5 Ways to Save During a Cost of Living Crisis

By applying these methods, you will no longer have to experience the struggles of budgeting like you used to.

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The cost of living is on the rise, and everyone is looking to save every penny. While it may not be sustainable, saving is the best way to get through these tough times.

With that mindset, the personal finance experts at My Favorite Voucher Codes have shared some money-saving methods in the context of increasing costs.

Julian House, the CEO of the website, says, “The cost of living crisis is a real threat to the people of the United Kingdom. Many feel helpless in this situation.”

“But currently, we can face the crisis in our own way.”

Be cautious with standby energy

Appliances on standby are the reason why electricity bills can skyrocket. According to experts, devices left on but not in use can cost an average UK household £147 per year.

However, dealing with them is not a big deal. The simple principle is if you don’t need them, turn them off.

Reduce driving speed

On average, driving five miles at 50 mph costs about £1. However, the same distance at 70 mph can increase costs by nearly 50%. Therefore, the faster you go, the more you spend.

Hunt for deals

Using discount codes and participating in online discount programs is a surefire way to save on a range of products, experiences, gifts, and more.

There are plenty of online websites to choose from, and there are always offers for the products you desire.

Consider heating devices

If you’re trying to cut costs a bit, then considering your heating system is worth paying attention to.

Experts say, “With the price cap rise in April, the average household’s usual bill falls around £1,971 per year.” Therefore, controlling expenses relies heavily on considering and evaluating each family’s heating equipment.

“A simple example is replacing the thermostat with an electric blanket to keep warm in the evening.”

Negotiate with suppliers

A survey conducted by Which earlier this year showed that bargaining for a broadband package can save an average of £85 per year, and a combined TV and broadband package can save £128 per year.

The research team said, “Negotiating may seem daunting, but don’t let that hinder your saving process.”

Tuan Tran (via Metro)

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Frequently asked questions

There are several ways to save money during tough economic times. Firstly, create a budget and stick to it. Track your expenses and cut back on unnecessary spending. Secondly, reduce your utility costs by conserving energy and water, and shop around for better insurance and subscription deals. You can also save by cooking at home instead of dining out, and by buying second-hand items or opting for cheaper alternatives.

To reduce utility costs, focus on conserving energy and water. Use energy-efficient light bulbs, unplug appliances when not in use, and adjust your thermostat settings. Also, fix any leaking faucets and only run your dishwasher or washing machine when they are fully loaded.

Cooking at home instead of dining out can significantly reduce your food expenses. Plan your meals ahead of time, create a grocery list, and stick to it when shopping. Buy in bulk and opt for cheaper, nutritious foods like oats, rice, and frozen vegetables. Growing your own herbs and vegetables can also save you money in the long run.

Yes, instead of buying new items, consider buying second-hand or refurbished goods. Opt for cheaper alternatives for certain products, like generic brands or store brands, which are often just as good as their pricier counterparts. You can also save by borrowing or renting items that you won’t use frequently.

Review your subscriptions and insurance policies regularly. Cancel any subscriptions you don’t need or use infrequently, and shop around for better deals on insurance. You may be able to bundle your insurance policies or find discounts for paying annually instead of monthly.

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