The rising cost of living is something that gives me quite a bit of anxiety. By wages not increasing enough to match it means that we have got to be a bit more creative in our budgeting methods, but what if you get to the point where even a school uniform expense or an additional cost of getting something fixed is just too much? What then? While saving money seems to be impossible these days, it can be done with some lifestyle alterations, but we’ve also got to learn how to cope with these problems. So how do we do both?
The Power Of The Passive Income
For many of us, it is a necessary evil. We’ve got to find ways to earn an extra income, but without it impacting our day-to-day existence. Luckily now, there are numerous options. You can take advantage of free product testing, where you don’t have to leave your home and earn some money, and these sorts of jobs come up now and again, with online surveys, product reviews and so on. You may have heard of the term “side hustle”? Well, when you’re looking to build up a money pot, the best thing to do is to get into the habit of earning little and often. And instead of dipping into this money pot every time you get paid, make sure it goes into a savings account where it’s a real pain to access!
Time To Change Some Habits!
In addition to this, you’ve got to get into the habit on thriftiness. Now, this isn’t to say you need to live off rice and beans, but if you are someone that is used to the more expensive brands, making a swap can save you a third off your shopping bill. The most important aspect of saving money and coping with an increase in cost is to change your attitude towards money. The big problem so many of us have now is that we automate our payments, so it comes out of our bank account and we don’t have to think about it. But if these outgoings are excessive, it’s hardly a surprise we’re struggling. But little alterations, like your utility provider, can spread the cost. Because we are creatures of habit, we can find that we stick with one energy supplier or a specific food brand, and it’s these things that can be altered so we can see the financial benefits.
And when you’ve got children that want expensive toys and top of the range brands, you’ve got to learn a way to manage their expectations. You have to start this early in life because if you give them a handful of gifts for their birthday or Christmas, rather than giving them everything they want, they’ll come to realise that money doesn’t grow on trees. Sure, you want to give your children everything, but are you prepared for the debt that follows it? The cost is rising, so we’ve got to find ways to cope.
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