The cost of living crisis has seen the price of our everyday essentials increase dramatically. People are extremely concerned about the higher cost of living, and many people are already noticing the effect on their finances. With energy and grocery bills rising, here are just a few ways that I am tackling the cost of living crisis, and some of my top tips to save money.
Save energy at home
One of the biggest worries we have today is the price of energy in our homes. Cheap energy tariffs are virtually impossible to find at the moment, so the best money saving tip I could advise is just to use less energy. There are many ways you can do this, and the great news is that it is also great for the environment. You can use dimmable LEDs to save about half of the energy that energy saving builds use.
You can also turn your thermostat down one degree to cut your bill by around 4% or £65 a year. If you are spending the day in just one room, there is no need to heat the entire house, instead use thermostatic radiator valves to set the temperature in different rooms.
Draught-proofing is another great way to bring down the energy bill in your home. You could also try reducing how much you use your appliances too, so wash more clothes less often and on a cooler setting in the washing machine. You can cut your shower time, avoid the tumble dryer and fill your dishwasher completely before putting it on. You can save around £55 a year just from turning off your TV, as it drains power even when on standby.
If you have a savings goal in mind, you can use SavingsCalculator.org to calculate your savings plan.
Plan your meals in advance
One of my best money saving tips is to plan your meals in advance, and if you want to be even more organised, you can batch cook your meals too to save time and money. You can also switch from buying more expensive, luxury brands in the supermarket to buying supermarket’s own brands, as these are much cheaper and it is also hard to tell the difference between the two.
Cancel services you don’t use
The next tip to try to help you save some money is to cancel any services and recurring purchases that you don’t use or can’t afford anymore. Sometimes these outgoings are typically things you enjoy, such as gym memberships, music apps or streaming services. But with the prices increasing, it can be hard to justify spending that amount of money on streaming apps, especially if you’re not using them to their full potential.
As most of these purchases can be direct debits, it is easy to forget that the money is even leaving your account, so it is important to make time to sit down and go through all of your recurring subscriptions.
Cut back on your petrol
Since petrol prices are at a record high, it is making it harder for people to commute, run errands and take their children to school. Despite this, there are a few ways you can save on the cost of petrol.
To avoid paying over the odds for petrol, it is important to shop around for the best deal. Typically, supermarkets have cheaper fuel prices which can help you save a few extra pounds on filling up your car. You can also drive your car more economically so use as little petrol as possible. Try to ease of the accelerator, change gears earlier and keep to the speed limit. By avoiding revving too much, speeding and turning or braking sharply, you can lower your cars fuel and energy consumption.