Reduce summer outgoings to ease repossession stress

Wed, 27 Jul 2011

Families worried about debt and repossession should look to reduce expenditure over the summer, it has been claimed.

According to Moneynet.co.uk, savvy parents will find ways to cut their outgoings during the warmer months to help alleviate money problems.

Mums and dads across the UK are set to spend £8.6 billion on childcare and entertainment while the kids are off school, new research by LV= shows.

Moneynet.co.uk spokesman Andrew Hagger explained that for many, reducing the cost of childcare simply is not possible.

"I don't think there is an option to take your children anywhere else that is going to be cheaper," he noted.

"Perhaps one of the other ways is to try to cut down on other expenditure if possible, which would then leave you more money for childcare."

The expert added that things like ensuring you are on the best energy tariff for your needs, being more sensible and prudent with food shopping and getting a cost-effective deal on your mortgage could be wise moves for parents stressing about debt and repossession.

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