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1 In 7 Use Savings For Help With Increased Living Costs

A recent BBC report states that one in seven people have cashed in savings to pay for their utility or council tax bills due to the effect that recent rises in the cost of food and petrol are having on their income. Some families have even begun to reduce the pocket money given to their children in order to help with increased living costs.

Recession and personal finances

Less \'Money In Pockets\'

Although it’s true that not everybody has savings to help with increased living costs, for those that do, using savings to pay for household bills suggests that many people are struggling to survive on their regular incomes – and of course, savings don’t last forever.

The obvious supposition one can make about peoples’ personal finances from these kinds of statistics is that there is less ‘money in pockets’ to spend on non-essential or luxury items and talk of an impending recession, which is regularly making TV and newspaper headlines, will do little to allay the fears of those who are already struggling with household bills, rising debts and food prices. Further economic slow-down and a possible recession will mean fewer jobs, lower incomes and reduced spending power – an economic vicious circle.

50 ways to get help with increased living costs

However, there are some things one can do to help with increased living costs and prepare for a possible UK recession. A recent article from the Times Online has listed 50 ways to beat a recession, if this should happen. Suggestions include tips for getting cheaper rent, tips for cheaper energy bills and tips for finding cheaper shops for clothes, food and essential household goods.

Payplan gives free budgeting advice

If you need further help with increased living costs, it may be because you need budgeting advice, or that you are struggling with a worsening debt problem. Payplan can help you for free with one phone-call on freephone 0800 280 2816 or submit a quick debt enquiry online.

Written by on July 11th, 2008

Filed Under  Budgeting, Debt News, Financial News   |  Trackback  |   Leave a Comment

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