Defaqto: How to survive the credit crunch

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Defaqto: How to survive the credit crunch

Tue 16th Sep 2008

Advice for money management in the current climate has been offered by finance analyst Defaqto.

The tips include old-school basics such as drawing up a budget, restricting non-essential spending and keeping a weekly diary of expenditure.

This might include home cooking meals instead of eating out, stopping smoking and turning to bicycles and walks instead of expensive gyms.

People should also be sure to save, even if only small amounts, and ensure they are using a savings account to maximise their gains.

This may mean switching deals.

Money should be borrowed only if "absolutely necessary" and monthly repayments must be made.

Those able to repay their credit card in full every month are advised to take out a reward card to gain benefits such as cashback and air miles.

Remortgaging can also be expensive, so homeowners might consider longer term deals.

Price comparison site comparethemarket.com said that people could beat the credit crunch by holding garage sales.

It found that many Brits are hoarders with hundreds of pounds worth of items stored away in their garages.

This could be worth up to £5.1 billion across the nation.

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