Millions of people across the UK are struggling to make necessary expenses, and more people are beginning to fall behind on their payments as a result of the cost of living crisis. Here at Citizens Advice, we are here to help.
As we all know, prices are significantly increasing across the UK, and you’re not the only one who may be worrying about the rising cost of living. We understand the worry and stress that people are facing during this time, and even though you may feel powerless in the face of mounting expenses, there are many money-saving strategies that can help you navigate through the cost of living crisis. Just remember that prices and revenues will eventually stabilise, so you’re experiencing won’t continue permanently. The greatest course of action during this time is to efficiently manage your finances, and seek all the help and advice that you need along the way.
What can you do to reduce the financial burden of this crisis?
Create a budget and identify your most important expenses-
Making a budget is the first step to taking control of your finances. It is a good idea to know how much money you are bringing in and how much you are spending each month by creating a financial plan. Get started and create a list of all your sources of income and expenditure. This not only allows you to identify how much money you are spending each month, it can also help you identify ways to reduce costs. Remember to review and evaluate your financial plan frequently to ensure financial security.
Explore ways to reduce costs-
During the rising cost of living crisis, we are all looking for ways to reduce costs. Even though costs are rising all around, you still have control over how much money you spend. There are many different ways to reduce costs, such as being more energy efficient, reviewing your monthly subscriptions, and make sure to shop around for the best providers for all your expenditures!
Look to increase your monthly income-
If cost-cutting is a struggle, you may consider additional income opportunities. For instance, working towards a pay-rise or promotion, or exploring other job options, and remember to sell any items you no longer need or use!
Keep an emergency fund-
Many discover that while their spending plan works a daily basis, it becomes troublesome when the unexpected occurs. Without an emergency fund, dealing with unexpected expenses can be challenging. Keeping a cash reserve will mean that these unforeseen expenses will be much less of a financial burden.
For more information, help and advice on how to navigate the cost of living crisis, visit our website here. At Citizens Advice Cardiff & Vale, provide free, confidential and impartial information and advice to residents throughout the whole of Wales. For jargon free help and advice, please visit us at Citizens Advice or Contact Us here.
