Economic Advice to Help Reduce Your Cost of Living

The global rise in the cost of living over recent years has put families under considerable stress and pressure, and, in many cases, resulting in significant financial hardship and increasing poverty worldwide.

The seemingly endless escalations in the cost of household bills – plus increases in heating and electricity prices – are putting a strain on already-stretched budgets. Indeed, in the worst-case scenarios, this has often led to an unenviable quandary and the coining of the phrase, ‘choosing heating or eating’.

Reduce Your Cost of Living

Tips to Reduce Your Day-to-Day Living Bills

While it’s true that everyday items have risen in price almost across the board, there are still some practical and relatively straightforward ways to face the financial challenges head-on and reduce your household outgoings. Below are just a few ideas:

Increase your energy efficiency at home:

Your cost of energy isn’t just driven by the price of what you lose.It can often be greatly dictated by how much you lose as well. Running an energy-efficient home should first start with ensuring you have fit-for-purpose insulation i.e. in the roof space and walls and making sure seals around doors and windows exclude draughts. Other cost-saving tactics include making sure you’re heating your home as efficiently as possible, adjusting thermostat settings, and using LED lightbulbs,

Heat your water more efficiently and, where possible, use less:

Heating water is expensive so take a look at your existing heating arrangements and, if required, think about upgrading your equipment. Modern boilers are far more energy efficient (see here for a Worcester Bosch boiler comparison) and replacing your existing appliance could save you a fortune. Also, consider taking shorter showers and running washing machines on a quicker cycle at a lower temperature.

Consider different options for transportation:

The cost of running a car goes far beyond just petrol prices (for example, tax, upkeep, insurance, replacing parts, etc). Instead of just defaulting to running a car, look at other more economical travel options like walking, cycling, or taking public transport.

Plan your meals better:

Food wastage is at an all-time high globally so instead of just binning leftovers or unused food, consider using them to make a second dish. Also, when shopping, plan what you’re going to make that week and only buy what you need. Very often food is left decaying to the point it’s no longer usable. Sensible meal planning and making a list will save you from wasting food, and it’ll also save you from overspending in the supermarket and buying goods you potentially don’t need (and possibly won’t use).

Take a close look at your subscriptions:

When belt-tightening, you should look at everything that’s draining your money. Unfortunately, one area that many people forget is the number of subscriptions they’re already paying for but might not need – particularly in a time of economic pressure.

Plan your finances better:

At the end of each month, you should work out how you’ve spent your money and try to evaluate areas where you could make savings. Many modern credit cards and mobile payment applications let you see a comprehensive breakdown of your income and expenditure, so you can isolate any problems.

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About the Author: Alex

Alex Jones is a writer and blogger who expresses ideas and thoughts through writings. He loves to get engaged with the readers who are seeking for informative content on various niches over the internet. He is a featured blogger at various high authority blogs and magazines in which He is sharing research-based content with the vast online community.

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