The credit crunch is taking its toll on the nation's finances. Energy bills have seen multiple hikes, the cost of mortgages has soared, and inflation at 5.2% is the highest in 16 years. Yet you don't have to go without. Keep control of your cashflow with our 20 easy money-saving tips
Although the price of petrol has seen a fall - the price of life's essentials is rising across the board - and homeowners have been hit with double-digit price hikes for gas and electricity bills since the turn of the year.
Credit has become hard to come by - with banks lending only to those with the best credit ratings. And credit card bills have seen a record rise as the average Annual Percentage Rates (APRs) on credit card purchases has also increased from 16.77% in March 2007 to 17.46% now.
The sharp rise in inflation is sending Savers fretting as their deposits stand to earn negative interest. As basic-rate taxpayers would need to earn an interest of 6.5% before tax, and higher-rate taxpayers a rate of 8.67% - but few savings accounts offer higher interest than the current inflation rate.
Fortunately, there is action you can take. With prices rising everywhere, we give you 20 ways you can cut your monthly outgoings.
1: Learn to cook
Pre-prepared, packaged foods are far more expensive than raw, seasonal ingredients bought from a local market. For example, a large free-range chicken costing £7 or £8 can feed a family of four for at least two days - if you use the leftovers to make soup or a chicken curry. Planning meals can also help reduce food waste.
Next: More thrifty ways to beat the squeeze >>
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