Cost of living, rising petrol prices… are concerns of people in many countries around the world, requiring everyone to have an appropriate response strategy.
New data provided by the social research firm YouGov shows that 84 per cent of Britons are worried about changes to the cost of living over the next six months, with 39 per cent expressing great concern.
To address the rising costs facing millions of people, says Clare Framrose, director of savings at Atom bank, we can take steps to be more financially prepared for future. On a personal level, it’s about minimizing the cost of living and making the most of the savings program available.
Experts offer 6 tips to help mitigate the growing cost of living crisis.
According to Clare, people are more likely to get caught up in habits that challenge and stimulate themselves. You can apply this trick in saving.
You can set your own different savings challenges. For example, the round-up spending challenge: In January, you spend 13.5 million, but in July you set a target of 13 million. The figure of 500,000 VND is the difference that you save.
You can also offer daily savings challenges, such as giving away 100,000 VND per day for the rest of the year.
Always compare prices
Clare advises that while the cost of living is on the rise, it’s a good idea to find a bank that offers you a competitive interest rate so you can earn more in return.
Not only that, you should research all incentive programs, from daily shopping programs to exercise cards, discount cards… to make sure you save the most on living expenses.
It is important that you be more proactive in negotiating and negotiating to reduce costs. Don’t be fooled by the thought that “it’s not worth much”, because many small amounts add up to a big one.
You should check the payments you are paying for your own and your family’s utilities, including cable TV, telecommunications, etc., then compare the prices and quality offered by the providers, from which to choose choose suitable.
Experts also recommend that you change the brand you have used into a habit if it goes up in price, including in the fashion, food and beverage industry… For example, if the bakery you buy often increases the price by 5% , while you try and find another bakery with relative quality, lower price… then it’s best to change to that new brand.
Many tourist attractions, cheap air tickets… constantly attract you, especially young people. However, you should recalculate the budget you plan to spend on travel and only use that, instead of getting excited and buying tickets to go out.
In addition, you should choose destinations that suit your budget, instead of being extravagant.
Always keep a clean credit history
Some people will have difficulty getting a bank loan and will have to bear higher interest rates due to a bad credit history (used to borrow money from a bank but failed to pay it on time, didn’t pay in full…). Therefore, if you have a clean credit history, you can access lower interest rates, which can save you a lot of money if you borrow money to buy a house, car, etc.
Learn how to invest
Instead of accepting the price escalation and pulling in the inherent income level, it is better to find ways to increase income. You also need to learn to know where your money is going, is it reasonable and find the most appropriate investment channel for the amount of capital you have.
Claire also adds, there are many courses as well as TikTokers, bloggers specializing in finance that can give free lessons, knowledge … for you to learn.
The cost of living becomes a burden for many people, making us think about cutting back on personal hobbies, such as eating out, signing up for a Netflix account… However, it is advisable to make a list of what to do. essential to your personal life and the things that are not absolutely necessary, thereby balancing keeping or giving up accordingly.
Some personal hobbies are absolutely necessary and bring positive energy to life, making you healthier to work and earn money.
Claire concludes: “While it’s important to be frugal and financially savvy, that doesn’t mean you should sacrifice enjoying life now and just save for the future.”
Thuy Linh (According to Glasgowlive&itv)