Every parent wants to provide the best lifestyle for their children, but this is not easy, particularly during a cost of living crisis. With food prices rising 9.9% in just 1 year and 45% of adults finding it hard to pay energy bills, this is a serious cause for concern and it is impacting the lives of many families right now. So, what can you do to secure a good living for your family during such a difficult time?
Create a Budget
During difficult financial times, you need to make sure that you are controlling your spending and this means that you should create and stick to a budget. You need to total your household income and list your regular expenses and make sure that you are living within your means – if you are spending more than you earn, you need to find ways to make savings.
Reduce Spending
So, how can you make savings? There are many small changes that you can make that can make a big difference when combined and over the long term. A few ideas include:
- Shopping at a cheaper supermarket
- Buying supermarket-own products
- Buying in bulk
- Shopping around for deals and discounts
- Eliminating luxury purchases
- Lowering energy usage
- Entertaining at home/visiting friends instead of going out for food and drinks
Consider a Personal Loan
If you are struggling to make ends meet – like many are – then you could consider a personal loan to give you some breathing room. You can get loans even if you have a bad credit rating, which will help to improve your standard of living in the current crisis and provide some relief.
Supplement Your Income
Obviously, increasing your income is a highly effective way to improve the standard of living that you can provide. This is not always easy, especially when you have kids, but there are ways to boost your income. You could take on a part-time job, find online work to do in your spare time or try selling unwanted possessions online. You could also speak to your employer about a raise or a promotion if you have been in the same position for a long time and are a valuable asset.
Build/Use an Emergency Fund
Times like these demonstrate the importance of having an emergency fund that you can use to cover unexpected costs and improve your standard of living. You should not shy away from dipping into your emergency fund if you have one – this is what it is there for! If you do not have one, you should try to tuck some money aside each month for a rainy day if you can.
It is a tough time right now and many families are struggling and having to make difficult decisions, especially when it comes to food and energy. Hopefully, the advice in this post will be useful and help you to improve your situation.
