Yes, we are facing one of the worst economic situations within living memory in this country and because of that, we have to make sure that we are saving every penny we can - both in our personal lives and in business. Being frugal can mean the difference between losing your house or your business going bust and it is amazing how the small things can add up to make a big difference.

Look at every single thing that can save you money, however small a contribution you think they might make. Things like using 0800 numbers, supermarket coupons and bulk buying deals at the local store may not make you a rich man overnight, but added up, every little counts, to quote a famous catch phrase.

The key thing is to ask yourself before spending money on any purchase or any service. Firstly do you need it? Weirdly enough we often buy things that we do not need on a whim and asking yourself this can prevent unwanted purchases.

Secondly, if you do need it – can you buy it cheaper elsewhere? Can you save money by buying online? Or can you negotiate a reduction for a bulk purchase or other discount? Many places will actually give discounts if you are brave enough to ask.

Look at every way of saving money and you will be surprised at the savings.