Catering to your family’s needs through the cost of living crisis
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The past few years have been tough for many of us. The Covid-19 pandemic saw many of us stuck inside our homes for months, with our little ones missing out on school and our work suffering. Since then, things have improved, but haven’t necessarily got a whole lot easier. Many of us are facing a cost of living crisis, as the prices of everything from rent and food to fuel and energy are on the rise, while our wages aren’t rising to match.
These are tough times, but there are things we can do to help navigate the money issues. Here are some suggestions for ways to support and guide your family.
Revisit your budget
Most of us live on a budget, but it’s absolutely essential to update your budget each time the prices of outgoings significantly change. If your rent, food bills, energy bills, or any other payment goes up, you need to revisit your budget.
This will help you to better understand your disposable income and how much you have available to spend without sinking into debt. The good news is that there are plenty of free budget calculators and tools online that can help with this.
Reduce unnecessary spending
If money is tight during the cost of living crisis, you need to reduce unnecessary spending. It’s easy to get used to specific spending habits and spending in certain areas. However, you may have to reevaluate what you buy and look for cheaper alternatives, or simply not buy the things you don’t really need.
A good example is branded food. Many of us get used to eating specific brands, but as prices rise, you can make savings by switching to unbranded or supermarket own brand alternatives.
Use discounts
Before buying anything, take some time to see whether you can get a discount anywhere. Many businesses, especially those operating online, have all sorts of discounts available. Sites like Netvouchercodes.co.uk have a wide range to make use of.
You can also sometimes get discount codes by signing up to a brand’s mailing list. Some do signup offers, such as 10% off or free shipping on your first order. Some will offer birthday bonuses too.
Look at alternative providers
All energy companies may be hiking prices now, so chances are there’s not much use switching yours. But there are other areas you might want to consider switching providers.
Examples include insurance policies, financial agreements when buying a car or other large scale purchases, and mobile phone packages. When buying or signing up to anything, make sure to shop around first and find the deal that offers the best value.
The same thinking applies when a one-off cost lands and you need to cover it quickly. Interest rates, fees and repayment terms vary widely from one provider to the next, so it’s worth weighing up EBP Money fast loan options alongside what your own bank offers rather than accepting the first approval that comes through.
Consider cheaper hobbies
If your child has a particularly expensive hobby, you may need to seek out lower cost alternatives during the cost of living crisis. This can be difficult, but it’s not wise to go into debt over a hobby.
Start introducing the kids to different ideas that they might enjoy. Alternatively, you might want to keep up the same hobby but look for cheaper classes and tutors, or attend less frequently to make the costs more affordable.
Introduce low cost activities
It can be difficult keeping kids occupied and entertained during the evenings, weekends and holidays. But you don’t have to engage in daily costly activities. Instead, consider some more cost effective options.
Some examples could include taking a family walk, visiting local play parks and playgrounds, exploring nature, doing arts and crafts with old packaging or other materials at home, home dance parties, watching family films and TV together, and playing board games. Low cost activities can be just as enjoyable, helping you to bond and form happy memories without bankrupting yourself.
Meal plan
Something as simple as meal planning could really help to reduce your spending. Buying food on a day-to-day basis can end up costing more, and risks wasting ingredients.
When you meal plan, you decide what meals you and your family are going to eat for the week ahead. This allows you to make the most of every ingredient. You can take leftovers from one meal and incorporate them into a lunch for the next day, or a dinner later in the week. There are plenty of free meal planning apps and calendars that you can use online to organise yourself and make the most of this money saving move.
Talk to lenders
If you have any sort of financial agreement or contract that you’re struggling to keep up with, it’s important that you openly communicate with your lenders. Making them aware that you are struggling to keep up with payments will give them the option to alter your repayment terms or support you in another way.
Whether it’s a mortgage provider, a credit card lender, or a bank you’ve taken a loan with, make sure to reach out to their customer service department. They may be able to pause or reduce interest rates. Alternatively, they may be able to extend the time it takes you to pay the total amount back by reducing your monthly payments.
Manage debt responsibly
If you already have debt, it’s important to manage it as responsibly and sensibly as possible at this current time.
Do what you can to ensure that your debt is low interest. You may want to consolidate debts with a debt consolidation loan at a lower interest rate than your current outstanding debts. You might want to make the most of interest free balance transfers that give you a period of time to chip away at your debt without worrying about spending money on interest instead.
If in doubt, reaching out to a financial advisor or debt support charities can help. They can give you personalised and tailored guidance on how to get out of your debt as quickly as possible.
Generate additional sources of income
Before taking the following information into account, it’s first important to say that you shouldn’t burn yourself out. Everyone needs rest and recuperation time. But you may find that you are able to get additional sources of income into your lifestyle here and there. This may be occasional overtime at work, freelancing projects here and there, participating in market research, or even a second job.
Mental and emotional support
Many people are beginning to find themselves struggling mentally or emotionally during these times. Do what you can to build a strong support network around you and your family.
It’s also worth noting that there are many other sources of support out there, from support groups to helplines.
The cost of living crisis is a challenge ,and times may be difficult for a while. Hopefully the tips shared in this article help you and your family to manage your finances and find support when you need it.
