The cost of living crisis is affecting many UK citizens. Inflation is at 9% and rising, while GDP has stagnated. This means that prices for essential items like food and oil are on the rise, putting a squeeze on people’s budgets.
Fortunately, there are ways to save money and mitigate the effects of the cost of living crisis. Money Saving Expert is a great resource for tips on how to save money on everyday expenses. Metro has articles on how to budget and make the most of your money and here at Talk Business, we can help with our advice on how businesses and consumers can cut their costs.
So, what can you do to save money and cope with the cost of living crisis? Here are some tips:
1. Build up a strong credit score
Your credit score is important for more than just taking out loans – it can also affect your ability to get a mortgage, rent a property, or even get a mobile phone contract. A good credit score means you’re seen as a low-risk customer by lenders, and this can save you money in the long run. You can check your credit score for free with sites like Noddle and ClearScore.
2. Compare the market for the best deals
Whether you’re looking for a new energy supplier, insurance provider, or mobile phone contract, it’s always worth shopping around to get the best deal. Comparison sites like uSwitch and GoCompare make it easy to compare deals and find the cheapest option.
3. Spend more time planning food shops and make savings on using food delivery services like Gousto
Meal planning can help you save money on your grocery bill, as well as waste less food. There are plenty of resources online to help you get started, including recipes and meal ideas.
4. Get cashback on your spending
There are a number of ways to get cashback on your everyday spending, from using a cashback credit card to signing up for loyalty schemes like Nectar. This can help you to offset the cost of essentials like food and travel.
5. Use fuel price comparison sites to avoid overpaying for petrol
Fuel prices can fluctuate, so it’s worth using a fuel price comparison site to find the cheapest petrol station near you. This can save you money every time you fill up your car.
By following these tips, you can save money and ease the pressure of the cost of living crisis. For more advice on how to budget and make the most of your money, check out our articles on Talk Business.