The cost-of-living crisis is a major issue in the UK right now, with many people struggling to manage. With inflation seeing the cost of just about everything going up and many people experiencing stagnating wages, people are seeing their quality of life suffer, and many families and households are finding themselves having to make tough decisions. Therefore, it is helpful to be aware of a few tips for managing during this challenging period that will hopefully prove to be useful and help you to manage as well as reduce some of the stress that many are feeling right now.
See What Support Is Available
First, you want to make sure that you are getting all of the financial support that you are entitled to. There are a number of schemes available that can help with bills, childcare and housing, as well as income support for those on benefits. You can check the government website to see what you are entitled to. You should also be wary of scams, as these are (unfortunately) an issue right now.
Take the Downshift Challenge
For many people, it is the cost of food that is a cause for concern, with food prices rising but food being an essential cost. Fortunately, there are lots of good ways to make savings on your food, including shopping at cheaper supermarkets. Personal finance guru Martin Lewis has also created the “Downshift Challenge”, which involves dropping one brand level on all supermarket products – it is said that this could save you 30% annually!
Look at Spare Rooms to Rent
Many people find themselves in a living situation that is not sustainable. If you are worried about how you are going to be able to keep up with rent, bills and other essential costs, then you may want to look into renting a spare room. Renting a spare room in a house share or private house would slash your housing costs and give you more breathing room. Even if it was just for a few months, this could make a big difference because your rent and bills will be far cheaper when split. You can easily browse rooms to rent in the UK online, which will help you find something within your budget in the area that you are looking for.
Find Ways to Increase Income
To combat rising inflation, you may want to look into ways to increase your income – this should help you to maintain your standard of living and even increase it when inflation comes back down (predicted to be later in the year). There are many ways to earn more money, such as:
- Asking for a raise
- Getting a part-time job
- Starting a side hustle
- Selling unwanted possessions
- Retraining
- Moving to another job
If you are struggling with the cost-of-living crisis, hopefully the advice in this post will be useful. It is a tough time, and many households are struggling to make ends meet, but there are always things you can do to improve your situation, with these being some of the best steps to take.