The credit crunch means that many Brits are getting savvy when it comes to finding areas where they can save money, and have saved over £2.7billion last year, according to research by uSwitch.

It seems that cutting out luxuries and selling possessions is the only way that many can make ends meet. Over half of UK adults have turned to websites such as eBay to make extra money, and a third have sold some of their belongings at car boot sales.

More than three-quarters of us have avoided debt during the credit crunch times by no longer eating out regularly, and almost 20 million of us have cut back on trips to the pub. These penny-pinching techniques means that the average UK adult is saving £50 a month, and a third are pleased to be saving up to £100.

Ann Robinson, from consumer website uSwitch, comments: “Consumers are rising to the challenge by tightening their purse strings as every penny really does count… This is a phenomenal amount of money, and highlights what can be done when consumers switch products to save money – be it financial or supermarket brands.”