Ten ways to beat the Spring Budget by being your own Chancellor – including £200 free cash

THIS week’s spring Budget has seen a raft of measures to help hardworking families save money – but you can do even better than the Chancellor.

No matter how tight your finances, our top ten budgeting tips will help you cut back on spending, boost your savings and beat the banks.

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Get started today and watch your hard work add up.

1. Confront your cash

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Having money worries is scary, but you can’t make it better until you know what you owe.

Make a list of all your debts, including overdrafts, loans, credit cards, store cards and outstanding bills, then look at all your bank accounts so you know how much money you have.

2. Build your own budget

A budget is simply balancing money in and money out.

To begin yours, use the template on the Government-backed MoneyHelper website.

3. Tackle your debts

It’s usually owe before you start saving.

There are two ways to do this.

Either pay off the smallest debt first, so you can see you are making
progress.

Or take on the debts with the highest interest as a priority so you cut the overall amount you have to repay.

4. Cut your costs

Reducing what you spend day to day will ensure you can pay off debts more quickly, or build up savings.

Swapping to a discount store like Lidl could slash up to a third off your weekly shop.

Also, see if you can reduce your phone, insurance or utility bills.

Compare rates on helpful online platforms such as moneysupermarket.com.

5. Check your benefits

Ensure you are claiming what you are owed.

For up-to-date information on what you entitled to, see the benefits calculator on the Turn2Us website.

6. Create an emergency fund

Doing this will mean you can pay for unexpected expenses, such as the boiler breaking, without having to borrow or put costs on an expensive credit card.

Put away a small amount each month until you have a reasonable
cash reserve.

7. Switch bank accounts

Banks will offer you up to £200 if you move your current account to them.

Compare deals at MoneySavingExpert.

8. Start microsaving

Even if you can only save a few pounds each month, in time it will add up.

Use a budgeting app that automatically puts money aside when you spend, such as Plum or set your online banking app to autosave for you.

9. Swap your saving

If you are lucky enough to have existing savings, see if you can get a better interest rate.

Use MoneySavingExpert’s guide to compare them.

10. Start a side hustle

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Sign up to indeedflex.co.uk for temporary work which pays out the same day.

Alternatively, clear out old clothes and sell them on Vinted or take part in the paid online surveys at panel.onepoll.com.

Find more great ideas on The Sun’s side hustle page.

This post first appeared on thesun.co.uk