Many people living in the UK and Ireland (and elsewhere) have been feeling let down by recent government budgets and the consequent effects on individual's pockets. In effect, what the recent UK and Irish budgets mean is that many of us will have a lot less money to spend and, for some, that means trying desperately to make ends meet.
If you're suffering from the budget blues, then have a look at my top tips for living more frugally below and try implementing the suggestions into your everyday life. You might just be surprised by how big an effect each small change can have.
- Go through at least two recent bank statements carefully. List all income in one column and and all direct debits in another. Total these up to see what, if anything, is left over. Next think carefully about any additional outgoings - things +such as car fuel, bus/train tickets, food bills, after-school lessons such as music, swimming etc, window cleaning, milk, newspaper and bread bills that may collected at the door. Take these extra bills away from your previous total. This is what you have left over to pay for absolutely everything else and this is what you need to work with to feed, clothe and buy extras for your family every month.
- If you find that you are left with very little, simply not enough or worse still that you are into your overdraft, go through your direct debits and see if there is anything at all that you can do without or reduce. For example, you may be able to move your broadband, telephone or electricity bills to lower tarrifs or you might find that you have direct debits for things you no longer use such as online subscriptions or subscriptions to gyms etc that you had forgotten about. And talking about overdrafts, make sure yours has been authorised with your bank or you'll be paying exhorbitant charges on it. Many banks allow an overdraft facility of approximately half your monthly income.