If people get into the habit of budgeting they will be bale to make their money work better for them during the current economic downturn, it has been claimed.
According to Credit Action, people can keep a diary or write down everything they buy as a way of seeing areas where they could potentially make savings and stretch their disposable income as far as it will go.
Frances Walker, a spokesperson for Credit Action, said: "It is very important that people should budget very carefully, I know it is very boring and everybody hates budgeting but if you have got to make your money work harder the best way of doing that is to budget."
She also said that simple actions such as making lunch at home can be a good way for people to save money when finances are stretched.
Research from Abbey Credit Cards recently found that 75 per cent of the average person's income is now spent on essentials, most notably the monthly mortgage or rent.
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