The current economic climate in the UK has been called ‘arguably the worst' in the last 60 years. The resulting ‘credit crunch' has affected thousands of businesses and perhaps more so, their employees. The public also have their own very justified feelings on the issue, with many concerned at the number of negative stories being presented by the media in recent times.

Recent studies have revealed that a healthy proportion of people in the UK are actually prepared for tough times ahead. It was estimated that, at the beginning of 2008, seven in ten British adults had some form of investments or savings, with 54 percent of the population holding deposit accounts and 34 percent with ISAs.

Many people with mortgages and credit cards, however, may be worried that they will feel the full force of the ‘crunch', in the case that that their repayments will be tougher to afford. However, these forms of borrowing are actually essential to millions of people in the UK, with so few being able to afford an expensive investment like a house or car without acquiring some financial help and guidance.

For the proportion of the population who do borrow in some way, saving can still be an achievable target and repayments can be affordable with the right management. The results of the 2007 Annual Survey of Hours and Earnings (ASHE) displayed that the average full-time employee in the UK earns £457 per week. If part of this figure can be carefully utilised each pay day, individuals can avoid struggling with their finances.

Careful management is often advised to be the key - putting aside a regular amount of funds regardless of the circumstance is often seen to be the most effective way to both pay off debts and to build savings. And denying oneself expensive luxuries for a period will also make a significant difference, as will downgrading the car or even the house that is currently owned. If a pay rise occurs, it is often advised to save the extra cash rather than splash out. Overall, the target should be establishing a position where an individual controls their money, rather than spends without consideration.

To maintain a certain level of control of ones money, it is important to ensure the right type of savings are utilised. Getting the right advice is key, therefore, whatever method is used - opening a new current account, taking out an ISA or more effectively borrowing using the right tools to compare credit cards - the method can be tailored to each individual.

In doing this, it is important to ensure the advice received is trustworthy and unbiased. Essentially, saving is a habit to maintain so that there is always something to fall back on in the event of an unforeseen crisis,. Therefore, the consumer who wishes to save should have all the right information and support to allow them to prepare themselves, whatever state the economic climate is in.

Isla Campbell writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.