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Will 2015 be tougher for you and your money?

A quarter of UK adults plan to reduce their spending as they expect next year to be harder on their personal finances, according to new research from the Money Advice Service.

The survey of 3000 adults revealed one in five (20%) think they will find it harder to cope in 2015.

Taking control of your finances in 2015 – where could you cut back?

Many of those surveyed are getting ready to take control by cutting back on their spending.

Almost half (47%) of those plan to buy cheaper alternatives to their usual products. Forty one per cent are planning to spend less socialising, while more than a third (35%) say they will spend less on clothing.

More than a quarter (26%) say they plan to spend less on presents for others in 2015, while 25% will take a packed lunch to work to reduce day-to-day spending.

Cutting back on the non-essentials can be a great way to reduce spending and can quickly add up. If you’re not sure where to begin, our Cut-back Calculator could help.

Budget planning could be key

Twenty two per cent of those surveyed plan to change the way they manage their daily finances in 2015 – with 56% of them saying they will stick to a monthly budget.

Nearly half (45%) say they will put aside some money every month, and 36% will simply make more of an effort to live within their means.

Top reasons 2015 could be financially tougher

Inflation was the top reason UK adults expect to find 2015 harder than 2014, with 54% expecting this to make an impact.

Not receiving a pay rise (36% of people), and expecting a pay cut (17% of people) were other common answers.

Will 2015 be financially easier for you?

It’s not all negative news though, as 10% do expect to find it easier in 2015. Almost half of these said this was because of an expected pay rise on the way; 20% said they will have paid off their loans; and 17% said they had a major expense in 2014. 


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  • pete / 14 July 2015

    It's so easy for people to say that you should just cut back. I already do not go on holiday (havent been in over 12 years!) I shop at the cheap shops (always have) I don't have any luxuries but the government are still taking yet more away.

  • pete / 14 July 2015

    People like the person who put the following quote up, haven't got a bl***y clue!!! THINK!!! Have you had luck, do you know someone, did you get inheritance... the list goes on but a lot of people no matter how hard they try, just don't get the breaks.

    'A better philosophy than Gimme, Gimme Gimme, would be "We are all in our lives, we came in as babes, we leave eventually. The bit in between is UP TO US!!!!
    Choices we make are OURS! No-one else`s!
    Too expensive?? Don`t buy it??
    IN DEBT?? Stop buying what you cannot afford!! Simple!!'

  • pete / 14 July 2015

    Oh what a lovely human being. Kind, considerate and loving :)

    'Alex Heard / 24 February
    Get some ambition and strive to do more with your lives. No one in this country has any excuse. There's people who have started out in war zones and poverty who have achieved more and complained less than some of you.'

  • pete / 14 July 2015

    I and I'm sure lots of other people out there are looking at this article thinking, 'I already do all the above'! So what do you do then?

  • Marcus / 25 June 2015

    Quentin, how exactly has quantative easing destroyed your pension? Any bonds and equities held in your pension have increased in value as a result.

  • Quentin Gale / 12 May 2015

    Because my pension has been destroyed by quantative easing and the insurance companies have extended my supposed demise by another 10 years even though I have smoked 20 a day for the last 50 yrs I am looking at living on a park bench and shouting at the traffic

  • stephen Allan / 12 May 2015

    1 in 5 of us may be struggling but the country as a whole is struggling to spend less than it takes in, hence larger cuts

  • Katherine / 11 May 2015

    Things are going to be very hard , now the conservatives are back in, tax credits cuts and child benefit cuts . God help us .

  • sanjiv sharma / 4 May 2015

    yes times are still hard. buy items that you need to for daily survival and you will save money.
    majority of us are working class people. save some money for the future as well.
    The likes of ALDI and LIDL are booming and the biggies like TESCO and SAINSBURY are suffering just proves that we are still going through tough times.

  • Jenny Dyson / 20 April 2015

    If you want to save money take the trouble to learn to cook.
    Healthy food does not cost more than unhealthy food.

  • R may / 18 March 2015

    Learn to accept the useful difference between "want" and "need"

  • ming / 14 March 2015

    Don't go out anymore, drink at home,UK is turning into 3 world country

  • Alex Heard / 24 February 2015

    Get some ambition and strive to do more with your lives. No one in this country has any excuse. There's people who have started out in war zones and poverty who have achieved more and complained less than some of you.

  • Cathy / 20 February 2015

    Well, my view on this is that we keep being told that 'This is the Year' for the 'Economic Recovery' to start making itself felt in our pockets, but it is unlikely to be felt by anyone other than the top 1% of the population. Unfortunately, the financial odds are stacked against the majority of us in favour of that wealthy elite. I don't really think any political party has the courage to tackle tax avoidance & inequality at the level it desperately needs tackling, but I trust the current Tory-led government least of all. The way forward, which even a SMALL MOUSE could see, is to introduce the Living Wage as law. It's called the Living Wage because it's been worked out on how much people need to pay their way. The minimum wage is insufficient & is topped up by the taxpayer in benefits for working people. I'm not knocking the claimants here, but the horrible low-wage economy in the UK, where working people are struggling with essentials like rent, food & heating their homes. So, it doesn't matter to me HOW many times George Osborne tells me that everything is looking great & will 'soon be reflected in people's wages'. I don't believe it & will continue being very careful with money so that we are not caught out when the banking chickens next come home to roost. As we are dependent on the public sector for our income (& no, it is not a huge amount, in case anyone believes what they read in the right-wing press), we are all too aware of the size of the public sector cuts still to come. It does worry me that people will believe that wages are set to increase & will over-commit themselves to big purchases/loans, etc, but I'm not falling for it myself & am continuing to save, build an emergency fund & stick to my budget.

  • john jones / 20 February 2015

    It's so expensive to live these days you can go backwards very fast

  • P. J.Blake / 15 February 2015

    I do not trust this government.

  • Simon Richards / 12 February 2015

    I think we are all screwed.

  • linda / 11 February 2015

    articles like this bemuse me.Speaking as someone who,for six years has had to rely on help from the government/council I have experience of trying to live on lttle money..On the dole for six months I lived on £65.00 a week, On obtaining a very part job things are no better, Many a time I forgo heating the house to eat. I record every thing I spend on a daily basis, then at the end of the month I go thru the sheet to see where I can cut back, depressing but necessary

  • john h / 10 February 2015

    A better philosophy than Gimme, Gimme Gimme, would be "We are all in our lives, we came in as babes, we leave eventually. The bit in between is UP TO US!!!!
    Choices we make are OURS! No-one else`s!
    Too expensive?? Don`t buy it??
    IN DEBT?? Stop buying what you cannot afford!! Simple!!

  • john h / 10 February 2015

    Good news, 4 out of Five will be ok!!

  • carolineboucher / 10 February 2015

    i think that when a persons on there own the cost of running a house etc are just the same as when two salaries were coming into the home except for a quarter of council tax and the food bill . this makes it impossible for someone usually a woman to sustain a life
    it creates an existence for many older people usually dumped or the death of a partner . the cannot afford to heat the home eat properly have a holiday buy new clothes replace household articles as the break or wear out etc . so its a life of misery for some

  • Emily Brook / 10 February 2015

    The problem today is that everyone wants it all. I was bought up with the mantra if you cant afford it you cant have it. My first house was filled with second hand furniture which i either bought and restored or it was given to me, i still have a lot of it! I never had carpet for years. I always took packed lunches and biked to work a car was never on the books. I worked as a nurse until retirement, earning for most of my career a reasonable but not large salary. I paid into my pension, money that at times i couldnt afford, and now finally in my 66 th year consider myself comfortable. I worked from 15 until 63. No gap year or university for me. I now resent people who say us public servants are well off, we worked hard for little, didnt want it all "now" and because we are receiving a pension, that we paid for in contributions, poor salaries and long unsocial hours, we are pilloried for it. Stop wanting it all, live with in your means, dont buy coffees that cost an arm and a leg, learn to cook from scratch and you too can be comfortable when you retire. Oh and for those of you who say you cant retire until your older, remember my generation worked from 15, we had worked for at least eight years before some people leave school and university. Some of the facts that never get aired!

  • marion carter / 10 February 2015

    The prime minister wants everyone to get a rise this year, but £2 or £3 per week is ridiculous it would require at least £50.00 per week to make a life changing difference I am afraid the cost of living not just existing is out of control. can not see any change coming our way any time soon.

  • Dingus / 10 February 2015

    Borrowing money only seems to make things worse in the long run. It confirms the old adage of live now pay later. But consider this - if you have £100 a week and you borrow money and have to pay back at £10 a week that only leaves you with £90 a week to cope so you are 10% worse off. But unfortunately just to exist you have to borrow money sometimes.

  • Mr. Enver Overend / 9 February 2015

    I'm 59, I've been years with no income, budgeting and switching using comparison sites, no tv since digital, ride a bicycle, not socialising & buying mostly reduced basics, but competing with others for bargains and forever rising prices, &with fixes ending this year it will be a lot harder to renew at decent rates .

  • AYANDA MOYO / 9 February 2015

    who ever wins the next election will lead the country down the drain because they wouldn't raise the minimum wage which will affect 70% of the population in England.

  • malcolm beaumont / 9 February 2015

    TWO reasons why the country is struggling ( well, 95% of us );

    1. The Banks ( the chickens are starting to come home to roost here though ) and ;
    1. The Energy companies ( How on earth they have not been brought to task over ripping us off for 5 years escapes me )

  • Mrs H Hepple / 9 February 2015

    As OAP's my husband and I have never been in debt ! We have never bought items that we could not afford and have always saved for that "rainy day " I blame the banks and the credit card companies for the state people get into - lending money that people can't afford to pay back !! our motto has always been if you can't afford it , you don't buy it.!!

  • Trevor Allcott / 8 February 2015

    Live within your means. Stop spending money you haven't got. Simples!

  • nick vince / 5 February 2015

    Sad state of affairs, interestingly the people responsible for unleashing this harsh economic maelstrom upon the unsusoecting public, the bankers, must be brought to justice and prosecuted.

  • sheila lawton / 4 February 2015

    Re the Health Service. I think that if people were asked if they would be prepared to pay 1% extra Ni contribution to safeguard out health service they would be prepared to do so but it must not be tampered with. I also object to pensions being linked to benefits. They have been earned and are not handouts