Tracey Hart works full-time as a yardman at a Newmarket racing stable. She has begun the battle to get on top of her finances and is being smarter with her cash.

Tracey, 55, said: “I’ve not been the best with money over the years but this year I decided it was past time to get a grip.

"The pennies are always tight, so understanding where my money was going was the first step, and writing it all down was a bit shocking, to be honest.

“Finding ways to save was next on my list – I wish I’d done it sooner, because I can hardly believe how much of my hard-earned cash I’ve been wasting.

"Taking a bit more control means I have a bit more for my horse, Wizz. He’s the reason I get up in the morning, but he certainly isn’t cheap to keep.”

Wizz the horse - a far better use of money (
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Red, as Tracey is known, chatted to friends and family, and checked out comparison websites to help her find the best deals on energy, insurance, broadband and for her mobile phone.

She also took a long hard look at where she could make other cutbacks, and where there was a chance to make extra cash.

She said: “I’m really lucky that I live close to where I work so, instead of getting in the car, I now hop on my bike which means I can whizz past all those people sitting in traffic jams, wasting their fuel. Better for me, better for my pocket, and better for the environment too.”

Red snapped up a discounted Direct Debit deal with a new gas and electricity company, which cost almost £30 less a month than she had been paying.

Shopping around also gave her the chance to reduce her car insurance by £23 a month and she’s already done her research to get a better deal for her mobile phone and broadband when those contracts are up.

Spending her savings well (
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Next on the cards is cashing in on offers from the banks.

“I’ve been with the same bank for years. I’m not unhappy with them but, when I was looking at how to save money, I kept coming across these cash incentives for moving my current account – and an extra £100 or so is not to be sniffed at so I’m now looking at where might be best for me.”

Red has also made changes to the way she shops and cooks. “I limit myself to going to the supermarket once a week, as it’s so easy to spend money in those places.

"I make myself a list and stick to it – and a shopping list is so much easier when you have a menu worked out for the week.

“I plan what to do with the leftovers too, so I’m not wasting anything. On top of that, I’m buying some stuff cheaper in bulk online – loo rolls, for one.”

Red is also considering adding to her income by making celebration cakes to order. “I’m not saying baking will make me heaps of money but, when you have to count the cash, it all helps,” she said.

Tracey's savings so far

  • Energy: Switched to a Direct Debit deal with a new supplier, saving £30 a month

  • Car insurance: Shopped around and saved £23 a month

  • Cycle locally instead of driving: Estimated saving £20 per month

  • Shopping savings: Approximately £80 month

  • Current savings: £153 per month – £1,836 per year

Planned savings and extra earnings

  • Mobile phone: Red plans to sign up to a deal that will save her at least £10 per month, once her existing contract runs out

  • Broadband/TV: This depends on the offers available later in the year but, on current deals, she should be able to save a minimum of £5 per month

  • Switching bank accounts: Some banks offer cash incentives to new customers – up to £150 at the moment – and moving an account is not the bind it used to be because the Current Account Switch Service does the job for you

  • Extra income: Red’s thinking about making the most of her baking talent to earn extra pennies