Families 'looking to make budget savings'

In the current economic climate, many people may be in a position where they have to make budgeting measures, which could help keep on top of bill repayments in order to build a credit rating.

This could particularly be the case for families, as new research from LV= found the cost of raising a child has increased to £218,000.

As a result, it was suggested more parents are looking to tighten their household outgoings and ease the strain on their finances.

One method that could help achieve this is to set a strict budget plan, which 30 per cent of the nation's mums and dads say they are doing.

This might be a favourable option for many Brits, as this can help an individual take control of their outgoings and pay off any bills and debts on time, which could demonstrate to a lender the person is a reliable borrower and repair bad credit.

Posted by Martin Peacock