Slash your living costs in seven days

We show you how to squash your daily expenses over the course of a week.

What are your biggest outgoings every month? The chances are it's your mortgage payment or rent - followed by transport, food and utility bills.

Trim your everyday expenses and you should find you have some spare cash to pop into a rainy day fund. And having this savings pot has become more important than ever, as the economic uncertainty continues and many people's employment prospects look ever-more precarious.

Here's a step-by-step guide to slashing your daily expenses – all before this time next week!

Day 1: Trim transport costs

Regular travel costs really mount up, whether it's because you're buying petrol for your car or a travel card to get to work.

One of the best ways to trim transport costs is - literally - to get on yer bike. Cheap bicycles are often available on community sites like Gumtree or Preloved. If you're really lucky, you might even be able to get one for nothing from a Freebie initiative like Freegle or SnaffleUp.

And if you cycle instead of driving or taking public transport, there will be another financial benefit, too: You'll get fitter for free, so you can cancel that pricy gym subscription!

If you really can't do without a car, make sure you check the Petrol Prices website. This helps you find the cheapest fuel in your local area, emailing you a list of the five cheapest petrol stations near you.

Day 2: Switch suppliers

If you've been with the same gas or electricity provider for more than a couple of years, there's a good chance you're paying over the odds.

Use this energy comparison tool to see if you can save by switching suppliers. It shouldn't take more than a few minutes - and many people find they save hundreds of pounds a year.

Day 3: Compare food prices

Now it's time to tackle your grocery bills. Specialist comparison website MySupermarket allows you to check the price of items at Tesco, Sainsbury's, ASDA and Ocado - so you can work out where to get the cheapest basket of shopping.

You can shop online via the site - or just use it to help you decide where to visit.

Day 4: Ditch the caffeine fix

We're mid-way through our money-saving week - and it's now time to curb your caffeine addiction. If you buy a £2 takeaway coffee every working day, that equates to over £550 a year!

So, ditch the Starbucks, invest in a nice thermal flask and brew up some coffee before you leave the house.

Day 5: Frugal lunch

If you're always nipping out to buy lunch at work, you could easily be spending £5 a day. That equates to around £115 a month; so get up ten minutes earlier in the morning and throw together a simple packed lunch instead.

It doesn't just have to be a cheese sandwich! You could rustle up a really posh packed lunch for just £2.43 a day.

Day 6: Chop your interest bill

If you're currently paying off debts, one of your biggest regular expenses may be your interest bill.

This outgoing is one of the less obvious ones, because it wings its way out of your bank account without passing through your hands. However, many overdrafts and credit cards charge interest of 15-20% APR - and those charges could really be cutting into your monthly budget.

If you're paying interest on credit card debt, consider shifting the debt to a card offering 0% on balance transfers. The longest 0% transfer deals currently last 16 months, so you have well over a year's breathing space to clear the balance.

Just remember that you will have to pay a transfer fee (typically around 3%).

If you're paying interest on an overdraft, have a look for a current account that offers a decent 0% overdraft. For example, the Santander Preferred Overdraft Rate account offers a 0% overdraft for 12 months, and says it will match existing overdrafts until to £5,000 (dependent on individual circumstances).

Day 7: Cut your phone costs

See if you can get your phone bills under control using Skype. This online service lets you make unlimited free phone calls to other Skype users (over the internet) so if you work from home, or regularly speak to loved ones overseas, it could save you a packet.

The service is free to download and use, and also offers cheaper-than-normal calls to landlines and mobiles.

Finally, avoid having to call premium rate numbers by using the Say No to 0870 website. It lists lots of well-known companies, along with their equivalent (standard-rate) geographical numbers.

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