Don't Panic!

This time though, we are facing multiple enemies, rising inflation, the threat of redundancy and businesses under siege. In February, the average family was £13 a week worse off due to tax hikes and increases in the cost of living, according to a new report.

While there's no magic solution to the current problems, historians at London's Imperial War Museum are suggesting we take inspiration from Second World War initiatives that encouraged people to wage their own war against waste and boost the war effort.

"During the Second World War the British people had to endure many sacrifices and hardships in order to defeat Hitler," said Terry Charman, senior historian at the Imperial War Museum.

"Nearly all foodstuffs, clothes, fuel and household goods were either rationed or in short supply.

“Stringent economies were sought and met in every British home.

Today we are challenged with a new crisis, that of recession.

“To meet and overcome it, we can learn much from the lessons of 1939-1945."

Find out how to do your bit and fend off the enemy credit crunch by following these top ten tips for surviving tough times . . .

MAKE DO AND MEN

THEN: Clothes rationing began halfway through 1941, due to major cloth shortages in Britain. The Ministry of Information's 1943 advice pamphlet, Make-Do and Mend, had lots of tips on how to repair clothes and prevent the ‘moth menace’. Clothing and shoe exchanges were a popular way of updating wardrobes without using precious clothing coupons.

NOW: Cutting back on those trips to Topshop and Dorothy Perkins doesn't mean falling behind fashion. Make the most of your existing wardrobe by customising or adapting your clothes to fit current trends, and repairing items that are in need of a new button or zip. If you can't find a thing to wear, organise a clothes swapping party with a group of friends or start trawling your local charity shops.

IS YOUR JOURNEY REALLY NECESSARY?

THEN: Both the Ministries of War Transport and Labour encouraged people to travel shorter distances by foot, rather than using public transport. This created more space for those travelling on longer journeys and freed the transport system up for the war effort.

NOW: Half of all journeys taken in the UK are shorter than two miles. Walking or cycling to work saves on season ticket and fuel costs, does wonders for your health and fitness and is environmentally-friendly to boot.

SAVE FUEL FOR BATTLE

THEN: While fuel wasn't rationed, the Fuel Saving Scheme — launched in 1942 — asked families to reduce their fuel consumption and set themselves a 'fuel target' based on the size of their house. This was the maximum amount of fuel that families were allowed to use and householders had to display their gas and electricity meters to ensure it wasn't exceeded.

NOW: Why not give your home an energy-saving check? Simple changes such as turning down your thermostat and switching off monitors and computers when not in use are easy ways to be more energy-efficient and reduce bills.

DON’T WASTE WATER

THEN: People were asked to paint a line round their bath tub to ensure that they didn't use more than five inches of water, helping to save fuel for the war effort.

NOW: Turn off the tap while cleaning your teeth, shaving or washing your face and take a short shower instead of a bath. Just filling and boiling your kettle with the water you need not only saves water but can also help reduce your energy bills.

HOLIDAY AT HOME

THEN: The 'Holidays at Home' or 'Stay at Home Holidays' scheme encouraged people to enjoy the delights of their local area, rather than travelling to other parts of the country.

NOW: Going abroad is SO last year. 'Staycations' are the big new trend for 2009 — now is the time to pack the tent into the car and visit friends and relatives living in other parts of the UK.

DON’T BE ‘FUELISH’

THEN: The Fuel Saving Scheme also asked people to switch off their lights when they weren't in use to minimise their energy use both at home and at work.

TODAY: Energy prices rose 40 per cent last year — that alone should be enough to remind you to switch off lights when you leave a room and switch to energy saving lightbulbs.

WASTE PAPER IS STILL VITAL

THEN: The Ministry of Supply established a scheme to get people to put their waste paper, bones, string, rubber and cardboard to good use during the war years. Salvage monitors were appointed to ensure that the street's waste was ready for collection.

NOW: Recycling doesn't stop at paper. Make the most of your local recycling facilities by sorting your rubbish and recycling unwanted paper, tins, glass and plastics.

DIG FOR VICTORY!

THEN: The Ministry of Agriculture started the Dig for Victory campaign in 1939 to help combat food shortages. The campaign successfully promoted the planting of allotments in gardens and on public land — by 1943 even Kensington Gardens and the moat at the Tower of London were converted into allotments and nearly a million tonnes of vegetables were grown in the peak years of production.

NOW: If it is good enough for Jamie Oliver, then surely it is good enough for your family. You don't need a sprawling country estate to have a thriving veggie patch — eat locally-produced, seasonal fruit and vegetables from your local market, or grow your own in a patch of garden or a window box. Planning meals will also help reduce food wastage.

SAVE KITCHEN SCRAPS TO FEED THE PIGS

THEN: From 1940 people were encouraged not to throw away anything that could be consumed. Households were encouraged to save food scraps that could be fed to their own hens and chickens, given to their local pig club or taken to their council pig bin.

NOW: Few people have a pig to feed in their back garden, but you can always save kitchen scraps for your compost heap, wormery or council compost scheme. Composting food and garden scraps reduces the amount of waste sent to landfill and boosts soil quality.

KEEP CALM AND CARRY ON

If all of this seems a bit overwhelming, remember the most important wartime tip of all: Keep Calm And Carry On. Things can only get better . . .