The most simple debt management advice is to cut down on the unnecessary spending in your current lifestyle
(PRWEB UK) 26 July 2012
Online comparison website Cost.co.uk is renowned for working tirelessly for their consumers. The Cost team are devoted to finding their online users the best deal available for them on all insurance, monetary, travel and utility needs. The comparison professionals also recognise the importance of their consumers making informed decisions, which is why they also regularly publish information on these topics.
The latest information surrounds simple money saving tips after the recent study by the Finance and Leasing Association (FLA) found that borrowings are up a total of 9% on last year. This increase in lending has in turn increased the number of people seeking debt management advice.
Cost’s finance expert gives her view on the subject:
“We now live in a heavily consumerist society where we are flooded with many things we really do not need- this is a contributing factor to the debt problem we have in the UK. The most simple debt management advice is to cut down on the unnecessary spending in your current lifestyle, but there are other tips on how to improve your financial situation”.
- Save, save, save! The most important and effective way of rendering your troublesome financial situation is to attempt to change your mentality about saving. Instead of feeling deprived when you deny yourself the latest line of clothes at your favourite retailer, feel reassured that the money you saved (or didn’t borrow through your credit card) is being put to better to use by it being spent on items of necessity.
Though many money saving experts believe that saving 10% of your monthly income is sufficient to cover yourself for a rainy day, the more serious savers will attempt to save more than a tenth of their wage.
There are many great savings accounts currently available for all different types of people and purposes. Price comparison websites are usually the best places to start when researching these accounts.
- Invest: Instead of just hiding your money away, it can be very rewarding to invest your money- sensibly of course i.e. investing no more than half of your savings. The top financial experts believe that younger individuals are the best candidates for high-risk investments as they have the most time to recover in the event their investments take a hit.
- Compare! It is no longer seen as cheap to shop around for a better deal on all products and services. With the internet being only a smart phone away, it has never been easier to price match in an effort to make substantial savings (collectively).
- Avoid payday loans: Short-term solutions like payday loans may appear to be a good idea to rectify your financial woes, but they are more likely to cause more harm than good. These schemes, if not treated carefully, can lead to an even worse downward spiral of debt.
The Cost team are also dedicated to keeping their consumers up to date with the latest news and developments in their industry.
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.