Popular Cut Backs for 2011
New research shows over half of Brits will look to make further savings in 2011, to reduce their outgoings and pay off debts.
Means by which the majority will make these cutbacks is, for 66 percent, to reduce their energy bills this year.
According to the study by Swiftcover, a further 55 percent will seek cheaper credit card offers to reduce the interest charged on their outstanding bills.
For a third their priority is to reduce the amount they spend on their landline and broadband bills, while 41 percent are looking to save money on their car insurance policy. Forty percent will switch mobile phone bills.
“This year is going to be another year for the tightening of belts for everyone in the UK,” said Tina Shortle, Swiftcover’s marketing director.
On average, the research showed, motorists would ideally like their premiums to be £47 lower this year, compared to the 21 percent who would be happy with a saving of £20 on their home insurance policy.
Aid Savings with a Prepaid Debit Card UK
Research by The Insolvency Service recently showed the number of personal insolvencies peaked in 2009 over the last 20 years, highlighting the problem many have with managing their money.
Further figures from First Direct revealed the greatest regret in 2010 for 53 percent of adults however was not paying off debts more quickly, meaning many are prepared for frugal living in 2011.
If you struggle to limit your outgoings each month try using a prepaid debit card UK to help you stick to a budget.
The card does not have an overdraft facility so the user cannot get into debt when using it to make purchases in shops or online.
A prepaid card can be topped up whenever the user wishes, so if their money runs out they can readjust their budget bit by bit.