As the cost of living and inflation in the UK is rising ever higher, many British families are experiencing exceptionally high energy, mortgage, insurance, and education costs. The energy cap freeze is set to end in April next year and for the almost 3 million children in low-income households, that could prove devastating.
Everything is getting more expensive, with the price of food rising by 14.6%, reaching its highest relative levels since 1980. There are also specific rises in stable foodstuffs like pasta, tea and vegetable oil that form the foundations of many meals for low-income families.
There are many options available to you in these difficult times, of course, but some are likely to be more difficult to follow than others. Here, we’ll focus on a few of the tips that families can start thinking about right now to soften the blow incoming in just a few short months.
Debt consolidation
Debt is a lot of things to a lot of people but one thing it can be that people who are not in debt seem to not realise is that it can be very complicated. This is particularly true if you have accrued a lot of different debts on a lot of different cards and accounts. Taking out a debt consolidation loan, however, allows you to compile all your debts into one loan with a manageable monthly payment. This payment can extend for up to 20 years, so if your debts seem unsurmountable, this could be a viable option to settle your worries.
Second jobs
We don’t necessarily mean taking out another full-time job on top of your existing full-time job. Few of us have the time or patience for that. But there are lots of small, little jobs you could be doing to build a little bit of money into your nest egg. This could be a joyful thing. You could, for example, turn your hobby into a job or perhaps even start a second job that could become your full-time job in the long run.
Shopping smart
When the Prime Minister is worth £730 million, it can feel a little insulting to be asked to tighten your purse strings but there is always something to be said for reevaluating your shopping habits. You might be surprised by how easy it is. Consider, for example, swapping out branded items with their own branded equivalents or choosing to cook more meals from scratch. If you have the time and a good freezer, you could even start batch cooking and setting up meals months in advance.
Saving energy
We’re hearing a lot from the news these days about cutting back on our energy bills and that can certainly help. But there are lots of little things you could also be doing such as using less water, shutting off the heating when you’re not at home and investing in insulation to keep warmth in.
