In case you didn’t notice (you definitely did), there’s a cost-of-living crisis going on. The back end of
2022 has seen the UK’s economy thrust into one of the worst spots it’s been in for some time. That’s
thanks to a variety of factors including ongoing inflation versus wage disparities, the Russia-Ukraine
conflict and the aftermath of a certain ‘mini-budget’ from the now-former prime minister, Liz Truss.
Whatever the causes behind the scenes, the reality is that times are seriously tough for the average
person at the moment. Here’s what you can be doing to save money at a time when it’s essential for
you to look after your finances as best you can.
Keeping warm without upping your energy bills
Energy bills are soaring right now. IMF analysis found that the poorest 10% of UK households a
expected to spend 17.8% of their budget on energy in 2022, making us the worst hit in Europe when
it comes to rising energy costs.
How can you get around these spiraling costs? The obvious suggestion is the get wrapped up and
underneath a blanket instead of sticking your heating on, but you’ve heard that before. Hello! put
together a rather handy list of ten literal housewarming tips that go beyond the normal suggestions
and could actually make a difference.
Tactical transport use
We live in a post-pandemic world where working-from-home arrangements have become the norm
for many. If you’re one of those people – particularly if you’re working a hybrid arrangement where
you’re sometimes in the office and sometimes not – look at sticking at home more often to limit
your transport use and the costs that come with it.
If you do need to get into the office, think about how best you can save money on transport. For
example, it may often be cheaper to hop on the train than take the car and park. Moreover, if you’re
already a regular train user, can you make your travel cheaper by buying two singles rather than a
return?
Get serious about your savings and savvy with your shopping
Saving at a time like this? Certainly easier said than done, but if you are finding yourself with any
excess at the end of the month, there’s no better time than now to start building a fund for
whatever emergencies or life goals you have up ahead.
One way in which you may be able to start saving is by reviewing your shopping habits. If you’re
finding money tight, now is the time to embrace value own-brands, bulk buying and freezing mass-
produced meals. Smarter shopping goes hand in hand with easier saving, even if you can’t make the
latter happen right now.
Check you’re on the best energy deal
Energy prices are going to be stiff no matter what, but you can make sure they’re as affordable as
they can be. As Citizen’s Advice suggests, you may find a variable tariff is better than a fixed one, or
vice versa depending on the supplier you’re with. The only way to know is by finding out, so get
comparing and secure the best deal of an admittedly bad bunch.
Unfortunately, it doesn’t look like the cost-of-living crisis is going away anytime soon. So, making
sure your finances are in check as best they can be during this period is essential. The tips above will
help you do that, as we head into a hopefully brighter economic time in 2023.
