So we’ve had Brexit and Covid to handle and this is the latest challenge the UK finds itself battling.
Confused and overwhelmed by the next battle that we’re facing?
What Exactly is the Cost of Living Crisis?
To put it simply it’s the decrease in disposable income in direct contrast with the sharp increase in inflation.
Why Has it Happened?
We won’t go into all the ins and outs here but suffice to say the 3 points below give a good indication
- Covid has a part to play of course. Since markets have reopened the demand has increased and so prices have risen
- The rise in energy costs has come about partly because of the horrendous conflict between Russia and Ukraine – the former being a major gas supplier across Europe
- The cost of food has increased because of the changing climate and the conflict.
- Archie Norman, the chairman of Marks & Spencer, explains that supply chain problems and surging energy costs caused by the war means it costs more for food manufacturers to make the products, and pricey petrol means that delivering the food to the shops costs more as well.
What Can You Do
Get a new (and better paying) job
We can help with this. Give us a call, Steven (07818566640) or Nikki (07824549403) or email nikki@harrisondear.co.uk or steven@harrisondear.co.uk
The jobs market is booming – Laura Howard, finance expert at Forbes Advisor explains that data from the ONS shows that, for the first time ever, there are more jobs than workers.
There’s literally no better time to look for a new role to advance both your career and plump up your wallet
Other helpful hints
- Check how your employer can help
From employee discount schemes (for transport deals, mortgage rates and so much more to introduce salary sacrifice schemes (to use for phones, dental and healthcare and pensions there are various ways employers can help you through this time.
Speak to your employer to see what they offer.
Most importantly, do not suffer in silence. There’s no reason to feel ashamed – anyone can find themselves in tricky circumstances (especially now) so go and see what support is available
- Look into fixing your energy bills
Look into possibly fixing them. Don’t just blindly do it – there are good deals and then not-so-good ones so always check on trusted paces such as MoneySavingExpert to see what would save you the most.
- Spring clean your bank account.
Take a close look through your direct debits and standing orders and cancel anything that you’re not using. It all adds up
- Homemade coffee and lunch
We all love a takeaway coffee – whether it’s the sweet smell of a fresh brew or just the fact that they have so many options that we don’t have at home (oat frappe with hazelnut syrup anyone?) It’s no wonder that grabbing a cuppa is popular.
But it’s a drain on your wallet – especially now so save your money and make your coffee (and lunch) at home. You’ll save calories as well!
- Declutter and SELL
Make like a minimalist (or at least take a step in the direction) and comb through your items and sell them. There’s a variety of ways to do this from eBay, Facebook Marketplace, Vinted and Gumtree and even Vintage Cash Cow which will actually pay you directly for your items and they’ll resell/recycle them for you
Now you have a tidy home and some cash to show for it!
- Look for price reductions at the supermarket
This isn’t necessarily limited to the price increases but makes even more sense now. Most supermarkets have some sort of sticker for lower-cost items to grab them and fill up your trolley. “Eat well for less”
As with anything – this too shall pass so we hope these tips are useful to you until then.
We’re all in it together.