Cost of Living Crisis: How to Manage Your Money Wisely
The cost of living crisis is something that is causing a tremendous amount of stress and anxiety, especially for those that are worried about how they will make ends meet over the winter months. It could be a difficult time for many, but there are always steps that you can take to improve your situation. Here are a few tips for managing your money wisely during this time.
Stick to a Budget
When times get tough, it is important that you have a budget that you can use to control your spending. You should look to cut back on discretionary spending to ensure that you can cover the essentials, such as rent/mortgage, food and utilities. It is also worth depositing money into a savings account if possible to build up an emergency fund that is easy to access.
Get What You Are Entitled to
It is also important to look at what you are entitled to from the government and through other schemes. You can use websites like Entitledto.co.uk to see what you are entitled to.
Check Your Tax Code
You also want to make sure that you are not overpaying tax during this time, so it is worth checking your tax code (this will be on your pay slip). You might even find that you are owed thousands!
Get Cashback
You will find that many credit and debit cards offer cash back on certain purchases and this could come in handy over winter. It might not be a huge amount, but every little counts, particularly in a time when many will be feeling the squeeze.
Be Energy Efficient
Energy costs are one of the main driving factors of the cost of living crisis. While this is outside of your control, you can save money by becoming more energy efficient. There are lots of ways to do this, including turning down the thermostat, taking shorter showers, turning off appliances when not in use and batch cooking meals.
Make Sure You Received £150 Rebate
Those living in band A-D properties should have received a £150 rebate for council tax, so make sure that you have received this. If not, you can follow up with the council to ensure that you get this money. The £400 energy discount will be made automatically by energy suppliers.
Make Use of Reward Cards
You should also make use of any rewards cards that you can get your hands on. Many big and small businesses reward loyal customers and every little will help over the winter months.
These 7 tips should make winter more manageable for you and help with the cost of living crisis. It is a worrying time and many households are already feeling the squeeze, but there are always things that you can do to lower your costs and weather the storm.