Many households stick to the same narrow band of familiar money-saving rituals: stocking up on 'buy one, get one free' deals, tracking every penny spent, and chasing loyalty points.

While this might give the impression of being disciplined with money, the reality is that many of the techniques used by budget-conscious shoppers don't work and can even encourage extra spending.

Here are six commonly used 'saving strategies' that could be leaving you worse off – and what you should really be focusing on if you want to cut back.

1. Tracking daily spending

Carefully logging every transaction and making cutbacks might make you feel financially in control.

But it's easy to become so fixated on all the small purchases you make each day that you miss much larger fixed costs, like car insurance going up in the background.

Debbie Hancock, a chartered financial management consultant and money coach, says: 'Micro tracking feels productive. Looking at larger costs feels more daunting, so you'll often avoid it. Yet the biggest wins often come from focusing on your fixed costs.

'These are the essential bills that keep the lights on at home. They can creep up quietly, especially when contracts auto renew and people often miss it because they are focused on daily spending.'

Cutting back on takeaway coffee might save £20 a month (£240 a year), for instance, but switching car insurance providers each year could save up to £517, according to insurance research group Consumer Intelligence.

2. Bogof deals and bulk buying

Bogof deals may mean shoppers choose more expensive items than they otherwise would to unlock the deal, which can leave them out of pocket if they fail to consume the second item in time

Buy one, get one free deals, also known as 'Bogof', give the impression you're saving money because you're getting two for the price of one. But these good intentions can backfire if you end up buying items you don't need or can't use before they expire.

Nearly 40pc of food wasted by households has been discarded because it was not eaten before the expiry date, while a quarter of food waste happens because people cooked or prepared too much, according to the Waste and Resources Action Programme.

Vix Leyton, of banking app thinkmoney, says: 'Bogof is a masterclass in buyer psychology – all drama, flashing signage and the thrill of beating the system. Except you are not beating anything if half of it ends up in the bin.'

Shoppers may choose more expensive items than they otherwise would to unlock the deal, which can leave them out of pocket if they fail to consume the second item in time.

Likewise, bulk buying only works if your household will genuinely use the extra items. It's important to buy what you need and avoid getting sucked into alluring deals.