In todays though economic climate it’s more important than ever to make sure that you have some money put aside for a rainy day. It’s not always easy to save any money, especially when you are living on a small amount as it is, but if you have something spare it can keep you out of debt and in the green for longer, so it’s worth looking into whether you can put something aside in case of emergency.

Fortunately if you can’t save any money, there are alternatives available, such as short term loans from lenders like wonga, as well as borrowing from your bank. If you are able though, putting aside a little each month can help you prepare for a financial emergency. Here are some tips that can help:

Open a savings account – If you keep all your money in one account, the temptation to spend it all is overwhelming. Many people think they’ll be better off next month, and promise not to fritter away all their next pay cheque, but this isn’t a good idea if you want some spare money. Even if you only move over a little amount each month, many banks have options that can give you a decent rate, and more importantly a place to put some money so you don’t spend it with the rest. Get some advice if you’re not sure what kind of account is the best option.

Buy generic – In many cases, branded goods are exactly the same as the supermarket versions, and for the most part both will do the same job. One is much cheaper than the other however – just for a month, try buying own brand and just put aside the difference. You’ll soon see your savings increase, and if the worst should happen you’ll have options available to you to avoid getting into debt.