Brits Urged To Sort Out Finances
Now is an ideal time for Britons to get to grips with their personal finance situation.
Such is the assertion of Moneynet, which claims that with today (July 1st) marking the halfway point of 2008 people should take the time to reassess their budgets and plan their spending for the remainder of the year. The price comparison website reported that although getting to grips with money might not be the most glamorous way for consumers to spend their time, doing so is vital if they wish to improve their overall financial situation.
One way in which consumers were advised to do this was reanalysing their weekly food shop. With groceries reported to be a “major expense for many families”, Britons were recommended to plan their meals for the week ahead and go shopping for produce once a week, rather than making multiple trips to shops.
Moneynet also pointed out that switching mortgage products can also bring cost-cutting benefits. For those on a six per cent mortgage worth140,000 pounds it was indicated temporarily switching their loan to an interest-only basis would result in monthly savings of around 200 pounds. For those with a loan of 220,000 pounds, however, such savings could rise to 320 pounds per month.
For those struggling to manage with rising petrol costs, cycling or walking were suggested as ways in which to save money during the daily commute.
And in getting to grips with their spending, it may be possible that people find they are in a more effective position in which to meet demands for payment on personal loans, household bills and mortgage repayments.
Andrew Hagger, spokesperson for Moneynet, said: “Many consumers don’t take the time to work out a basic monthly budget to help them manage their finances and those that do will probably look at this as an annual task in January each year. With our incomes being ravaged by increasing fuel, food, energy and borrowing costs, it’s time for us all to take a long hard look at our financial situation to see how we can get through the rest of 2008 in the most cost effective way.”
He went to report that as “there are no signs of the current extreme inflationary pressures easing over the short term”, it is crucial for consumers to be proactive in reducing their spending.
Upon assessing their financial position, people wishing to get back on their fiscal feet for the remainder of 2008 might wish to consider applying for a debt consolidation loan. In taking out this kind of loan, it is possible that borrowers will be able to merge numerous commitments on their spending - which may include areas such as plastic card debt, outstanding bills and previous loans - into a single low-cost monthly repayment. As such, consumers could find that they have more disposable income at the end of each month.
Indeed getting a consolidation loan could prove to be of particular assistance after a recent study by Alliance & Leicester revealed that about one in five Britons are looking to switch utilities provider in order to secure a cheaper deal. Meanwhile, 45 per cent claim to be hunting for bargains in supermarkets with greater regularity, with 39 per cent attempting to reduce their energy usage.
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