Finding Ways to Deal With The Cost of Living Crisis

Global events that have taken place during the past couple of years have created the perfect storm for a recession. The pandemic of course caused major disruption, and now that things are returning to normal there are still huge delays and backlogs in all sectors which are increasing waiting times and driving up costs. The Russia/ Ukraine conflict has caused serious issues with energy prices, and even factors like Brexit have had a knock-on effect and caused disruption to countries well outside of the European Union.

Inflation is at an all-time high, the cost of living is through the roof and many of us are now struggling to cover even our essential bills. Regardless of how comfortable you were before all of this, chances are you’re feeling the pinch now and it will only get worse as we move through to the colder months. For this reason, it’s important to take action where we can. Getting organized and being frugal can help you to maximize the funds and resources that you have and can help you handle the cost of living crisis. Here are some ideas for going about it. 

How to Deal with the Cost of Living Crisis

Stockpile

Stockpiling food and essentials is a great way to prepare for more difficult periods. Buy a little extra each week and put things away for a rainy day, use coupons and deals to get the best prices. Any buy-one-get-one-free offer or great deals can be utilized here. Of course, you’ll need to get things that will last so dried and canned foods, jars, packets, and even things like cleaning products and toiletries are all useful to stockpile.

Aim to have enough storecupboard ingredients to last you through a few weeks if you find that you massively struggle with money, you have the reassurance that you can eat and keep yourself and your home clean while you get back onto your feet. 

Generate a new income stream

Generating a new income stream will help you to save money, and earn a bit of extra pocket money and it could be money you rely on to get you through tough periods. You could join a freelancing website and write articles for extra money, you could start a blog or social media account and aim to grow it to the stage where you can earn money from sponsors.

You could monetize your skills and start up a business, it could be anything from baking to reselling items to selling crafts- whatever you’re good at and enjoy. If you work with a marketing agency like Red Spot Design they can help you to get your name out there quickly and efficiently to the right audience and increase your chances of success. 

Get organized with your finances

Finally, budgeting and spending carefully are essential. Go through your budget with a fine tooth comb. Aim to reduce bills by shopping around, get rid of subscription services you don’t use, meal plan, and switch to a cheaper supermarket to save money on food. None of us enjoy tightening the belt and giving up our luxuries, but some things you can easily get rid of and not even miss. So check what you’re spending and see what you can slash from your budget.