Many households are grappling with the cost of living crisis right now. Basic expenses like accommodation, food, energy and taxes are all on the rise, which means that people’s income is not going as far as it used to and this can make it hard for many to make ends meet. So, what are some things that you can do to help with the rising cost of living?
Track Spending to Stick to a Budget
When you are feeling the pinch, it is important that you start tracking your spending to ensure that you are not wasting money anywhere. It is a good idea to create a household budget, which will help you to control your spending. The 50/30/20 rule is a popular budgeting technique that many find to be easy to implement (you can also adjust the percentages as you wish). If you are struggling, you should scrutinise every regular expense and either try to cut back on unnecessary spending or find a way to make savings.
Shop Around
Often, you can make savings simply by shopping around. Before making a purchase, you should spend time to see if you could get the same item for a more affordable price somewhere else – comparison websites are useful for this when shopping online. Additionally, websites often have deals and promotions to take advantage of that can make a big difference.
Use Energy-Efficient Appliances
The cost of energy is a major cause for concern for people in the UK in 2023. Energy-efficient appliances can keep your costs down, but you should also make sure that you are turning items off when not in use. Additionally, things like washing clothes on a cold setting, turning down the thermostat and taking shorter showers can make a positive difference.
Have a Clear-Out
You can also boost your income to help during the cost of living crisis. It is worth having a mass clear-out and selling the items that you no longer want or need. These days, you can sell furniture, clothing, tech, artwork, jewellery and just about anything else online. You can also take bigger and high-value items to a pawn shop to get the best deal. This could give your finances a big boost while also creating more space in the home.
The cost of living crisis is a major cause for concern in the UK in 2023. If you are feeling the pinch, you should find the above tips to be useful. It is a difficult period, but there are always things that you can do to improve your financial situation in the short and long term. It is hoped that the situation will improve later in the year and in 2024, but many are having to make changes right now and the above are a few of the best steps.
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