Give yourself a ‘pay rise’ with some easy savings

MAKING small savings here and there could mean you’re smiling next time you look at your bank balance.

There are always ways to earn some financial wriggle room – even if you aren’t expecting a pay rise any time soon.

So how do you start knocking your budget into shape?

Begin by making a list of all the payments coming in and going out every month.

Include outgoings that aren’t necessarily household bills such as gym memberships, money going into savings accounts and music subscriptions.

Experts at money.co.uk then suggest working through this list to see where you can find better deals …

Gas and electricity: if you’re on a variable rate tariff, you could potentially save £200 a year by locking into a fixed cheap rate.

Debts: use saved cash to pay down your mortgage or credit cards you’re paying interest on. Credit cards: if you’re paying interest, a balance transfer could save you money and help you pay the debt off more quickly.

Broadband, landline and TV: check what you’re using and which channels you’re watching and work out if you could get a better deal elsewhere. If you want to stick with the same company, call them up and haggle.

Mobile phone: if you own your handset or aren’t tied into a fixed contract, consider switching to a Sim-only deal.

Water: if there are fewer people living in your house than you have bedrooms, you could save money with a meter.

Insurance: shop around. Check what you could be paying elsewhere, even if it’s just to haggle with your existing company.

Some simple lifestyle changes could also help.

Depending on the size of your caffeine habit, ditching the daily cappuccino could save up to £700 a year. Shunning takeaways and snacks could also help, while cutting out “impulse buying” might save £600, according to Standard Life.

And keep a diary note of annual contracts, such as mobile phone or car insurance, to see if you can get a cheaper deal before the renewal date approaches.