Thanks to aggressive discounting campaigns and launching new products, my wife and I – and you too probably – pop in for a pint of milk, and end up buying 16 bread rolls, two tins of Quality Street, a new coat, a widescreen telly, a badminton set and some pet insurance.

I have a view, however, that Tesco and any firm of bailiffs are pretty much the only people immune to the credit crunch. Every other man, woman and child will be affected – in one way or another.

If you think all the economic turmoil has got diddly squat to do with you, I suggest you think again. I have a clever friend who knows everything, and he's convinced me how serious this financial meltdown is, and how long lasting its implications could be.

People of Dogsthorpe, do not lock yourself away watching CSI for a couple of months, hoping it will all blow over, because it won't. We are in big trouble, and unless your surname is Branson, you need to brace yourself with some serious lifestyle changes.

Here are a few examples of how the credit crunch could affect you:

• If you have a pension, and you're nearing retirement age, since so much of it will be invested in equities, your annual trip to Spain may have to become one to Skegness.


• If you own a stocks and shares ISA, it's a fair bet that you have just lost a huge amount of cash.


• If you own a property, and you think it's worth "X", the chances are that within 18 months it will be worth "X" minus 25 per cent.


• If you own a business that is impacted by people's casual spend (like a bar or a shop) then the chances of you going bust have just gone up.

I could go on. The stark reality is that Peterborough as a city is not going to be quite such a fun place to live, as perhaps it once was. People are becoming increasingly worried about their jobs, mortgages and savings – how they can afford to pay the bills.

And the advice from my clever friend?

Well, if we can't win the hand in marriage of Richard Branson, if we can't win the lottery or the pools, all we can really do is tough it out. Tighten our belts by adopting a lot more prudence in our daily spends (resisting some of those impulse buys), stick out our chins and ride the storm. And in time, however long it takes, things will eventually get better. Hopefully.