Instead of rummaging around to save little on many smaller expenses, rather focus on cutting a few bigger items. It is much easier and the financial benefits are far greater.

Lower your rent
If you rent your accommodation, why not approach your landlord for a lower rental, especially now during the pandemic? Alternatively, you could move somewhere where the rent is cheaper or you could find a tenant to help contribute to your rent or mortgage.

Stop eating out
During the lockdown, you stayed at home and enjoyed home-cooked food. So why not keep up this good habit? Eating out is expensive and it all adds up over a month.

Don't buy things that you don't need
One of the best ways to stop impulse purchases is to create a monthly budget and stick to it. Always shop with a plan in mind. Also be wary of marketing.

Take a look at your debit orders and any auto-renewing subscriptions you may have, especially online subscriptions. Assess them and weed out the non-essential expenses that you can cut back on. You will be surprised at how much you can save.

Now is the perfect time to get a clear view of your monthly expenses and spending habits to see how you can cut costs.

Create a new, adjusted budget that factors in the current economic crisis.

For example, previously you may have spent your earnings according to your old budgeting rules, such as 20% of your salary to repay debts. But the pandemic will have changed your spending habits. For example, you may need to factor in buying more groceries than normal and eating out much less.

One of the cleverest financial things you can do is to create a budget and then stick to it.