Brits 'prioritising saving'

A growing number of Brits are repairing rather than replacing broken items to maximise the benefit they receive from the best savings rates.
 
Research published by Legal & General has shown that two-thirds are now looking to extend the life of their possessions so that they can use the money for more important things.
 
The report found that 76 per cent of Brits currently rate saving for the future with the best interest rates a priority, while 55 per cent also intend to pay off their existing debts.
 
People are now avoiding buying big ticket items in favour of spending money on enjoyable budget experiences, such as time with friends and entertaining at home.
 
Mike Lawler, director for Legal & General's general insurance business, noted that there has been a clear shift in the way people view their homes and possessions.
 
He said: "Brits have become more realistic about what they can afford and are focusing on enjoying the cheaper and often more simple things in life such as spending time with friends and family."
 
Those looking to boost their savings could also look at alternative income streams, with First Direct suggesting that leasing out a spare room to a lodger can be an excellent way to make additional money.

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2011-09-08 12:55:12 © Moneyextra.com