The last year has been tough financially for nearly everyone. We've had rising energy prices and an economy that seems to be getting weaker and weaker. This has left many short of spare income and struggling to make ends meet. This period has been called the ‘cost of living crisis’.
We have provided our top money-saving tips to help you through this cost-of-living crisis.
The first, most crucial step is to budget. Write down everything you pay for, and put money to the side for the future. By making a budget, you can see where you are spending too much, which can help you cut down on expenses.
Going out for tea and to the cinema is fun, but not essential. Paying for this things is fun, but you don't need to do it. These are examples of unnecessary costs. These need to be cut back on, and alternative, cheaper options explored. By cooking at home and finding cheaper entertainment, you can save and enjoy yourself just as much. ‘Too Good to Go’ is a fantastic app for cheap, high-quality food. This app allows you to pay small sums for restaurant food that has yet to be served to customers. You can pick it up for a much smaller fee than you would if ordered fresh with them.
Find the best rates and bills and negotiate if you need to!
You can improve your rates with your service providers (internet, phone, TV). The same goes for electricity, gas, and water providers. Speak to all your providers and see if there are any promotions for existing customers. Alternatively, shop for a new provider that can provide better rates for the same outcome. Do not be afraid to negotiate for better deals.
We all have those days when we clear out things we never use. This can be a great way to bring money in. Anything from old kitchen appliances to clothes can provide much-needed income.
Anything from Apple TV and Netflix to Spotify adds up over time. Cutting back provides you with much-needed disposable income. Any magazine subscriptions are non-essential and must be cancelled for now.
The leading cause of the cost-of-living crisis is the rise in electricity and gas bills. Making your home more energy efficient will reduce costs. This is because you move away from traditional energy sources whilst helping to do your bit for the environment. Switching to smart boilers and LED lights are just two ways you can bring down energy costs. We recommend you investigate ways to become more energy efficient, as this will reduce bills a lot.
Petrol prices have shot through the roof during the cost-of-living crisis, so now is the best time to carpool to work. Carpooling is when you share a lift to work with someone. Another option is to look at using alternative methods such as public transport and biking. These will cut down expenses, as fuel can cost over £100 per month. Cutting back on fuel usage gives you the spare money to enjoy a meal out somewhere or to pay any outstanding bills.
The cost-of-living crisis has impacted families across the UK and left people struggling for money. We at Marsh Finance hope these tips ease financial burdens and help you make the most of your money. Get cost of living support via our dedicated page.