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Moving into a new year is both an exciting and worrying time for many people, so the British Bankers Association has come out with its top tips for running your personal finances in 2008. The report starts by setting a cautious scene with a difficult year ahead predicted and housing markets slowing across the country. Levels of mortgage borrowing are at all time lows, high street shopping figures are worrying retailers and the prospects of higher council tax and heating bills loom over many people. So what can the individual do to see themselves through 2008 in the most financially-astute manner?
The first suggestion is to control spending. An obvious one that, but so many people bury their heads in the sand when it comes to disposable income levels and carry on spending money they simply don't have.
The second suggestion is to get the cycle of bill payment under close control by budgeting for known expenses, spreading costs over a period of time if possible and not leaving bills unpaid, which can just attract more expense. The BBA also mentions saving where possible. It seems very few people save these days, preferring to repay credit after a purchase rather than saving up beforehand.
Finally they suggest that should anyone find themselves heading for financial difficulties, they should contact their bank, building society or loan provider sooner rather than later to discuss their situation. They say this should be the first step for anyone, rather than getting involved with a 3rd party debt reduction or debt management scheme.
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