Brits planning to curtail spending

Householders who have sat down and taken stock of their finances, in the light of rises in mortgage and utility bills and the
prospect of anticipating home insurance premium hikes after the
unpredictable weather during the past 12 months, have found ways to
reduce their outgoings.

Over two-thirds (67 per cent) of the nation is planning to cut back on
take-aways, with another two thirds planning to cut down on shopping
sprees and impulse buying. Half of those surveyed also
said that they would take less holidays.

David Kuo, head of personal finance at Fool.co.uk, comments: "When the
going gets tough, the tough get going, and it's reassuring to see that
most of us are going to great lengths to cut non-essential spending from our budgets.

"During a recession, cash is king. Those with the leanest budgets will
be best placed to not only survive the downturn but also generate cash.
In order to enjoy jam tomorrow, we need to make sacrifices today, even
if it means giving up the occasional Chinese takeaway. Downturns never
last forever, and the recovery will feel so much sweeter if you endure a bit of sourness now."

March 21^st 2008

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