Cost of Living Crisis: Where To Find Support
Posted on 21st June 2023 at 14:45
As of May 2023, inflation has risen to 8.7%. Given the likelihood of this situation remaining unchanged, many individuals are struggling to make ends meet. Many individuals are unaware of where to seek assistance or how to go about it.
What is the Cost of Living Crisis?
The term "cost of living crisis" describes the decline in "real" disposable incomes, which takes into account inflation, taxes, and benefits, that the United Kingdom has faced since late 2021
What is Inflation And How Is It Measured?
Inflation refers to the gradual rise in the price of goods or services over a period of time.
The BBC revealed that the Office for National Statistics (ONS) monitors the prices of numerous common items within a hypothetical "basket of goods." This basket is regularly revised to align with consumer shopping patterns, and the latest adjustments involve the inclusion of frozen berries while removing Alcopops.
Cost of Living Support
There are multiple ways to get support with your finances during the Cost of Living Crisis. These include:
- Gov.uk: Gov.uk offer cost of living support. This includes income and disability benefits, bills and allowances, childcare, housing and travel.
- Age UK: At Age UK, they offer information that can help you feel more in control of your finances. As well as providing articles explaining what support you could be eligible for.
- Citizens Advice: If you are struggling to afford essentials such as food and bills, Citizens Advice can help. Here, you can receive assistance for any challenges related to debt or savings. Additionally, you can learn more about food banks, and locate the nearest one to your location
5 Tips For Budgeting During The Cost Of Living Crisis
- Use the 50-20-30 rule: Utilising this approach, 50% of your income is allocated to cover household bills, while 20% is designated for savings or debt repayment. The remaining 30% is reserved for other expenses.
- Sell unwanted items: By utilising apps like Vinted or Depop, you have the opportunity to sell unneeded items like clothing, games, toys, and more, thereby generating additional income.
- Track your triggers: Acknowledge where all your money is going. Is it on buying lunch instead of bringing it to work? Is it on takeaways? Is it on clothes? Once you have tracked this, limit yourself or cut out certain items.
- Turn down your thermostat:Nearly 50% of the expenses related to energy bills are attributed to heating and hot water usage. By reducing your heating by a mere one degree, you have the potential to save up to £80 annually.
- Haggle: If you notice an increase in your bill or if you are approaching the end of a promotional deal, switching providers is not the sole method for reducing costs. Another option is to engage in haggling to negotiate the best deal available.
Dragonfly Financial Services: Doncaster Mortgage Broker
If you are looking to buy a home in Doncaster, consider working with a local mortgage broker to help you find the best mortgage product for your unique needs and circumstances, such as navigating the mortgage process as a single parent.
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