For some people, ‘saving’ is a serious business that involves careful planning and meticulous research into the best interest rates and investment schemes; whilst for others, saving can simply mean squirreling away a little money every now and again for those occasions where a little spare cash might just come in handy.

But with the world economy apparently edging closer towards financial meltdown, many people are starting to feel the heat, so stashing the cash might not exactly be at the forefront of people’s minds.

Saving, however, doesn’t always mean putting money away for a rainy day. It can simply mean comparing prices, curtailing any unnecessary spending and generally watching every penny that goes in and comes out of the household.

A good way of monitoring spending is to keep a record for a month of every item of expenditure – from the little things such as bus fares and lunches, through to the bigger items such as clothes and groceries. It is surprising how much money goes out each month on non-essential items, and this should be the first issue addressed in any household budgeting crusade.

Indeed, the best way to tackle impulse buying is to follow the ‘four-day wait’ rule. If an item isn’t essential for day-to-day living, put it back on the shelf and wait several days. Not only does this provide the opportunity to reflect on the necessity of the product, but it also allows time to compare prices and find a cheaper product elsewhere.

Furthermore, there are ways of creating money from nothing, and for minimal effort too. Most people have cupboards full of clutter that haven’t seen the light of day in years, be it clothes, CDs, ornaments or even that unopened sandwich grill that was a gift from a Christmas past. The golden rule here is, if nobody can remember the last time it was used then it can go. Online auctions sites such as eBay, or even car-boot sales, are great ways of making extra money and freeing up space at the same time.

Of course, it’s also worth looking at the bigger picture to see if there are any savings to be made on things such as household bills, and it may even be worth considering whether a car is absolutely necessary if perfectly adequate public transport exists nearby.

But the biggest expenditure for most people is undoubtedly their mortgage. Especially if the economy is in decline, it may be worth changing from a variable rate mortgage to a fixed rate mortgage, which will guarantee a set amount of expenditure each month. And at the very least, it’s worth carrying out a mortgage comparison online to see if there are any other savings to be made, as there are thousands of deals to choose from.

So, it’s clear that every little bit counts. And at a time when the country is teetering on the brink of recession, there’s little doubt that by watching the pennies, the pounds will eventually take care of themselves.

Isla Campbell writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.