With most households feeling the pinch due to concerns around job security, an unstable economic environment and declining house prices, most people are looking at ways in which they can reduce their monthly bills.
Many people have opted to reduce those non-essential items such as overseas holidays, meals in restaurants and with pubs struggling, the British public has clearly decided to stay in on a Friday night! There are many ways in which savings can be achieved and it is certainly recommended that you go through your monthly bank statement, identify the expenditure that you are incurring and see where you can make savings.
For example, I recently discovered that I was spending over £100 per month on communications made up of mobile phones, internet, telephone and sky! Therefore the decision had to be made that the Sky TV subscription had to go!  A small change but made a big difference.
Once we have reviewed the payments that we make various insurances (household, car, life) can make up a substantial part of our outgoings.
Often many individuals will have taken out policies many years ago, and not reviewed them.
In addition it has recently been estimated that some life insurance policy premiums could be released by as much as 50%! Clearly for the average household income this could make a substantial difference to the household balance sheet.
Therefore it is recommended that you should review the premiums that you are being charged, as there may be an immediate saving that could be generated.