Post by Sophie a UK Writer
Many in the United States do not have to worry about austerity (yet) but I feel like that the average family in the UK is changing and adapting to survive with the austerity measures that seem to be taking hold around Europe? The first unofficial change that seems to be taking place is that the idea that “cash is king” is just more applicable and taken to heart.
Families in the UK want cash because there are no guarantees that plastic is going to be available. A recent report by the Consumer Credit Counselling Service has found that over 1.2 million people are using loans as a way to deal with the financial crunch that is squeezing many people tight at the moment (Editor’s Note: No link/reference was supplied) and as such it has to be assumed that Short term loans have opened up new possibilities for young families in the UK.
Besides hoarding cash there are a few other ways that families are dealing with austere times. These include:
- Buying food in bulk: It may seem like a tough precaution, however, buying long life food in bulk that is healthy is an excellent way for families to take care of their children despite the recession. buy food that is value for money without breaking the bank.
- Asking for discounts: Looking for discounts when you are going shopping is a way to use that family saving ethic when you are trying to keep more money in your pocket as opposed to money leaving your pocket. Many families use voucher codes and discounts as their top way to save cash especially during the recession. When you ask for discounts whether you are buying items for your children or for the family home at large, it is crucial to negotiate to the price that you want to get.
While Payday loans help families they should be used wisely and with care. UK Families are becoming smarter when it comes to saving extra cash and this shows in how they are dealing with the recession.