Ten ways to lower your outgoings - this month and every month
With bills for everything from food toelectricity rising faster than the speed of sound, it can be hard to work outwhere your money's actually going.
If there's a growing gap between your incomeand your spending, take heart - there are ways to lower your outgoings, thismonth and every month.
It just takes a combination of imagination anddedication, as these suggestions show.
1.Find out what you spend
You need a benchmark before you start, sonote down absolutely everything you spend, from the morning latte to the rent.
Don't forget quarterly bills, such as utilities, and annual bills, such as cartax - divide them into monthly chunks.
This will highlight the black holesswallowing your cash and you may see areas where it'll be relatively easy tocut back.
2.Set yourself a target
If you're spending more than you earn, thenyou have an obvious target - to bridge that gap.
But maybe you want to save forsomething special, whether that's a holiday, a car or the deposit on a flat.
Work out how much you need to put aside each month and aim for it but don'tmake it too tough.
Budgeting is like dieting - if you're aiming for theimpossible, you'll eventually fall off the wagon and have a binge.
Allowyourself the occasional luxury, even if it's as small as a weekly trip to thecinema.
3.Improve your credit rating
If you want the lowest interest rates, youneed the best possible credit rating.
Start by checking your credit reportregularly and monitor what lenders see when you apply to them.
There are somequick fixes that could improve it, such as registering to vote and closingredundant accounts.
If there's a genuine reason for any missed repayments, suchas an accident or illness, you can add a note of explanation. See yourExperian credit report now - it's free.
4.Find better deals...
Even today, it's a competitive world, soresearch what's available in the way of energy, insurance, and cards.
Tryspecialist magazines and websites and the personal finance sections ofnewspapers before hitting the price comparison sites.
That way you'll have agood idea whether what you're being offered really is a good deal.
5....but read the small print before signing
It may seem like common sense to shift whatyou owe on your credit card to a 0% interest deal or roll up all your debtsinto a single loan.
And it could save you thousands - but read the small printfirst.
Look out for application and arrangement fees, check that you won't becharged an early redemption penalty by your existing lender and watch out forhigh interest charged on new spending.
