Brits 'must reduce spending'
Brits 'must reduce spending'
Wednesday 21st January 2009
David Kuo, head of personal finance at fool.co.uk, said that many UK residents will have to live on "about two-thirds" of what they were previously spending in order to avoid serious financial problems.
He claimed that many employers are likely to freeze or even reduce salaries in exchange for job security, meaning that living within a budget will become increasingly important.
Mr Kuo said: "Have a look at the various things that you are spending your money on, look at making cutbacks and be prepared to cut back when your company says your pay has been reduced."
According to the financial expert, many Britons will need to revert to the "old principle" of setting a strict monthly and annual budget in response to the economic downturn.
Recent research from online bank cahoot found that 39 per cent of people in the UK are aiming to reduce their expenditure by cutting back on socialising and spending more time at home.
News article brought to you by Debt1 - UK debt management specialists.
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