Scrapping subscriptions among ways city dealing with finance crisis

Spending habits are also changing as folk begin sacrificing some of their outgoings to save funds for necessities such as a weekly shop.

A survey conducted by credit management company Lowell shows just 13pc of respondents in Norwich stated owning a home as a financial future goal.

This is compared to 33pc providing the answer of 'comfortably paying bills'.

Martyn James, a consumer rights expert for Resolver, has never known demand for money-saving tips like he has right now.

"People on the breadline are desperately trying to save money in any way they can," Mr Lewis said.

"It is every possible demographic as well. People may have a nice house but are struggling to pay the mortgage."

The money expert has advised people to consider cutting out unnecessary expenses with subscriptions among the costs which can be ditched to save pennies.

Mr James said: "From magazines to gym memberships, we waste thousands of pounds each year on subscriptions we don’t want or need.

"Subscriptions are crafty because they’re often low value, so you might not think too much of a £7.99 debit, but that works out to just under £100 a year."

But what impact will this have on city businesses as folk look to be more frugal with their cash?

Norwich rapper Shane Harvey, known as Creepzz, is taking a break from releasing new music due to a drop-off in customers paying for streaming services to access his music.

He said: "As an artist it is worrying but family and being able to provide for them is more important. I am going to take a break from releasing new music for two months.

"People are ultimately going to struggle to pay for music subscriptions and day-to-day life.

"Thankfully I have got close contacts but the cost of artwork for new music will go up which will cause problems for other artists."

The impact of the cost of living crisis is also hitting eateries across the city.

Jamie Garbutt, chef and owner of Figbar and its savoury sister Salt, said: "There is a significant impact as bills and the costs of electrics have gone up but general footfall is down on what we would consider a normal period.

Jamie Barbutt outside Salt on Saint John Maddermarket (Image: Archant)

"We just plod on and keep going but numbers are definitely down.

"The weekends are similar but people are watching their pennies a bit more during the week."

Independent businesses are faced with their own rising costs across the board as well as seeing customer levels drop off.

Ollie Etheridge, who works at the Ketts Hill Bakery, said there has been a noticeable increase in the value of staple goods needed to run the business such as flour.

He added: "Now the electricity bills have gone up, we are not able to run the oven as much as we did.

"We are only a small bakery but people do come in for their basic items such as fresh bread and rolls for packed lunches.

"It seems people still want to spend money but will moan saying they do not want to."

Candy Richards, development manager of the Federation of Small Businesses, said: "Small businesses are being impacted significantly by record inflation and energy costs, and they’re increasingly worried about low consumer confidence.

"Customers are already delaying significant purchases and, in the lead up to Christmas, many local businesses are expecting customers to rein in spending."

Candy Richards, East Anglia development manager for Federation of Small Businesses (Image: Federation of Small Businesses)

It comes as the average expenditure for Norwich households is expected to rise by £5,305 according to Office for National Statistics figures with current inflation applied.

Councillor Lucy Galvin, Green group leader on Norwich city council said: "Across Norwich many people are struggling to see how they will make ends meet this winter.

"It is important to seek advice early, claim what you are entitled to and avoid private loan or debt management companies."

Norwich City Council has cost of living support and advice at norwich.gov.uk.