One financial expert has recently spoken out on ways that UK consumers can survive the financial backlash of government spending cuts. Frugal consumers, according to the expert, may want to consider depositing more funds into savings accounts or related offerings such as ISAs.
Online financial resource site Money Magpie founder and journalist Jasmine Birtles recently stated that there are many different measures consumers can take in an effort to get a handle on the amount of money they spend in the wake of the global economic downturn, while still finding ways to pay off any accumulated debt on loans and credit cards.
Ms Birtles comments could be of particular interest to those consumers who have recently been made redundant or had to take a pay cut as a result of last month’s comprehensive spending review.
Consumers in the UK must take control of their finances, stated Ms Birtles. The financial expert remarked that the first thing people need to do is to formulate a budget for their household expenses, adding that quite a lot of people have never even given the process a thought, waiting instead to get themselves into financial hot water before adopting any kind of spending plan.
Ms Birtles also suggested that another good way to reduce the amount of spending in the post-recession environment we now find ourselves in would be to switch bills to cheaper versions. Any consumer that has been with the same internet, phone, or energy supplier for some time may find more attractive rates by going with a competitor, which will in turn reduce the amount of cash he or she may need to spend.