Cash can restore consumer confidence

Posted on: 28/10/2011

Consumer confidence is at its lowest since the 2009 recession, a new survey showed today, raising fears that we are on our way to yet another economic slump.

The GfK NOP consumer confidence index - which measures consumer confidence in the UK - dipped to -32 this month, the lowest level since the country was in the midst of the recession in February 2009.

What this indicates is a lack of faith in the UK economy, and indeed in the powers of the government and the banks to sort out the seemingly ever-growing threat of a double-dip recession. It seems to me that consumers need to take their finances into their own hands, to wake up to the realities of the current situation and to begin pursuing strict and effective forms of budgeting in order to combat the tough times which lie ahead.

Cash budgeting provides a simple and easy way for people to take control of their finances. Do not fall prey to the temptations of overdrafts and seemingly incredible credit card deals - refuse to fall into the trap of debt. By following a strict cash-only budget for day-to-day transactions you can keep control of what you're spending by limiting yourself to only buying what you can afford.

Sound too simple? It's really not and when it comes to restoring your consumer confidence, I whole-heartedly believe that cash is the way forward. Take back some cash control and force yourself to a strict system of budgeting. 

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