Save pounds - bits of money - on food (7)
I believe the answer is:
saveloy
'food' is the definition.
(I know that Saveloy is a type of sausage)
'save pounds bits of money on' is the wordplay.
'pounds' becomes 'l' (abbreviation e.g. Lsd - pounds, shillings, pence).
'bits of money' becomes 'oy' (I can't justify this - if you can you should believe this answer much more).
'on' is a charade indicator (letters next to each other).
'save'+'l'+'oy'='SAVELOY'
Can you help me to learn more?
(Other definitions for saveloy that I've seen before include "Type of sausage" , "One using brains originally" , "Spicy sausage" , "Highly seasoned pork sausage - love, say (anag)" , "Big sausage" .)