Okay, this can be done before or after you cut your expenses by eliminating the unnecessary and making sacrifices - preferably after as, if it's done before, you mightn't feel the need to make sacrifices that you are totally capable of making.

You should look at each of your expenses and see if it's possible to reduce each one.

Mortgage - If you own your own home, you should look at the interest rate you are paying on your mortgage. You should look at other rates available on the market and consider switching your mortgage to a different supplier. This alone could save you €1,000's over the term of the mortgage. Some lenders will even offer to pay any fee's involved in moving your mortgage from your current provider to them.

Insurance - This includes all types of insurance - car, house, life and any other insurance you may have. You should shop around with different insurance companies when your insurance is due for renewal as you could save €100's on each quote.

Rent - If you're renting your home, you should check if other houses are available nearby at a lower rent. Even if you don't want to move, if you find that most houses in the area are for rent at €50 per month cheaper than yours, you could request that your landlord drop the rent when your lease is due for renewal. If you've been a good tenant and paid your rent on time, most landlords will oblige as it's better for them to have their property continuously rented rather than face a period where their house is empty for a couple of months.

Magazines - If there are magazines that you genuinely cannot do without, check to see if they offer an annual subscription. Most magazines will offer a large reduction on the cover price if you subscribe for a year.

Groceries- Do you look at prices when doing your shopping at the supermarket? Do you buy brand name goods when the supermarkets own-brand goods are usually of the exact same quality? Are you constantly looking for 'Buy one get one free' offers? You should consider these questions when doing your weekly shopping to try and reduce this bill. Also, never do your shopping on an empty stomach as you are liable to buy more food, alot of which will be thrown out when it goes out-of-date.

Utilities/Services- This includes gas, electricity, telephones, broadband and all the other services/utilities that you may use. With competition rife in these areas, you should always check that you are with the cheapest supplier (provided that the service is equivalent). There are tonnes of comparison websites out there that will let you check who the cheapest suppliers of the above utilities and services are in your area. Use them and switch providers to make huge savings.