Leading personal finance website SimplyFinance.co.uk has a number of guides to help people better manage their money during tough times, and useful calculators to inform you where your spending stands.
Director of Consumer Policy, Ann Robinson at uSwitch.com, said that times would continue to be tough. "The Government may be about to address the nation's budget, but with four in ten Brits feeling worse off than before, household budgets are also feeling the strain. It will be even harder for the Government to put people's minds at ease when almost six in ten of the workforce is witnessing a pay freeze. Consumer confidence needs to be on the up if the economy is going to improve, but with household bills soaring and pay in real terms falling, confidence is plummeting. With less pounds in our pockets, the Government faces an uphill battle to boost the mood of the nation and get the economy moving again.
With cost hikes in rail fairs, VAT increases and fears of the Bank of England base rate increasing, consumers are being encouraged to be more mindful with their spending.
"With the cost of living outstripping pay, all consumers need to start paying serious attention to their spending habits. Consumers should follow the Government's lead and try to reduce their own budget deficit. Plugging the hole by borrowing is not a long term solution, but by stripping down their essential bills to the bare minimum consumers can help themselves."
Online budgeting tools and information sites such as SimplyFinance.co.uk can be an invaluable tool for people looking to better understand and manage their resources.
SimplyFinance.co.uk provides free information to consumers about how to stay financially healthy and well informed. With a wide range of financial calculators to give you the information edge you need to get to grips with your situation, and guides on how to manage your debt in a safe and manageable way, it's a terrific resource.