Cost of living tips for everyday
I think by now the majority of the UK population is more than aware of the cost living crisis. According to the World Health Organisation, households across Wales and worldwide are experiencing an increase in the cost of living. Since late 2021, price rises for basic items such as food and energy have outstripped increases in average wages and welfare payments, leading to a fall in real disposable incomes.
The rise of food banks and people using apps such as Olio for surplus and free food is also on the rise. When you think about how much everything in general has increased over the last few years, yet wages appear to be at a standstill, it’s no surprise that more and more people are struggling.
So, what can you do to help reduce your daily costs and, more important plan for the long term?
Make a list
I always think the best place to start is by making a list of the following:
- Your monthly expenses/outgoings (this includes absolutely everything from your utility bills to food shopping, kids activities and subscriptions to takeaways and entertainment)
- Your monthly income
Once you have your list of outgoings/expenses, go through them to see if they are all necessary. Those that are, think about if you’re getting the best price/deal or is there roon for negotiation, or even room to say goodbye. Do you really need Netlix, Now TV and Amazon Prime Video? Freeview is a great option, and as the name suggests, it’s free!
Seek Advice
If, after doing the above, you realise that your outgoings are a lot more than you initially thought they would be, it’s always worth seeking advice from a reputable and reliable source. There are lots of places you can turn to. Here are a few suggestions:
- Money Plus Advice
- Citizens Advice
- Gov.uk
- Samaritans Mental Health Charity
- Mind Mental Health Charity
Money Plus Advice, who I have mentioned above published an interesting article called: ‘How IVA’s are reshaping debt management in the UK‘. It’s certainly worth a read. The piece looks at IVAs and how they are helping to reshape the debt landscape, offering people a solution to overcome overwhelming financial worries.
Tackle things head on
You may think that it’s easier to just bury your head in the sand and hope for the best, but that’s usually the worst thing you can do. It’s best to tackle these things head on by making a plan of action. Use the steps and links above to help you understand your financial situation, make a plan and seek advice either from a reputable professional or someone you trust. There is help out there, but you need to take the first step towards it.
