Budget

Inflation has now escalated to 9 per cent and the prospect of hitting double digits by the end of the year is looking ever more likely. Energy, food and fuel prices are partly to blame for inflation increasing to its highest point in years with consumers now facing the reality that the cost of living crisis is set to continue for some time.

However, there are simple steps that help cut everyday spending and protect finances as much as possible. With this in mind we have put together some simple tips you can take to cut your spending over the next few weeks.

So lets crack on with the first helpful step you can do.

Create a budget

It’s the oldest rule in the book. The first thing to do when looking to cut costs is to create an effective budget. To do so, write down your short, medium and long-term goals to fully understand how to make your money work harder for you. A short-term goal might be paying off your debt or going on holiday, while a medium-term goal could be saving for a wedding, buying a house or funding your child’s university education. Your long-term goal would be retirement and ensuring you have enough set aside to fund all your expenditure after you have stopped working. As opposed to guessing your income and expenditure, gather your credit card and banking statements together along with any regular bills and add up exactly where your money goes.

An easy way to see all your regular payments is to check the direct debit and standing order lists on your bank account, while the rest of your statements will flag up other ad hoc spends on petrol, food and going out. You can note this down on a piece of paper, in a word document or on a spreadsheet. For a simpler solution, use a free, online planner or a budgeting app such as Money Dashboard or Emma.

Work out precisely what you earn by checking payslips to confirm the amount that hits your bank account after tax, national insurance and pension contributions have been taken out.

Remember to include everything from your food shopping and regular bills, to mortgage or rent costs, savings and investments, including pension contributions, and debt repayments. Don’t forget to include one-off outlays whether it’s an annual car or house insurance payment, a holiday, a new piece of furniture for the house or Christmas presents. Take the total figure and divide it by 12 to get the monthly outlay.

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