Cost of living 'affecting household budgets'

By Sarah Engle, Wed 28 May 2008 - Published in Banking

The increasing cost of living is creating a range of new budgeting needs for individuals across the country, a new survey has revealed.

Research conducted by Alliance & Leicester has found that because consumers now have to stretch their budgets further, some people are considering selling certain items to cover costs.

"Taking advantage of the best financial deals on the market is always important, but more so in the current environment. We would advise people to take a good look at their finances and see how they can be improved," said Emma Walkley, current account manager at Alliance & Leicester.

But there are a number of moves that individuals can take to help save money, the financial services provider claimed.

These include switching utilities providers, changing credit cards to one with a better rate, or consolidating all debts into one with a personal loan.

Earlier this month, the organisation claimed that some 76 per cent of the population is now prepared to cut back spending on items such as luxury foodstuffs in order to reduce outgoings.

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