Take control of your own budget, says expert

A financial expert has said it is no good people hoping the Budget would help improve their personal finances, when there is much more they can achiev…

A financial expert has said it is no good people hoping the Budget would help improve their personal finances, when there is much more they can achieve through their own actions.

Head of banking at Moneysupermarket.com Kevin Mountford commented that people would tend not to feel much better off despite measures like the cut in fuel duty and higher personal tax allowances.

This is because next month will see a range of changes such as lower benefits coming into effect and this will put many people's finances under strain.

However, he stated, there is much those in debt can do to improve their situation, noting many are neglecting to take such action.

The expert remarked: "Apathy in the current climate really can impact consumers' wallets and by simply putting a few hours aside to review their finances and shopping around for better deals, it is possible to make some serious savings."

He said a good example of this is in the mortgage market, where a number of deals are available that people on existing loans charging more interest could switch to, saving plenty of cash.

And he said it is even possible to find better savings returns, despite the record low base rate.

Those whose mortgage situation is currently a troublesome one and is threatened by an inability to pay and the chance of repossession may be pleased by one Budget measure.

Chancellor George Osborne revealed the support for mortgage interest scheme aimed at helping people in such a situation will be extended for another year.

By Joe White
 

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