Is thrift no longer a dirty word?

No matter how tired you are of being endlessly broke, watching your mortgage repayments rise, and having to continuously put off getting the kitchen re-done because you just plain can’t afford it (not to mention those Gucci sling-backs that gave you the backside of a 16 year old), you’ve got to ask yourself: Is the credit crunch making it chic to be cheap?

How many times in the last few months have you cried off big nights out in favour of a £5 bottle of wine and a DVD with your other half– and enjoyed yourselves immensely? How satisfying are you finding it to re-learn the thrifty habits that saw you through your university years and rediscovering the wonder of a £20 staying in your purse for more than 10 minutes? And if you haven’t pulled out your old cashmere and paraded the worn elbows with pride, I can’t begin to explain to you the satisfaction.  A quick flick through any fashion mag will reassure those with doubts that the ‘I got dressed in the dark out of my granny’s closet’ look is right on the mark right now.  Alexa Chung, anyone?

Armfuls of designer shopping bags are suddenly too brash and shiny in comparison to eco-carrier bags filled with home-cooking ingredients.  Eating out is out and staying in is in.  Rather than smugly announcing the expensive summer holiday to the Maldives they’ve just booked, people now exclaim to anyone who will listen about the bargain they’ve just bagged on an all-inclusive package deal to Egypt; one friend recently announced that she and her fiancé were going camping in Cornwall during the summer.  This is the same woman that just a few months ago came back from a lunch break bearing a dazed expression and two pairs of identical Roberto Cavalli wedges in different colours purchased on a whim. With credit. I hope they go well with dungarees and mosquito bites. 

Maybe this is all just wishful thinking, but it’s definitely reassuring to see how adaptable we can be in the face of tough financial times.  One thing’s for sure though, it sure makes a nice change to open a credit card bill without my eyes bleeding and my knees buckling.

Top tips for managing your credit crunch finances:
1. If you are still reaching for the credit card at the end of the month, do so wisely and opt for a card that offers a lengthy interest-free period on purchases;
2. If you have existing credit card debt, consolidate with an interest-free balance transfer for an interest charge breather;
3. If you are borrowing your mortgage at your lender’s standard variable rate, look into your remortgage options for a better rate with another lender;
4. If you have multiple small personal loans, consider consolidating with one larger loan, as you are more likely to receive a better APR on a larger amount;
5. If you are struggling with your loan, credit card or mortgage repayments, speak to your lender ASAP.

Please note: This website, and the articles and information within it are based on journalistic research. It does not and should not be construed to constitute financial advice. Any information should be considered in regard to specific circumstances. All tips are followed at your own risk and should be followed up with your own research.  For more please refer to our terms and conditions of use.