Consumers ''could make savings by looking for the best financial deals''

By MoneyhighStreet Staff. Published on August 21, 2008 This post currently has no comments.

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After a survey revealed that consumers are looking to cut back their spending in the face of the credit crunch, Which? has shown how people could save nearly £2,000 by being prudent with their finances.

The Which? research indicated that 46 per cent of consumers plan to reduce their spending in the coming year.

Interestingly, around half of those questioned said they through cutting back outgoings on things such as clothes, DVDs, CDs and books was the most effective way to save cash.

However, Which? showed that prudent financial planning could save consumers considerable sums of money.

For example, the group suggested that switching utility supplier could save £233 and that opting for the most competitive mortgage would reduce outgoings by as much as £400.

Similarly, getting the best deal on car insurance might leave an extra £550 spare at the end of the year.

In total, these savings might be worth as much as £1,878.

"Difficult times call for extreme measures and it''s clear that some people won''t be splashing out on luxuries in the near future," commented Jess Ross, the editor at which.co.uk.

"People still want quality, but it''s all about value for money."