Brits Looking To Get To Grips With Spending

With the credit crisis clamping down on consumers finances, people are taking steps to curb their expenditure.

Such is the assertion of Legal & General, which indicates that Britons are looking towards a variety of measures in order to get to grips with their money management. One of the most popular ways this is being is done is through purchasing cheaper food, with some 65 per cent of people claiming to do this. The same percentage of Britons were also indicated as looking to “savvy initiatives” to help lower their fuel bills, while an estimated one in three are searching for a less costly home insurance policy. It was also revealed that half of people claim to be cutting spending on meals out and takeaways.

By taking such steps to reduce their spending, consumers could find that they are in a better position to keep up with various financial demands. As such, they could be able to make repayments on personal loans, credit cards and utility bills with greater ease, in addition to being left with more disposable income at the end of each month.

Research from the financial services provider also showed that more than a fifth (22 per cent) of respondents are looking towards making home improvements to help save energy, with 20 per cent now claiming they are growing their own fruit and vegetables. The latter option seems to be particularly popular among older people with 23 per cent of the over-55s claiming to be growing their own produce; as Legal & General reports that these consumers are re-embracing the frugal nature of post-war rationing. Three-quarters of these people were also shown to be taking steps to cut their fuel bill costs, while 46 per cent of middle-aged Britons are looking to change energy provider.

It was also revealed that young Britons are taking steps to limit outgoings, as just over one in ten (11 per cent) of those under the age of 25 state to be moving back home to live with their parents. An estimated 36 per cent of such consumers, meanwhile, claim to be cycling more often.

Garry Skelton, marketing director at Legal & Generals general insurance business, reported: “The last few months have been a difficult time for homeowners. In addition to seeing house prices fall, most homeowners have also had to contend with a wide range of cost of living hikes that put real pressure on balancing their household budget. With Christmas and its associated costs only a few months away its interesting to see that, across the board, Brits are meeting the challenge head-on with savvy, cost-cutting initiatives.”

People who are concerned about managing their money in the months to come and are worried that despite cost-cutting measures they could still struggle might want to consider applying for a debt consolidation loan. In taking out this kind of loan borrowers may be able to merge various spending commitments into a single low-cost monthly repayment. This may prove to be of assistance for those struggling to pay bills after MoneyExpert recently revealed that 1.61 million Britons missed a demand for payment for their gas usage in the past six months.

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