As it's revealed that nearly half of working private renters could not afford their rent for more than a month if they lost their job, money.co.uk advises consumers on saving to protect themselves against loss of earnings
Salman Haqqi, personal finance expert at money.co.uk, comments:
Losing a job can have a devastating impact on your life, leading to increased debts and missed repayments on bills and rent that can result in losing your home. Regular saving each month is the simplest way to protect yourself but it can also be the hardest. Start by putting away a little each month on the day you get paid and avoid dipping into it, if you can, throughout the month. It may not seem a lot each month but it will soon add up and be really helpful if you do suffer a loss of income. Getting control of your spending is key to being able to save. Always ensure that you are on the best deals for any debts. If you use credit cards or overdrafts ensure you switch regularly to reduce payments. Keep an eye on your energy, broadband and landline deals to see if you can move to a cheaper tariff and try to cut back your spending on groceries, entertainment, high street shopping and travel.
Visit How to Write a Budget for our top tips on managing your money.