Stay out of debt with money-saving tips

21 August 2008

Which? has been commenting on household spending and the push to save money.

According to its report, up to half of the people surveyed said they planned to cut spending on non-essential items like DVDs, CDs and clothes and nine per cent have decided against buying audiovisual equipment.

However, those still worried about building up credit card debt and other financial problems in difficult times have been offered tips on staying in the black.

The consumer website has recommended switching mortgage providers and energy suppliers to save hundreds of pounds and shopping around for car, travel and contents and buildings insurance to save even more.

Installing a water meter and swapping mobile phone contracts for sim-only could leave another £280 in the bank each year, it said.

Editor Jess Ross said: "Difficult times call for extreme measures and it`s clear that some people won`t be splashing out on luxuries in the near future.

"People still want quality, but it`s all about value for money."

Also this week, PayPal said top-up cards were a good way to stick to a budget when on holiday.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).