Rising utility bills and the cost of living is forcing more mums to supplement their incomes from their savings. With the unprecedented rises in gas, electricity and the cost of fuel blamed for this readjustment.
It is estimated that this will affect nearly half of the mother’s in the UK and will on average force them to reduce their savings by nearly £400 over the next year. Now £400 isn’t a small amount of money and equates to over £1 billion in reduced savings over the entire year.
I don’t think I can remember a time when so many things were going up in price at the same time. It appears to be everything and were not talking small increases here. Just taking the price of fuel alone I’ve seen over the last year my fuel bill and my monthly spend on petrol go out of control. It now costs me nearly £60 to fill my tank whereas it doesn’t seem that long ago it was between £40 and £45.
And it doesn’t stop there the price of my groceries are going up in fact it seems as though everything has increased in price and I suppose when the cost of fuel is factored in that’s hardly surprising.
For those of us with children approaching university age and with the changes being made to the way we have to fund their education this reduction in savings has come at a particularly bad time. To top it all along with a reduction in savings its beeen noticed that pension contributions have also changed by an average of £160 for the year as well.
The only thing that thankfully has stayed the same is interest rates although even these look as though they may well be going to rise this year. If that’s the case then this reduction in savings could just be the tip of the iceberg. I remember when interest rates were standing at 15% and although it seems unlikely they’ll rise to that level again even a one or two percent increase in interest rates will make a significant difference in the amount of money the average household is going to have to pay out.
It looks as though what all going to have a tough 2011 and if you’re anything like me there’s only so far you can type in the belt.
What I need is a lottery win 
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