In 2009, over 47000 people took out an IVA, with many thousands more seeking IVA advice every single day. The idea of an IVA is that you pay back what you can afford each month, based on your income and what  your expenses are. You should be left with sufficient money to live on, but the chances are that this amount simply won’t be enough to enjoy all too many of life’s luxuries.

However, taking out an IVA doesn’t have to mean that you have to give up every luxury in life. There are ways in which you can budget and cut costs to leave yourself with more disposable income.

1. Prepare your lunches at home. How much do they charge you for those shop bought sandwiches? Probably as much as you’d pay for a full loaf in the supermarket. Preparing your lunch the night before might take a few minutes but will save you plenty of cash in the long run!

1. Attend free events to cut down on your social costs. Gig tickets, club entry fees and other socialising costs really add up. Sites like wherecanwego.com allow you to find events going on near you and to filter them to show free events only. This is a great way to entertain yourself without spending a penny.

1. Trade those big brands for the Supermarket’s own. Does everything you eat really need a Heinz label? Have you even tried the supermarket’s own brand. Ok, so we all have our quirks and maybe there are certain products you just absolutely could not stand to part with the label on. But there’ll be many others where you’ll find that buying the supermarket brand makes no difference to you at all – other than to make your bank balance look healthier!

1. Dig out the discount vouchers. Before you make a purchase, whether online or offline, it’s worth looking on the Internet for discount vouchers for the retailer you’re planning to buy from (or a competitor). A quick Google search will bring back hundreds of results for both online discount codes and printable ones for use offline. It’ll take just a few minutes to check and if there’s any of use to you available, the savings could be great on the bank balance!

1. Don’t shop without a shopping list. It’s too easy to see something and just buy it on impulse just because you want it. Spending some time writing a list with everything you need on it before you hit the shops means, firstly, you won’t forget what you went out for in the first place and secondly, you won’t come home with three of four things you don’t need and empty pockets. It’s surprising just how much difference a shopping list can make to spending habits!

If you’re currently on an IVA plan or another form of debt management, budgeting and cost cutting will be absolutely essential, however you do it! And contrary to popular belief, you needn’t give up everything you love to make the monthly payments!