Around two thirds of Brits now admit the credit crunch means they are more likely to stay in during the evenings to save money – if you pick the right savings vehicle, these savings will add up during the downturn.

Just over one in ten Brits say the recession has meant they are resorting to in-house entertainment such as dinner parties, house parties and BBQs according to Moneysupermarket – people have woken up to the fact that they must put away money each month, and that means finding alternative ways of enjoying life on the cheap.

Julie Owens, head of home insurance at moneysupermarket.com says: “It’s no surprise we’re a nation of belt-tighteners at the moment. There’s a chance we’ll see this increase further too, especially as the autumn nights set in and we head towards winter.”

It might be hard to cut up your plastic and begin to live within your means, but a recession means everyone is doing it. So the more you can do to save and enjoy life – by staying in, cutting out expensive excursions and making what you have go that bit further, you will notice the difference.

If you can save a few hundred pounds more each month that can make a real difference to your offset mortgage – if you can increase your offset lump sum, you will reduce your monthly rate and you will also reduce your mortgage term.

So talk to your mortgage adviser about how much you could, and should be saving each month. Putting money into your mortgage needn’t be a hassle – and it will pay off in the end.

SOURCE: Moneysupermarket.com, 14/09/09

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