Credit crunch in UK-what cut backs are YOU having to make?

Question

How are YOU/your household budgetting/ coping with the credit crunch?

Are you struggling to pay gas, electricity, worried about the new car tax rules that will kick in, worried your property isnt worth much, scared to buy a car, or other large item, cutting back on food, petrol, and buying shops' own label' foods? Dipping into savings? Or is your life pretty much the same luxury -wise?

Answer 1

I have noticed a significant difference in spending, but I don't have a mortgage or loans, credit cards etc. I only have a debit card. I have always been a careful spender but now have cut back on car journeys, dry my laundry on the line and make tea in a tea pot. I don't buy multi buys (Buy 1 get 1 free) and am careful that the special offers I buy are not more expensive than I would normally buy. I am making cakes at home for pack ups and do a menu each week, which I stick to rigidly, so I don't buy food I don't need.  It's really working and as the weeks go by the savings are more noticeable.

Answer 2

The credit crunch in UK is mainly confine to the financial markets. Especially banks having to do its write downs and those industries facing cash flow problems. Otherwise, it should not effect ordinary households..It should be the same luxury-wise for all people. For people who are employed and with a steady income, they maybe better off in a sense, like having a wide varieties of discounted food items to choose on. Even for people who are made redundant for a while, they can use their savings or borrowings in the meantime to make ends meet. This consumers consumption should continue, otherwise, it will have adverse inflationary pressure on the economy

Answer 3

Gym membership, and annual dental check ups instead of six months. That's just for starters.

Answer 4

It hasn't really affected me , but then I don't live on credit.

Answer 5

What credit crunch?

Interest rates are up at 7.2% on my svings. My index linked pension will fo up in line with inflation.

Because people who live on credit can't get any now, they have nothing to spend so shops are reducing their prices, lovely!

Airlines can't sell their seats and prices are down, great!!

I paid my mortgage off 8 years early.

The only people who are struggling are the peole who take credit instead of saving for something.

Answer 6

I had to cut back on my champagne and caviar breakfast and stick to bucksfiss and sardines!!

Answer 7

Stugggling to a cetain degree - for all the reasons you've listed - but also because someone stole my ID, cloned my debit card and wiped/swiped all my main-line bank credit-worthiness' just as the crunch arrived.

I think they call it a "double whammy".

But I'd rather be in the UK, making cut-backs - than in Darfur or Zimbabwe, where few have much to cut-back.

Luxury-wise, as you query (ironically?) there will of course always be the 'have yachts' and the 'have nots' - the rich and the poor.

The rich will of course comfortably survive current economic ills - snapping up assets at bargain prices - getting even richer.

But when was it never thus ?

Answer 8

I don't buy as much food, because I was wasting it, you know not using it, and end up throwing it away!

Answer 9

there certainly is a lot of people who are having to cut back, lot's of people are selling their endowments or cashing in their savings. It's the uncertainity that seems to be the biggest problem though.

Answer 10

Its been hard Ive had to cut back on the drugs and alcohol

But I refuse to cut back on the prostitutes ...I mean a chaps got to do something..Ehh!!!