After an extended period of prosperity and unprecedented growth, the UK economy, like many economies of the Western world, has fallen on troubled times with many predicting that a recession lay just around the corner. Combined with rising oil prices and a general increase in living expenses, many families are starting to feel the squeeze as the latest credit crunch really takes hold. So what can you do to avoid the worst of the situation? Here are a few of our top tips.
Switch to home brand products. We all like to buy the best that we can afford, but often we are only paying for the brand name whilst the quality of the product itself is not noticeably greater. In such testing times it makes sense to switch to supermarket home brands to save money, not just on food but on beauty products and the like; you'll be amazed at how much cheaper your shopping bills are!
Sell unwanted goods. We all have it, that kitchen cupboard packed with electrical items we never use and an attic full of old, unwanted and unloved items. It's just sitting there waiting to be turned into cash! A quick visit to eBay and you can quickly convert all of these old items into essential extra cash. Be sure to look out for cheap listing days to!
Cash in endowments and pensions. This is perhaps a top tip that's best avoided until times get really hard and that extra cash needs to be raised to make mortgage repayments or finance those bills that can't be avoided. Many of us have taken out endowment policies whilst times were good, thus giving effect to the old saying 'saving for a rainy day'. For many of us that 'rainy day' has arrived and now may be a good time to sell or surrender any endowments. There are many companies prepared to buy endowments, thus giving you an almost immediate cash injection. And by selling rather than surrendering your policy to the provider, you can get up to 35% more for it. The same is true of pensions. If you are really struggling in the tough economic climate, why not contact your pension provider to see if they can release cash to you; and don't forget you can always top it up again when the economy takes on a rosier hue.
Get a second job. It's not the most enthralling prospect, finishing your 9 to 5 only to start a second job. But it does make sense. There are many websites around acting as employment forums allowing you to advertise your skills and provide quotes to those that need specific jobs. Solicitors, web designers and accountants are among the many professionals advertising their skills and carrying on a second job on a freelance basis.
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