Gregg Wallace Reveals Financial Struggles After MasterChef Exit

has revealed he is finally 'breaking even' after losing his £400k a year salary following his axe from Masterchef. 

The former TV presenter, 61, was .

Gregg later sued the and BBC Studios Distribution Limited for up to £10,000 in damages over allegations they failed to disclose his personal data, which , before dropping his claim in February. 

However, sharing an update with fans on Instagram on Thursday, Gregg told followers he and his family are now financially stable. 

He explained: 'For the first time in ages I'm not so scared about money and that's because we're breaking even, we don't have to dip into our savings which is nice.

'I'll tell you how we've done it, we've worked really hard at lowering expenditure and we budget for absolutely everything and then we have a small celebration if we come under budget.'

Explaining how he is now earning a living following the end of his TV career, he continued: 'I've got an income now. I coach people [on] healthy lifestyle and, although people take the mickey, Cameo has also been really good for us.

'So we're breaking even and we're looking forward to simple family holidays.'

He added: 'My advice to anybody here is don't upset yourself or bother yourself with trying to achieve things that you can't afford.

'Work hard on creating a lifestyle that you'll enjoy and that you can afford.'

The update comes after Gregg revealed he is moving to Italy after being forced to sell his 'enormous' £1million Kent mansion following his BBC axing.

The ex broadcaster took to Instagram last month to confirm his 'new chapter' as he prepares to quit the UK in order to head to travel Italy with his family.

Gregg further announced his plan to homeschool his young son – who is autistic and non-verbal.

However, Gregg's Italian adventure isn't the only home he is purchasing as he revealed he is planning to buy a 'much more modest' house in Yorkshire – close to where his daughter lives.

Speaking in a new social media video, he said: 'We are decluttering the house and we are going to put it on the market.

'We plan to buy a much more modest house in Yorkshire where my daughter lives and then spend five months of each year in Italy.

'My wife is Italian. I've always loved Italy and we plan to move around and rent in different places which is quite an adventure and with the help of my autism specialist mates, I am going to homeschool Sid as well.

'It is a new chapter for us. It is a life that should be full of travel and adventure and I'm very very much looking forward to it.'

Gregg previously revealed that he is selling his £1million Kent home after being left 'unable to live the life he used to have'.

The ex BBC star plans to sell the 'enormous' home which sits on five acres of land along with its stables and pond.

Gregg, who bought the home back in 2017, said he was making the move not only for a slower pace of life but also to ensure financial security for his family. 

He said: 'I can't have the life I used to have but whether you chose to believe it or not, I really wanted to come out of that anyway, but obviously not in the dramatic way that I did.

'I want to ease off a little bit, I want to relax a little bit. but that also comes with wanting financial security for me and my family because I've got a wife that is much younger than me and a special needs little boy, Sid.'

He went on: 'I want to relax a bit but I also want to make sure I can have a certain lifestyle and that I leave a legacy for my family. That's not easy to do.

'So my plan is to sell this enormous house and buy a more modest house. I'll work less and possibly spend half of the year in Italy making adventures for my family because we love Italy.'