Monday 15th January 2007

NEW YEAR, NEW MONEY WORRIES?

How many of us made a new year’s resolution a couple of weeks ago and have already broken it? Maybe we wanted to lose weight, quit smoking, spend more time at home and less at the office, travel more - the list is endless! How many people took the start of 2007 as an opportunity to think about how they could to resolve to manage their money better?

January tends to be the busiest time of year for advice agencies like Credit Action or the Consumer Credit Counselling Service (CCCS) as people wake up after the spending frenzy of Christmas and the record breaking Boxing Day sales and are confronted with the credit card bills and debts which need paying off.

People who have overstretched themselves and now find they are in significant difficulty with debt shouldn’t ignore the problem - it is important to take action before things snowball out of control. For most people though, the situation will be manageable but there are steps which could be taken to ensure financial wellbeing in 2007 and lessenstress about money. This in turn can leave more time and energy to focus on more exciting things, like giving up the cigarettes and making those summer travel plans!

MoneyBasics top 5 New Year resolutions for 2007 are…

1) If you are struggling with debt this New Year don’t put off seeking help - do it soon! You can visit www.creditaction.org.uk or www.cccs.co.uk

2) Make a budget for the year ahead. By writing down how much you think you’ll be earning and how much you have to spend on regular essentials like food and bills (see 3) you can see exactly how much you have left to treat yourself for holidays, clothes or that new widescreen TV! Try the MoneyBasics budgeting tool to get started.

3) Log on to a site like www.uswitch.com and check you are getting the best possible deal on everything from electricity, gas to mobile phones.

4) Walk or cycle to work to save cash and the environment, all at the same time!

5) Make your own lunch instead of buying everyday. Try the lunch budget challenge – one working week, 5 lunches - £10. You might be surprised how well you can eat on that!

Have a great 2007 from everyone at MoneyBasics!

Contact:

Chris Tapp

Associate Director, Credit Action

Tel: 0207 636 5214

Email: c.tapp@creditaction.org.uk