Combating the cost of living crisis!
It’s no secret that cost of living pressure is increasing for people. To be specific household expenditure is going through the roof! The cost to live at the moment is high from electricity and gas bills to supermarket shops to insurance costs. Everything has gone up dramatically and this is broadly known as inflation.
So why is everything going up so much? Enter economics and basic supply and demand. Inflation is impacted by things such as trade agreements, interest rates, war and much much more. Economics is a complex beast, but the main thing to know is that when the government increases interest rates, which we are seeing at present, they don’t want you to spend money as they are trying to control inflation.
So what can you do in these times? The biggest tip I can give is to try and save as much money as you can. Now I know personally this is hard when everything is costing so much more than it used to. Here are some tips to consider to help you on your way:
Search around different providers. It’s time to stop being so loyal and shop around for a better offer. This includes your loans and the bills that you pay.
Try to separate your bank accounts and budget for your bills.
Setting a thorough budget and sticking to it!
Prioritize spending. Ask yourself if it really is a good time to take a holiday or buy a new car?
Asking for help. There are financial counselors and professionals you can turn to if things get tough.
It can be a scary time for people, especially with not knowing when interest rates will fall but it’s important to remain focused on the longer term and riding out any economic waves.
