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Frugal habits should stay post-recession

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by David Masters

Consumers who have tightened their belts due to the recession should keep up the habit when the economy starts to grow again, uSwitch.com said this week.

The price comparison site said people forced to cut costs due to unemployment or a reduced salary should continue being money conscious when the recession is over.

“We really hope that, if nothing else, consumers will learn one clear lesson from the ongoing recession and that is to manage their finances carefully,” said Louise Bond, uSwitch.com personal finance expert.

The comments follow a uSwitch.com study that found a significant proportion of consumers will change their spending habits in the long term because of the recession.

One in five said they will no longer spend frivolously on non-essentials, while seven million will save more and spend less.

Consumers should always shop around to make sure they’re getting the best possible deal for insurance, current accounts, utilities, and credit cards, Bond concluded.

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News posted: August 28, 2009

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