There are simple ways Britons can save money as the country faces a dire cost of living crisis. The coming months can be tough for everyone as bills rise, so here are some helpful tips
Image: Getty Images)
The British are facing a difficulty cost of living crisis in the coming months and will be looking to save a little extra cash.
Inflation, rising energy prices, and an impending National Insurance tax all contribute to what could be a rough year to come.
At the beginning of February it was confirmed that the energy price cap would skyrocket by 56 per cent, or around £693 per year per household on average.
It’s a huge additional cost and doesn’t help Britons struggling with poverty or having trouble paying their bills.
The government’s attempt to tackle the problem has been met with criticism because the £200 loan and the council’s £150 tax break do not cover additional costs, even with a discount on the house. annual warmth is £140 for 2.2 million people who qualify.
Now available fear that fuel prices will rise due to the Russo-Ukrainian warwith Vladimir Putin ordered his troops into Ukraine in a ‘barbaric’ invasion.
With all this for Britons to deal with, there are many who will have to consider additional ways to save.
How can I save money during a cost of living crisis?
There are a number of ways Britons can try to save extra money during the cost of living crisis.
Social finance app EVERYTHING co-founder Michael Wilkinson shared six tips to save on bills.
Buy used items
Buying used items is a great way to save money. Some items may be in good condition and save a little extra cash, making a small difference in usage compared to a brand new product.
There are many apps like Depop and Gumtree allowing people to buy secondhand goods at a cheap price.
Set a budget
One of the problems with saving is when people don’t keep track of what they’re spending. It means that people may not know for sure how much they have left or whether they can afford to spend a little more on an item or two.
“Once you’ve planned your budget and know how much you can save each month, you can set some savings goals and put money aside,” says Wilkinson.
“It’s most effective if you have some clear future goal in terms of how much money you’ll save, like a vacation, a car, or if you’re really lucky to have a home. Be realistic. about how much you can save each month without getting your hands on it.”
Settlement of debts
Getty Images / iStockphoto)
Those trying to clear debts should try to settle on the ones with the highest interest rates first, before working on the lower ones.
“There’s no point in putting money away for profit if you’re losing the same amount or more,” says Wilkinson.
SOPA Images / LightRocket via Getty Images)
With people leading busy lives, they often tend to shop at the nearest supermarket, instead of testing the waters to see what are the best deals.
There are different price comparison sites to compare where the cheapest product is available, such as Price runner and people can also use different banks to try and save a little more.
“There’s a lot of new banks and financial services emerging, so shop around! Find a financial partner that works hard for you and your money and fits your needs,” says Wilkinson. your.”
We never know what the world might throw at us, so thrift is incredibly useful and should be kept separate.
Savings accounts can be set up easily on banking apps or by talking to your local branch. It’s tempting to keep everything in one account, but this means money can disappear quickly when a person finds that they have a little left over from their spending money each month.
Saving money into a separate account ensures that a person does not necessarily fall into the red in their main account with no way out of it.
Some autosave apps are very useful to help people save money without them realizing they are doing so.
The money-savings expert explains: ‘Some calculate how much you can afford to save each week and automatically move the money into a separate savings (or investment) account, while others’ round’ your purchases to the nearest pound and save the change for you.
“These features should, in theory, help you save without even thinking about it, resulting in a higher savings accumulation.”
Cut down subscriptions
SOPA Images / LightRocket via Getty Images)
People can usually add a subscription without needing to cancel another.
You may want to split the use of streaming services between you and your friend to save a little more each month, and you should review your outgoings in your account to see if there are any subscriptions. which is not necessary in it.
https://www.mirror.co.uk/money/6-simple-ways-save-money-26319182 6 simple ways to save money during the cost of living crisis - save separately with buying used items