The cost of living crisis is gripping households in the UK and many are worried about how they will manage in the months to come. The cost of living is increasing at its fastest rate in 40 years with inflation currently at 9.9% making it harder for people to afford to maintain their lifestyle. This is due to a range of factors, including the war in Ukraine, rising costs of raw materials, high-interest rates and high oil and gas prices. So, what are innovative ways that people are reducing the impact of the cost of living crisis?
Yellow Sticker Shopping
You can get some groceries at a reduced price when supermarkets slash the price on goods that they cannot sell fresh the next day, so you want to keep your eyes peeled for these “yellow sticker” items (these are usually grouped together on a shelf). Most supermarkets start discounting these items in the evening, so you might want to start visiting the supermarket around 6 or 7 in the evening.
Live in a Motorhome
Those looking to take drastic action to combat the cost of living crisis may want to consider exploring life on the road by taking up residence in a motorhome or campervan with such options proving to be significantly cheaper than living in a house. Investing in motorhomes could be a great option for those that are renting and could help you to make significant savings over the long term. This can also give you a level of freedom and flexibility with where you live and this could improve your life in a few different ways.
Rent Out a Space
You may also find that you can boost your finances with a passive income scheme, such as renting out a space that you have. There are many things that you could rent out that could give you a little bit more money each month without having to put much or any work into it. You could rent out a spare room that you have in the house, a parking space, a garage for storage or even a camping space. Many people will need to find ways to make more money to manage during the cost of living crisis and passive income schemes like this are always worth exploring.
The cost of living crisis is a serious issue that many will find challenging in the months ahead. Hopefully, the above advice will help you to manage during this time and make the crisis less worrying. It is a tough time and everyone will feel the squeeze, but there are always ways that you can make savings and/or earn more money so you should be creative and consider all of your options.