It's crunch time

As the current economic climate faces further uncertainty, 46 per cent of Which? members surveyed reveal that they will be reducing spending in the coming year.

Up to half of those questioned plan to cut back on non-essentials, such as clothes, DVDs, CDs or books, and many are holding off on buying big-ticket items.

While 9 per cent have cancelled plans to spend on audiovisual goods, a quarter will delay their purchase, suggesting difficult times ahead for retailers.

However, the majority of those surveyed put quality before price, 54 per cent said that their choices aren't based on price and a further 20 per cent opt for expensive white and audiovisual goods as they believe they'll last longer.

Which.co.uk has looked at how to save thousands of pounds by cutting back on household spending:

Install a water meter £100
Switch energy provider £233
Combine your broadband and landline supplier £132
Get a Sim-only mobile phone £180
Change mortgage providers £400
Get the best deal on your car insurance £550
Look at annual worldwide travel insurance £68
Shop around for buildings and contents insurance £215

Total £1878

Jess Ross, Editor, which.co.uk, says: "Difficult times call for extreme measures and it's clear that some people won't be splashing out on luxuries in the near future. People still want quality, but it's all about value for money."

For more bill-busting advice go to which.co.uk/advice/cutting-your-household-bills