Radio 1 DJ Matt Edmondson: We launched a board game business in lockdown and it snowballed

Matt Edmondson is a broadcaster and TV presenter known for co-hosting the Radio 1 program four days a week with Mollie King, writes Jane Denton.

He is also the host of the Daily Mail’s new podcast, Spent! A film that explores the money habits and fears of celebrity guests.

The 39-year-old lives in south-east London with his wife and two daughters and runs a board game business with his brother-in-law, which has produced hits including Egg Slam, So Wrong It’s Right and Noggin.

What was life like growing up?

I grew up in Portsmouth. My mother was a teacher and at one point she was selling bacon door to door. My father worked as a resource manager at a university and as a part-time teacher in the evenings.

My first job was working at a party store. They were holding magic tricks under the counter. When I was 14, I asked to see the manager and said: ‘I can sell these magic tricks for you.’

He let me do it, he commissioned me, and I got a cut of every magic trick I performed and sold. I came out of it pretty well.

Have you ever struggled to make a living?

My first proper job was as a presenter on CBBC. I did this job for two years before management changed and I was fired. I had no other way to make money or have a career. On weekends I set up a stall selling rigged card decks in Greenwich Market. It was a great lesson in sales. This kept me going for almost a year and I was earning £1,200 on Saturday and Sunday.

Are you driven by money?

Not particularly. While it’s great to have, I’m really driven by my creative passions. As long as I can sleep and eat somewhere warm, but still wake up and do what I want to do, I’m happy.

What sparked your interest in Spent? podcast?

I find it difficult to spend cash as I have always been a saver. I’m interested in knowing how other people spend their money. Questions I ask guests at Spent! Includes things like biggest spending regrets, which lead to interesting conversations. Money is still taboo. Having a more open dialogue on this topic can only be a good thing.

Do you keep track of your finances?

I would. I had anxiety, and one of its manifestations was worrying about whether we had enough money. I would take a close look at what we have in our savings. Now I’m not above it at all.

Money talks: Matt Edmondson on new Daily Mail podcast Spent with guest comedian Jake Lambert!

Is it true that you’re a little crazy?

I’ve always lived frugally. I don’t like spending money on lunch. I also resent the spending on hotel rooms. I’m going to a friend’s wedding next year. I’m glad, but I’ll have to stay in a hotel. Will I spend much time at the hotel? No. I will attend the wedding, sleep and then leave. It pains me to spend £200. I’d rather sleep in my car.

How else do you live frugally?

I’m not interested in flashy cars or vacations. My first car was a Skoda Yeti and I wasn’t comfortable with the price tag of £10,000. We now have a second-hand hybrid Mitsubishi Outlander worth £14,000 and I’ll get it over with in no time. To save money we went to Norfolk for our summer holiday.

What was the best year of your financial life?

A few years ago my board games business, Format Games, sold three of our games to Walmart in America, which has about 5,000 stores. This was big for us. During the pandemic, we went from selling games in my brother-in-law’s kitchen to dealing with products worth hundreds of thousands of lira.

What’s the most expensive thing you’ve bought for fun?

I went to a magic convention and there was a stall selling a fantastic magic card trick, I bought a wooden box hanging from the ceiling for £110. When I brought the box home my wife said we would never hang it in the house so it was in the drawer. One day I’ll throw a party and do the trick.

The most meaningful purchase you’ve made?

Two years ago, my daughter Ivy, now nine, invented her own board game in the ocean. For Christmas I turned his invention into a fully equipped boxed game. I ordered 50 plastic characters from Amazon to use in the game for around £8. Ivy loved it.

What’s your biggest money mistake?

I once bought a house that I hated. My wife and I quickly realized that we did not like the house or the area. A month after we moved, we put it back on the market and sold it. It sold for £50,000 more than we bought it for but it was stressful.

Best money decision you’ve ever made?

We are starting a board game business. I had no knowledge but I liked the idea. I licensed my first game, Obama Llama, to a company called Big Potato. They loved it and called me back two minutes after I left the meeting. They were meeting with John Lewis the next day and wanted to present this.

When my brother-in-law and I decided to go it alone, I had to figure out how to design board games and use YouTube videos. We also needed to find a manufacturer. Everything was so chaotic, but we created Ansagrams, a quiz game. The business snowballed from there.

Do you have a pension?

I have a pension but I don’t know how much is in it or how much is deposited each month.

Do you own any property?

I live with my family in a four-bed house, which is the only property I own in London.

What would you do if you were chancellor?

I would start a four-day work week. I also wish my schools were only open four days a week.

• Wasted! Sponsored by Nationwide, it’s now available on YouTube and wherever you get your podcasts. New episodes are released every Tuesday.