Over the past few years there have been many people who have found themselves facing a serious financial struggle due to tighter budgets and increased living costs as well as reduced or frozen income. More and more people, particularly those with debt, have found it extremely difficult to keep their heads above water. Many may therefore have been hoping that the Chancellor of the Exchequer, George Osborne, would therefore deliver some good news that would aid them with their financial situations.

There was some good news delivered by the chancellor, which included a cut in fuel tax rather than an increase, a new scheme to help first time buyers get onto the property ladder, and an increase in personal tax allowance. However, one industry expert has said that consumers should not have been relying on the budget to try and get out of financial difficulties, and instead they need to take control of their financial situations themselves.

Kevin Mountford from Moneysupermarket.com said that it was unlikely that people would feel much better in terms of their finances because of the budget. He said that the answer was to take greater control of their own budgets and take steps to try and reduce the financial strain. He added that further strain would be put on finances for many consumers due to government cutbacks and rising living costs as well as possible job losses.

Mountford said: “Apathy in the current climate really can impact consumers’ wallets and by simply putting a few hours aside to review their finances and shopping around for better deals, it is possible to make some serious savings.”

He said that there were some competitive deals around when it came to mortgages, credit cards, services, and even savings, so it was well worth consumers taking the time to shop around.