UNCOVERED: Interesting life hacks for saving money - Caught on Camera

To find out more about how to make ends meet in times of cost of living crisis, as well as practical tips to save money from a finance expert, Bored Panda reached out to James Andrews, personal finance and savings expert at Money.co.uk who happily shared some insights.

“You can see the signs of a cost of living crisis through rising bills - the latest inflation figures show households are paying 88.9% more for their electricity, gas, and other fuels than they were a year ago. Meanwhile, food prices have risen for 15 months in a row, and are now 16.4% higher than last year,” he said.

On top of that, “rate rises by the Bank of England mean the UK base rate is an astonishing 30 times higher than it was a year ago, adding thousands of pounds to the repayment costs of anyone on a variable rate mortgage or exiting a fixed rate mortgage,” Andrews added.

Andrews argues that while some of these price rises will take a while to filter through to everyone, many households are already struggling. “Figures from the Money and Pensions Service last week show more than 11 million people sought out money help in the past three months alone - with Brits asking energy providers and banks for extra support as well as hunting for free debt advice.”

Although saving money when prices are soaring can feel daunting, Andrews says that the best way to address this is to try and save a little each month.

“This small saving will then build up and really help in times of need. If you have money leftover at the end of the month, move the money into a savings account the day before payday,” the finance expert suggested. Andrews added that setting a reminder in your calendar to check this will help you to remember to act.

“The top-paying instant access accounts are currently offering more than 2% interest, so any money you have that’s earning less than that should be moved,” Andrews explained.

Many people find it daunting to drastically change their spending habits, and they may feel at a loss of where to start. Andrews argues that a great start is to take a look at your current position and find out how much you’re spending every month.

“The first thing to do is to lower your bills. If you have any debts, you could also pay less interest by moving to a cheaper loan or even a 0% credit card, as it makes no sense to pay banks more than you need to,” he said.

Another tip from Andrews is to look to see if you could switch to a cheaper mobile, broadband and TV package too. “If you’re out of contract, that should be a cinch, but even people within a deal can sometimes save if they ring up and ask.”

You may also want to take a look at your subscriptions - “are you still getting full value from them or are there any you could cut, pause or reduce if you’re feeling the pinch?”

Never underestimate the power of simply taking a good look at your bank statement, as it will clearly show where else you’re spending money, like takeaway coffees and taxi journeys, Andrews said. “Once you have this information, you can start to change your spending habits and reduce costs wherever possible,” he concluded.