'Careful planning' can help avoid inflationary pressure

By Sarah Engle, Tue 15 Jul 2008 - Published in Banking

The effects of inflation can be avoided with "careful financial planning", it has been suggested.

A new Abbey Mortgages survey found 86 per cent of Brits to be taking measures to combat rising prices and the lender said budgeting could help as well.

Some 44 per cent of respondents said they were planning to earn extra money outside regular employment and 84 per cent said they would reduce non-essential purchases.

The research also discovered that 30 per cent of British people intend to sell their car for money because of increasing fuel costs and four per cent said they were considering taking part in medical research to earn some cash.

However, Phil Cliff, Abbey Mortgages' director, said careful planning and budgeting could help consumers feeling the pinch.

"It's clear that belts are tightening all across Britain ... everyone should ensure that they are shopping around for the best financial products," he added.

In related news, it was revealed this week that one in ten drivers had never switched their car insurance provider - something which is often advised for those wanting to save money.

According to Tescocompare.com, 64 per cent did not change their home insurance provider.

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