If you're not making ends meat and you don't know where its all going, track your cash!
Whether you use one of the number of apps available, a spreadsheet or you simply collect your receipts, it is essential to write down your daily outgoings. Look at where your cash is going and you should have a much tighter grasp of your finances. Knowing where and when you can spend is the key to reducing your outgoings.
2) Coffee-rich, Cash poor
This ones quite simple, if you're spending £2-3 plus a day on take-out coffee that's between £10 and £15 a week. Which is between £500 and £750 a year - It soon adds up!
Getting a latte from the local coffee shop on the way to work might not seem like much individually, but throughout the whole year that is a pretty big outgoing for anyone. Its time to grab that Thermos!
3) Cigarettes and Alcohol
The average British family makes £489 a week to spend on everything, but more than 12% of this is spent on cigarettes and alcohol. The taxes applied to both will generally always rise, with smoking in particular becoming a massively expensive habit.
You can save cash on alcohol by entertaining at home rather than going to your local bar or restaurant. Not to mention, the obvious benefits cutting down on the deadly cigarettes will have on your wallet and health.
4) Make Meal Plans
As well as cutting back on expensive coffee, make sure you pack a lunch to take to work. Buying your lunch rather than bringing it in from home could cost you more than £1300 over the course of a year.
People also throw away a huge amount of the food they buy, if you're fond of a big supermarket order and don't plan out your meals for the week, the chances are you'll end up chucking at least some of it away. Planning where your food goes will save you a lot of money and reduce waste at the same time.
6) Auto-saving Isn't just for Computers
The best way to save money is to do it without thinking. Automatic transfers from your current accounts to high interest saving accounts you can't touch, will allow you to build up your savings fairly quickly. It also means you'll have to tighten your belt to accommodate it.
7) Credit Card Interest
Don't pay too much for your credit card debt, switch to lower-rate cards. A balance transfer credit card can give 0% APR on transferred debt for increasingly longer periods. Failing that call your credit card provider and tell them you're planning to swap provider and see if they will reduce your interest rate. They may just want to keep you that much!
8) Home Heating and Electricity
With ever increasing utility prices, this is an easy way to save money and cut back. Wearing warmer clothes and lowering the heating by a few degrees could save you 10% on a yearly heating bill. Make sure your house is insulated and make sure you turn off items that are on standby. Unplugging can save cash.