52 days to financial ruin?
Mon, 28/07/2008 - 11:37
I don't know how long I could survive, a month maybe? I think the key to avoid financial ruin is to be sensible with your money. Take the time to draw up a budget and plan your meals, don't waste money on unnecessary spending. I think Dickens had it right in his novel David Copperfield:
"Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."
Vote now on our poll
What aspect of the economic downturn is worrying you the most?
Higher energy bills
21%
Higher mortgage payments
7%
Falling house prices
7%
The increased cost of petrol
17%
Rising food prices
24%
Stockmarket jitters
10%
Rising unemployment
14%
Total votes: 29
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New research suggests that the average Brit would only be able to survive financially for 52 days if they lost their job or were unable to work.
It found most people have monthly outgoings of £1,445, but only have access to £2,474 in savings – giving them just over £1,000 to live on if their income stream disappeared.
How long could you survive if you lost your job? Do you have enough savings to see you through, or is insurance protection the key to avoiding financial ruin?