Knowing how to make the most of your money is key to staying on top of your finances. Of course, this is easier said than done, especially during the ongoing inflation increases.

Following the beginning of the cost-of-living crisis, a study found that 14.7 million UK adults are having to skip meals because of costs and 1 in 10 are going without electricity or has at least monthly. It comes as no surprise that many of us are looking for ways to make our money go further in the new year.

Here are just a few ways that you could be making some savings:

Meal Plan

Save money on your food by coming up with a detailed food plan that stays within your budget. Not only can this help you cut back on your spending, but it also prevents you from buying unnecessary groceries. Plus it helps prevent food waste.

Takeaways are fine for a much-needed treat now and again. But they can be a drain on your bank account if you’re getting them every day. Maybe save this for important occasions.

Subscriptions: Do you need them?

When you’re trying to make your money go that little bit further, it might be time to evaluate whether you should unsubscribe from your entertainment packages. Spotify, Netflix, your Bloom & Wild subscription – all these will add up every month so decide whether it is strictly necessary to have them.

Some subscription packages offer better deals than others so you might not have to give up on favourite viewing platforms just yet. All you need to do is shop around for better-value subscriptions that benefit you and make sense to buy.

Negotiate your bills

Rising energy costs mean staying on top of your bills can be tricky at times. Luckily, many bills are negotiable. Therefore, definitely have a conversation with your provider to see if you can all agree on a better deal.

From your phone service to your gym memberships and utility costs, you can cut down on spending across the board. Leverage your loyalty to get a better deal. Also reduce your plan to fit your actual usage or shop around their competitors.

Build an Emergency Fund

Having an emergency fund set aside can be a game-changer for you financially. Even if you have insurance, unexpected expenditures can put a dent in your bank account, so you don’t want to be caught unawares by paying a hefty bill all out of pocket. During a crisis, you want to be focused on how to move forward rather than how you are going to cover it.

You can use a savings account to create an emergency fund, ideal for unexpected setbacks or surprises. If your boiler suddenly packs it in or you need replacement parts for your car, this separate fund can help you cover the cost of repairs, so you don’t have to go without on other items.