The Kofi family from London are in desperate need of help to slash their eye-watering costs.
Shereen and Michael, who have recently separated after 13 years of marriage, are now happier as friends and still live together to co-parent their four children.
All six are crammed together living in Michael’s mum’s two-bedroom flat, but despite not paying rent in 12 years they have serious issues with their finances.
The self-confessed shopaholics can’t stop impulse buying and spend a whopping £500 a month on the high street and £260 online.
If that wasn’t bad enough, the Kofis spend a staggering £1,260 a month on food – with £950 of it coming from supermarket trips and the other £310 from expensive takeaway meals.
“For me it sounds irresponsible. It’s not good,” admits Shereen, who gets a shocking reality check when told this is £400 more than the average family of six.
But help is on hand as the How To Save A Grand In 24 Hours have just one day to revolutionise their finances and give some top tips on how to save money.
She shows the Kofis how they can save a lot of money by getting their hands dirty and having a go themselves.
After a week it’s time to find out whether the couple managed to save any money.
They reveal they have signed up to a cash and carry so they can cut costs by bulk buying and they only visit the supermarket once, giving more time to get cleaning.
Incredibly they manage to halve their shopping budget to save a staggering £630, in addition to cutting £310 from their takeaway spend and £380 off of shopping sprees.
In total that means they are now saving £1,320 a month on all their bills, which means they would have an extra £57,600 within just four years to use for a deposit on a family home.
“It’s not even a massive sacrifice,” admits Michael. “I just haven’t been taking accountability and I don’t check my finances.”
Shereen adds: “We want our children to know better so we knew we had to learn.”
*How To Save A Grand In 24 Hours airs tonight on Channel 4 at 8pm