{"id":6394,"date":"2022-08-23T09:40:44","date_gmt":"2022-08-23T09:40:44","guid":{"rendered":"https:\/\/ifg.local\/articles\/9-tips-to-get-through-the-cost-of-living-crisis\/"},"modified":"2023-08-25T11:40:13","modified_gmt":"2023-08-25T11:40:13","slug":"9-tips-to-get-through-the-cost-of-living-crisis","status":"publish","type":"post","link":"https:\/\/www.islamicfinanceguru.com\/articles\/9-tips-to-get-through-the-cost-of-living-crisis","title":{"rendered":"9 Tips to Get Through The Cost of Living Crisis"},"content":{"rendered":"

It\u2019s no secret that we\u2019re facing a cost of living crisis. <\/span><\/p>\n

Recession after recession, the coming year doesn\u2019t look too bright for many people with the cost of most things going up tremendously, but there is an upside. We can see it coming, which means we can plan for it so that when it does come at its worst, we\u2019re relatively prepared. <\/span><\/span><\/span><\/p>\n

To get through the rising costs of living, you have two options. Either you lower your expenses to cover what\u2019s within your means, or you increase your income to cover your expenses. <\/span><\/p>\n

In this article I go through the former option and walk you through nine simple steps you can take to survive the cost of living crisis. Most of these tips are generic and applicable in many countries, some might seem very obvious, but you\u2019ll be surprised how many people lose \u00a3\u00a3\u00a3s because of these tiny leaks in their pocket. <\/p>\n

Tip #1: Review your contracts<\/span><\/p>\n

Whilst it’s near impossible to get cheaper electricity and gas contracts, you can review other contracts such as your broadband and mobile phones. Our contracts are a monthly drain on our bank account. It\u2019s time you sit down look at each of your contracts individually and ask yourself:<\/p>\n

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  1. How long is left on the contract?<\/li>\n
  2. Are cheaper options available?<\/li>\n
  3. Can I downsize? <\/li>\n<\/ol>\n

    Switching mobile phone providers can get you a discount on your contract, moreover switching to SIM-only contracts whilst using your current phone is a good way to slash monthly costs massively. Use price comparison sites, such as Carphone Warehouse to find good deals. Similarly check out Money Supermarket or Uswitch to see if you can get a cheaper deal on your broadband contracts.<\/p>\n

    Tip #2: Review your subscriptions<\/span><\/p>\n

    Similarly to contracts, we often subscribe to things and forget about them long after we stop using them. Go through your bank accounts and look at every subscription going out and ask yourself?<\/p>\n

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    1. Do I use this?<\/li>\n
    2. Do I need it in my day to day life?<\/li>\n<\/ol>\n

      A quick test would be to see if you used the service in the last month and if so, was the cost worth the usage? Did you make your membership back in the usage of the services? That will quickly answer your question. If you pay \u00a340 a month for a gym membership and only been once, then it might be better to save that money and commit to home workouts. A \u00a38.99 Amazon Prime membership might not seem like much considering the benefits, but if you\u2019re not using them or barely making your money back, it’s better to save the money.<\/p>\n

      Tip #3: Meal prep <\/span><\/p>\n

      I cannot tell you how much money is wasted in groceries that aren\u2019t used and are just thrown out. A great tip is to start meal prepping. Meal prepping is planning your meals out in the week – this helps you know exactly what you need to buy and in what quantity, reducing the size of your grocery shop, saving money and meaning less wastage.<\/p>\n

      All you need to do is sit down with a pen and paper, make a seven day chart and choose what meals will be made each day. You can use websites like BBC Good Food and Tasty to help with ideas, recipes and accessing quantities. <\/p>\n

      Tip #4: Save on Groceries <\/span><\/p>\n

      Groceries are another essential and they\u2019re going up so consider changing supermarkets for cheaper, budget ones such Lidl and Aldi. In addition, consider switching the brands you use. Rather than getting that Magnum ice cream that costs you \u00a34, consider getting the supermarket\u2019s own brand one which will save you a few pounds. Do this for each product and you\u2019ll be surprised to find your grocery bill down by a third or even more.<\/p>\n

      Not to mention, cut out non-essentials such as snacks, fizzy drinks and unnecessary food. Meal prepping will help you with that too.<\/p>\n

      Tip #5: Cut down energy usage<\/span><\/p>\n

      Seems obvious, but a lot of people will fail at this. Martin Lewis from Money Saving Expert recommends people to \u2018Heat the human, not the home.\u2019 Heating a whole home in the winter costs a significant amount in terms of energy, multiply that day-in day-out over many months and with current energy costs, you\u2019ve got yourself quite the bill. Consider better ways to conserve heat, such as:<\/p>\n