As the cost of living rises, keeping on top of your money can become harder. From the increase of filling up your car, to rising energy bills and the price of everyday goods, money worries are at the front of everyone’s mind. While we’ve all heard of inflation, it can be hard to understand how it relates to everyday spending. Put simply, when the price of everyday essentials goes up, we call it inflation. As a result of inflation, money loses its real value over time as the overall costs of products increases.
Typically, the change in inflation is shown as a percentage. Take the current inflation rate as an example, which is set to peak at 11% by the end of the year. This is the highest level in over a decade; it is a challenging time for our finances. While inflation and the rising cost of living isn’t something we can control or even influence, we can take simple steps to work around them.
Stay on top of your spending
Here we have offered some simple but effective tips that you may find useful, no matter your personal situation.
Start a budget planner
Budgeting is the best way to stay in control of your finances and ensures that you have a clear picture of your regular outgoings and any debts. It helps you track how much money you’ve got coming in and where it’s being spent.
Tackle your debts
Consolidating multiple debts with a secured loan means one manageable, monthly payment, secured against your property, could be one such option. Secured loans usually have a much lower interest rate and can be great if you need to refinance, borrow additional funds, or simply consolidate debts.
Cut your energy spend
The energy price cap is predicted to sharply increase by 46% in October, meaning the cost of living is set to hit our wallets even harder. Taking simple steps such as turning your appliances off, rather than leaving them on standby, can save up to £55 on your energy bill each year.
Get support with your essential payments
When it comes to essential payments such as household essential bills including your rent or mortgage, water, gas, electricity and Council Tax there is help available. Speak to your supplier or local authority if you are worried about missing these payments, You may be eligible for special payment assistance.
If you’re struggling with your finances, would like some impartial advice, or want to raise additional funds, our Fluent advisers are always here for you.
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