Brits ’embracing frugal spending’

Adults in the UK are increasingly happy to live in a frugal manner.

A study by Quidco has highlighted how views are changing on penny pinching, as individuals recognise the need to tighten their belts in order to get by and avoid massive debts stacking up.

Indeed, nine-in-ten people expressed the opinion that they think it is now cool to try to save money wherever possible, while around 40 per cent always use budget supermarkets in order to get a bargain.

On top of this, growing their own vegetables (22 per cent), having tap water in a restaurant (22 per cent) and opting for supermarket meal deals instead of takeaways (21 per cent) are among the other measures being used.

Indeed, individuals are saving an average of £17.77 a week – or £924.04 across the course of a year – thanks to the implementation of these new methods and collecting reward points has been found to be the most popular frugal measure.

People who find they are still struggling to make ends meet despite cutting their budgets to the bone may want to consider debt consolidation. Not only will this ensure that individuals are meeting all of their repayments, it should also mean they have a little extra cash for personal expenditure.

Andy Oldham, managing director of Quidco, said: "Pulling out a voucher in a restaurant, or using coupons at the supermarket, used to be seen as something you only did if you were desperate and hard-up.

"But since the credit crunch first started to hit, Brits have had no choice but to become more savvy with their money. Using vouchers and discount codes has meant that people have still been able to enjoy nights out … and still watch their spending."

He added the recession has forced a change in mindset for many people, as they now understand the importance of looking after their money and shopping around for the best deals.

By Amy White