Reviewing Spending Is 'Crucial' To Managing Finances

By Tom Dawson

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Thousands of Britons could be set to take their initial steps towards getting to grips with their finances later this week, it has been suggested.

The news comes as Axa officially launches My Budget Day this upcoming Wednesday (November 21st), which will see employers give their staff an hour off during their working day to manage and plan their finances. And with an estimated 250,000 people set to take part in the event, many consumers could find that taking such time may help them to manage their money better and get into a more advantageous position to make repayments on loans, utility bills, mortgages and other sources of financial demand.

Meanwhile, research carried out by the firm earlier this year revealed that just under half (49 per cent) of business leaders would consider giving their staff regular time to manage their money. In turn, Axa claimed that even more people could be able to handle their finances better in coming months. As a result of spending an hour each month to review their monetary situation, it was suggested that the average person could save themselves 1,300 pounds over the course of a year, which could help consumers pay off homeowner loans, improve their property or invest into a savings account.

Commenting on My Budget Day, Steve Folkard, spokesperson for Axa, said: "Spending an hour a month on your finances isn't long but it can make a huge difference to your financial situation. Just sitting down and reviewing your money is a crucial first step to saving some cash. So we're asking everyone to take part in My Budget Day and make a habit of finding just one hour in a month when they stop and review their finances.

"To kick start My Budget Day we're hoping most people will be allowed by their employer to take time off work to review their financial situation. We're asking employers to get behind the initiative and support their employees in this task."

Richard Lambert, director general of the Confederation of British Industry, added that it is "clear" that employers need to take the time to ensure the wellbeing of their employees. He also pointed out that there are already a "lot of companies" considering how best to offer financial guidance to their workforce on possible areas ranging from personal loans and credit cards to savings accounts and setting up budgets. Such advice, Mr Lambert reported, could also help to improve morale among staff.

As a result of taking such time to review their finances, consumers who discover that they are developing difficulties in meeting spending commitments may wish to consider taking out a debt consolidation loan. Such a loan could be particularly needed by those living in London, as a study by Callcredit indicates that the six most-indebted postal areas in Britain are all within the capital. Those from Ilford, Uxbridge and the east of the city are among consumers owing the highest proportion of money. Other areas reported to be struggling with debts include Liverpool, Birmingham and Motherwell.

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About The Author
Tom Dawson writes for Essentially Home Loans. Our visitors can apply online for secured personal loans and debt consolidation loans at the lowest interest rates.