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The cost of living crisis is set to affect over 90% of people throughout the developed world, including the USA, the UK, and Canada. As such, you might need to change how you live.
Relocating to a Cheaper Home
This is never an easy one, but sometimes it’s necessary. Rent and mortgage are among the largest expenses you have. Yet relocating to somewhere more cost-effective has many benefits. First, you can find beautiful and cheaper houses in suburban areas, where travel costs are offset by your decreased premiums. Also, homes outside the city are at a much lower crime risk. And finally, you may have access to more activities, green space, and better air quality.
Switching Jobs for Higher Pay
Who wouldn’t like a higher-paying job? It’s something we all strive for as we work through our careers. But actually, leaving a job, even if it feels like you’re going nowhere, is very stressful. And given that 34% of people experience stress at work (survey by Mind), maybe you understandably just don’t want to add to it. But you will often find you have transferable skills and would be better suited, happier, and better paid at another job if you look for one.
Small Savings that Add Up
As the costs of pretty much everything, including oil, wheat, and wholesale energy, push consumer prices up, many of us are at breaking point. And all prices are set to increase further between October and January. But you can reduce costs by making small savings:
- Minimizing water, gas, and electricity use.
- Cutting on luxuries such as streaming services.
- Switching to off-brand food products.
You probably spend too much on most things. For example, you can save on energy and water by reducing the heat of your shower, bath, and thermostat by around 3 degrees. And streaming services are often a waste of money. Also, most off-brand food tastes the same.
Selling Your Car or Reducing Use
Having a car gives you much freedom, such as days out with the family. But it also ensures you can live life on your own terms by not dealing with the times of public transport. However, the cost of oil is driving up gasoline prices significantly, making cars more expensive than ever to own. So unless you need to drive a substantial distance each day, you could find using public transport is cheaper. And if you really need some cash for the winter, perhaps sell your vehicle.
Saving Money for Energy Bills
Wholesale energy prices, caused mainly by Putin’s war in Ukraine, are driving energy costs to staggering amounts. The UK was recently informed of an 80% increase beginning in October, with more to follow in January. And this is after another recent increase causing energy poverty. Therefore, to offset some of the costs of heating this winter, it might be a good idea to start saving for your energy bills. If you have the money, put it away for energy rather than a holiday.
We are all feeling the pinch of the cost of living crisis. Yet you can help yourself by considering a home or job move, changing your lifestyle a little, and putting money away for energy costs.