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FOOL'S EYE VIEW
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As someone who is lucky enough to work from home, I don't have too much of a problem when I start feeling peckish - I just examine the contents of my fridge and take it from there. Most people have to go out to work though and that's when snacking starts getting expensive. Our advice to people who want to cut back on their day-to-day living expenses usually includes simple things like making your own lunch to take to work. But how much would you really save? According to the Prudential, less than a third of British people take a packed lunch to work, with the rest (71%) spending an average of £5.10 each day on sandwiches, drinks and snacks. The Pru has even analysed the cost of making your own cheese and pickle sandwich. In the shops would cost about £1.80 but a home-made version would cost just 25p, saving you almost £8 a week. The Pru adds that if you put the money saved into a pension fund then over the course of 25 years, it would amount to around £23,000 per person (assuming that 22% tax relief is added to the pension payments, growth of 6%, and charges of 1%). It just goes to show that a little bit of time and effort each day could save us rather a lot of money in the long run. We do seem to be a rather wasteful nation. Last year, research by Abbey National, revealed that we waste more than £14 billion every year on uneaten food, unworn clothes, expensive ready-meals and takeaways, unnecessary cabs, abandoned gadgets, hobbies and gym memberships and uncompetitive current accounts and credit cards. Every year, we fritter away on average: I've been guilty of all of those at one time or another which is annoying when you think that such waste could add up to the cost of a nice holiday each year or, even better, a much bigger pension fund. The fact is, if you look after the pennies the pounds end up looking after themselves and it's why it pays to give your finances a thorough overhaul every now and then. Make sure you're getting the best rate possible for your mortgage. According to the Council of Mortgage Lenders around 40% of homeowners are on a variable rate. While some of these will be discounted there are still many who are on the more expensive standard variable rate because it hasn't occurred to them to look for a better deal. Switching your credit card debts to one with a 0% or lower interest rate will also save you money. As long as your credit rating is relatively good you're unlikely to have a problem with your application. And then there are all the bills for your utilities. It's easy to switch utility companies these days and even if you're only saving a few pounds here and there it will all add up in the end. The Pru's research on much we spend each day on snacks illustrates the fact that there are many simple steps that we can take to improve our personal finances. Even people who can't cook can learn to make a sandwich!