Rising Cost of Living Money Saving Tips
The rising cost of living is a topic no household can afford to ignore.
With energy bills soaring, the price of fuel rocketing, and a weekly shopping trip to Iceland now costing almost as much as a holiday to Iceland; households are feeling the pinch. Throw into the mix rising mortgage interest rates, never-ending tax hikes, and no sign of all this inflation slowing; it’s easy to see why people are beginning to tighten their belts a little more.
The reasons behind this current cost of living crisis are wide ranging. An economy recovering from the pandemic, the war in Ukraine, supply chain issues impacting food and gas. All these things have come together at the same time to create a perfect rising cost of living storm.
Thankfully, PCCU is here to help you weather whatever the next few months may bring, starting with our top 10 money-saving tips.
- Choose energy-efficient appliances. If you’re looking at replacing an old dishwasher, washing machine or fridge freezer, try and go green. An energy-efficient tumble dryer can save you in the region of £100 a year. You could save another £100 a year just by turning your thermostat down by 1 degree as well. And if you’re fed up of feeling the chill at night, fill up a hot bottle and place it under your bed covers 30 minutes before you turn in.
- Find the cheapest fuel in your area. Don’t let rising fuel prices drive you to despair. Take a trip to petrolprices and find out which garage in your area is selling the cheapest fuel. For those who travel to and from work every day in their car or van, this is an invaluable resource that doesn’t cost a penny.
- Cancel your gym membership. Keeping in tip-top condition is incredibly important, but you don’t need to be weighed down by monthly gym membership fees just to stay fit and active. Arrange a weekly walk with friends. Try out your local parkrun. Why not see if your work has a Cycle to Work Scheme you can take advantage of?
- Shop around. From eggs through to chicken breasts, the price of everyday food items is continually climbing. Every month, consumer watchdog Which? carries out a price comparison to see how much the UK’s biggest supermarkets charge for a trolley of groceries. As well as keeping an eye on this, don’t dismiss supermarkets’ own brands, buy in bulk, and use vouchers or discount codes where possible.
- Cancel direct debits for unused services. We’re spending more than ever on subscriptions, but are you getting the most use out of them? Take a look over your last bank statement and make a note of where your money is going. You may be surprised to see you’re still paying for a certain subscription, or it may just be that you forgot to log back in and cancel after a free trial period. Always terminate your subscription first before cancelling a direct debit.
- Go incognito. Opening up the privacy browsing tab on your computer or phone isn’t just for security purposes, it can also be a fantastic money-saving tool. Going incognito stops companies from tracking your digital habits and putting prices up. It also reduces temptation by blocking online retailers from bombarding you with targeted advertising.
- Claim working from home tax relief. For anybody still working from home as a result of the pandemic, try claiming expenses in the form of HMRC tax relief. Anyone required to work from home can apply for the whole 2020/21 tax year, even if you only worked from home for just one day. This could be worth up to £140 for some.
- Set yourself little saving goals. Start off by identifying and eliminating a small cost, something that saves you £5 a week. It might be eating out for lunch one day at work, or a coffee you treat yourself to in the morning. Transfer the £5 into a separate account, and use this as a contingency fund.
- Check whether you are receiving all the support and benefits you are entitled to by clicking here.
- Contact your local council for advice. The £150 council tax rebate is going to offer households some financial respite, but if you’re still worried about the rising cost of living, contact your local authority who may be able to signpost you towards a body that can assist further.
PCCU may not be able to stop the rising cost of living, but our friendly and knowledgeable staff are always on hand to help you manage your finances better whether that be by building savings, organising your finances or borrowing money affordably. Contact us today on 01282 691 333.