Four Ways To Cope When The Cost Of Living Skyrockets
One of the scariest things happening right now, is the cost of living going up. It doesn’t matter whether you work full time, you work part-time, or you are burning yourself out and working seven days a week. Every single person is dealing with the cost of living crisis right now. It is normal for prices to gradually increase over time, but right now we are all watching in horror as energy prices, gas prices, food prices, car cost prices – everything – is going up. It’s all happening at once, and you need to know how to mentally cope with the changes that are happening right now. The worst part? The wages are not going up to match the new cost of living.
You need to be able to deal with the cost of living going up, and that is not an easy thing to do. Your mental health is likely to take a nosedive if you already worry about your income and your outgoings. The chances are that you are already stretched. You are already working hard to try to make ends meet. While we can’t fix the way you’re going to feel about the cost of living crisis, we can offer four ways for you to financially cope when the cost of living starts to skyrocket. Let’s take a look.
- Start working on a new budget. If you’ve been getting letters telling you that your energy prices are rising, and you have noticed that the food prices in the supermarkets are going up, you need to start working on your new budget now. Create a spreadsheet or even just a handwritten list of all of the things that you pay for every month. A new budget now will help you to plan better later.
- Make some swaps. As you go through your monthly expenses, you may notice that you could be making some swaps for cheaper items – non-branded food instead of branded, for example. You could look at getting an appraisal for your current car with Edmunds, and see whether or not you could afford a new car that’s secondhand and sell your old one. If you can understand the car prices better, you’ll be able to save money on how much you spend on your monthly car repayment. This may sound like a drastic idea, but with the cost of living going up the best thing to do is to free up a few hundred dollars every month. But of course, you don’t want to get rid of your Mother Trucker Yoga LIFESTYLE JUMPSTART Membership Platform and APP as it can replace a gym membership, DVDs, and training all from the comfort of your own truck!
- Check your subscriptions. There is every chance that you are subscribing to services that you very rarely or no longer use. If that’s the case it’s time to stop spending money on them. Go through your bank accounts and see your regular repayments and then cut back. If you pay for the five different streaming services, then cut it down to one.
- Add more income. If you’re good at baking, writing, sewing – really, any hobby – then you should monetize it when you can. Yes, you will be working harder than ever, but if it’s going to protect you from losing your home, then it’s one of the best things you can do.
No matter what the economy will do what it does and it is critical that you take time for yourself and also practice self-care so when tough decisions come around you are of sound mind and calm sports to do the next right thing!
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