Top Tips to Cut Costs

They say the recession is over. They say banks will start lending again. They say there are more jobs out there. And yet, there you are, strapped for cash, trying to make ends meet with the very little amount that you hold.

But fear not, there are ways to cut back on costs, even if it is just a few pennies here and there, but as the old saying goes; "look after the pennies and the pounds will take care of themselves," - it's actually true, and here's how:

1. Weekly food shopping- You may not have time to shop around for bargains in this busy lifestyle, but if you do, then do it. If not, try shopping in the late evenings- supermarkets are likely to reduce the prices of items close to the sell by date. This does not mean the food is off, some people eat foods which have gone a few days over their use by date, and it is okay to do so in some cases. And another thing, shop on a full stomach; those who shop on an empty stomach tend to spend more than those who shop on a full stomach.

2. Buy what you need- Offers such as supermarket coupons and BOGOF's are tempting, but that's a supermarkets way to make you spend more money than you need to. When shoppers see something that's on offer, they're more likely to buy it even though it's neither a need or a want, they will purchase it "because it was on offer." If you don't need it, put it down, and keep walking.

3. Prada or Primark?- Are you likely to spend £40 on a designer item that you can get in a cheaper store for half the price except without the name? If so, then see if you can look around the sales for the designers instead of paying full price. Otherwise, try shopping around in other stores, they may not be designers, but they look just as good and at a more reasonable price. And again, think, do you NEED this item, or are you buying it because it's on offer? Either way, no matter how cheap the item is, only part with your cash if it's actually needed, rather than if it's worth it, because everything thats cheap is worth it when you're in the store, it's only till you get home and realise that it's no use to you when you see that you spend more than you needed to.

4. Student/staff discounts- We all have contacts. Students and staff can get up to 20% off at some stores, so keep that in mind and save.

5. Bills- Yes I know, this is the most annoyingest of all, but it needs to be done. If you can reduce your bills somehow, then do it. You can change your mobile phone contract by asking yourself how much are you paying each month for what services, and do you actually use all your services? Most people pay for a large number of free texts and minutes, and don't even use them. It would be cheaper if you changed your contract for a lower monthly bill? T-Mobile allows its customers to pick a Flex it tariff where once your minutes are over, it works as a Pay-as-you-go. So you know how much you're spending and are more likely to keep those conversations to a minimum.

6. Insurance- Are you paying extra cash to insure your laptop and mobile phone under a different policy? Well you'd better check your home insurance policy. Some home insurance policies cover laptops and phones, so carrying out your own separate insurance for them is really throwing your money away. Turn off your ears when you purchase a laptop or phone and the sales assistant is advising you to purchase insurance. Sales assistants are exactly what they are, SALES assistants- they will always try to sell you goods that are not actually needed.

7. Budget- Set yourself spending targets and stick to it. If you're planning to go out, take cash and leave your cards at home to avoid going over the top.

These are just a few of the many saving tips I know of. Try it out for a month and let me know how it goes! You'd be amazed.