It’s no secret that life is getting tough for Brits these days. Energy prices have sky-rocketed, fuel prices have gone up substantially this year alone, yet many people’s wages haven’t increased to match the higher cost of living.
While you might think that’s a depressing thought, and there’s probably nothing you can do about it, the truth is you’ve got plenty of ways to make your money go further in 2022.
Don’t worry: you don’t need to rob a bank or do anything as ridiculous to improve your financial prospects! You might not realise it, but there are several simple ways to stretch your income without making significant sacrifices. Here’s what you can do:
- Review All Of Your Spending
- Be Smart About Your Food Shopping
- Do Something About Your Debt
- Lower Your Energy Usage
- Do A Side Gig From Home
If you haven’t already done so, compile a list of your regular outgoings and work out how you can reduce or get rid of them entirely.
Everyone pays for essentials like food, rent or mortgages, and utility bills. However, there are non-essential bills that you could renegotiate or remove.
For example, you could cancel little-used streaming media subscriptions, gym memberships, and memberships to clubs or societies that you seldom attend.
Food is sadly one of the areas where everyone is paying more than they used to, so it’s worth reviewing your food shopping habits to make things more affordable.
One idea is to split your food shopping, so you buy the things you need from two or more supermarkets. You could purchase most of what you need from a discount supermarket like Aldi or Lidl, and everything else from somewhere like Asda or Tesco.
If you’re struggling to make ends meet, and the primary reason is your debt, it’s time to look at some debt management solutions. You might not realise it, but there are plenty of options that will give you more financial breathing space.
The solutions you consider will ultimately depend on your circumstances and the amount of debt you owe, so it’s worth seeking professional advice on the subject before making any decisions.
It’s no secret that gas and electricity prices have almost doubled for many households this year. People don’t have much choice but to pay those increased utility costs, but there are some things you can do to lower the amount of energy your household uses.
Examples include turning down the heating thermostat in your home and asking householders to wear more layers during the colder months, upgrading to LED lighting in your home, and getting your loft and cavity walls insulated.
One final way to ease the rising cost of living in your home and make your money go further in 2022 is by considering a side gig. There are hundreds, if not thousands of ways to make some extra money using nothing more than your computer and an Internet connection.
Thanks for reading – and good luck!
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.