How are you Beating the Credit Crunch?

When it comes to saving money in places where we would usually splurged in pre-credit crunch times, it seems that Brits have come up trumps. According to a poll by Norwich Union, many of us have turned to ‘stealth saving’ to help keep our debts under control and keep up with living costs. These stealth money saving tactics include:

  • 67% are using money off coupons
  • 30% are re-using unwanted gifts
  • 23% have stopped tipping
  • 15% are dodging buying round in the pubs and are lending cigarettes
  • 12% are taking items from hotel rooms.

It seems as though these money saving schemes are really helping us during the time of the credit crunch, as four out of five expect to pocket on average £150 this year by ‘Stealth Saving’.

Although we are saving in our everyday lives, the credit crunch is beating us when it comes to the amount that we are putting into our saving accounts. 30% of us have had to reduce the amount that we save and 18% have had cut back on the amount that is paid off credit card debt.

Brian Bussell of Norwich Union, comments: “The new stealth savers have certainly found a few cheeky ways to save a penny or two, but risking your financial future is no laughing matter.” He warned that cutting back on debt repayments could cause financial problems to spiral.”

So how are you going about beating the credit crunch? Are you a stealth saver and do you have ideas that you want to share? Or perhaps you feel guilty for being responsible for one of the nine million items which have been taken from hotel rooms? Whatever your say, please leave your comments below.