With Brexit bringing uncertainty and a falling pound, the cost of living has increased impacting how much households are paying for goods and services. Quick Loans Express brings you tips and tricks to beat the cost of living increase

Cost of Living Increase in 2019

The average cost of living has increased in recent years and is expected to continue to rise for the foreseeable future. In this article we give handy tips for anyone having money problems because of the cost of living increase including:

  • Budget for the week/month
  • Making cuts in your energy bills
  • Shop smartly
  • Cutting down on TV, broadband and mobile bills
  • Reduce your transport costs
  • Whether your personal expenditure is really necessary

If you’re struggling to get by, how can you manage your finances so you don’t face a short-fall during the month which you may need to apply for a short term loan direct lender? In this article, we give advice to keep your finances on track and then concentrate on your monthly outgoings. From groceries to energy bills, we give some useful money-saving tips.

Budget for the Week/Month

The key to keeping your finances on track is to make sure you have a budget in place. Once you’ve calculated your monthly outgoings for your priority bills such as housing and food, work out how much you’re left with. Divide this by 4 to get a figure that you should stick to for your weekly expenses. You may find that one week is more expensive than another. Keeping this figure in mind will allow you to cut down on the following week’s expenses so you aren’t left with a short-fall nearer payday.

Go through all your outgoings one by one and see how you can make cuts across the board. Don’t take anything for granted. For every single item of expenditure, ask yourself how you can bring the price down. The following tips will give you some ideas but you’ll be sure to think of some more.

Making Cuts in your Energy Bills

Check the tariff for your energy bills and make sure that you aren’t on a SVT (Standard Variable Tariff). This is the default tariff for when your deal comes to an end and/or you haven’t changed energy providers. It can cost you hundreds of pounds extra a year to be on a SVT.

Start by researching deals on price comparison sites. Ofgem (the regulator of the energy industry) estimate that you could save up to £300 per year by changing energy providers.

Once you’re on a more economical deal, make efforts to reduce your energy consumption. Small, inexpensive changes like installing draught excluders or turning off appliances at the plug (instead of keeping them on standby) can all help to cut your bills. According to OvoEnergy, putting the thermostat of your heating down by 1 degree centigrade can reduce your energy use by 10%.

Shop Smartly

There are many ways to reduce the amount you pay for your weekly supermarket shop. Before leaving home, checking cupboards and drawing up a shopping list will prevent buying food that later gets thrown away.

Instead of buying pre-cooked portions of food, always cook from scratch. There are many recipes online if you aren’t a confident cook. Some of them give you ideas from the contents of your cupboards or fridge/freezer. Ask the butcher about budget-friendly cuts of meat and ask advice about how to cook it. You could also replace some of the meat in your diet with cheaper alternatives such as vegetables or pulses.

Get into the habit of cooking in bulk and then freezing the extra portions. This will come in handy on workdays when you’re simply too tired to cook. It will save you a fortune on ordering takeaways.

Buying supermarket brand products instead of household names can also cut your grocery bill. Look out for special offers on products you’d buy anyway or keep an eye out for products in the reduced aisle. They could give you ideas of things to cook using leftovers you already have in the fridge.

Cutting Down on TV, Broadband and Mobile Bills

Do you really need all those channels on your TV? If not, you could save money by having a cheaper service.

In the same way that you checked out the best deals for your energy needs, do exactly the same for your broadband and mobile contracts. Are you on the best possible deal and does it meet your needs? Check out what’s available on price comparison sites and if necessary, switch phone provider.

Reduce your Transport Costs

According to ONS data, the average price rise in transport costs is higher than inflation, standing at 4.5%. Think about ways you could make cuts in your transport costs. From alternative means of transport such as bicycles to looking into the possibility of carpooling to your job, try to reduce your transport costs. Although it’s tempting to use the car for every single journey, try to walk as much as you can. Not only will you save money but you’ll also keep in shape. Maybe you then won’t need that expensive gym membership after all!

Is Your Personal Expenditure Really Necessary?

The biggest cuts to help the cost of living increase pressure can be made in your non-essential spending. From clothes shopping to socialising, there are many ways to help your salary go that little bit further. List every item you buy over the course of a week and look at ways to save money.

Cutting down on the number of takeaway coffees, bringing lunch from home and only purchasing clothes in the sales are changes in your spending habits that will leave you with more money in your pocket.

Cost of Living Increase

There’s no doubt that the increased cost of living has hit many households hard in the UK. If you don’t change your spending habits, there’s a real danger that your money won’t last till the end of the month and you have to rely on small loans with bad credit. In this case, you may have no other choice than to resort to the helping hand offered by a payday loan. However, this can make it more difficult to get by the following month. With a budget in place and a thorough examination of all expenditure, you can cope with rising costs and save money.

Crystal Evans
Crystal is a Web Content Manager with a passion for helping others. A Marketing Specialist by trade, Crystal’s first job was in the financial sector and she has been adding verve to personal finance ever since! When in high school, Crystal enjoyed creating revision notes and study aids for her peers – making concepts Crystal Clear. She continues this practice in the post-university School of Life – channelling her love of sharing information into blogging about personal finance

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