The cost of living crisis is the new story on the tip of everyone’s tongue right now as we emerge from one crisis into another. Inflation has reached the double digits for the first time in 40 years and it’s predicted to potentially reach close to 20% in 2023. The price of fuel, groceries and everything else has soared in the fallout of the pandemic, Brexit, and Russia’s invasion of Ukraine and it’s, unfortunately, a problem that’s going to get worse before it gets better.
But rather than deciding to live off baked beans and toast for the next few years and cancel all holidays, there are many little things we can all do to help us cope with the rising cost of living.
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Offers and discounts
If you’re a fan of finding a good bargain, there’s never been a better time to use those skills. Discount codes and vouchers are a great way of saving money. For example, if you are a key worker, make sure to search online for an NHS Argos discount code and you might be surprised by what you find. Particularly if you’re a new member you might be able to find codes for as much as 25% off. Always be wary, however, of so-called special offers, which could be discounted from inflated pricing.
List your outgoings
Create a spreadsheet that collects your bank statements and sees how much you’re spending every month and annually. There are probably going to be dozens of things you can comfortably cut back on that will chip away at the total, many of which you might not even be aware of. Gym memberships that you never use, for example, or a mobile phone contract with unlimited data when you barely use it for much more than texting. Put your expenses under the spotlight and get rid of what you won’t miss. Using an online budget planner to help visualize your spending is also highly recommended.
Pay your debts ASAP
With interest rates rising, the first thing you’re going to want to do before considering anything else is to pay off your debts. Start with the debt with high interest and don’t feel above taking out a 0% balance fee credit card to move some money around. You could be saving a small fortune when it comes to interest if you just spend an afternoon experimenting with a credit card comparison site.
Stick to a budget
When you have taken everything else into account, figure out how much you can actually afford to spend or put away every month and stick to it. Don’t give yourself any wiggle room as that wiggle room will always give way to more spending. Consider installing a spending app on your phone to help you keep track and avoid risky situations and, above all else, try to avoid any and all late-night online shopping. Because that never ends well.
