Credit Crunch
Tips on how to survive the credit crunch 
Warwickshire-based financial advisers, Burgis & Bullock Financial Services Ltd is offering some simple suggestions and advice on how businesses and individuals can survive the credit crunch.
Head of Financial Planning, Malcolm Smith comments: "The first thing everybody should do is sit down with a blank sheet of paper and write down everything they spend - that is everything, every small bill and newspaper. You might even be surprised!
"The next step is to then cut out everything that can be cut out. If you do have the good fortune to have some spare cash, the first thing you should think about is paying off your debts, because it's expensive to borrow money. If you can pay off your mortgage, that is probably a better return than saving it. If you can possibly afford to save any money, do. If you can, try and set aside money to save at the start, not the end of each month.
"As a nation we tend to borrow more than we ever have before. It seems that most people want it NOW. Maybe you should think about saving for something that you really want, even if it's only to reduce the amount you have to borrow in the end. Taking on debts to go on holiday or to buy clothes is never a good idea.
"Remember; before you take on debt think of the traffic light rule: Red - stop and think if you really need to, Amber - look at the alternatives and Green - go ahead.
"If you do get into trouble, the first thing you need to do is to speak to your lender, which should be accredited by the Financial Standards Authority (FSA). They should have a team of people to help you pay off your debt.
"On a final note, it is important not to become too downhearted though as these times come around every few years or so. There are downturns in the markets and there are problems caused externally throughout the world. We have to ride out the problems and try to prepare for the bad times during the good times!" Malcolm concludes.