Do you struggle to keep your finances on an even keel, and is a nest egg an impossible dream?

Looking at your bank account, it probably feels that way. Maybe you want to buy a new car, or save up a deposit to get on the property ladder, or perhaps you just need a new washing machine.

But it can be done. The secret is to employ small strategies each of which will save or earn you extra cash. And before you know it your savings will be building up.

Set aside a little, often

Set up a savings account and, each time you are paid, put a small amount – say £30 or £40 – into it. During good months top it up as you go along.

Set up a Help to Buy ISA

If getting on to the property ladder is your aim then set up a Help to Buy ISA. It’s a no brainer. Once you’ve saved up £1,600, the government will add 25% or £400 to it when you buy your first home. The maximum you can save is £12,000, on top of which you’ll get £3,000 from the government. Also, any interest you earn from your ISA while you save is tax free.

Control the controllables

It’s hard to save money if you don’t know what you’re spending. Look at what your outgoings are on variable costs such as food and drink, entertainment or clothing and then set a budget, cut it by 20% and stick to it each month. Tot up your spending as you go along.

Make your own lunch

Even the cheapest sandwich van can charge £4-5 for a sarnie, crisps and a drink, or venture into a branded high street store and you’ll pay £6-7 – so buying your lunch can cost between £984 and £1,722 a year. Time to make your own?

Add rent to your credit file

If you are not already paying your rent through CreditLadder, we can add your rental payments to your Experian credit file. This can help build your credit score when you pay your rent on time. More information here.

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.