Cost of Living Crisis: What can YOU do?

Cost of Living Crisis: What can YOU do?

Due to the war between Ukraine and Russia and the sanctions imposed by the UK and US, inflation has increased to an all-time high, and economies have been struggling globally, even the strongest ones like the US and UK! For example, inflation in England has risen to an all-time high of 7%, according to the Bank of England, meaning the cost of goods costs 7% more than it did a few months ago. On the other hand, wages have not risen at the same speed, and those on minimum wage will be lucky to see a 5% raise each year, which isn’t online with the soaring prices!

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Governments should do it on their end, but this isn’t going to be happening anytime soon. As I own Bizdustry, I have every right not to be censored in my writing. The government pays politicians and ministers salaries above the 100,000 range, and most of them have secondary employment too! If the government was to reduce salaries and stop ‘borrowing’ and ‘printing,’ the economy might be in a better position than it is now. Each time you print money, the current supply of money becomes ‘weaker’ and loses its buying power, ultimately contributing to inflation and sometimes hyperinflation. Some countries have to pay 10,000’s notes for a coffee. Crazy, right?

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Here are my tips to improve your financial situation in the cost of living crisis:

Tip 1: Sell anything you haven’t used in 6 months, not limited to electronics.

Anything sitting around has value! Dependant on where you are based, will be dependant on what services you can use to sell unwanted goods. Regardless of where you live, it goes without saying you improve your financial situation in the cost of living crisis by selling physically at auctions or "yard" or "car boot sales". With this being said, there are multiple trading websites that allow you to sell and buy goods. Some of the biggest one's here in the UK, and possibly available in other countries are eBay, Gumtree, Facebook Marketplace, and Amazon. This will definitely contribute positively to the cost of living crisis.

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Tip 2: Put in extra hours (overtime)
Putting in the extra hours at work may not seem an attractive idea and might make you more tired, reducing you're overall social time outside of work. However, to keep up with the rate of inflation and the cost of living, simply increasing your weekly hours by 10% will do the trick. For instance, if you work an average of 36 hours per week, that is a full time, working an additional 3.6 hours, rounded to 4 hours, will be an extra 10% pay into your monthly paycheck. It may not always be possible to work "overtime" or hours passed what you are contracted to if working for somebody else. Check with your direct line manager if this is a possibility. This secondary step will take huge financial pressure from you're shoulders, and will help with the cost of living.
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Tip 3: Cancel any unused subscriptions that you don’t use anymore.
Canceling any unused subscriptions that you don't make use of any more will reduce your monthly expenditure and contribute positively to the cost of living in you. Examples of subscriptions that can be canceled for improvement of the cost of living are, but are not limited to Amazon Prime, Netflix, Disney+, Spotify, YouTube Premium, and the Xbox Live, for example. Typically, these companies tend to offer "Trial Services" where you are required to give either a credit card or debit card when registering for the service, giving you usually a 30 day trial period. After the 30 days, you will be automatically charged for a renewal of another 30 days of service from that provider. My top tip is trial memberships are great! But, remember to cancel auto renewal on the service you opted for.
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Tip 4: Invest You're Money or "Savings" Wisely
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Let's say, You make a deposit of the sum £100 into an account and get a 1% return on investment. The bank's ROI will be 10% on lending your cash out, and your effectively making the funds have less value(9% less value plus the rate of % of inflation). Investing in the Crypto Market, which can be considered volatile and "risky," shares might be better for your personal circumstances. Instead, I’d recommend putting your money into a Crypto Earn scheme where you earn interest for saving or staking. Crypto.com offers generous rates on staking or "locking up crypto" for a specific time period, between 1 month and 3 months. You must contact a financial advisor; we are not financial advisors and take no liability on personal decisions made, and we should only invest what can be afforded to lose.

You should also consider having an emergency fund with at least 2-3 months' worth of expenditure in case of an emergency financially.
Sign up to Crypto.com today https://crypto.com/app/bnvbe26cad

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Tip 5: Know How To Budget
Budgeting is essential to improving your net worth and making money in the cost of living crisis. Most people are confused about the right way as the media make it confusing, and schools never teach finances or how to start budgeting. I'd recommend using the 20/30/50 rule. 50% goes on essentials, 30% goes on ‘wants,’ and 20% gets saved. Microsoft Excel, is a good way to keep track of the 20/30/50 budgeting rule. Otherwise, if you don't have the experience to do it virtually, the old fashioned pen and paper with basic mathematical calculations will do the trick. This should help with the cost of living crisis! Do not buy ‘wants’ (30% of income) because of peer pressure. A prime example of this has the ‘latest iPhone,’ and the standard demographics that fall into this trap are adolescents. Buy wants that you want, not whatever other people would think!

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Summary of Cost of Living: Do you have any tips on the cost of living crisis and what our members can do to improve their financial situation & beat the cost of living and hyper inflation worldwide, across serveral countries? How have you personally been affected by the cost of living and the recent rise of inflation due to the war between Ukraine and Russia? Let us know in the comments below any experiences you've had and what you think of the Article I wrote.
 
The high rate of inflation is not only prominent in the first world countries but developing nations are also suffering this same fate and without any reasonable moves made by the government to curb the menace. The only option for low income earners is to work extremely hard so that they can earn some more income, though some jobs over here has a fixed salary rate and doesn't even give enough time to employees, I wonder how they would cope in times like this.
 
Imagine seeing first world economies complaining about a single increase in their rate of inflation, and how they intend to double their hustle and individually improve their net worth. I am just worried if there is any hope for those in the developing country with double digits in their inflation rates.
 
The cost of living in the world keeps on rising each day and there's a rising inflation every day. This can still be minimised to some extent by cutting ones clothe to ones size by spending on commodities that gives maximum satisfaction
 
The cost of living Will continue to be high and in most cases we can do nothing about it because as long as the population of people keep increasing then we should expect all these things to happen.
 
In this hard economic situations there is lack of buyers or even the price will be lower than expected let's say instead of selling laptop for 800 $ you will find a buyer that pays only 680 $ and this is best offer you can get means 120 $ lower than expected to resell unused electronic items.
 
The cost of living has surprisingly increased at a very alarming rate. The increase in cost of living has made money unable to circulate well and it has increased the rate of social vices.
 
Since the onset of Covid 19 and the restrictions it caused economically worldwide, things have been bad. The situation has also had a ripple effect, affecting every country's economy one way or another, especially developing countries like mine that depend heavily on importation of goods from other countries.

It would be great if the government can really take the right measures, jointly if possible to ease the strain on their citizens.
 
Well the laws and the policy of the nation should at least give room for soft loans on agriculture and interprenue to bring level growth that can create wealth among citizens
 
Budgeting is a great source of management skill in this ongoing war. I have found that cooking has great ties to this. I started making my own meals more and eating less, not only because we have lockdowns here and there, but because it saves me a lot of money. It's a great way to recuperate even if the inflation goes up and your wage is below mininum.
 
I would say travel less and/or live closer to town - or in town. However, though, I feel a lot of this stuff is political and I hate having to cow-tow to this garbage, lol.
 
Cost of living is very expensive and we can do nothing about it, and government are not anything about it because of lack of management that what is killing us in this world.
 
These are realy good point you have just highlitrd,because on the issue of globlal economy,the world is one community,and what affects a particular economy has a way of spilling over the other economies as well.
 
Cost of living one need to budget is very important in life you should know how to plan yourself very well, and also to reduce unused things that is not important in life, so to handle things as planned.
 
very helpful tips, because currently the rate of inflation is at a all time high for us in nigeria, and navigating around the crisis is something that is very tough and proving like a daunting task and i pray we scale through this stage.
 
The expense of life in the globe is increasing daily, and inflation is also increasing daily.
By buying items that will make you feel the happiest, you can still reduce this to some extent by buying clothing that fits you perfectly.
 
Inflation is rising constantly, and the cost of living worldwide is rising alongside it.
You can still somewhat lessen this by choosing goods that will make you happy, such as clothing that fits you ideally.
 
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