Creative ways to deal with economic uncertainty

With disposable income at an all time low, UK consumers are looking for creative ways to save money so that bills can be paid with a little left over for some entertainment, however modest. Here are a few things to consider:

Set goals

Before anyone can work their way out of debt, the first thing to do is take a good long look at where they stand financially. It may be difficult to face, but this is a task which must be done. Gather up all bills, prioritise them into what must be paid in order to sustain the household and any unsecured debts can be set aside to be looked at later. Those will be paid out of disposable income, if there is any left, but it is imperative to keep a roof over your head and food on the table.

Freelance and contract time off

Many professionals have had their hours reduced and some are only working a few days a week or partial days. Freelancing has become a huge industry in the UK across all sectors of the jobs market and any skill can help bring in extra money. Whether you are a carpenter or a nuclear physicist, there is always a call for skilled workers or consultants.

Free debt consultation

If there are too many credit card or merchant card bills to be repaid monthly, as mentioned above, take those debts to a debt counsellor. Did you know that initial debt consultation in the UK is available free of charge? Any services contracted, such as setting up and administering debt management plans may come at a fee, but consultation should always be free and with no obligations attached.

While it is true that it gets tiresome saving every penny to get debts paid, there are creative ways to bring in a little extra money and ways to work arrangements with creditors to set up payment plans. It may take some real professional advice from a debt counsellor, but with some solid goals it is possible to have an easier ride through economic uncertainty.

Read previous post:
Care home fees: Claiming what’s owed to you

In recent years there has been a huge focus on mis-sold payment protection insurance and by now there probably isn’t...

Close