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Whether your house is home to you and your family, you and your partner or just you, keeping control of the household expenses can prove tricky. From groceries to gas bills and insurance to internet providers, with so many expenses to consider it is easy to lose track of what needs paying and when, and how much you are spending each month.

While it may seem a daunting prospect, taking control of your monthly outgoings can save you thousands of pounds each year. Better still, it only takes a couple of hours planning, a pencil (don't use a pen as you may have to make some corrections!) and paper, and a calculator.

Planning your Outgoings

Start by making a table (click here to print one MS Excel Required) similar to the one below...

Group your outgoings into relevant categories in the column on the left i.e. house, car, finance (loans, credit cards etc), medical, children, personal (leisure, socialising etc) and pets. Record the total amount you owe, how much you pay each month.

Getting a Grip on your Expenses

To help accurately record all of your monthly outgoings, go through recent bank statements, bills and receipts. These will provide you with all the necessary payment information. It is also a good idea to take a look at each room in your house and consider what costs may be associated with each appliance and piece of furniture. For example, a typical living room is home to a TV and sofa. The TV requires an annual TV licence and the sofas may be covered by a credit agreement.

Once you have recorded your outgoings, compare the final figure to your total net monthly income and don't forget to deduct any savings. This will provide you with a true representation of your actual disposable income and whether your spending is exceeding your earnings.

To help reduce your monthly outgoings, start by prioritising each expense using a low, medium and high priority scoring system.

  High priority outgoings should include expenses that you are highly dependent on such as your mortgage, rent and utility bills.

  Medium priority outgoings should include important outgoings where cut-backs can be easily made. For example clothing, food and phone expenses.

  Low priority expenses should include luxury and non-essential items such as satellite TV packages, socialising, leisure club memberships etc.

Once you have prioritised your outgoings, start at the bottom with the low priority expenses and work your way up looking at where you can make cut-backs.

Try using the following hints and tips to reduce your outgoings:

  Consolidate service and energy providers - many communication providers offer packages including TV/satellite, phone and internet services. Look at switching to one provider for all your communication needs to save money. The same applies to gas, electric and water providers. It's always worth comparing other companies with your current providers. www.uswitch.com and www.simplyswitch.com provide an easy way to compare service and energy providers. In some instances paying by direct debit can result in further savings.

  Avoid getting into hot water with boiler breakdowns - cover for your heating system could equate to significant savings in the long run. A small monthly outlay by direct debit could take away the worry of unexpected breakdowns and huge repair bills. Visit www.energyhelpline.com for further information.

  Water down your bills - you may be able to make savings by having a water meter fitted so that your bills rely on consumption rather than your home's rateable value. Generally speaking the more bedrooms in your house the more reason to check if a water meter is a cost-effective option.

  Talk your way into saving on calls - calculate your home telephone usage then negotiate with your current supplier for a more economical tariff or search for alternative deals with other providers via the above links. Relatives abroad? Compare international call rates at callchecker.moneysavingexpert.com

  Consider own brand goods - swap the branded goods in your supermarket trolley for own brands to reduce your grocery expenditure. Also, limit your indulgent treats and impulse purchases when you are shopping to save even more money.

  Consult a specialist debt management advisor - for free and impartial advice on your debts. Goodbye2Debt could help you reduce your financial outgoings.

  Be strict with low priority expenses - saying no to luxury and non-essential goods in the short-term could help you to regain control of your expenses and limit mounting debt.

  Review all agreed expenses - contact providers who you have long-term agreements with such as your mortgage, home and car insurance, and mobile phone providers for an update on your policies. They may be able to offer you better terms and conditions and if they can't, find out when your renewal date is and shop around for better deals.

  Energy saving tips - save the planet along with your pennies at www.energysavingtrust.org.uk

As you are planning your expenses, it is important that you are honest with yourself. Do not be tempted to underestimate personal expenditure such as how much you spend on clothes and socialising every month. This will not help you to make any savings. After you've got your plan in place, focusing on the results will help you stick to making the small sacrifices.