Driven by wars, pandemics and political reasons, prices are rising at rates we haven’t seen since the 1970s – fuel, gas, electricity, broadband, water, council tax, food and more…
Some of the factors driving the current spike in prices include:
- High demand for oil and gas: Due to the uncertainty of supply and the Ukraine conflict pushing energy prices up across the globe.
- Governments printing more money, and financially supporting citizens during the pandemic, by reducing; VAT, stamp duty, providing interest-free loans, plus lots more.
- Shortages in staff across many sectors, especially in hospitality, transport and events. This is partly due to the pandemic but also compounded by world events such as the Ukraine war and Brexit, which saw many foreign workers leave and move back to their motherland.
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Turning down the heating
Turning down the thermostat and reducing the heat coming into the house can definitely be helpful in saving money. Even turning the thermostat down at night for an 8+ hour period while everyone is sleeping will save money. Just remember that it will be colder in the home while sleeping, so be prepared for that and get under the covers!
Some Gas and electric companies can provide your home with smart meters. These devices are amazing and allow the user to check up on the gas and electricity being used.
When reducing the heat in your house be mindful of who it may affect. Turning down the heating may save money but it may cause distress for older people, or those with asthma and other health conditions.
Also, not heating your home properly can contribute to damp issues and frozen pipes. Fixing problems can become very costly.
Finding alternatives to heating the house
An alternative to heating the house is heating yourself. There are many products that may help with the transition to reduce heating costs. Some of these items include; hot water bottles, microwavable wheat bags and USB hand warmers and finally layering up clothes! Maybe leave the house, and experience camping!
Layering up clothes to keep warm
If you want to stay warm, mountain warehouse offers some excellent advice on layering up. Although the advice is aimed at people actively doing activities outside such as hiking, skiing and so on, the principles of layering clothes remain the same and there’s no reason why you cannot replicate them indoors.
The best part about layering up is that you can do it with clothes you or your partner already own.
Eating and drinking regularly
The NHS recommend eating and drinking regularly. Not only does this help you keep warm, but it also keeps you alert, Boosts immunity and keeps you healthy.
I’m always making homemade soup, which saves me a lot of money. Vegetables filled with vitamins and other ingredients for the soup can be found in the reduced isles in supermarkets.
Keeping your feet warm
If your feet are cold, it’s likely the rest of you will feel cold as well. So wearing slippers are an essential part of staying warm inside, particularly if you have wooden floors.
You can buy slippers for as little as £2.50 on Amazon. Slippers that enclose your feet will keep more insolated. Here are a few choices of slippers and places to buy them.
If you are not that keen on slippers; raising your feet up on a stool or similar can help them stay that little bit warmer.
Saving money by walking
Walking is a great way to save money. It’s free, and you don’t need any special equipment. You can walk anywhere, anytime. Walking is also good for your health. It helps you stay fit and reduces stress as well as other mental health issues. And if you walk with friends, you can save on gas and parking fees. Walking is a great way to save money and get healthy at the same time. So put on your walking shoes and start exploring your neighbourhood today and experience the great outdoors again!.
Cancelling those unused subscriptions
Most people have reoccurring subscriptions that deduct money from their bank account each month. It’s a great idea to scan through bank statements line by line and Cancel the ones that you no longer use or feel are too expensive. Downgrading subscriptions can also save you a handful of money.
If you haven’t used any of the services that you are subscribed to in the past month, it’s probably worth cancelling. Also, be on the lookout for any free trials you forgot to cancel. Most free trials automatically renew and charge you the full price.
Other ways to tackle the higher costs.
The cost of living seems to be constantly on the rise, making it harder and harder to save money and tackle the higher costs. Here are a few obvious things you can do.
Cooking at home more often is a great way to save money. Eating out can be expensive, and it’s often not as healthy as cooking your own meals. Another way is to cut back on unnecessary expenses, like buying new clothes or getting your hair done. If you can save even a little bit each month, it can make a big difference in the long run. And lastly, try to take advantage of sales and discounts whenever possible. By being smart about your spending, you can help offset the rising cost of living and keep more money in your pocket.
More tips on how you can save money on unnecessary things can be found here.