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Rising food prices 'will hit family budgets'
The rising cost of food bills is likely to have a big impact on family savings, it has been said.
Andrew Hagger, of Moneynet.co.uk, stated that the increasing price of groceries "will certainly take up more of their budget than it would have done before".
He commented that it will "hit people's budgets quite hard".
In order to reduce the effect rising food costs will have, Mr Hagger suggested that families could be more organised with their finances.
By planning their meals in advance, instead of simply picking items when they arrive at the shop, they can cut down on how much they spend, he said.
Mr Hagger also noted that this will mean they do not have to go to the corner shop so much, which could result in them spending more money.
Young families may particularly benefit from Mr Hagger's advice after Martin Bamford, chartered financial planner at Informed Choice, recently stated that they are more likely to encounter financial difficulties than any other group in the UK.
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Andrew Hagger, of Moneynet.co.uk, stated that the increasing price of groceries "will certainly take up more of their budget than it would have done before".
He commented that it will "hit people's budgets quite hard".
In order to reduce the effect rising food costs will have, Mr Hagger suggested that families could be more organised with their finances.
By planning their meals in advance, instead of simply picking items when they arrive at the shop, they can cut down on how much they spend, he said.
Mr Hagger also noted that this will mean they do not have to go to the corner shop so much, which could result in them spending more money.
Young families may particularly benefit from Mr Hagger's advice after Martin Bamford, chartered financial planner at Informed Choice, recently stated that they are more likely to encounter financial difficulties than any other group in the UK.
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Published: 05/10/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.