial landscape and find the best deals for themselves.
Not only do the articles detail techniques about saving money but there are other informative guides on how to get out of debt as well as how to avoid going into debt in the first place.
They also provide details on money-saving techniques as well as tips that consumers could employ to increase their ease of use.
You can take advantage of a variety of tools available on the MoneySavingExpert website.
They include a number of different price comparison tools such as a tool that compares flights, a premium bonds calculator as well as a budget planner.
Perhaps the features that MoneySavingExpert is best known for is its forums. The forums contain millions of posts by over a million users in total.
The forums are split into different message boards depending on the different topics and niches they’re about.
They’re all about matters related to money and finances such as loans, grants, benefits, money-saving tips, discounts, deals, etc.)
It’s important to note that the discussion on these forums is not fact-checked. The MoneySavingExpert forums are an open forum which means that any advice that any person posts is not individually checked by the website’s team. This absolves the website of any legal responsibility if someone ends up taking the wrong financial advice.
This is important to note if you’re looking up information regarding your debts online. Don’t believe everything you read on the MoneySavingExpert forums.
When you’re obtaining information and getting debt help, always ensure you’re getting it from a credible source.
The reviews for MoneySavingExpert online are polarising, to say the least with some people being immensely satisfied with the advice they’ve received while others being extremely upset.
A 1-star review about the website said that it’s “Useless when things go wrong”. On the other hand, a 5-star review explained how they were “super pleased” with the advice they had received.
Take it with a Pinch of Salt
I personally think that the key to gaining value out of a website like MoneySavingExpert’s forum section is to take it with a pinch of salt.
Remember that, while some industry experts do frequent the forums, most of the people posting in them are just regular people dealing with their finances and debts.
So, while you may find a neat trick or a tip to help you manage your finances better, it’s important to be careful and ensure you’re not putting yourself at risk by following their advice.
Over the course of its run, the website has launched a total of three petitions.
- They launched a petition whose goal was to get secured loan adverts banned from television channels that were aimed at children. It’s claimed by the website that the petition received 45,000 signatures.
- The second petition was launched in collaboration with the Consumer Credit Counselling Service and Credit Action. Its aim was to get Carol Vorderman to stop appearing in advertisements for secured loans. The petition is said to have received over 80,000 signatures.
- The third petition was related to Bank Charges. It was placed on the Prime Minister’s website where it received over 70,000 signatures.
About Martin Lewis
Martin Steven Lewis is an English journalist in addition to being the founder of MoneySavingExpert.com.
Martin Lewis and his debt advice are considered to be one of the most trusted in the country. In the age of consumerism and predatory capitalist scams, Martin Lewis has been working tirelessly to lift the veil and help consumers navigate themselves through today’s economic landscape.
Martin Lewis became a governor of the London School of Economics in 2008 and was appointed an Officer of the Order of the British Empire (OBE) in 2014.
He was also chosen to be the Best Personal Finance Broadcast Journalist in 2020 by ADVFN.
MoneySavingExpert is a great resource for you to gain information related to finances and debt management.
Just ensure that you take it with a pinch of salt as not everyone posting on the website is an expert on finances.