How to Save Money During the Current Cost of Living Crisis

The current cost of living crisis has left many people feeling anxious and scared. With uncertainty surrounding the economic climate unlikely to go away for some time, how can you save money? And who can you contact if you are struggling? Whether you own a business or are trying to make ends meet at home, carry on reading.

How to Save Money as a Business

There are several ways you can save money as a business, including:

• Assess your energy use – If your bills are high, see if you can switch energy suppliers or renegotiate your current contract. You should also explore the benefits of renewable energy sources.
• Support customers – The cost of living is affecting your customers too, so to ensure they continue supporting your business, consider introducing loyalty schemes and rewards, or the ability to pay in instalments.
• Lean on your network – Many other businesses are going through the same problems, so reach out to your network and see how you could help each other.

How to Save Money at Home

If you’re looking for ways to save money at home, consider these tips:

• Optimise your thermostat – Turning your thermostat down by just one degree could save you up to £80 a year! (The optimal temperature is 18 degrees.) Consider putting your heating on a timer too so that it’s not running all day long and turn radiators off in unused rooms.
• Switch appliances off when they’re not being used – Keeping your appliances on standby can waste more energy than most people realise, so turn the TV off when you’re not watching it and unplug phone chargers.
• Track your spending and set a budget – One of the best ways to save money is to track your spending and cut down where you can. For example, petrol stations closer to motorways are usually more expensive, so do your best to avoid these. If you usually buy your lunch at work, consider taking a packed one instead. You could also try apps such as Money Dashboard or Yolt which are free to use and help track your spending and provide in-depth budget analysis.
• Embrace energy-efficient appliances – While they come with upfront costs, a new appliance with a higher energy-efficient rating could be a worthwhile investment, especially for energy-intensive appliances such as dryers and refrigerators.

Where to get Support
To find out what support is available to you, whether you’re looking for help as a business or as an individual, head on over to the https://www.gov.uk/cost-of-living  you can also contact your local council or energy provider to see what support they might be able to offer you.