There’s no two ways about it – we’re in the midst of a cost of living crisis. Various factors have drawn together over the course of years to result in this, ranging from a worldwide pandemic to wars and changes in policies. No matter who’s to blame, one thing rings true. Inflation is unavoidable. The cost of near enough everything is creeping – or skyrocketing – up and wages simply aren’t increasing in line with this. The usual money saving and budgeting tips and tricks aren’t enough for most of us. Many of us are finding that we don’t have much disposable income to fritter away, so tips such as “cut down on luxuries” no longer fit the bill. Instead, many of us are having to turn our attention to how we can reduce the cost of our essentials. These are the items that we can’t go without, but you may be able to reduce the amount you spend on them. Here are some top tips that can help you with this.
We all need shelter. A rough over our heads is essential to a good quality of life. But you may be able to cut the cost of your housing. The key is to find rent at a lower price. Take a look at the end date of your current contract. In the last month or two, it’s a good idea to get in touch with real estate agents to find out if there’s anything more budget friendly on the market. They may be able to find you an alternative home that has a much smaller price tag attached.
There’s not much point switching energy providers lately, as most are charging the maximum amount they can. However, there are steps you can take to reduce the amount you need to heat your home this winter. Rather than having your heating on around the clock, good insulation and double glazing can help to retain heat, allowing you to turn the system off and still benefit from toasty temperatures. Other options such as layering up, wearing slippers or slipper socks and sitting with blankets and hot water bottles can come in useful too.
It’s more expensive to drive than it has been in recent years. Fuel is on the up, which means filling your tank can feel like you’re breaking the bank. Take some time to determine whether you really need a car right now. If you live in an area with reliable public transport options, it may be time to throw in the towel and sell your car. This will give you some cash to put in savings and public transport could prove a lot more affordable.
Don’t reduce the amount you eat in a bid to save money. You need to make sure you’re always hitting your recommended daily calorie count. Instead, you may want to consider shopping own brand or unbranded foods and drinks to save here too!
Essential outgoings are, well, essential. But hopefully, some of the suggestions above will help you to secure them for a smaller percentage of your income!