Calorie counting helps penny pinching

Brits are using diet plan techniques to manage their finances in 2009, AA Personal Loans reveals.

Whilst January is traditionally the month for signing up to the gym and planning new fitness regimes, Brits are just as frantic about finances as they are fanatical about keeping fit this year.

After polling the UK population about whether they track their money like they track their calories, AA Personal Loans found similarities in behaviour. In fact, over half (53%) of Brits slimmed down on financial outgoings this January.

Whilst over a third of people (37%) checked fat content this month, almost the same amount (30%) of people kept a close eye on the Bank of England base rate, in a bid to ensure they slim down their finances like their figure.

But as with all New Year resolutions, a long term plan is necessary to ensure success. Taking advice from annual dieting plans, AA Personal Loans has devised a financial fitness plan to help people stick to their financial New Year resolutions.

The AA Personal Loans Financial Fitness Plan

Manage your debts: Examine your outstanding balances on credit cards, overdrafts, store cards and consider consolidating into one manageable loan

Build a good savings plan that fits into your lifestyle: Write a list of all your expenditures and work out what you can cut back on without having to make drastic changes to your life

Create a long term plan: This should not be just a short term burst of energy

Have a goal: Work out how much you want to save in a realistic period of time

Save little and often: This will be much more realistic when trying to reach your goals

Treat yourself: If you have had a good month saving, treat yourself within reason

Consolidate your loans: This way you'll be able to keep an accurate track of your expenditure by paying one monthly sum and it could save money by reducing the amount of separate interest rates you pay

Mark Huggins from AA Personal Loans comments: "As with dieting, thinking long term leads to successful saving. We are concerned that despite a third of the population (32%) having three or more loans, an astonishing 75 % of us would not consider a consolidation loan - a simple and effective way of making a possible saving.

"Consolidating existing debts is a good way to stay in control of your finances and make them more manageable."