Background of the #costoflivingcrisis
The Covid-19 pandemic which hit the UK around March 2020 has massively affected the UK economy and the long-term effects have been damaging to the people living within society. As a result of the pandemic, interest rates have increased, and food and energy prices have drastically risen leaving many families unable to pay bills or survive by earning a minimum wage. Money is the most used commodity in the economic industry and without money, no products or services can operate (#mindlessmag 2023).
What does this #money guide contain?
Well do not worry, this guide contains jam-packed tips and tricks to help you save money and to enable you to enjoy life without restrictions. Well, let us begin with understanding what has happened to the UK economy and what has fuelled the cost of living crisis.
What caused #inflation?
Fuel prices have risen by 11.8% since pre-pandemic and the cost of essential items has increased to an extent that lots of families are struggling, and having to go for cheaper options in supermarkets and reduce the number of things they buy for food to feed their whole family. Also, the prices of gas and electricity have risen making it difficult for working adults to survive and those who are only receiving minimum wage. This is where 'the cost of living crisis' began.
However, organisations have not given their employees a pay rise which has frustrated many workers as it is not in line with the rate of inflation. This has resulted in many UK sectors going on strike due to their salary, including postal services and most recently, teachers who have previously received a 9% pay rise but are demanding a higher pay rise to meet the rise in the inflation rate. Even the NHS staff have been striking demanding a pay rise.
Now, you can read my personal story containing tips on how to get extra money in your bank account if you apply these tips.
My personal Story on how I tackled the '#costOfLiving crisis'?
So, when the 'cost of living crisis' hit me, it caused a lot of problems for me financially, and I wanted to find out ways where I could earn extra income as a full-time student at university. With the constant university assignments, lectures, and seminars, my time was limited, so I had to utilize it efficiently by studying and managing my expenses. That is when I decided to do the 'buying and selling' business, mainly selling electronics'. I would purchase electronics such as graphics cards and phones at a cheap price and sell them on the eBay marketplace. Furthermore, I also used AliExpress to purchase cheap toys that were trending in the toy market and made lots of profit and have sold over 100 products on eBay with 100% feedback alongside Facebook and Gumtree.
What is Martin Lewis's advice related to #saving money?
Let's hear what professional experts in the financial field have to say... have you heard of Martin Lewis? Martin Lewis is a financial journalist and founded the website https://www.moneysavingexpert.com/ - #money #finance #costoflivingcrisis. Click on the link above to view all his money-saving tricks revolving around credit cards, mortgages, how to operate your washing machine, and more. He comes in the morning show and is regularly sharing his tips, so do have to listen to his tips and implement them in your daily lives to minimize costs during the cost of living crisis.
Tips and tricks to manage your #finances?
Create an Excel spreadsheet and ensure that you work out your budget for the week. It is possible for you to manage your money if you set a weekly budget. This will help you spend less and not purchase unnecessary things, whilst having some savings for things you would like to treat yourself to.
Do a side hustle. This can be freelance work, as you can choose your own hours and your side hustle can be online, so you can commit to your full-time job whilst doing this side hustle. Find a side hustle or something you think is missing in the market that will help fulfil customer needs. This can be a starting point.
Download the Monzo app: https://play.google.com/store/apps/details?id=co.uk.getmondo&hl=en_GB&gl=US&pli=1https://play.google.com/store/apps/details?id=co.uk.getmondo&hl=en_GB&gl=US&pli=1 or https://apps.apple.com/us/app/monzo-mobile-banking/id1052238659. The Monzo app is free to use, and it helps you manage your credit, upon signing up, you receive £5. It helps you save money and manage your finances.
Moving your finances from keeping cash in your hands to digital online banking to track your finances is a good idea. Create a #savings account when moving to #digital online banking.
Watch this clip: https://youtube.com/shorts/vYQjzTbIU1A?feature=share as a business entrepreneur shares some side hustles you can do right away to make money.
If you are a student or a young adult, you can grab deals from apps such as Unidays or Student Beams and other partnering apps to save on various items.
