Published On: Sat, Nov 12th, 2016

Pounds & Pennies – What to do if You’re Struggling With the Cost of Living

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So many families in Britain are struggling with the cost of living these days. There never seems to be enough money to go around. And that’s why it’s important to try to come up with solutions to this problem. If you’re struggling with the cost of living, you need to look at ways to reduce cost and work towards financial stability. Here are a few solutions you may like to consider to help you going forward.

Start Saving Money

It’s easy to say that you need to start saving money more, but this is a fact. You have to understand that the cost of living is tough, and it’s not going to get easier unless you have a safety net to fall back on. And that’s why it’s so crucial to have savings in place. Understandably, it can be more difficult to make savings these days than you might think. UK families are making savings of around £100 per month, but this isn’t enough for a lot of families. You need to consider how to generate more money and pays off immediate debts, so you are in a healthier position going to forward. You may consider a payday loan from Cashfloat, investment opportunities, or other methods of bringing in more cash. These will help you deal with immediate financial obligations, and focus on trying to save in the future.

Turn into a Frugal Family

You have to look at the best ways of cutting costs and saving valuable money. And one of the best things you can do to achieve this is to turn into a frugal family. That means getting everyone into the mindset of saving and being economical. You can do this by way of coupons, shopping the sales, and upcycling. Trying to get the kids into the mindset of saving is going to be tricky, but it’s definitely doable. Frugal families are always penny-conscious. And this can translate to anything from turning the power off at home to coming up with a strict family budget. It might be difficult to do this at first, but it will save you a lot of money in the long run. So you need to focus all your energy on becoming a more frugal family as much as you can.

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Downsize Your Home

Sometimes the expenses in your life can simply become overwhelming. And you may reach a stage where you find that your mortgage or rental costs are becoming too much. When this happens, you need to consider the prospect of downsizing and moving somewhere cheaper. This is an extreme but highly effective way of saving good money and slashing living costs. The fact of the matter is that the cost of homes is increasing, and the price of living is becoming less affordable. So, downsizing presents an affordable and comfortable alternative to this. You can free up a lot of money through downsizing effectively, so you definitely need to consider this as an option.

Stop Using the Car

If there’s one thing in your life that’s going to cause you to haemorrhage money, it’s your car. And that’s why you have to stop using it as soon as possible. At the very least you need to cut down on your usage where you can. The thing is, for a lot of families it may not be possible to stop using the car. You may need it for work, for the school run, and for emergencies. But, you can certainly reduce the usage of your car in order to save valuable money each month. Think about initiating lift shares with neighbours or friends. Switch to an electric car if you really want the long-term benefits. You might even choose to have a day where you use public transport, cycle, or walk. You may be shocked at how much money you can save monthly by cutting car costs.

Avoid Eating Out

Eating out is something a lot of people love to do these days. It’s a great opportunity to treat yourself, get dressed up, and save yourself having to cook! But, you also need to understand that eating out is an expense. It’s particularly expensive if you have kids to feed as well. This is one of the things you need to cut out if you are looking to save yourself money. Even a family of 5 eating out once a month can cost around £100+. This is a lot of money that could be spent on other, more important things. So, start eating in more often, and try to make it a little more exciting and fun. You could have themed nights, or you could alternate with the cooking. Maybe even let the kids do a meal – supervised of course!

There are so many reasons you might be struggling to make ends meet these days. And you need to understand the importance of personal financial security. If you are struggling to make ends meet, then you mustn’t worry. There’s still plenty you can do to help you through this tough time. Make sure you look at cutting costs, saving better, and getting a handle on what is important financially.

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