It’s safe to say that monthly budgets are strained at the moment and many families all over the country are struggling each month.
New research has shown that around 20% of us in the UK are struggling financially and are unable to cover basic bills and outgoings every month. The reason for this seems to be down to many people having their wages frozen, coupled with food costs on the rise.
This research which was conducted by moneysupermarket.com in their Affordability Tipping point survey, found that if a households monthly bills increased by just £50, they would not be able to cover the costs.
A Financial expert at Moneysupermarket.com, Clare Francis, said: “The fact a rise in outgoings of £50 or less would tip a third of Brits to ‘financial breaking point’ speaks volumes about how difficult people are finding things at the moment.”
If this sounds familiar then one of the first things that you should look into is ensuring that you have the best deal for you. It might be worth doing a bit of research into your electric and gas company to make sure that you’re getting the most of your money. You might find that it would be cheaper to get both from the same company, or even to split them if you’re currently getting them from the same supplier.
According to the survey, around 25% of adults are turning to credit cards to pay for monthly expenses, but what are the other options? Well, if you simply need help with your finances on a temporary basis and don’t want to use a credit card, then another option could be taking out a short term loan from one of many direct text loan lenders UK.
Payday loan companies offer a product called payday loans, which are small amounts of money which their customers borrow for short periods of time. Worth checking out!