Beat price rises before they beat you

The Cost of Living is up

Heard the expression "You can't get blood from a stone?" It does seem to fit the current economic and energy crisis currently facing many people in U.K.

If you have some money coming in you may need to get creative to keep the wolves from your door!

Tightening your belt is another old expression but sometimes cutting back is not an option. If you only have enough money for the bare essentials you could be in trouble.

However there may be a few corners you can cut off your budget if you are money savvy and have some income.

British consumers are currently experiencing some food shortages and inflationary prices. It is a triple  whammy for some as incomes are also being squeezed with the triple lock on pensions abandoned, allegedly only for this year, and the £20 a week Universal Credit uplift scrapped. The latter often helps people in work who are on low incomes.

We can only hope that as P.M Boris Johnson claims, all the above are temporary issues.

Here are some tried and tested hints to help you survive this financial nightmare.

• Shop around. Prices can vary so much that shopping around is essential.
• If prices are rising at your usual supermarket see if you can buy cheaper elsewhere.
• Switch your diet around if possible. Many consumers stick with the same grocery products year upon year. There are so many foods out there to be discovered and enjoyed.
• Check out some cheaper brands. You may be pleasantly surprised.
• Watch out for shrinkflation. Some products are packed to deceive. The packaging may make your purchase look the same size as always but it could contain much less.
• A price hike added to shrinkflation can turn a regular buy into a rip off.
• Check labels for Use Before dates. Bulk buying is not cheaper if expiry dates are relatively soon.
• Buy offers when available and within your time frame.
• Try to cut transport costs by walking and or cycling more. Always consider your safety though. Buy weekly public transport passes if they work out cheaper than a single ticket.
• Claim any entitlement your are eligible for such as Council Tax rebate and Pension Credit.
• Cut back on additional lighting for example in a garden. Opt for good solar lights instead.
• Switch of appliances such as TVs at the socket when not in use.
• Turn your water and heating thermostats down just a fraction to save money.
• Check out your subscriptions. If you are not using Netflix anymore, for example, why subscribe to it.
• Switch utility providers or your energy deal to a better one if available.
• Buy a prepayment certificate to reduce the cost of prescriptions. That can save cash if you have a few regular medicines each month.
• If you are really struggling look out for local help such as a foodbank at a church. Items in charity shops are often a good buy too.
• Stop buying scratch cards and lottery tickets until your finances improve.
• Always consider your physical and mental well-being and look after yourself.

With some people likely to face whether to eat or heat their homes this coming winter it makes sense to start making changes now.

The above are just a few ideas to save money. However if your situation is dire get advice from an organisation such as The Citizens Advice Bureau. They can help you address bad debts that need urgent action.

Never simply ignore escalating debts and warning letters from creditors.

Check out Inflation Surge To Continue: Here Are 3 Reasons Why

---