Money-saving hacks in a cost of living crisis
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You may have heard the phrase 'the cost of living crisis' being used a lot recently on the news. Any idea what it means?
Essentially it refers to a rise in the price of many of the things we require to live here in the UK, such as food, energy bills, fuel for the car, and rent. For a range of reasons such as Brexit, the war in Ukraine and the covid pandemic, the cost of these things have risen sharply, meaning more money leaving our bank accounts than normal.
75% of UK-based adults have said they're worried about the rise in costs, which in itself is concerning.
So can we do anything to help?
The answer is yes - no matter what our age, there are small things we can do which will make a big difference to our household spend. In fact, many of them have gone viral on TikTok in recent weeks too (click this link to read more). So let's have a look at some ways we can help.
1. Keep an eye out for price reductions
Been asked to nip to the shops to get a few extra bits for the kitchen cupboards? If you time your trip well, when the supermarket yellow stickers make an appearance, you could pick up some bargains. Of course don't buy items you don't need just because they are reduced. But if you need it, look for one with a yellow sticker.
2. Don't waste food
When dinner is done, rather than popping the leftovers straight into the bin, why not put them in a bowl and whack them in the fridge for tomorrow? If it was tasty today, it'll be just as good tomorrow - you can trust us on this! Not wasting food helps bring the family shopping spend down, which at times like this is really helpful. Your family will thank you!
3. Heat the human, not the home
Summer is on the wind-down and the temperature is beginning to drop already, and before we know it the weather will turn and we'll be looking for the heating thermostat to warm things back up. But we love Martin Lewis' top tip for this exact situation - wearing the right clothes and right layers, can be a more a affordable alternative to turning on the heating. Read more on this from Martin Lewis (money saving expert) here.
4. Turn lights off when not using them
Growing up I had a parent who was forever walking around our house, switching off lights in rooms that were no longer in use. Do you have someone in your house who does this? Make life easy for them - when you leave a room, turn off the light. Seems a small thing, but if we do it every time, our household energy bill will be smaller.
5. Walk or cycle where you can
Every time we get a lift from the parents, money goes on fuel to power the car, the cost of which is at an all-time high. Yes public transport is a more affordable alternative and isn't necessarily a bad idea, but ask yourself - can I walk? Or cycle? These options cost nothing and don't rely on fuel - win win!
Times are tough and we all have to do something to help things get better, no matter what our age, social status or job. Hopefully the above tips give you some food for thought.