Amid the worsening cost of living crisis, and soaring energy bills, most of us are looking for ways to save money, cut costs and stay on top of our finances.
One savvy mum has managed to bypass financial stress altogether by saving £10,000 in just seven months. Ruth Taylor is now looking forward to a family holiday in Florida in 2023.
The 43-year-old got into debt once moving into her first home with her husband and children, furnishing her house on credit and paying for a new boiler by taking out another credit card.
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However, she regained control of her money by increasing her monthly income - working seven days a week, completing surveys online in the evenings for additional money. Her money-making tricks, coupled with saving money by cutting back on non-essential bills, buying second-hand clothes and getting her husband to cut her hair, meant she was able to clear her debt and begin saving money in earnest.
Since then, Ruth has amassed more than 44,000 followers on Instagram sharing financial advice as @moneysavvymumuk. She also runs a website under the same name, which features helpful advice, free budgeting printables and more.
She set a new financial goal for 2022, to save £10,000 for her family's emergency fund. Ruth has achieved the goal promptly, saving up the total figure in just seven months.
She told money-saving community LatestDeals.co.uk : "We carried on making sacrifices and working extra hours to get this money together as quickly as possible We now have £10,000 in our emergency fund, which is just under 6 months' worth of living expenses.
"Since then, we’ve been contributing regularly to our ISAs, no set goal in mind, just as much as we can each month. Sometimes we can send a lot but other months, not so much.
"More recently, we have been saving for our first family holiday abroad in seven years. We are going to Florida in March 2023. We have £1k worth of spending money, and we are now trying to save another £1.5k and £1200 for park tickets. We should have this all saved up by Christmas, as I am earning extra via my Instagram page and my blog."
Ruth added: "There are loads of other ways to watch your spending.
"With energy bills rising, I’ve decided to keep the heating off for now. I've invested in electric blankets for us all, as these are much cheaper to use than the cost of heating. I'm constantly running around after everyone and switching off lights they've left on.
"For those who want to make money on the side themselves, I recommend first looking through your budget and making cuts. To get ahead financially, it's essential to live below your means so that you can invest your surplus money. I know it's extremely difficult in today's climate. Right now, it feels like my money is being stretched in all directions. Absolutely everything has gone up in price, and the pound is not going as far as it used to. But if possible, make cuts where you can."
"Try using cash-back apps when making purchases and renewing insurance policies. Swap mobile contracts for SIM-only deals, cut back subscriptions where possible and negotiate bills for cheaper deals. Meal plan and buy own-brand foods. If possible, shop at value supermarkets such as Aldi. Buy second-hand wherever you can."
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