Being able to afford daily necessities is something that we all think about, whether conscious of it or not. If you are anything like us, you have become all the more aware of the cost of living due to the pandemic and have noticed the gradual yet noticeable increased cost of products and services in recent months. It is certainly a cause for concern, particularly if you have struggled financially due to the pandemic.
Firstly, you should remind yourself you are not the only one in your position, and certainly won’t be the last. That being said, read on to discover some factors you should be thinking about when concerned about the increased cost of living here in the UK.
Do You Have a Safety Net?
This is the all-important question that every person should think about when faced with this position. Having a financial safety net to lean back on is always nice to think about, and there will, unfortunately, be some people who don’t have this liberty.
That being said, you should assess your financial situation for the coming weeks and months to determine what yours looks like. Can you tighten the belt a little bit to cover other costs, or even cancel unnecessary costs at the expense of those you need?
With this winter thought to be the most expensive many of us have faced, these questions and more are undoubtedly going to be flying around your mind and are those that need answering sooner rather than later.
Is Relocating An Option?
We would be right in saying there are cheaper places to live out there than where you are now. While you might feel some sort of emotional connection to your current location, nothing stops you from assessing cheaper places to live and whether you are able to move. Moving in itself is a bit of an expense but is something that is worthwhile in the long run.
You might find yourself instantly thinking about places in the UK that are affordable, but what is stopping you from moving to an affordable town or city in another country? For example, the available long term rentals in Lisbon provide interested individuals with somewhere to put down roots in one of Europe’s most affordable cities. What’s not to like?
Could You Get Extra Income?
Another question we feel many have asked themselves when experiencing financial issues is that getting yourself some extra income can make the difference between paying your bills and not. At the same time, having an extra income does not have to be used in these moments alone but can also be used when wanting to save for a significant life purchase, including the likes of a house or a car.
Contemplate your transferrable skills and whether there are any industries or jobs out there hiring for those specifically. Contact your family and friends to see if they have any suggestions or whether they know someone who might be hiring.
Generating this extra bit of income will certainly go a long way and will help to balance the books a little bit, both now and in the future.