She also uses the savings tool at Primark and Just Eat
A woman has shared how she is saving thousands of pounds on her mortgage with her groceries shopping. Alisha Booth, 33, from Clackmannanshire, uses the Sprive app to get cashback from her shopping to go towards paying off her mortgage. You can use Sprive at major supermarkets such as Morrisons and Asda, as well as at other big name retailers such as John Lewis, Argos and Boots.
Alisha has so far saved £2,025 off her mortgage thanks to Sprive. She explained how she uses the tool: “I never do my food shopping without it. I’m spending the money anyway, why not overpay my mortgage at the same time?
“I mainly use it at Tesco and Asda, but I also shop through it at Primark or when I order from Just Eat. If I’m having an expensive month, I know I’ll still be able to put something extra towards the mortgage.”
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She bought her home in 2019 with a £74,400 mortgage. She discovered Sprive in 2022, when she was looking for ways to get more out of her money.
The scheme has an Auto Save feature where Sprive selects an amount from your income to go towards your mortgage, based on your spending habits. The amount is chosen from a range that is set by the user.
Alisha uses the Auto Saver function regularly. She said: “I use it most months, but life can throw you a curveball, so it’s great to pause or restart whenever you need.
“On average, I overpay between £50 and £150 a month. So far, I’ve saved more than £2,000 and I’m on track to pay my mortgage off four years early, but this will only increase the more I use it.”
She also plans to use the app even more with the Christmas season approaching. The saver said: “I’ve already started my Christmas shopping with the Sprive Shop feature and I’ll definitely use it for festive food too. Black Friday is perfect because I can pick up bargains, and when I shop through Sprive, I also earn cashback to overpay my mortgage.
“It feels like I’m saving twice – on the shopping itself and on my mortgage.” The average household is expected to spend £602 on Black Friday this year, Sprive has calculated based on PwC figures. The group said families spending this much could earn £30.10 in cashback, which could shave £103 off your mortgage, based on a 30-year mortgage worth £250,000 at five percent.
Jinesh Vohra, CEO of Sprive, said: “Every pound you overpay reduces your balance immediately, meaning less interest from that day forward. If your Black Friday spend earns cashback and you overpay that amount on a typical mortgage, that spend could multiply into thousands of pounds in savings over the life of the loan. It’s a powerful way to make your spending work for you.”