Every Penny Now Counts, How To Stack Them Up For The Lean Times Ahead

A third of Britons are in a financial danger zone described by personal finance experts

as an "affordability tipping point", claims a recently published personal finance survey. This scary sounding term, the "tipping point" occurs when a rise in monthly living costs of less than GBP 100 would mean that a household could no longer afford life's basic amenities.

More than 25% have also confirmed in a frightening survey, that should their outgoings increase by ANY amount, they would be unable to afford to live and would be tipped over the edge. This would mean possibly losing their homes or court action on unsecured debts.

Moving Back From the Edge: Of course, we cannot change how much things cost us, but we are able to give our finances a health check to keep within our means. This may mean sacrificing some of your luxuries in order to save the pennies and avoid facing bankruptcy or losing your home.

There are various ways to save money including using your vehicle less often and walking to work or to the shops when possible, or buying cheaper foods when doing your weekly or monthly shop. You can also try exercising at home rather than going to a gym to save extra money every month.

When food shopping, try to avoid name brands in favour of supermarket own-brands. Even better switch from own-brands to budget ranges, you will rarely notice any difference. Shopping on a fixed budget will tend to take more time and effort, but it will also reap massive savings. Walking away with a full trolley and cash still in your pocket is a very rewarding feeling. Why not try switching fresh produce items for their frozen equivalents to save even more money. IF you have an eye for an offer, a large chest freezer can be very useful in storing supermarket 'buy one, get one free' offers.

You can also try to reduce your household bills by avoiding using the central heating in warmer weather, or using blankets instead of the heating on cooler evenings. Also things like ensuring that outside doors and windows are kept closed. Low energy bulbs can also help to save on electric, while washing your clothing at 30 degrees can save a lot too.

All these economies can help you reduce your expenditure on a monthly basis. And, whilst these savings will all add up over time, there are a number of other options available to you if you are nearing the 'affordability tipping point'.

Remortgaging Options: If you happen to have a fixed rate mortgage on your home which is drawing to a close, the monthly savings you could make by looking at remortgage rates might be sufficient to escape from the tipping point.

If your fixed rate is almost up or has finished, you can often find a cheaper fixed rate deal, especially now as interest rates are far lower than they were five years ago, when you will more than likely have taken your mortgage out.

It is important to remortgage soon however, as interest rates are set to rise again by the end of this year, so the advice is to get looking for your remortgage deal now while interest rates are still very low.

by: Howard Ogollegos

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