Monday, July 6, 2009
Category:
Secured Loans
According to the latest Quarterly Savings Survey by National Savings and Investments, a large proportion of the British population is not taking advantage of the money saved on household bills throughout the summer.
It would seem that budgets are pushed to the back of minds in favour of having fun in the sunshine.
The research revealed that 42 percent of Brits believe that the cost of running their home is lower during the summer. In fact, the expectation is an average monthly saving of £77.39. As opposed to saving this money for future use, it would appear that it is being spent on leisure activities, with 48 percent of the population admitting to spending more on these amid the summer months. At this time, the sum spent in areas such as socialising and holidays increases by an average value of £109.80 per month. For 43 percent, this is put down to a more relaxed attitude towards expenditure in the warmer weather.
During the summer, 92 percent of respondents will be using less heating and 82 percent will be drying their washing outside rather than in the tumble drier. A further 70 percent will walk more to save on transport costs, while 34 percent will eat garden produce to save the pennies. In contrast, 60 percent are set to increase the amount spent on holidays and breaks away, and 39 percent will be more inclined to spend money on outings with friends.
NS&I's savings strategist, Dax Harkins, commented: "Everyone loves to see the sunshine, but people should try not to be so dazzled that they forget their finances. It's great that many essential household costs are less during the warmer months, but Brits would be wise to try and make the most of these savings by putting some of this money away. Summer fun doesn't need to be expensive. It's always worth planning what you most want to do cost effectively and checking what free activities are on in your local area or perhaps consider packing up a picnic for an outdoor lunch rather than going to a restaurant."
In relation to making summertime savings, 26 percent of Brits are of the opinion that this time of the year offers more money saving opportunities – however they are not making use of these. An additional 23 percent feel that they could re-consider the amount spent on socialising in a bid to lower expenditure. With regard to budgeting, 26 percent attempt to do this but do not always end up sticking to their financial plan.
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Homeowners who have over spent on summer frivolity could consider consolidating their debt with a
secured loan. This finance option could be used to tie up any existing debts into one place – thus eliminating the need to juggle multiple credit card bills and / or personal loan repayments each month. In addition to reducing several existing repayments down to just one, a secured loan to consolidate debt could also leave the borrower with lower monthly outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
