Checking in beats the credit crunch

It can be better value for a couple to live in a hotel than to remain at home, according to research released today from Express by Holiday Inn. A joint Express by Holiday Inn and Lorne Spicer review of the cost of living for a couple shows they can expect to spend an average of £1,228 a month on bills, taxes and rent - £31 more than you might pay for a month’s stay at an Express by Holiday Inn hotel.

Personal finance expert Lorne Spicer – who presents the BBC’s Cash in the Attic - has teamed up with Express by Holiday Inn to reveal her top ten ways to beat the credit crunch. Lorne’s ‘Quick Fix Crunch Busters’ include the fact that booking a hotel room can actually be better value than renting a home.

Whilst moving into a hotel may seem an extreme measure, according to Lorne it has several significant benefits. Instead of slaving away over washing the linen, cleaning the shower and maintaining the home, a couple can enjoy the luxury of daily visits from a cleaner and never have to worry about remembering to pay lots of different bills again.

According to Lorne Spicer: “There are lots of excellent deals that people can take advantage of if they plan ahead, allowing them to cut back on spending without having to dramatically reduce their quality of life. Moving into a hotel, such as an Express by Holiday Inn, is one such crunch-busting suggestion that could really help a couple save money – it can also ease the domestic pressures that lead to endless rows over DIY and cleaning and potentially reduce your commute time.“

Other quirky tips for turning the credit crunch on its head include ditching the gym membership to become a dog walker, carrying tea bags with you and taking part in a car sharing scheme.

“There is a lot we can learn from generations before us, especially the post war era, who would never let anything go to waste,” Lorne comments. “More and more younger people are adopting thrifty ideas and attitudes from their grandparents – the credit crunch is making thrifty trendy – and rightfully so.”

Chris Hale, spokesperson from Express by Holiday Inn said: “There’s a lot to be said for packing your bags and moving into a hotel – apart from being cheaper, it’s a lot less hassle and work.”

Lorne’s ten “Quick Fix Crunch Busters”

Written with personal finance expert and presenter of BBC’s Cash in the Attic Lorne Spicer

1. Moving to a great value hotel, such as an Express by Holiday Inn, can create significant savings for a couple
2. Ditch that pricey gym membership and become a dog walker - it’s a great way to get exercise and allows you to get out in the open air and you get paid for it
3. Re-use old clothes by employing them as dusters and take designer clothes to boot sales or second hand designer agency shops as you can make money by selling them
4. Enter into a magazine/ book sharing scheme with friends to save on unnecessary spending and take advantage of your local library - this may also provide enough entertainment for you to abandon your TV and thus save on a license!
5. Arrange a car sharing scheme with other work mates to spread the cost of petrol more evenly - it’s also great for the environment and if you don’t need a car every day look at hiring one because it can work out to be a lot cheaper
6. Try to reduce the huge cost of Christmas by agreeing with family and loved one to buy and exchange gifts during January, by which time the January sales will be in full swing! Or do a Santa bag where family names go into a hat and each person picks one name out and just buys a present for that one person
7. Make sure you keep some herbal tea bags with you when you go out and then you will be able to simply request hot water for free when in restaurants or coffee shops
8. Invest in an allotment share and begin growing your own produce- a healthy and eco-friendly way of cutting back on monthly expenditure
9. Take up knitting - not only will you be able to make your own clothing but you will also be able to make knitted gifts
10. Instead of just binning unwanted items –sell them on Ebay – works especially well with children’s toys where school mums can get together and run a consortium selling kids old toys.