There are ways to save money on bills when inflation hits worrying levels. The cost of living crisis is looming over Brits and there are some simple tricks that can help you save on groceries
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inflation is soaring amid a deepening cost of living crisis for struggling Brits.
Chancellor Rishi Sunak today announced its spending plans in the spring declarationwhich has been carefully scrutinized as people continue to grapple with bills that are expected to get worse in April.
Reeves said: “We are faced with increasingly unbelievable claims. Perhaps the Chancellor was inspired by the characters in Alice in Wonderland. Or should I say – ‘Alice in Sunakland’.”
Sunak also announced £500million for families in poverty but was met with calls of “is that it?”.
These are worrying times in the midst of a cost of living crisis and this morning it was announced Inflation hit a 30-year high at 6.2% and February’s food surge was the biggest in 10 years.
How can the Brits save on bills and beat inflation when that turns out to be such a problem?
How can you save money when there is inflation?
Inflation will make it harder for people to save money on bills in the future.
When people’s purchasing power is reduced, they may find it harder to provide for essentials like food and energy bills.
There are some useful hacks that can help people save money.
How can I save on food?
Food writer and activist Jack Monroe shared her trick trying to save £20 per grocery bill by taking a full inventory of what she has at home.
The simple idea is that people should prepare their meals from what they already have at home, rather than going to the supermarket every time.
Monroe explained further Twitter : “I take an A4 sheet of lined paper and divide it into 4 vertical columns: Proteins, Carbohydrates, Fruits and Bitters, and the last column is divided into two, Flavors and Snacks.”
After looking at what’s in their closets, people can plan their meals by looking at which foods should spoil first, and then “fill in the gaps” where items need to be bought.
Jack said: “It has really revolutionized the way I cook and shop and has reduced my anxiety about eating out, reduced impulse buying of things I don’t need, reduced food waste and kept grocery bills down. It also helps me plan balanced meals and sparks all sorts of avenues of creativity.”
How can I save energy?
People can save money by trying to reduce their energy consumption.
Lowering the thermostat by one degree can save around £45 every year, according to the Energy Saving Trust.
Make sure devices are turned off Using slow cookers instead of ovens and keeping warm by using blankets instead of heating can keep bills down.
The main factor driving inflation is the energy crisis, which has sent bills skyrocketing by an average of £693 per household this year.
Before the war in Ukraine erupted, the world suffered from oil and gas shortages and the problems seem to be getting worse. It also helps drive up the cost of groceries and other general products.
How can I save gas?
Oil prices are at record highs and could rise further as the war in Ukraine further exacerbates demand.
Saving on petrol and diesel in the car is therefore very important to deal with inflation.
Losing some weight in your car can help reduce the number of times you have to refuel over time. The heavier your car, the more power it takes to move it forward.
Compare The Market said, “Removing roof racks or roof boxes also reduces drag and therefore fuel economy.”
If possible, avoid using branded gas stations when filling up, as supermarket garages are cheaper. It is estimated that this could save people up to £74.10 a year.
You should also check your car regularly to make sure you’re not stuck with a hefty bill for a defective part, and you should also avoid using premium fuel.
Choose between saving and investing when you can
One thing that can directly affect inflation is a person’s savings. Investing rather than saving should be considered very carefully, especially as many struggling Brits may soon find themselves in need of savings.
Of course, most people probably don’t have small savings to fall back on, and they may find it increasingly difficult to put money aside in the coming months.
If they already have, money experts say they should think twice about whether savings accounts are best right now.
Some savings accounts are linked to inflation indices, which means they cannot keep up with other interest rates.
As a result, savings may not outpace inflation and your money may not be protected.
Money Helper explained: “The only rule is that savings accounts are generally not the best places to put your money for the long term – interest rates are almost always lower than inflation, so your purchasing power is reduced.
“If you plan to put money aside for five years or more, you might be better off investing.”
Barclays said: “Savings are ideal for short-term or unexpected expenses such as holidays or a boiler failure. But if you want to build your wealth for the future, consider investing as stock markets tend to outperform cash over the longer term.”
Am I entitled to benefits?
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Many people are entitled to benefits without them knowing it, and some additional funds will be crucial in the months to come.
It was previously estimated that more than 7.5 million households are missing out on £15 billion in means-tested benefits each year.
These are most commonly the child tax credit, work tax credit, council tax support, and housing benefit.
You should check if you are eligible for each benefit and Money Saving Expert has a 10 minute calculator to check if you are eligible here.
https://www.mirror.co.uk/money/ways-save-money-bills-inflation-26539164 Ways to save money on bills when inflation hits worrying levels