This is probably the most difficult financial period most people in the UK will ever have experienced.
It is a monthly struggle to make ends meet to the next payday.
You can make small cutbacks such as shopping at one of the budget supermarket chains whose products are in no way inferior anyway.
You can even change your washing powder, washing up liquid, soap, etc to a cheaper brand.
You can economize in the type of food you eat, with pasta being a healthy and cheap alternative to steak,etc.
If you do not live too far away from work you can take the healthy option and walk to your place of work instead of taking the car or public transport.
If you normally take a few weekend breaks each year, you can choose not to go away at all or go to a cheaper hotel or go self catering.
Self catering to a caravan or chalet can be great fun, especially if you go with friends or family.
Even if you do make these savings, they may not save you as much money as you would like.
This is when a consolidation loan could come into place.
If you pay out money monthly on credit cards, hire purchase, etc.
which will normally be at a fairly high rate of interest, you can clear them all off and replace them with one single monthly payment by taking out a consolidation loan.
As the name tells you,a consolidation loan is a loan used to consolidate a number of other debts.
If you are a homeowner with a good credit rating you can obtain an interest rate starting at about 8% APR at present, which should be much much lower than that of your credit cards.
If you have quite a few personal loans, etc.
which total, a considerably high balance, a consolidation loan should save you hundreds of pounds each month.
I feel that a consolidation loan could be a very valuable way for a homeowner to save money, and relieve themselves of worrying about money.