Britons struggling to stay afloat in the face of the cost of living crisis received more bad news in May, when it was announced that inflation had ballooned to 9%. The term refers to the rate at which prices increase, and is largely driven by increases in fuel prices and increases in energy bills.
The Bank of England (BoE) has warned that inflation could hit 10% in the coming months, further driving up the value of food and fuel.
Makala Greenauthor of The Money Edit book, told Express.co.uk that any rise will also affect the price of goods, such as “raw materials and postage”.
She added: “Of course this will continue to affect many other households as the average wage, including raises, is not keeping pace with inflation.”
So, to help combat the effects of rising inflation, Ms Green has shared her top seven money-saving hacks.
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Ms Green explained how you might ‘find there is little difference in quality or taste’, if you buy branded items.
She added, “Use coupons and store vouchers to help your money go a little further each month.”
5) Talk to suppliers
If you’re having trouble making your payments on time, pick up the phone and talk to your suppliers. They might be able to suggest ways to lower or lower your bills.
6) Get a Fixed Rate Mortgage
If you have a deal that’s about to expire within the next six months, or you have an adjustable-rate mortgage, you might want to consider locking in your rate, Green says.
She said: “As inflation is expected to rise further, this could mean higher mortgage rates, and so fixing early will help protect you from rises.”
7) Be energy efficient
The following examples illustrate all the ways to improve the energy efficiency of your home:
- Turn off lights when not in use
- Use a clothesline instead of a clothes dryer
- Keep doors closed in the house to conserve heat
- Fill the washing machine and dishwasher completely before use
- Use low energy light bulbs
- Opt for solar garden lights rather than electric ones
Ms Green said adopting her advice would end up “helping you take better control of your finances”.
She added, “Even if you start with simple steps and apply them daily, you will see the financial benefits in the future.
“It will help change your mindset about money and put you on the right path to improving your finances while giving you control over your money.”