If you are struggling with your finances, now is a good time to have a look at a few ideas to reduce your monthly outgoings.

(1) Make a budget

Drawing up a monthly budget will help you work out how much money you have left over after direct debits, standing orders and all other essentials have left your account. It will also highlight areas where you may be wasting your money.

(2) Talk with your creditors

Don’t be afraid to call your creditors and explain your situation. They may be willing to help by setting up a repayment plan, freezing interest or even writing off your debt completely, depending on your situation. Remember they would prefer to receive some money rather than nothing, it is in their interest to help you.

(3) Leave your credit cards at home

Paying with plastic doesn’t really feel like we’re parting with cash so we tend to spend more. Whether you’re trying to stay out of debt or are working through a debt plan, pay with cash to reduce impulse spending.

(4) Could you cut your bills?

Check if you can find a lower cost deal on the following:

• Energy bills
• Insurance policies
• Mobile phone contracts
• AA / RAC cover
• Bank accounts
• Credit cards

Have a look on comparison web sites.