Money saving tips: Britons urged to consider ‘simple but rewarding’ ways to cut costs | Personal Finance | Finance


He continued: “One way to start budgeting is by using the 50-30-20 rule: 50percent of your income is to be spent on essentials (bills, mortgage), 30 percent on wants (non-essentials), and 20 percent on contributing to savings or paying off debts.

“Use this simply as a guide, but it could be a good starting point if you struggle to allocate your money to different areas of your life. “

It can be easy for people to sign up for different subscriptions and forget about them, so it’s important to be sure to regularly review the direct debits that one is paying, he explained.

Mr Reay continued: “We’ve all been enticed in by a free trial and forgot to cancel it, so go through all the subscriptions you currently pay, and cancel any that are no longer of use to you.

“Perhaps pop the saved money into a separate savings account.”

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