Don't have time to read this blog? Our Head of Financial Education, Jason Butler has summarised the key takeaways for you in this short video.Inflation & The Cost of Living Squeeze
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The UK economy is still in recovery mode - since restrictions eased and people started spending again, companies have been struggling to keep up with the demand.
This caused prices to rise during 2021 - particularly for items imported from abroad. Now in 2022, we have seen world events that have resulted in further issues in accessing products which means we have seen an increase in the annual rate of inflation.
So, what can I do about it?
The best way to combat inflation is to get on the front foot and plan ahead by following a few simple steps.
Creating a spending plan
This will allow you to see a full picture of your spending - you’ll be able to understand your true ingoing and outgoings and you’ll be able to see if and where you can potentially save. Our Smart Spending System may be a good place to start in helping you understand your expenses and what you spend your money on.
Cut down on unnecessary expenses
While no one wants to think about depriving themselves of fun (after all, we’ve not been up to much for the last 2 years!) but with prices rising, we need to be really thoughtful about where we’re spending money. We all probably have expenses we don't need - these could be anything from unwanted subscriptions or just spending the time to make sure you’re getting the best deal possible on broadband, insurance and mortgages.
Check what you’re entitled to
Are you making the most of the state and employee benefits that are available to you? If your employer offers any deals and discounts, you may be able to get money off your food shopping or get access to a better phone contract deal.
You can also get free personal money advice from your local citizens’ advice bureau if you need more detailed support with your finances.
Find out more about the products you can access through your employer by visiting Salary Finance
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