Cost Advise How To Save Money In A Recession

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With the latest national saving rate research from NS&I showing that 23% of the UK is not saving enough money, Cost, the online comparison experts look at ways to save money in the current economic climate.

Online comparison website for all your insurance, monetary, travel and utility needs

Most people will find at least a couple of things that they could cut out of their expenses, but it is only when they write out a detailed budget that they realise it

Price comparison experts at Cost.co.uk specialise in catering for their customers every need by providing the best deals for them as well as producing guides and tip sheets to advise their customers on all insurance, monetary, travel and utility matters.

The latest advice from Cost concerns how to save money in a recession after the most recent National Savings and Investments quarterly report found that the British saving rate was at a twelve-month low.

A Cost financial expert shares her thoughts on the subject:

“After the recent NS&I survey it was discovered that 15m Brits were not saving enough money for an emergency; this of course is most likely due to the fact that they did not and do not have any surplus income to put away into savings. But in the recession the UK is still enduring, the importance of saving for a rainy day has never been so clear so here at Cost we’ve explored some ways to save a few pounds in the current climate”.

  •     BUDGET: Budgeting is probably the most obvious and effective way to cut down on your monthly outgoings in the hope to save money away instead. When you account for your spending in detail, most people will find at least a couple of things that they could cut out of their expenses, but it is only when they write out a detailed budget that they realise. After all, every penny helps and any money saved could be put into savings.
  •     Avoid monthly money eaters: Signing up to cash-demanding regular payments like gyms, satellite TV and buying products on finance will commit you to sacrificing a lump of your wages each month and (in most cases) cannot be stopped even if you do not have the money- so try to avoid these if you can. However, if you do have any of these payments, make sure that you are vigilant and monitor that they are the same/correct amount each month as well as checking to make sure that you’re not paying for anything you no longer use.
  •     Eligibility for benefits: Even if you think you are not entitled to any governmental benefits, it’s well-worth just checking anyway. Some cases, even when over the income threshold are eligible for certain benefits and this extra support can help improve your financial situation. You’ve got nothing to lose so use a benefits eligibility tool or call the Department for Work and Pensions to double check if your circumstances entitle you to the extra economic support.

The experts at Cost also regularly publish the latest news and developments concerning issues in their industry field.

Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
Cost
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