1 In 7 Use Savings For Help With Increased Living Costs

Filed Under  Consumer News, Financial News, Money Saving Tips, Personal Finance, UK Debt News  |  Leave a Comment

A recent BBC report states that one in seven people have cashed in savings to pay for their utility or council tax bills due to the effect that recent rises in the cost of food and petrol are having on their income. Some families have even begun to reduce the pocket money given to their children in order to help with increased living costs.

Recession and personal finances

Less \'Money In Pockets\'

Although it’s true that not everybody has savings to help with increased living costs, for those that do, using savings to pay for household bills suggests that many people are struggling to survive on their regular incomes - and of course, savings don’t last forever.

The obvious supposition one can make about peoples’ personal finances from these kinds of statistics is that there is less ‘money in pockets’ to spend on non-essential or luxury items and talk of an impending recession, which is regularly making TV and newspaper headlines, will do little to allay the fears of those who are already struggling with household bills, rising debts and food prices. Further economic slow-down and a possible recession will mean fewer jobs, lower incomes and reduced spending power - an economic vicious circle.

50 ways to get help with increased living costs

However, there are some things one can do to help with increased living costs and prepare for a possible UK recession. A recent article from the Times Online has listed 50 ways to beat a recession, if this should happen. Suggestions include tips for getting cheaper rent, tips for cheaper energy bills and tips for finding cheaper shops for clothes, food and essential household goods.

Payplan gives free budgeting advice

If you need further help with increased living costs, it may be because you need budgeting advice, or that you are struggling with a worsening debt problem. Payplan can help you for free with one phone-call on freephone 0800 917 7823 or submit a quick debt enquiry online.

Older People In Debt In 2008

Filed Under  Financial News, Personal Finance, UK Debt News  |  Leave a Comment

Help the Aged Report “Debt and Older People”

Older People In Debt - Rising Debts & Household Bills
A report commissioned by Help the Aged has indicated that some older people in debt are struggling to meet their financial commitments in the same way as their younger, debt stricken counterparts during these tumultuous financial times.

Four times higher than 10 years ago

And although the levels of unsecured debt per person gradually decreases with age, it states that for those between 60 and 65, there has been an increase in debt following retirement. Indeed, for older people in debt in their late 50s or early 60s, the level of unsecured debt in 2005 was four times higher than for the same age group in 1995, ten years earlier.

Working past retirement

The report also suggests that older people in debt (mainly taking out unsecured credit) following retirement are more likely to continue working to help meet their financial commitments. Whilst the report suggests that anti-poverty measures put in place by the UK Government, such as the Pension Credit, have helped to reduce financial stress for older people in debt, it still recognises that there is no room for complacency. For those older people in debt who need to continue to work after their retirement to help pay the ever increasing cost of household fuel bills, food shopping and petrol, there are still financial insecurities that cause concern.

Budgeting and free debt advice for everyone

Payplan can offer free budgeting and free debt advice for anybody struggling with their finances and debt commitments. You can call Payplan free on 0800 917 7823 or submit details of your circumstances online using the online debt enquiry form. All contact with Payplan is kept strictly confidential.

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Ways To Save Money On Fuel Costs

Filed Under  Consumer News, Financial News, Money Saving Tips, Personal Finance, UK Debt News  |  1 Comment

Fuel Prices Rise Again

With oil prices soaring above $130 a barrel and the price of petrol rising at an increasingly astronomical rate, it may seem like there is little respite for motorists with the government’s proposed fuel duty increase of 2p per litre still on the cards - many motorists are struggling to put fuel in their vehicles already, as well as pay their priority bills and unsecured debts - however, there are several ways to save money on fuel costs.

Get the Cheapest Fuel at the Pump

The first of the many ways to save money on fuel costs is the most obvious, and that is to ensure that you’re buying the cheapest fuel (petrol or diesel) from the filling-station in the first place - visit www.petrolprices.com to find the cheapest petrol where you live.

Driving Savings on Fuel

Secondly, your driving technique and general attitude to driving can have a significant bearing on the cost of your monthly fuel bill. Here are 10 ways to save money on fuel costs (the Energy Saving Trust suggest as much as £120 per year can be saved on the cost of fuel), helping you beat the fuel price increases whilst at the same time doing your bit to save the environment:

10 Ways to Save Money on Fuel Costs

1. Watch the Revs

Keep a watchful eye on your rev counter - change up a gear before you reach 2,500rpm for petrol powered cars and before 2,000rpm for diesel powered vehicles.

2. Quick, Slow, Quick Quick, Slow

Avoiding sudden bursts of acceleration and irratic heavy braking is not only one of the ways to save money on fuel costs, but it also reduces the likelihood of having a serious road traffic accident. The rule is to always look ahead and anticipate the road conditions, allowing you to drive smoothly, accelerate gradually and use the engine to slow down where appropriate.

3. How Cool Are You?

Especially during the summer months, it’s tempting to stay cool in your car by reaching for a switch and turning on the air conditioning. However, air conditioning uses a significant amount of fuel. Ask yourself, do I really need to turn the air conditioning unit on? Surely it’s more ‘cool’ to save money on fuel?

4. Go Slow!

Driving at the most efficient speeds can make an enormous difference to the amount of fuel that your vehicle will consume and it’s one of the easiest ways to save money on fuel costs. Depending on the make and model of car that you own, speeds between 45 - 55 mph are generally considered to be the most efficient for your vehicle’s fuel consumption. Of course, this shouldn’t mean that you drive more slowly when it’s not appropriate or safe (eg on motorways). Driving at speeds faster than 55 mph will increase you cars fuel consumption significantly.

5. Get Your Coat

Never turn the engine on and leave the car running to warm the car’s interior whilst you go back indoors to enjoy a cup of tea. Leaving your car to ‘idle’ in this way not only wastes valuable fuel, but also causes rapid wear and tear to your vehicle’s engine. Wear more clothes - drink less tea!

6. Rocket Science

Assuming that you understand the basic physics behind the design and shape of a space rocket, then you’ll understand that causing unnecessary drag on a moving object will require a greater force for it to move in a particular direction, and consequently, more fuel - this is the reason why we don’t see space rockets fitted with bike-racks, roof-racks or roof-boxes. Therefore, if you’re not using such accessories, remove them from your vehicle to reduce weight and drag, increase fuel efficiency and save you money.

7. Get Some Exercise!

When your car’s engine is cold, it burns up to twice the amount of fuel as a warm engine does. Consequently, if you take the easy option for short journeys by jumping straight into your car, rather than walking, cycling or using public transport, you will not only damage your bank account further by using unnecessary fuel, but you will miss a simple opportunity to contribute to reducing your carbon footprint on the environment, as well as getting a little exercise!

8. Use the Local Media

Always plan your journeys before setting off. Check your local newspapers, local radio stations or use the Internet to find out about any serious congestion, road works or road traffic accidents. At the risk of stating the obvious, carrying a map with you in your car at all times will prevent you from the extra miles that are covered in the unlikely event that you should get lost - and, if you’re lucky enough to have one, don’t rely completely on your satellite navigation system to get you to where you want to be via the most appropriate route either.

9. Inflation

Reduced tyre pressure can cause your fuel consumption to increase by as much as an estimated 5%. Again, this is one of the simplest ways to save money on fuel costs - check your tyres weekly and keep them inflated to the manufacturer’s specifications.

10. Still Not Moving?

At traffic jams, road-works and any occasion when you and your vehicle are stationary for longer than 2-3 minutes, save fuel by simply turning the engine off at the ignition.

Free Budgeting and Debt Advice

If you’re struggling with the recent petrol price increases and you’re unable to pay your monthly bills as a result, Payplan can offer free debt advice by phone on 0800 917 7823 or online using their quick contact form for immediate money advice

Debts Hit Middle Classes

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Debt Crisis Hits Middle Classes

Free debt solutions service, Payplan, has responded to this weekend’s national press coverage focusing on the increase in enquiries for debt advice from the middle classes.

Debt advisers at the service have been speaking to many families and individuals with high incomes, but whose debt has reached breaking point.

Debt Affordability Decreases

Payplan’s managing director, John Fairhurst, said:

“Our clients are really feeling the pain of the rising costs. Householders’ budgets are being squeezed as the cost of food, fuel and energy bills reaches ever higher levels. A direct result of this is that the affordability of their debt burden is at an all time low.”

Free Debt Advice

Call Payplan free on 0800 917 7823 six days a week to speak with an experienced debt adviser. Lines are open 8am to 9pm Monday to Friday and 9am to 3pm on Saturdays. Alternatively get debt advice online

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