If you have a big event like a wedding or dream holiday to save for, don't panic – you have more control over your finances than you realise, says a money expert. The first step is to investigate your own spending by going through bank accounts and credit cards to understand exactly what you're paying for.
Chief financial officer and author of UnF*ck Your Business Finances, shares a month-by-month plan for a family of four to save money. Start by doing a household profit and loss: list all income and outgoings to see if you're spending more than you earn. Then create a 12-month forecast for upcoming expenses like holidays, car MOT, and Christmas, treating them as projects.
Build a rainy day fund covering three months of essential costs. Review household bills: downgrade streaming TV to ad-supported, reduce mobile data, cancel duplicate insurance. Audit direct debits twice a year. Check your banking app weekly, time direct debits with your salary, and avoid overdraft fees. If you can't make a payment, ask for an extension.
Address 'nice person' spending: buying rounds at the pub (£360 a year), coffees for colleagues (£250), and extra on gifts (£120) can add up. Set boundaries and don't be afraid to say no. By following this plan, you could save £6,000 in a year.
