How to handle the rising cost of living

How to handle the rising cost of living

It’s undeniably big news right now that the cost of living and inflation are both rising quickly, and it’s putting huge pressure on people right now when it comes to their bills and spending.

There are a number of reasons for these inflationary pressures, not least that the cost of wholesale gas and energy has risen around the world due to an increase in demand and global instability.

Secondary to this is an issue with global supply chains that has meant a struggle in importing some of our favourite or most important items, therefore increasing the cost of production.

Finally, with Brexit has come an increase in paperwork and import regulations, increasing the time and cost of importing goods from the EU.

Ultimately, these increases tend to put more pressure on renters than landlords, so we’ve decided to put together a short guide of how you can try and navigate the rise in living costs.

Here are a few things you can do to try and mitigate the pressure.

Create or adjust your budget

Budgeting is one of the most important tools many have in managing their personal finances, and the exercise of organising your spending into a list or spreadsheet can have a positive mental impact by organising and visualising your costs and expenditure.

In very simple terms, you need to add up what your income is, and then list your outgoings and bills.

If you’re reorganising your finances you might be surprised by some of the outgoings you weren’t aware of, such as old gym memberships you forgot to cancel, or you might realise that some of your bills have gone up due to going out of contract.

Getting on top of your finances and budget is a key first step towards managing the increasing pressure.

Use cashback sites

Now that you’re aware of all of your outgoings and have a set budget, it’s time to start looking into how to increase this budget. One option is cashback sites.

Some of the top cashback websites such as Topcashback and Quidco offer hundreds of pounds in rewards for when you’re shopping around for things such as broadband, TV, car insurance or utilities.

Even if you’re looking for travel insurance, you may be able to earn an easy £5 or £10, and it soon racks up over the course of the year, and can total big money if you use them consistently.

Consider boosting your income

There are tons of things you can do to try and boost your income in your spare time, such as joining research sites that pay you to take surveys, sell your unwanted possessions or even write an E-book on something you’ve got a skill in.

Martin Lewis and Save the student have a great guide to boosting your income through the internet, and you could even consider becoming a Tik-Tok creator.

Speak to an expert before moving home

If you’re looking at moving home then it certainly pays to speak to an expert first so that you can get advice on the best value for money.

As a letting agent with years of experience we can help you with your property search considering things like space, energy efficiency, value for money and anything else you might need.

Find your closest branch here and give us a call today!

Spread the word:

Register for updates

Register for updates, offers, events & more