Recession-Proof Your Home
UK homeowners need to do more to ‘recession-proof’ their home by cutting back on non-essentials and increasing their savings, according to new research by uSwitch.com. Apparently almost a quarter (22%) of all workers don’t expect to get a pay rise this year, meaning that the average household will be £533 a year (after tax) worse off.
It is important to ‘recession-proof’ your home so that the credit crunch does not bite as hard if your income fails to increase or, even worse, you are one of the rising number of Brits who may face the prospect of losing their job this year.
Personal finance expert at uSwitch.com, Louise Bond, comments: “Households need to focus on recession-proofing themselves – cut out unnecessary expenditure, shop around to reduce household bills and get back into the saving habit.”