by Hanny A

Created on: February 15, 2010   Last Updated: April 26, 2010

Saving money when in a difficult financial situation is extremely important, while it may be difficult it will benefit you more in the long term and also improving your financial problems. It does mean cutting down more and being stricter on yourself in order to save the most money possible in difficult situations.

Monthly Budget
By setting a monthly budget, one can save much more money than otherwise. Calculate all your necessary expenses and your miscellaneous expenses. Set a budget which you know that you can keep, setting a budget that makes you even more strapped for cash will make saving money harder and less likely to be achieved.

Savings Account
Open a savings account which will generate you income over time and also to accumulate the money that you are saving. It is an efficient way to save money and will also allow you to keep the money off limits.

Monthly Bills
Look at all your monthly bills and see how you can reduce them, from electricity bills, phone lines, mobile contracts, TV subscriptions and broadband providers  you could be paying less. You can reduce your mobile contract by finding a cheaper alternative and only using the minutes and texts provided. Also, cancelling your TV subscription is a must because you can watch all the TV you need on your computer. In addition, switching to pay and go will help you cut back on your talk and messaging letting you use the amount that you decide.

If you are paying by direct debit, make sure to always check the money that is going out of your account to what you agreed to pay for to make sure that you are not paying for any extra services and to keep track of your expenses.

Saving on utilities
- Start by switching the heater off and put on a thick jumper and socks instead.
- Turn off the lights which are not in use and open the curtains to let the natural light in instead of using artificial lighting.
- Switch off appliances such as the microwave and television from the plug, making sure it is not on standby.
- Only use the dishwasher and washing machine on a full load. Or instead of using the dishwasher wash the dishes by hand.
- Reduce baths and showers by 5 minutes each day and you’ll see the savings in your bills.
- Use energy efficient light bulbs to save money as they last much longer as use less energy.

As a result, you’ll have a lot of extra money at the end of the month by using electricity and other monthly bills to a minimum. You can then deposit this money into your

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