The cost of living, rising gasoline prices… are a concern of many people in many countries around the world, which requires everyone to have the right response strategy.
New data provided by social research firm YouGov shows that 84 per cent of Britons are concerned about changes in the cost of living over the next six months, with 39 per cent expressing major concern.
To address the rising costs that millions of people face, says Clare Framrose, director of savings at bank Atom, we can take steps to be better prepared financially for the future. On a personal level, it’s about minimizing the cost of living and maximizing the savings programs available.
Illustration: Glasgow live.
Experts offer 6 tips to help reduce the rising cost of living from the crisis.
Savings Challenge
According to Clare, people are more likely to get stuck in habits that challenge and stimulate themselves. You can apply this trick in saving.
You can set your own different savings challenges. For example, the expense rounding challenge: In January, you spent 13.5 million, but in July you set a target of 13 million. The 500,000 VND figure is the difference you save.
You can also offer daily savings challenges, such as giving away 100,000 VND per day for the rest of the year.
Always compare prices
Clare suggests that while the cost of living is rising, it’s worth looking for a bank that offers competitive interest rates so you can get more in return.
Not only that, you should research all incentive programs, from daily shopping programs to sports cards, discount cards… to make sure you save on living expenses.
It is important for you to be more proactive in negotiating and negotiating to reduce costs. Don’t be fooled into thinking that “it’s not worth much”, because many small numbers make big.
You should check the payments you pay for your own and your family’s utilities, including cable TV, telecommunications, etc., then compare the prices and quality offered by the providers, from which to choose the appropriate one.
Experts also recommend that you turn the brands you have used into a habit if their prices go up, including in the fashion, food and beverage industries… For example, if the bakery you are buying from often raises prices by 5% , while you try and find a bakery other with relative quality, lower price…then you should change to that new brand.
Reduce travel
Many tourist attractions, cheap airline tickets… always attract your attention, especially young people. However, you should recalculate the budget you will spend on travel and just use it, instead of getting excited and buying tickets to go out.
In addition, you should choose a destination that fits your budget, rather than being extravagant.
Always keep a clean credit history
Some people will have a hard time getting a bank loan and have to bear higher interest rates because of a bad credit history (used to borrow money from the bank but failed to pay on time, didn’t pay in full…). Therefore, if you have a clean credit history, you can access lower interest rates, which can save you a lot of money if you borrow money to buy a house, car, etc.
Learn how to invest
Instead of accepting price increases and attracting the inherent level of income, it is better to look for ways to increase revenue. You also need to learn to know where your money is going, whether it makes sense and find the most appropriate investment channel for the amount of capital you have.
Claire also adds, there are many courses like TikTokers, bloggers who specialize in finance that can provide lessons, free knowledge … for you to learn.
Balanced life
The cost of living becomes a burden for many people, making us think about reducing personal hobbies, such as eating out, signing up for a Netflix account… However, it is advisable to make a list of what to do. for your personal life and things are not absolutely necessary, so balance keeping or giving up accordingly.
Some personal hobbies are absolutely necessary and bring positive energy to life, making you healthier to work and make money.
Claire concludes: “While it’s important to be frugal and financially savvy, that doesn’t mean you have to sacrifice enjoying life now and only saving for the future.”
Thuy Linh (According to Glasgowlive&itv)
at Blogtuan.info – Source: vnexpress.net – Read the original article here
