A man who left university with £24,000 of debt has revealed how he managed to clear it in just 18 months - and has already saved more than £3,000 this year using a series of simple money-saving habits.
Sammie Ellard-King, from Ramsgate, said he had no financial education growing up and quickly fell into a cycle of borrowing after leaving home. By his mid-20s, he had built up debt across a student loan, credit card and overdraft - with a large chunk of his income going on interest alone.
He said: "I had a student loan, a credit card and an overdraft and I ended up peacocking. I was always out, always with nice stuff, showing off but racking up expensive debt. I was basically layering debt on top of debt and by the time I was 25, a third of my wages was going on interest payments and not even clearing the balances."
Despite working in a well-paid marketing role at the time, Sammie said he was forced to reassess his finances and take action. Determined not to live on a bare-bones budget, he turned to side hustles alongside cutting back on spending.
"I didn't want to live like a pauper eating baked beans for seven years, so I did trainer reselling, online surveys, freelancing, focus groups online, literally any side hustle going. And it massively paid off," he explained.
Now 36, Sammie became debt-free within a year and a half and has since gone on to share his financial tips with others. He launched money-saving platform Up the Gains in 2021, which has since generated more than a billion views, and he was named Best Money Content Creator at the 2024 British Bank Awards. At the start of this year, he put 10 money-saving strategies into action - helping him save £3,278.
Here are the 10 rules he swears by:
1. Impulse spending
One of his key tips is the '24-hour rule', which he says can help curb impulse spending. "If I want to buy anything that costs over £50 online, I add my details to the basket with the item and then wait a day. Generally, most retailers will come back and chuck a discount at you, sometimes up to 25%. But most of the time, you will find that if you wait, you later realise you don't actually want the thing."
2. Bill switching
"By changing my own energy provider I've saved £61 a month, but most people don't switch because they think its easier. By shopping around with your mobile, broadband, insurance etc you can save a lot of money," he said, adding that he saved £150 on car insurance alone this year. "Checking these things can really save you money and it only takes an hour or two's work."
3. Cashback schemes
Cashback schemes are another method he swears by, claiming households can earn hundreds of pounds a year if used consistently. "If you get meticulous with your spending, you can get two to three full weekly food shops a year, which for an average family of four, is a massive amount in your pocket. Once you get the knack of it and switch that mindset, it only takes 30 seconds and it really starts to build up. A family of four can earn anywhere between £700 and £1,091 a year, which really makes a tangible difference."
4. Boost cashback
He also recommends making cashback work harder by moving earnings into savings accounts to generate interest. "I systematically withdraw the money I make from cash back once a month, and then it goes into a Monzo pot, which I then earn interest on top."
5. Switch accounts
"If you do this systematically it can really help. I spoke to a lady recently who had made five switches in a year and she saved £800. I'm not that meticulous. I might do two or three a year. But it is so simple, no more than filling in a form online. People are apprehensive about it, but the current account switching service will take care of everything for you and it takes around seven days for all your direct debits and pay to move over. It's really not difficult to do."
6. Subscriptions audit
"The average UK household wastes £39 a month on subscriptions, which is £468 a year. They stack up quietly. We've all done it, especially with TV. Gains have a built-in tracking service so you can clearly see everything going out of your account and keep an eye on what you are paying for but not using. We've also built in an AI chat service that can help you cancel things in the fastest and simplest way possible, so no stone is left unturned."
7. Meal planning
Meal planning has also helped cut costs significantly. "My partner and I have gone really heavy on our meal planning and have found we can save about £700 a year," he said. "It's heartbreaking to fill the fridge with stuff that ends up in the bin and being more careful about it saves so much money."
8. Sell stuff
"We systematically do a Vinted so that every three months we get rid of stuff we don't need and that really adds up. It might just be £50 here or £20 there, but it all contributes towards the cost of living."
9. Track spending
"We live in a digital age, and that can mask how much money you are spending. Making a note of what you have spent over 30 days can really help you plug the leaks. A lot of people will get to the end of the month and they're not sure where their money's gone. We often buy things in the moment, and forget shortly afterwards. By writing it down and looking at it, you realise that if you take the bus instead of an Uber, take a packed lunch twice a week or make the coffee at home, it really stacks up and makes a huge difference."
10. 'Three bank system'
Sammie also uses what he calls a 'three bank system' to manage his money more effectively. "You get paid into account number one, which becomes your everyday spending money. Your second account is for bills and subscriptions and you immediately send out the money to cover this on payday. And then your third bank account is your savings account, and for example, it could be Monzo, which I like because it has saving pots. This really helps me to save and budget."
How Sammie saved £3,278 since January 1:
- Two bank switches (each with partner): £700
- Cashback: £676 (including from a new mattress and some household furniture)
- Vinted and eBay: £600 (selling old furniture and clothes)
- Bill switching: £300
- Subscription audit (for two): £280
- 24-hour rule: £200 (was about to buy a new barbecue, stopped, and got one from Facebook Marketplace for £30)
- Spending tracking: £190
- Meal planning: £180
- Digital roundups: £152 (The digital version of throwing change in a jar. If you spend £3.40, the bank automatically rounds it up and puts 60p into savings).
