Wednesday 15th June 2022
As the cost of living soars throughout the UK, millions of people are already feeling the pinch.
From energy bills to grocery shopping, increased costs means that your money isn’t going as far as it used to.
Due to this, you’ll need to update your financial management strategies and find effective ways to manage your money.
To get started, take a look at these four ways to cope with rising costs:
1. Boost Your Income
If you can increase the amount of money you’re taking home each month, you can offset increasing costs and avoid getting into debt.
While most people would like to earn more, increasing your income could be easier than you think.
Talk to your boss about a salary increase, check whether you’re eligible for any financial support or consider starting a side hustle if you want to maximise your revenue and boost your income.
2. Avoid Auto-Renewals
Crucially, it isn’t just the cost of luxuries that are increasing; it’s the cost of everyday essentials too.
While it can be tricky to reduce these outgoings, you can make sure you’re not spending over the odds by stopping auto-renewals and researching every purchase instead.
When your car insurance is due for renewal, for example, don’t just let it auto-renew with the same company. Instead, run a car insurance comparison search to determine whether you can get better deals elsewhere.
With multiple providers available via just one car insurance comparison search, it’s a fast and efficient way to find out if you can reduce the cost of your bills.
3. Pay by Cash
As card payments and digital currency have become increasingly popular, few people pay for things by cash anymore.
However, it can be harder to keep track of what you’re spending when you always pay by card, which could mean that you exceed your budget or spend more than you want to.
When you’re out and about, withdraw cash to use for purchases and you’ll find it easier to monitor what you’re spending.
4. Explore New Hobbies
As families try to reduce their expenditure to cope with rising costs, it’s inevitable that most people will need to reduce their spending somewhere along the line.
Often, this means missing out on your usual hobbies or entertainment. If gym memberships, theatre shows, road trips or or meals out are no longer on the agenda, explore new hobbies to find low-cost activities.
Switch gym trips for running and avoid paying for a monthly subscription, for example. Alternatively, take up walking and explore your local area if you want to get out and about the summer.
From gardening and DIY to at-home dinner parties and online courses, there are plenty of inexpensive ways to keep yourself occupied.
Update Your Household Budget
Creating a household budget is the easiest way to manage your finances but be sure to update it on a regular basis.
By including all expenses and checking the accuracy of your data, you can ensure that your household budget is an effective way to track your outgoings and stay in control of your money.
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