It is good financial planning to review budgets, look for better deals on key outgoings and search for improved rates on savings, but this is even more important when times are tough.

The simple exercise of looking at every line of outgoings and using comparison sites to try to reduce costs, can lead to big savings which in the absence of a pay rise will give each household more money in their pocket.

When workplace salary budgets are limited, it is vital that employees are given the tools and guidance to make the absolute most of what they already have. Reviewing their personal budgets and rearranging key costs can have the effect of a 12% pay rise. So employers who find themselves in this position should look to their financial education communications and ensure their people understand their pay and benefits and how to make the most of them to improve their own financial wellbeing.