Cut outgoings to ward off repossession woes

Wed, 20 Jul 2011

Brits worried about repossessions should seek ways to cut down on the effects of their outgoings, it has been suggested.

Money saving website moneymaxim.co.uk advised families who have little left over at the end of each month to take "simple steps to minimise the impact of household bills".

Managing director Mark Bower explained that consumers should "look for ways of reducing consumption" in order to reduce their outgoings and take them further away from the spectre of debt and potential repossession.

"With gas and electricity, check whether you qualify for a grant to increase your insulation to cut your energy costs. Consider whether every car journey is really necessary," he explained.

"We find savings of well over £1,000 are possible for customers who have not looked at their outgoings fully for a while."

The expert added that looking through bank statements can be useful to check where savings can be made and ensuring you are on the best deal for contracts can help cut expenditure.

Meanwhile, recent research from Standard Life shows that 41 per cent of Brits have saved the same amount of money or more in the past year as they did in the previous 12-month period.

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