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With the Olympic games just around the corner, have you ever pondered which type of athlete you are most like when it comes to your finances? … Well Scottish Widows have conducted a survey which tells us exactly that.

Everyone deals with their finances in a different manner, and there are six types of ‘financial athletes’ which have been identified. Which one are you?:

• Sprinter – Save up quickly but spends it just as fast.
• Marathon runner – In it for the longer term, diligent and thrifty with their money.
• Javelin thrower – Only save when there’s a windfall but also spends lots of money in one go.
• Hurdler – Lurch from one financial crisis to the next one.
• High jumper – Never save and are happy to run financial risks.
• Long jumper – Only save for specific things, such as a car.

When it comes to our finances, Brits can most commonly identify themselves with ‘marathon runners’ (32%) who are careful with money in the long term, which is great news as the credit crunch means that there is less disposable income so acting in this manner should reduce the risk of getting into unaffordable debt.

The athlete that we are the least likely to be are ‘high jumpers’ meaning that we not likely to take risks with our money and not contribute to our savings.

Mike Hoban, Customer & Brand Marketing Director of Scottish Widows, says: “It’s important to prepare financially for the future, and it’s great news that people are really seeing that commitment now can mean seeing big benefits when you’re older.”

Although saving money often seems like a hard chore, it really doesn’t have to be. It can be really simple to increase your savings every single day, and even doing one or two things from the list below could have a positive difference to your savings balance.

Set yourself a challenge and see how much money you can save every day by just making little tweaks to your lifestyle. Please comment below if you feel as though we have missed out one of the ways which make it simple to save money daily.

Save Money Daily by…

1: Changing the way you get to work. One of the biggest outgoings is car running costs. But depending on where you work and how far the commute is, you could save money on petrol, parking and depreciation of your car value by taking public transport or car-sharing.

2: Switching your mobile to pay-as-you-go. Once your mobile phone contract has come to an end, you should review it and evaluate if you really use it to the full. There is no point paying a monthly contract of £35 when you only send a couple of texts and make only a few phone calls. (more…)

Food prices are constantly on the increase so, at times like these, it is even more important to get your food budget under control so that you don’t overspend. Below are some top tips on how you could save as much as 25% off your food costs:

1: Use Money Saving Coupons – There are numerous coupons both online and in your local newspaper which manufacturers publish in the hopes of obtaining a regular customer. Using these types of coupons regularly could really save your food budget and they can be found for a wide range of items, from fruit, freezer food to meats. You could save up to as much as 25% off the item, or even more if the item is already on sale.

2: Stock up on Buy One Get One Free staples – Keep an eye out for special offers on your staple items. Then buy them in bulk as much as your budget will allow. For example, if you always use the same washing powder which is £5 a box and it is on buy one get one free then you can get double the amount for the same price – bargain.

Note: These special offers are only a bargain if you use the product. Sometimes this buy one get one free offers are not suitable for fresh produce as they only have a limited best-before date and if you don’t use them you are just creating waste, and effectively throwing your money into the bin.

Did you enjoy reading Part 1 and Part 2 in our Simple Ways to Save series?

We hope that you are putting your new money management skills to good use and are already feeling the benefit of how simple changes to your spending habits can really add up and help you to control any debt management issues.

Read below for the final 3 simple ways to save tips, and remember to share your money saving tips with readers by commenting on this post.

Simple Ways to Save: Tips 7-9

7: Bring your lunch to work: Buying your lunch every single week day can be an expensive habit, and you could find that you are spending £5 a day. This could add up to a staggering £1,300 – just think about how you could dent your debt with this amount or think about your house deposit.

Buying in bulk from you local supermarket means that you can really save yourself some serious cash, and there is no reason why your home-made sandwich should not taste as good as the pre-packaged one from the shop. Whilst on that subject… (more…)

Saving money can often be hard, especially if you find that you are living paycheck-to-paycheck and have no money left over at the end of the month. But saving is important, especially if you are a first-time buyer looking to get your foot on the property ladder as it is now almost an impossibility to get accepted for a mortgage without a hefty deposit.

Below offer you some simple tips showing you how to get good at saving, which could also save you from needing debt advice in the future:

1: Note Your Spending Habits – If you think you should have money left over to save at the end of each month but are unsure of where all your money goes, then it is important that you learn exactly how much you are spending on a monthly basis and where. Document every single item that you pay for, and don’t forget to include items which you pay for by direct debit or that you pay for with cash. This should give you a good idea of where you could cut back on your spending.

2: Save the Change – Looking for an easy way to get good at saving? Learn to start saving the change. For example, you might want to round everything up to the nearest pound when you pay for an item in cash and save this change, or do a weekly emptying of your purse/wallet and save any copper or silver coins. Although this might not seem a lot to be saving, remember the old saying: Take care of the pennies and the pounds will look after themselves…

3: Save Automatically – Make saving part of your budget and set up a standing order to automatically transfer a percentage of your wage into a savings account. The fact that this money will not have been in your bank account for long should prevent you from spending the money and you won’t have to remember to make the transfer yourself.

4: Be realistic – Maybe it actually is impossible to save because you have built up debt over the years which is becoming a struggle to repay. If this is the case then you might want to postpone the idea of saving and concentrate more on repaying your debts.

For further debt advice, please contact our team of expert One Advice debt advisors on 0800 048 1752.

Thanks to Sadie for recommending this post in her Carnival of Savings – see it here: Savings with Sadie

We all know how important it is to think save money, it todays economic climate it makes sense to avoid debt and save your money. But with the cost of living rising all the time; what are the easiest and most effectively simple ways to save?

This is part 1, which will offer you 3 tips about Simple Ways to Save.

Check back next week for part two, which will offer you a wealth of additional money saving ideas.

Simple Ways to Save: Tips 1-3

1: Save Your Change: Remember the saying “look after the pennies and the pounds will take care of themselves”? This is so true, and is the perfect mantra to have if you are looking at saving cash and improving your debt management skills.

Everytime you pay with cash, save your change. Dependant on your debt issues, you could use to either save the copper, silver or both! Keep this money in a separate jar at home and you will be surprised at how quickly these small sums of money add up! (more…)

The recession has meant a tighter budget for many households, so it is increasingly important that we save money on our outgoings. Rising living costs and unemployment combined with a lack of available credit is likely to continue, so finding ways to save money this year is going to become more of a necessity.

Finding ways to cut back on spending and stretching out your income should help you tackle the credit crunch much more effectively and simple changes could see you being hundreds of pounds better off. Below offer just three simple ways to save money this year, but please feel free to comment and add yours to the list:

1: Switch your Shopping Habits – The amount that we spend on our weekly shopping always seems to be increasing and food is one necessity that we cannot live without. But, as a country, we also waste a lot of food which in turns means that we waste a lot of money!

One way to save money this year could be through planning your weekly shop in advance. Plan your family meals and hit the supermarket with a list of everything you need and don’t stray from it. The special offers are designed to be tempting, so it is very easy to spend more than you planned. Alternatively shop online where you may be less tempted by special offers.

2: Find a Cheaper Insurance Provider – We all should have insurance for our home and it is essential that we have car insurance. But you may find that these payments take up a large chunk of your income. One way to save money is to find a cheaper insurance provider.

When it is time to renew, make sure that you take the time to compare prices from a range of providers and you may be surprised at how simple it is to save money. Just make sure that the level of the cover is what you expect. Your current provider may also price match any genuine quote, so this really is a good thing to do and an easy way to save money which could go towards paying off your credit card debt.

3: Find a Debt Solution – If you have a number of unsecured debts which you are struggling to pay, you may find that this could be the best time to find a debt solution. There are a number of ways that you can deal with your debts. For example, you might find that consolidating your payments into one lower monthly payment through a Debt Management Plan will help your be able to control your other financial commitments, much as a mortgage, much more efficiently.

Remember that there are a number of debt solutions on the market, some which could stretch your monthly income further by reducing the amount that you have to pay per month. Although this means it will take you longer to repay your debts, you should find that your monthly payments are no longer a struggle.

Contact One Advice today for free debt advice about our range of debt solutions – Fill in the Quick Enquiry to the right of this page.

Looking to stretch you budget further by looking for ways to save money? Here are some simple ways you can stretch your budget further with the money saving ideas:

1: Switch to Brandless items – I agree that there are some items which you might not be able to switch brand on, for example a certain type of chocolate or tomato sauce which you know just tastes much better than the rest! But there are a number of kitchen staples which you could swap for the store’s own brand, such as eggs, sugar, kitchen roll, soap and many tinned goods.

2: Cut down on luxuries – There may be luxuries which we all think we need, but if our aim is to become debt free then it is time to get harsh and give up or cut down on some of our luxuries.

Perhaps make your brow wax go further be stretching it out for another week, or ask a friend or family member to look after your children instead of hiring a baby sitter, and offer to return the favour.

3: Be a Coupon Clipper – One of the biggest dents into our monthly income is the shopping bill! Obviously buying food is an essential but there are ways which you could save money.

Clip any coupons that you see from newspapers or magazines and remember to search the web for discount codes and vouchers before ordering anything online, you could benefit from free delivery, a promotional gift or money off your order.

4: Stay In instead of going out – We are not suggesting that the only way to become debt free and save money is by staying in and saying ‘no’ to a social life, but the cost of eating out a couple of times a week can really add up, especially if you treat yourself to a bottle of wine too!

This fast way to save money also applies to lunch too, as buying your lunch every day can be a big expense. You can easily make a sandwich at home in the morning, just set your alarm clock 5 minutes earlier in the morning and smile at the thought of all that money you will be saving!

5: Quit the Gym – Are you a member of a gym that you never go to? Maybe you are keeping your membership because maybe you will go to the gym tomorrow, but tomorrow never comes right?

Gym memberships are expensive, and although this is fine if you are a regular gym member, if you are not sure what the inside of your gym looks like then it could be time to cancel your membership. You don’t need to be a member of a gym to stay healthy, there are a number of things which you can do for free, such as walking, cycling, running or hiking in the country side.

Have you got any more tips on how you can save money without even realising? Feel free to share your knowledge with our readers by posting a comment below…

If you have already read Reduce Your Living Costs Part 1, then it is time to see how else you can reduce your living costs and save yourself money! If you can think of any more simple ways to reduce your living costs then please feel free to share them with our readers by adding a comment below.

Shop Around for the Best Deals
Here lies the key to saving you money! The internet is a great place to compare prices on products, whether it be a new laptop, DVDs, CDs or clothes. Try Froogle.co.uk and see how much cash you can save on the exact same product!

• Use online vouchers -  Although you have already made savings by shopping around, don’t stop there. The internet is full of promotional codes to use on your website where you could benefit on 10% off or perhaps free postage and packaging. And this is often as easy as typing the name of the shop and the word ‘voucher’ or ‘discount’ into Google.
• Try eBay – If you aren’t bothered about whether your item is brand new or not then check on eBay or other online marketplaces. These can be a great place to bag yourself a bargain, but watch out for postage and packaging charges which can kick up the cost.
• Switch your outgoings – Create a list of your outgoings and highlight those which cannot be changed, e.g. council tax. Now deal with the ones that can be changed – gas, electricity, food shopping, insurance, phone, internet etc. There are many websites which offer you the chance to see how much money you could be saving by switching companies…. Simples!

Reduce Your Credit Cards Debt

• Find 0% interest cards -If you can swap your credit card balances to a card which offers 0% interest for a limited time then this can be a great way of saving cash. Often there is a balance transfer charge but you could still find you are saving loads. If you are organised with your finances then it is possible to keep doing this so you never have to pay interest!
  After you have taken advantage of the offers please make sure that you cut the card up and cancel the account so you are not tempted to take out more debt. (Credit is debt remember!)

Everyday Expenses to Avoid

• Take your own sandwiches to work – This can be a cheap and easy way to save yourself some money, as all your need to pay for is a little bit of bread and filling – guaranteed to be cheaper than your £3.50 plus the crisps, fruit etc. Also take your own water bottle to work, the average bottle can cost your £1.50 a time and you can get it free from the tap!
• Shop around for petrol - And when we say this we don’t mean drive around all the petrol stations is your town to see which one is the cheapest! As a rule of thumb it tends to be the supermarket petrol stations which seem to be cheaper, but if you know your local garage is cheaper – use it. Also avoid service station pumps at all cost which tend to be much much dearer than average.

Living costs seem to be on the increase by the month, along with the increase in mortgage costs, petrol prices and the decrease of disposable income, so now is the perfect time to start pulling on your purse strings. But tightening up your outgoings does not mean that you will have to compromise on your standard of living, infact it is those little changes which can often produce the biggest effects.

Reduce Your Food Costs
As supermarkets have grown bigger and become a greater part of our everyday lives there is the temptation to use them far too much and spend far too much in the process. Below are a few tips in helping you to save:

• Write yourself a shopping list – These days it is so tempted to go into your local supermarket and start piling things into your trolley, and supermarkets are designed for you to do this. Writing a shopping list and adding things as you go along (perhaps sticking it onto the fridge where the whole family can see it) is a great way to make sure you don’t overspend. Just make sure that you take the shopping list with you and stick to it. Also never shop on an empty stomach as chances are the shopping list will go right out of the window.
• Shop Online - If the temptation of the BOGOF’s are too much for you then you need to stay away from the supermarket altogether! The best thing to do is shop online, as you are more likely to buy only what you need and many of the special offers that you really want are online as well. It is also the perfect way to avoid the manic queues and screaming children!
• Use your coupons – Loyalty cards are designed to make you shop only at one store so you can “get your points”, and there are advantages of doing this. Along with your main savings vouchers there are usually smaller ones but these will come in great use as they are targeted through what you regularly buy.
• Shop locally - This is great news for your local community and if you live local to your town centre then there won’t be any petrol costs as you can walk!

Reduce Your Vices
We all have our vices, and we all deserve to treat ourselves once in a while. But if you are looking to save yourself some money then those guilty pleasures can be where you spend the most money.

• Lottery – From lucky dips to those regular numbers that you have to put on twice a week, it is easy to see how it can soon add up. Perhaps just stick to your ‘lucky’ numbers and just put that line on twice a week, or for the main lottery. You are guaranteed to save yourself £100’s as opposed to the teeny tiny chance of winning the millions!
• Smoking - Everyone is aware of the health implications that come along with smoking, and due to the recent ban it is also becoming less of a social pastime. The average smoker spends over £1500 a year, a great reason to quit.
• Drinking – For many of us, there is nothing better than a small tipple on a Friday night after a long week at work, and this is fine as long as that doesn’t turn into Saturday night, Sunday night etc. Look out for any special offers and remember to drink at home rather than pay inflated prices at your local.

Many of us are being overcharged for their utilities, often without even knowing it! But with just a little bit of forward planning you could easily save money by avoiding extra charges that many companies seem to be adding to our debts, but these fees are avoidable.

See if you are being charged for any of the following…

Credit Card Debt

Annual Fees – Some credit cards carry an annual fee. Although this fee may also include a number of benefits, it is no good in paying for a service which you don’t use. You might find that you will be saving yourself some money by switching to a credit card which does not include an annual cost.

Using your Credit Card Abroad – Using your credit card on holiday can be very costly, as many credit card companies add on a surcharge to convert the foreign currencies. Plan your holiday expenses and pay with cash or travellers cheques to avoid this charge.

Late Payment Fees – Late payment fees, penalties and charges can soon increase your debt and earn the card providers lots of additional funds, over the interest rate that you are already paying for the service. Try to pay by direct debit so that you never miss a payment or mark on the calendar when your next credit card debt repayment is due.

TV Charges

Television Packages – Do you have the full satellite package that you never use, or you only watch a few select channels? You could make some real savings by (more…)

Did you check our all of our Part 1 in the One Advice Simple Ways to Save series? In part 2 you will learn another three simple ways to save your money, and there is also a part three to look forward to next week!

Can you think of simple ways that you are saving money?
Share your money saving tips with readers, just comment on this post.

Simple Ways to Save: Tips 4-6

4: Don’t Skip Breakfast: Not only are people who eat breakfast slimmer (according to a well know cereal brand), eating breakfast could also be saving pounds on your waistline as well as your pocket.

Eating breakfast means that you won’t be tempted by a naughty and expensive treat later on in the day, such as the costly shop bought coffee or ready-prepared sandwiches. If you really do not have time for breakfast, then prepare a fruit salad the night before to snack on when you arrive at work. (more…)

We all want to get healthy and saving money whilst doing so seems like a great idea, as more Brits may seek debt advice as our disposable income falls and the cost of living rises. Health insurer Bupa have put together a range of tips which could reduce your debt by saving you up to £500 and offer you easy ways to become healthier.

1: Save £170 a month by stopping smoking – Cutting out cigarettes could reduce your risk of lung cancer, heart attacks and strokes. Within one month you could make a saving of £170 if you smoke 20 cigarettes a day, which could add up to £2,040 over a year! This additional money could be put to good use to pay off your high interest debt or put towards your savings.

2: Save up to £150 by cycling to work – Bupa report that our daily activity has fallen dramatically and the amount of walking or cycling done has declined by 26%. Swapping your car for a bicycle or a pair of trainers could improve your health, reduce your risk of becoming obese and save you money on petrol.

3: Drink tap water and save £50 – Although you may feel as though you can’t live without your morning latte, it could really cause damage to your finances and your waistline! By swapping to tap water you could save £50 and a whopping 3,652 calories in just one month.

4: Save £10 a month by growing your own food – Eating just two home-grown apples a day could save you more than £10 a month. And there is no need for it to stop there, seeds are cheap to buy and can offer you fresh food which is a great way to get your five-a-day.

Dr Annabel Bentley, Bupa’s assistant director, said:“Gardening is a great way to get healthy, and if you grow a range of fruit and vegetables, you can not only save yourself pounds each month on groceries, but you can also look after your heart.

5: Skip the gym for the outdoors and save £80 – Although gym memberships are a great way to get healthy, they can leave a large hole in your pocket as they can set you back up to £80 a month. Instead, swap the treadmill for the pavement and outdoor exercise.