Due to the aftershocks of the global financial crisis, this year has seen spending trends change as people have had to make lifestyle changes to protect their finances. Now more than ever, reviewing your spending patterns and considering debt consolidation are crucial for effectively managing your finances.
Mobile phones have used a larger percentage of the household budget than petrol. Spending on food, electricity, gas and water have increased as part of the changing patterns of consumption.
Borrowers have been urged to stem their spending over the approaching festive season, as the world financial markets remain unstable. As the end of the year starts to approach, the Christmas holiday period is a common time to splurge on those gifts and leisure activities, without as much concern about the bank balance. This is one of the most common times to accumulate debts.
However the head of Consumer Advocacy at a mortgage corporation Lisa Montgomery, warns it is “an area of spending which traditionally tends to blow out over the last few months of the year and invariably leads to a New Year hangover.”
