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Daily Mirror
Daily Mirror
Entertainment
Kyle O'Sullivan

How Martin Lewis made fortune from £80 - and staggering amount he's donated to charity

As well as giving us valuable tips on how to save money, Martin Lewis has given away a staggering amount of his own cash.

The much-loved money saving expert has been fighting our corner and helping us cut costs for two decades - leading the charge against those trying to rip us off.

The world could have been a very different place if the money saving expert had carried on with his stand-up comedy career, but thankfully for the nation he switched to a very different role as a financial advisor.

Martin has been behind some incredibly successful campaigns over the years, taking on unfair bank charges, uncapped energy bills and student finance.

He decided to take a step back from his Good Morning Britain duties in July 2020, but has stayed on our screens on The Martin Lewis Money Show live on ITV.

It will come as no surprise that someone as knowledgeable about saving as Martin has amassed a great wealth, which he has used to set up charities and donate to amazing causes.

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Martin studied Government and Law at the London School of Economics before becoming a postgrad student in Broadcast Journalism at Cardiff University.

Before becoming the nation's money saving expert, Martin actually tried his hand at stand-up comedy after becoming pals with comedian Gary Delaney.

Gary, who went on to appear on Mock the Week and Dave's One Night Stand, wrote jokes for Martin because he was too nervous to perform himself.

After graduating, Martin became General Secretary of the Students' Union at LSE and a producer for the BBC Business Unit working on BBC Radio 5 Live.

He cultivated his Money Saving Expert persona while working on satellite channel Simply Money, which was fronted by Angela Rippon, but it had poor viewing figures and he lost his job.

But Martin got himself back on TV screens on Channel 5 show Open House with Gloria Hunniford and went back to the BBC as a business and personal finance reporter on Breakfast News.

Since then he has appeared on ITV daytime series Make Me Rich, special money editions of ITV tonight as well as big shows such as Lorraine and Good Morning Britain.

Martin set up his popular website Moneysavingexpert.com back in 2003 for just £80 - and turned it into a phenomenon.

Martin has hosted a number of TV shows (ITV)

His expert tips helped save people money and make him cash, as he sold the successful site in 2012 in a whopping £87 million deal while remaining editor-in-chief.

The Sunday Times Rich List estimates Martin's net worth to be a massive £123million.

Martin has to be one of the most generous people in the business, as he has given away almost £20million of his own money to charity in just eight years.

When his Money Saving Expert site joined the Money Supermarket Group in June 2012, Martin pledged to give £10million to charity but by January last year the figure had risen to double that.

He wrote: "£11m is the total I've now put into charity funds, including Gift Aid (or equivalent). £2m of this was direct funding to Citizens Advice.

"£9m was put into a Charities Aid Foundation (CAF) fund. This works like a charity bank account – I control the money, but can only use it to make charitable-type donations.

"£7.9m of that £9m has now gone to specific charities, so that's total donations of £9.9m so far when Citizens Advice is included."

Martin explained explained there was still £10.4million left in the CAF fund, which is the the same amount he initially donated because investment he had a large chunk of the charity money in did well.

Martin donated money this month to help a charity ahead of the energy bill crisis (Ken McKay/ITV/REX/Shutterstock)

He continued: "With the remaining money, as always I like to focus on larger donations to projects I'm actively engaged in, rather than just writing a cheque, and I do research and planning for max impact. So I aim to keep disbursing the money gradually, as and when appropriate."

So far the money has gone on big projects such as The 'Martin Lewis Coronavirus Poverty Fund, Trussell Trust, The Money and Mental Health Policy Institute, Grief Encounter helpline, Citizens Advice UK and financial education in schools.

This month, Martin donated thousands of his own money after what he described as a 'depressing' appearance on This Morning.

The money saving expert was dishing out advice on the imminent energy-price rise but took to Twitter afterwards to claim he was upset because he is running out of ideas.

"Bloody depressing @thismorning phone-in again. So many people at crisis point regarding energy bills - including those with v high usage due to disabilities (home ventilators, oxygen concentrators, elec wheelchairs etc)."

He desperately added: "I am nearly OUT OF TOOLS to help. Govt must intervene," before retweeting a follower who told him: "You've done so much good, Martin. Try and hold on to that! And don't be afraid to take some time out if you need to."

When Leeds-based charity Money Buddies replied to say they had a huge waiting list of desperate people, Martin offered to donate £50,000 to relieve the pressure.

When told that it would help enormously, Martin replied: "Done. Money is ready to go." But he did manage to joke: "I'm normally against impulse spending - but I'll let myself off this one ;)."

Martin Lewis is married to TV presenter Lara Lewington (Samir Hussein/WireImage)
Martin says Lara is tighter with money than he is (PA)

While many people would expect Martin to be very frugal, he's claimed it's actually wife Lara Lewington who is 'tighter' with money.

Lara, who Martin refers to as 'Mrs Money Saving Expert' or 'MMSE' for short, is famous in her own right as she used to be a Channel 5 weather presenter.

Now she co-presents BBC's Click, a popular weekly technology news show, with Spencer Kelly and is a Women's magazine columnist.

The couple, who are parents to Sapphire Susan Lewis who was born in 2012, have very different spending habits, according to Martin.

While appearing on BBC Radio 5 Live last month, Martin asked listeners to get in touch to share how they manage their finances as part of a couple.

Speaking about his wife, the money saving expert said: "I've said it before and I shall say it again. She's actually out of the country filming so I'm definitely safe to say it at the moment - my wife is way tighter than I am."

He jokingly continued: "You have to unclasp her fingers to get y'know a quid out. I'm like, 'you could leave them a tip you know.'"

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