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CUTTING COSTS

Recent research has suggested that nearly three quarters of all households will be considering making spending cuts in the next 12 months.

To a certain extent this is not particularly remarkable news. With the current state of the world, uncertain news reports are coming in every day and a generally cautious approach has been adopted. It's not surprising that most households would tell a survey that they are considering cutting costs. The break down of the results provides more interest.

Most worrying 8% of individuals responded to the survey by suggesting that they would not renew their insurance cover. If there was a greater sign of how bad things have become for some then surely that is it, although it must also be considered that it is more a sign of people not rating the value of insurance as highly as perhaps they should than anything else.

Also interesting was that 11% of households reported that someone had taken on an extra job in order to deal with issues relating to a lack of finance. Others have reported that they are planning on cutting the amount of money that they put aside into personal savings or the amount that they contribute to their pension plans.

The usual suspects were blamed for the need to cut costs, high housing prices that have translated into mortgages with high repayment rates, or at least repayments that constitute a large percentage of salary were amongst the factors most blamed. There was also the matter of servicing other debts such as loans.

Remarkably, the group that demonstrated the most strain were those with above average incomes. Traditional high costs of living were cited as one particular reason, but more alarmingly was the suggestion that most households simply do not have the motivation to sort themselves out financially and protect themselves from the difficulties posed by fluctuating markets.

A lot of improvement can be made simply by careful savings plans, checking around for great value current accounts, savings accounts and loans. Many financial institutions offer credit cards that have 0% on balance transfers which you can transfer into a current account – meaning you can say goodbye to an expensive overdraft in a flash.

It's simply a matter of taking a little time to order everything and make certain that you have the best deals and a lot of the cost cutting mentioned above can be done for you. It's easily done, and if the very real prospect of defaulting on loans and suffering genuine financial misfortune isn't motivating enough then what is?



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