Many households are feeling the squeeze right now as a result of the cost-of-living crisis. It seems that just about everything is more expensive right now, but skyrocketing food costs are causing a great deal of concern for parents as expensive grocery bills can put a real strain on a household’s weekly and monthly finances.
Why is UK Inflation the Highest in Europe?
Inflation is indeed high all over Europe and the world right now, but the UK inflation rate is higher than the rest of Europe. Obviously, the COVID-19 pandemic and war in Ukraine are factors that affect everyone, but the UK also has the aftereffects of Brexit and a reliance on the financial services sector that caused inflation to reach double digits – it is now down to 8.7%, but this remains higher than the Eurozone’s 6.1% for May.
How Can Parents Tackle the Cost of Living?
So, what can parents do to tackle the cost-of-living crisis and provide a happy and comfortable lifestyle for their family?
The Downshift Challenge
To tackle sky-high food costs, it is a smart idea to try to Downshift Challenge created by personal finance guru Martin Lewis (someone everyone should be listening to in the current climate). The Downshift Challenge involves dropping a brand level at your supermarket, such as branded items to the supermarket’s brand. According to Lewis, households could save as much as 30% a year by doing this.
Reduce Energy Usage
Along with food, it is the cost of energy that has been a huge issue for households in recent months. Fortunately, there are always ways to reduce your energy bills. These include:
- Switching off devices when not in use
- Washing on a cold setting (and drying naturally)
- Lowering temperature
- Taking shorter and/or fewer showers
- Batch cooking meals
Lower Transport Costs
The cost of transport can be high, especially for parents. You should look for ways to make savings here, such as working from home and walking/cycling instead of driving.
Take Out a Loan
Many households are struggling to make ends meet each month even after taking drastic action. If you find yourself in this situation, you should look for financial assistance. You can get approved for a loan even if you have a bad credit rating and this could give you some respite.
Cut Out Unnecessary Spending
If you are struggling, you may need to make some sacrifices and cut out or cut back on unnecessary spending. This will include things like meals and nights out, takeaways, alcohol and unnecessary subscriptions.
The cost-of-living crisis is a major concern right now and many parents are struggling. Hopefully, the advice in this post will help you to manage and maintain a happy lifestyle for your family.
Leave a Reply