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As a result of the rising cost of living, the prices of commonly used items have skyrocketed in recent years. According to the most recent findings, more than nine in ten people are now concerned about the rising cost of living, and 89% have already noticed the effect on their budget.
Customers are particularly feeling the squeeze in their energy and grocery expenditures, and nearly six in ten believe that they will need to change their lifestyle in the coming year to counteract these price rises. Even while adjusting to new circumstances is never easy, this does not mean you cannot live your best life on a limited income.
What is causing the cost of living crisis?
Groceries
The rising cost of food has caused many people to focus their attention on grocery shopping. As a result, many individuals have already begun to modify their purchasing habits.
Consider planning meals in advance in addition to purchasing things off the supermarket’s own brand to reduce waste and get more out of the food you buy. Cooking in large batches and storing the food in the freezer will help achieve this goal and save much-needed time on hectic days. In addition, increasing the time you spend cooking in the kitchen has the additional benefit of allowing you to develop your talents as a cook.
Never go shopping while you are hungry since you will always be tempted to overbuy, which is a waste of money.
Energy
Since finding affordable energy tariffs at this time is nearly difficult, the most effective strategies for conserving money involve consuming less energy overall. There are myriad of methods by which you can accomplish this, and the good news is that doing so is beneficial to the health of the natural world. Dimmable LEDs consume approximately half the electricity that larger fluorescent ‘energy saving bulbs’ do.
If you spend the day in just one part of the house, there is no need to heat the entire house; instead, use thermostatic radiator valves to regulate the temperature in separate rooms and areas of the house. Turning your thermostat down by one degree can save you up to 4% on your monthly energy bill.
Adding draught-proofing to a normal house is yet another fantastic way to save money and will result in a lower monthly energy bill. Try cutting back on how much you use your appliances as well. For example, you could wash more clothes less frequently and on a cooler setting in the washing machine, reduce the amount of time you spend in the shower, do without a tumble dryer, and wait until the dishwasher is full before starting it.
Look at the luxuries
In response to the rise in the cost of living, approximately 39% of people have reduced their spending on luxury, and the same percentage have dropped the number of subscriptions they now have. In spite of the fact that this is an effort to save costs, it provides an opportunity to examine your expenditures and determine whether or not your on-demand television subscription or gym membership is truly worth the money, and before you download any expensive apps that tell you what do, make sure you look at these financial app reviews.
How To Combat the Cost of Living Crisis
Perform an overall “health check” on your finances. Not only will this help you save money, but it will also provide you with a sense of accomplishment that is hard to match. There is a possibility that you will discover unforeseen direct debits that you are able to stop without unduly restricting yourself.