Reduce your household outgoings by 1,000 a year

A recent report from Quidco, an online coupon and money saving website, has revealed that shopping around for the best deals could save the average household almost 1,000 a year.

Before the recession, approximately 38 per cent of people frequently used money-off coupons or vouchers, but since the downturn in the economy, this has risen to 89 per cent.

It was also found that in an attempt to make their income go further, 31 per cent of those surveyed take their lunch to work and 25 per cent regularly scout out a bargain at charity shops.

Those who make the most effective savings are reported to spend approximately 30 minutes managing their finances every week.

Time spent shopping around online for the best deals resulted in the average family saving 18 a week which equates to 936 a year.

Andy Oldham from Quidco said: “It has never been easier to make financially smart decisions thanks to the explosion of money saving tips and tools available to everyone.”